Principles of Accounts Notes Archives - Page 2 of 19 - Free ZIMSEC & Cambridge Revision Notes

April 2018

Principles of Accounting: Example revaluation of partnership assets
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Principles of Accounting: Example revaluation of partnership assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Example revaluation of partnership assets

By garikaib|2018-04-16T08:35:57+02:00April 16th, 2018|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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March 2018

Principles of Accounting: Revaluation of Partnership Assets
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Principles of Accounting: Revaluation of Partnership Assets

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Revaluation of Partnership Assets

By garikaib|2018-03-20T11:25:30+02:00March 20th, 2018|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

It is often the case that when a business is sold the selling price of its assets would differ from their book values
In such instances there is either a profit or loss on the sale of the assets
This profit has […]
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Principles of Accounting: Example entries upon death or retirement of a partner
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Principles of Accounting: Example entries upon death or retirement of a partner

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2018-03-20T09:59:44+02:00March 20th, 2018|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 […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2018-03-20T10:00:37+02:00March 20th, 2018|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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Principles of Accounting: Goodwill: Example entries when a new partner is admitted
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Principles of Accounting: Goodwill: Example entries when a new partner is admitted

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By garikaib|2018-03-16T12:58:59+02:00March 16th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill: Example entries when a new partner is admitted

We have looked at entries to be made in the books when a new partner is admitted into the business
Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share profits and […]

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Principles of Accounting: Goodwill: When a new partner is admitted
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Principles of Accounting: Goodwill: When a new partner is admitted

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: When a new partner is admitted

By garikaib|2018-03-20T09:07:01+02:00March 15th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a new partner is admitted

It is not uncommon for a partnership business to admit a new partner
This is happens for any number of reasons including:
- To admit a partner with new skills
- When the firm is expanding
- To replace a partner who is […]
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Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example
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Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By garikaib|2018-03-08T12:13:49+02:00March 8th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Changes in Profit Sharing Ratio Example

This is an example of a question where there are changes in the profit sharing ratio of a partnership
We have already looked at the entries involved in such cases here

Example question

Mhaka, Banda, Feruka and Tangwena run an Accounting […]

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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By garikaib|2018-03-08T12:29:46+02:00March 8th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

The idea of goodwill has been explored in full here
We have also looked at the unique treatment of goodwill in partnership businesses here
Below we will look at what happens when there is a change in the profit sharing ratio of a […]
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Principles of Accounting: Goodwill and Partnership businesses
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Principles of Accounting: Goodwill and Partnership businesses

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill and Partnership businesses

By garikaib|2018-03-08T09:55:12+02:00March 8th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses

Now that we have explained the idea of goodwill
It is time we examine the concept of goodwill in relation with partnerships
As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
Partnership business are special in […]
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Principle of Accounting: The concept of goodwill
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Principle of Accounting: The concept of goodwill

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principle of Accounting: The concept of goodwill

By garikaib|2018-03-08T09:22:36+02:00March 8th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: The concept of goodwill

It is not unusual for a business to be bought or sold as a going concern i.e.
The entire business (or business unit) and its related assets and liabilities
Often when a business is sold or bought it is at a price that is higher than […]
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Principles of Accounts Notes

April 2018

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March 2018

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Death/Retirement Example

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Example Question

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Example question

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Government delays school reopening