February 2025

Principles of Accounting: The petty Cash Book

By |2025-02-12T09:16:50+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant such […]
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Principles of Accounting: Correcting errors example

By |2025-02-12T09:09:05+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting errors example

The following errors were discovered in the books of K Musana on 31 March 20×7

  1. Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
  2. A cheque of $94 paid […]
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Principles of Accounting: Calculating/Estimating depreciation

By |2025-02-12T09:37:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation

  • Before it is entered in the books depreciation has to be calculated
  • Where an accurate figure cannot be estimated an estimate has to be used
  • It is entirely up to the business in question to choose an appropriate way of calculating depreciation for each class of assets
  • Whatever the method […]
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Principles of Accounting: Sales Control Accounts

By |2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

  • Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
  • Below is a typical Sales Control Account:
  • The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

  • It […]
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Principles of Accounting: Statement of Affairs Example

By |2025-02-12T09:42:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs Example

  • We have explained what a Statement of Affairs is
  • Now we will look at an example of how to prepare a Statement of Affairs

Question

W Soja started his business on 1 April 20X2 with $35,000 in a bank account. Unfortunately
he did not keep proper books […]

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Principles of Accounting: Example question Manufacturing Accounts

By |2025-02-12T08:58:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Manufacturing Accounts Example Question

E Makonese is a manufacturer. His trial balance at 31 December 20X8 is as follows:

Additional information:

  1. Stocks at 31 December 20X8: […]
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Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By |2025-02-12T09:37:27+02:00February 12th, 2025|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: Introduction to ethics and basic terms

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

ZIMSEC O Level Principles of Accounting: Introduction to Business Ethics

  • History has shown that accountants occupy an important within the organisation
  • The financial well being is of fundamental importance to all stakeholders
  • Unlike other employees of the organisation an accountant’s responsibility is not exclusively to satisfy the needs of an individual client or employer
  • He/She need not blindly […]
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The clearing of cheques

By |2025-02-12T09:15:11+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit dailymail.co.uk Image credit dailymail.co.uk ZIMSEC O Level Commerce Notes: Money and Banking: The clearing of Cheques.

  • There are three ways and circumstances in which a cheque may be cleared.

If the payee and drawer use the same bank and branch

  1. The payee deposits the cheque into his/her account.
  2. The payee is credited […]
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The Cash Book

By |2025-02-12T09:45:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Cash Book Example. Frank Wood's Business Accounting I Cash Book Example. Frank Wood’s Business Accounting I ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book

  • The Cash Book consists of the cash account and the bank account put together in one book.
  • The result is that all monies paid and […]
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