February 2025

Principles of Accounting: Solution to Capital and Current Accounts example

By |2025-02-12T09:13:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

The Capital Accounts

The Current Accounts for the partners

  • This hopefully […]
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Principles of Accounting: Example revaluation of partnership assets

By |2025-02-12T09:15:53+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: Revaluation of Partnership Assets

  • As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
  • We have already looked at the entries necessary to record these changes in value
  • Now we will look at an example of how […]
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The trial balance

By |2025-02-12T09:22:25+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The trial balance

  • It has already been explained that at the core of accounting is the double entry principle.
  • The principle states that there are two aspects or sides to every transaction: a debit and a credit.
  • A trial balance is a list of all the debits and all the credits […]
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Sole Trader Businesses

By |2025-02-12T09:19:13+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Business Studies Notes: Sole Trader Businesses

Characteristics/Features

  • It is a form of business where there is only one owner who manages and controls the business.
  • The owner of a business is also known as a proprietor and hence the business is also known as a sole proprietorship which means the business has one owner.
  • A sole proprietorship […]
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Sole Trader: Simple Statement of Financial Position Example 1

By |2025-02-12T09:35:06+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet Example 1

  • From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6 and  a balance sheet as at 31 December 20×6

Inventory at 31 December 20X6 was $12,408

Solution

  • The […]
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Principles of Accounting: Manual processing

By |2025-02-12T08:59:13+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Manual processing

  • Data processing has been performed manually for millennia (thousands of years)
  • Manual data processing literary means data processing by hand
  • Ancient merchants used to record their trading transactions on clay tablets
  • Kings would record their trade, census and tax data on clay, copper, bronze, brass and stone tablets
  • This data […]
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Principles of Accounting: Making entries in the Sales Ledger

By |2025-02-12T09:28:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Making entries in the Sales Ledger

  • In this example we will make entries into the Sales Ledger, Cash Book and General Ledger
  • We will be skipping the books of original entry
  • Although this is not how things are done in practice
  • Examination/Exercise question might ask you to make double entries […]
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Principles of Accounting: The Prudence concept and the Business entity concept

By |2025-02-12T09:21:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Prudence concept and the Business entity concept

  • In another topic you were introduced to the idea of accounting concepts
  • These are the underlying principles that govern the accounting discipline
  • In this topic we will look at the following concepts:
  • The Business Entity Concept
  • The Prudence Concept

Business Entity Concept

  • You might […]
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Principles of Accounting: Disposal of Fixed Assets Example

By |2025-02-12T09:03:12+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Disposal of Fixed Assets Example

  • Now that we have looked at the entries required to record depreciation
  • It is time to look at a simple example:

A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten equal […]

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Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2025-02-12T09:41:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bank Reconciliation Statement Overdraft Example

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