February 2025

Principles of Accounting: The straight line method

By |2025-02-12T09:38:20+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation: The straight line method

  • As already pointed out there are number of ways in which depreciation can be calculated
  • The straight line method is merely one of these methods
  • It is the most popular and simplest method of calculating depreciation there is
  • First the cost of the asset is […]
Read More
Comments Off on Principles of Accounting: The straight line method

Principles of Accounting: Purchases Control Accounts Example

By |2025-02-12T09:25:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

Read More
Comments Off on Principles of Accounting: Purchases Control Accounts Example

Principles of Accounting: Missing figures

By |2025-02-12T09:46:00+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Missing figures

  • As already pointed out creating financial statements using single entry or incomplete records requires filling in the gaps
  • This is because naturally there will be some missing figures/amounts
  • These amounts have to be ascertained
  • We have already looked at how a Statement of Affairs can […]
Read More
Comments Off on Principles of Accounting: Missing figures

Principles of Accounting: Solution to Manufacturing Accounts Example

By |2025-02-12T09:01:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Read More
Comments Off on Principles of Accounting: Solution to Manufacturing Accounts Example

Principles of Accounting: Goodwill: When a new partner is admitted

By |2025-02-12T08:58:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a new partner is admitted

  • It is not uncommon for a partnership business to admit a new partner
  • This is happens for any number of reasons including:
    • To admit a partner with new skills
    • When the firm is expanding
    • To replace a partner who is […]
Read More
Comments Off on Principles of Accounting: Goodwill: When a new partner is admitted

The clearing of cheques

By |2025-02-12T09:15:11+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit dailymail.co.uk Image credit dailymail.co.uk ZIMSEC O Level Commerce Notes: Money and Banking: The clearing of Cheques.

  • There are three ways and circumstances in which a cheque may be cleared.

If the payee and drawer use the same bank and branch

  1. The payee deposits the cheque into his/her account.
  2. The payee is credited […]
Read More
Comments Off on The clearing of cheques

The Cash Book

By |2025-02-12T09:45:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Cash Book Example. Frank Wood's Business Accounting I Cash Book Example. Frank Wood’s Business Accounting I ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book

  • The Cash Book consists of the cash account and the bank account put together in one book.
  • The result is that all monies paid and […]
Read More
Comments Off on The Cash Book

The format of a Simple Trading and Profit and Loss Account

By |2025-02-12T09:18:46+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit onlinecollegecourses.com image credit onlinecollegecourses.com ZIMSEC O Level Principles of Accounts Notes: The format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should […]

Read More
Comments Off on The format of a Simple Trading and Profit and Loss Account

Principles of Accounting: The Imprest system

By |2025-02-12T09:18:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book: The Imprest system

  • The imprest system is one where the cashier gives the petty cashier enough cash to meet
    the petty cash needs for the following period
  • This amount is known as a float amount
  • Let’s say this amount is $500
  • Then, at the end of the […]
Read More
Comments Off on Principles of Accounting: The Imprest system
Toggle Sliding Bar Area
Go to Top