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

February 2025

Principles of Accounting: Introduction to Bad Debts
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Principles of Accounting: Introduction to Bad Debts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Bad Debts

By garikaib|2025-02-12T09:07:33+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Bad Debts

To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
As outlined during the discussion of the matching/accruals concept
Most businesses conduct business on credit in addition to cash sales
Typically with cash sales payment is received when the goods […]

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Principles of Accounting: Introduction to Accounting ratios
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Principles of Accounting: Introduction to Accounting ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to Accounting ratios

By garikaib|2025-02-12T09:24:34+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Accounting Ratios

Introduction to ratios in Accounting

Often in business numbers given in isolation are difficult to interpret
For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
It would be difficult to know which business better between the two
Those new […]

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Principles of Accounting: Accounting for Non-Profits Example
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Principles of Accounting: Accounting for Non-Profits Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for Non-Profits Example

By garikaib|2025-02-12T09:22:57+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Having looked at how non-profits record and report their transactions
It is time to look at a worked example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

Cash at bank $200
Snack bar stocks $800
Club house buildings $12,500

During the year to […]

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Principles of Accounting: Appropriation Account Example
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Principles of Accounting: Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Appropriation Account Example

By garikaib|2025-02-12T09:23:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Appropriation Account Example

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended 31 December […]

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Principles of Accounting: Partnership Dissolution Entries
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Principles of Accounting: Partnership Dissolution Entries

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Entries

By garikaib|2025-02-12T09:31:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

While the dissolution of each partnership is no doubt unique
There are entries that are typical to the dissolution of each partnership
During dissolution the following entries are typically made:
1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
  1. Dr […]

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