February 2025

Principles of Accounting: Double entry for Depreciation

By |2025-02-12T09:45:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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 […]

Read More
Comments Off on Principles of Accounting: Double entry for Depreciation

Principles of Accounting: Preparation of bank reconciliation statement

By |2025-02-12T09:32:41+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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 […]
Read More
Comments Off on Principles of Accounting: Preparation of bank reconciliation statement

Principles of Account: Incomplete and Single Records Example 2

By |2025-02-12T09:06:45+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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 […]

Read More
Comments Off on Principles of Account: Incomplete and Single Records Example 2

Principles of Accounting: Partnerships: Basic guidelines when answering questions

By |2025-02-12T09:11:48+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

  • 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

      • […]

Read More
Comments Off on Principles of Accounting: Partnerships: Basic guidelines when answering questions

Principles of Accounting: Example entries upon death or retirement of a partner

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

  • We have already examined the entries required to record Goodwill in the books upon the death or retirement of one of the partners here
  • We will now look at an example to demonstrate the stages involved

Death/Retirement Example

Peter, George and Muchineripi have been in partnership for the past five years. They own a retail shop in Harare’s CBD where […]

Read More
Comments Off on Principles of Accounting: Example entries upon death or retirement of a partner
Toggle Sliding Bar Area
Go to Top