January 2023

Principles of Accounting: Goodwill upon death or retirement of a partner

By |2022-09-15T12:32:43+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a partner dies/retires

  • Death is an inevitable part of life
  • Sometimes a partner might die
  • Also in other instances a partner might choose to leave the business i.e. retire
  • In all the cases above the affected partner ends up leaving the business
  • Technically speaking this […]
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Sales Returns Day Book Example Sales Return Day Book Example

By |2022-09-15T12:40:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit: shipedge.com Image credit: shipedge.com ZIMSEC O Level Principles of Accounts Notes: Sales Return Day Book Example Sales Return Day Book Example

Enter up the Sales Day Book and the Returns Inwards Day Book from the following details. Then post to the customers’ accounts and show the transfers to the […]

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Principles of Accounting: Importance of Accounting

By |2022-09-15T12:33:37+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Importance of Accounting

  • Accounting plays an important role within the organisation
  • Accounting is important for a number of reasons:

Importance and role of accounting

  • It allows the business to record transactions for future reference
  • Provides information about whether a business is profitable or not
  • Provides information about the liquidity of the business
  • Provides […]
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Principles of Accounting: General Journal opening new books entries

By |2022-09-15T12:33:28+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Journal opening new books entries

  • This is a solution to a question found here
  • One of the uses of the Journal is to create a new set of books when a propieter decides to move on to double entry and keeping a proper set of accounts
  • Now we will present […]
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Principles of Accounting: The effects of errors on profit

By |2022-09-15T12:33:20+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: An example of how to correct errors in a suspense account

  • We have looked at several types of errors that may occur in accounting
  • There are some of errors that do not affect the subsequent profit figure
  • There are however some errors that will result in a wrong profit figure being obtained

Errors […]

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Principles of Accounting: Double entry for Depreciation

By |2022-09-15T12:33:12+02:00January 24th, 2023|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 […]

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Principles of Accounting: Preparation of bank reconciliation statement

By |2022-09-15T12:33:05+02:00January 24th, 2023|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 […]
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Principles of Account: Incomplete and Single Records Example 2

By |2022-09-15T12:32:57+02:00January 24th, 2023|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 […]

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