Principles of Accounts Notes

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March 2018

Principles of Accounting: Statement of Financial Position Example

By |2018-03-07T10:11:27+02:00March 7th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine the structure […]

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Principles of Accounting: Income Statement and Appropriation Account Example

By |2018-03-07T09:41:33+02:00March 7th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • This is the first part solution to the question that was posted here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will look at the Income Statement and Appropriation Account for Save and Moyo

Solution

Save and Moyo

Income Statement and Appropriation […]

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Principles of Accounting: Partnership Financial Statements Example

By |2018-03-07T10:10:21+02:00March 7th, 2018|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: Solution to Appropriation Account Example

By |2018-03-05T13:44:40+02:00March 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.


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Principles of Accounting: Appropriation Account Example

By |2018-03-05T13:50:45+02:00March 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

By |2018-03-05T10:07:50+02:00March 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • Apart from a few nuances partnerships prepare normal financial statements
  • These are almost indistinguishable from those of Sole Traders
  • They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
  • If this is a manufacturing partnership the Manufacturing Account is […]

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Principles of Accounting: Solution to Capital and Current Accounts example

By |2018-03-05T08:32:43+02:00March 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

The Capital Accounts

The Current Accounts for the partners

  • This hopefully […]

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Principles of Accounting: Capital and Current Accounts Example

By |2018-03-05T08:43:52+02:00March 2nd, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

  • Bearing in mind what we have said in the introduction to capital and current accountshere 
  • And the basic guidelines here
  • It is important to add the fact in this topic will mostly deal with making entries into Capital and Current Accounts among […]

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Principles of Accounting: Partnerships: Basic guidelines when answering questions

By |2018-03-02T10:34:29+02:00March 2nd, 2018|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
    • […]


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Principles of Accounting: Partnerships: Capital and Current Accounts

By |2018-03-02T10:35:27+02:00March 2nd, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts

  • Like a normal business partnerships are formed when their owners (partners) inject capital into the business
  • While the principles of recording capital are the same as those of a Sole Trader business
  • There are certain differences that need to be borne in mind
  • One of these […]

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