Principles of Accounts Notes Archives - Page 12 of 19 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Non-Profits Example: Income and Expenditure Account
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Principles of Accounting: Non-Profits Example: Income and Expenditure Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By garikaib|2025-02-12T09:23:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

This is the first part of the question posted here
We have already looked at accounting for non-profit organisations here

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]

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Principles of Accounting: Solution to Appropriation Account Example
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Principles of Accounting: Solution to Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Appropriation Account Example

By garikaib|2025-02-12T09:26:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

This is a solution to a question that is found here
You can also find the introduction to appropriation accounts here

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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Principles of Accounting: Partnership Dissolution Example
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Principles of Accounting: Partnership Dissolution Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Example

By garikaib|2025-02-12T09:35:35+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

We have looked at reasons why a partnership might dissolve here
Now we will look at an example question
The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in the ratio […]

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The Double Entry Concept

By garikaib|2025-02-12T09:23:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Introduction to double entry. Image credit snwmo636sriverct.biz ZIMSEC O Level Principles of Accounts Notes

You need to pay close attention because this is where the accounting part in accounting begins.
This is the basic rule in accounting which states that any accounting transaction should be […]

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Purchases Journal and the Purchases Ledger

By garikaib|2025-02-12T09:39:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk ZIMSEC O Level Principles of Accounts Notes: Purchases Journal and the Purchases Ledger

As has already been said transactions are first recorded […]

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Introduction to Shares

By garikaib|2025-02-12T09:22:38+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit pfguru.com ZIMSEC O Level Business Studies Notes: Introduction to Shares

This is a unit or portion of capital.
It represents a stake in a limited liability business.

Types/Classes of shares.

There are basically two types of shares:
Ordinary and preference shares.

Ordinary shares

these represent equity ownership […]

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Sole Trader Final Accounts:G Musandu Trial Balance Question

By garikaib|2025-02-12T09:39:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trial balance. image credit vpg.lt ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

From the following trial balance of G Musandu, draw up a trading and profit and loss account for the year ended 30 […]

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Principles of Accounting: Source Documents: Vouchers
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Principles of Accounting: Source Documents: Vouchers

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Source Documents: Vouchers

By garikaib|2025-02-12T09:02:43+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
Vouchers that can be defined as an instrument of a redeemable transaction type
which is worth a certain monetary value
and which may be spent only for specific reasons or […]

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Principles of Accounting: General Ledger
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Principles of Accounting: General Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: General Ledger

By garikaib|2025-02-12T09:36:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Ledger

We has already been pointed out:
1. Credit purchases are recorded in the Purchases Leger after they have been recorded in the Purchases Day Book/Purchases Journal
2. Credit Sales are recorded in the Sales ledger with the Sales Day Book/Sales Journal being the book of original entry

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Principles of Accounting: Introduction to Prepayments and Accruals
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Principles of Accounting: Introduction to Prepayments and Accruals

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Prepayments and Accruals

By garikaib|2025-02-12T09:25:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Prepayments and Accruals

It has been stated in another topic that financial statements are prepared using the matching concept
The concept states that when calculating profit:
Revenue must be matched with expenditure incurred in generating that revenue
In a simple and very small business most if not all transactions are […]

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February 2025

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

Question

Ordinary shares