Differences between shares and debentures
Debenture certificate. Image credit catawiki.com ZIMSEC O Level Commerce Notes: Differences between shares and debentures
To access more topics go to the Commerce Notes page.
January 2023
Sales Returns Day Book Example Sales Return Day Book Example
Image credit: shipedge.com ZIMSEC O Level Principles of Accounts Notes: Sales Return Day Book Example Sales Return Day Book Example
Enter up the Sales Day Book and the Returns Inwards Day Book from the following details. Then post to the customers’ accounts and show the transfers to the […]
Sole Trader: Balance Sheet
Image credit ksu.edu.tr ZIMSEC O Level Principles of Accounts Notes: Introduction to Balance Sheets
- It is also known as the Statement of Financial Position
- It is a statement of the assets, liabilities, and capital of a business at a particular point in time
- It is a financial snap shot of […]
Principles of Accounting: Importance of Accounting
ZIMSEC O Level Principles of Accounting Notes: Importance of Accounting
- Accounting plays an important role within the organisation
- Accounting is important for a number of reasons:
Importance and role of accounting
- It allows the business to record transactions for future reference
- Provides information about whether a business is profitable or not
- Provides information about the liquidity of the business
- Provides […]
Principles of Accounting: General Journal opening new books entries
ZIMSEC O Level Principles of Accounts Notes: General Journal opening new books entries
- This is a solution to a question found here
- One of the uses of the Journal is to create a new set of books when a propieter decides to move on to double entry and keeping a proper set of accounts
- Now we will present […]
Principles of Accounting: The effects of errors on profit
ZIMSEC O Level Principles of Accounting Notes: An example of how to correct errors in a suspense account
- We have looked at several types of errors that may occur in accounting
- There are some of errors that do not affect the subsequent profit figure
- There are however some errors that will result in a wrong profit figure being obtained
Errors […]
Principles of Accounting: Double entry for Depreciation
ZIMSEC O Level Principles of Accounts Notes: Double entry for Depreciation
- Once depreciation has been calculated using either:
- The straight line method or
- The reducing balance method
- It is recorded in the books using double entry
- Before we mention the entries it is important to state this
The old method of accounting for depreciation by recording it in the asset […]
Principles of Accounting: Preparation of bank reconciliation statement
ZIMSEC O Level Principles of Accounts Notes: Preparation of bank reconciliation statement
- We have already looked at what bank reconciliation statements are and why we need them
- Here we will look at steps required to prepare them and their format
- First it must be pointed out that the Bank Column in the Cash Book like all of the […]
Principles of Account: Incomplete and Single Records Example 2
ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2
- Our first example on this topic was relatively straight forward
- We will now look at a more challenging and comprehensive example
- On how to create Financial Statements in cases where only single entry and incomplete records are kept
The Question
William Sachikonye runs a second-hand furniture business […]
Principles of Accounting: Partnerships: Basic guidelines when answering questions
ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts
- As we will continue to emphasize throughout the topic
- You ought to pay attention to the requirements of the question and follow these
- Where there are no guidelines or the question is silent remember the following provisions:
- Profits and losses are to be shared equally
[…]