February 2025

Principles of Accounting: Partnership Financial Statements Example

By |2025-02-12T09:28:29+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

  • As already said elsewhere partnerships also prepare Financial Statements at the end of every period
  • These do not differ much from say those of a Sole Trader
  • Financial Statements of a Partnership include:
  • An Income Statement for the period ended
  • An Appropriation account for the […]
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Principles of Accounting: Partnership Dissolution Solution to Example Question

By |2025-02-12T09:38:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • We looked at the basics of partnership dissolution here
  • We also posted an example question here
  • Now we will present the solution to that question

The realisation account

  • Debtors and Receivables are just one and the same thing
  • Creditors can also be referred to as […]
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Introduction to Debentures

By |2025-02-12T09:23:27+02:00February 12th, 2025|Notes, O Level Business Studies Notes, Ordinary Level Notes, Principles of Accounts Notes|

A debenture certificate. Image credit scripophily.net A debenture certificate. Image credit scripophily.net ZIMSEC O Level Business Studies Notes: Introduction to Debentures

  • These are loan stocks that are issued to the company.
  • A debenture is simply a document or certificates that acknowledges said loan.
  • Debentures are creditors to the […]
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Principles of Accounting: Three Column Cash Book

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

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book

  • Most businesses offer credit sales in order to increase sales
  • This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
  • Cash and by extension working capital is the life blood of the business
  • To prevent […]
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Principles of Accounting: Balancing off the accounts

By |2025-02-12T09:38:01+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Balancing off the accounts

  • Thus far we have only looked at how to record various transactions including:
    1. Purchases
    2. Sales
    3. Returns Outwards and Returns Inwards
    4. Other transactions such as those found in the General Ledger
  • You might have noticed an entry that is listed as “Balance c/d” or “Balance b/d” in […]
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Principles of Accounting: Prepayments and the Financial statements

By |2025-02-12T09:26:22+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Prepayments and the Financial statements

  • A prepayment is when an amount is paid before it is due
  • In accounting there are two types of prepayments:
  • Prepaid expenses and
  • Prepaid income

Prepaid expenses

  • This is when the business prepays an expense
  • Examples are:
    • When a business pays rent payable in advance or
    • When it […]
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Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example

By |2025-02-12T09:09:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bad Debts and Provision for Doubtful Debts Example

A business, which started trading on 1 January 20X7, adjusted its doubtful debt provision at the end of each year on a […]

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