February 2025

Principles of Accounting: Preparation of bank reconciliation statement

By |2025-02-12T09:32:41+02:00February 12th, 2025|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 |2025-02-12T09:06:45+02:00February 12th, 2025|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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Principles of Accounting: Partnerships: Basic guidelines when answering questions

By |2025-02-12T09:11:48+02:00February 12th, 2025|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: Example entries upon death or retirement of a partner

By |2025-02-12T09:12:28+02:00February 12th, 2025|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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Purchases Return Day Book Example

By |2025-02-12T09:09:15+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

You are to enter up the Purchases Day Book and the Returns Outwards Day Book from the following details, then to post the items to the relevant accounts in the Purchases Ledger and to show […]

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The format of a Balance Sheet/Statement of Financial Position

By |2025-02-12T09:31:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The format of a Balance Sheet/Statement of Financial Position

The Name of the Business(The Name of the Sole Trader is used in Sole Trader Businesses)

Statement of Financial Position as at 31 December 2016

  • The name of the business is to be replaced by the name of the sole […]
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The Accounting Cycle

By |2025-02-12T08:56:10+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: The Accounting Cycle

  • As has already been pointed out accounting includes the recording and presentation of transactions
  • This recording and presentation is done in a systemic manner i.e. it follows a set pattern
  • This pattern is known as the accounting cycle
  • The accounting cycle refers to the sequence of six steps in […]
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Principles of Accounting: Trade Discount

By |2025-02-12T09:26:31+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Trade Discount

  • Generally most businesses especially wholesalers and manufacturers have three types of customers:
    1. The General Public who buy only a few items
    2. Traders who only buy a few items
    3. Traders a large number of goods
  • Traders have to eventually sell to their own customers in their own areas for example […]
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Principles of Accounting: Introduction to Accounting Concepts

By |2025-02-12T09:18:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Introduction to Accounting Concepts

  • In the real world various measurement standards have been devised to aid communication, comparisons, trade and the sharing of ideas
  • For example units of measurement such as grams, meters, liters etc are universally used
  • We know what a kilogram looks like
  • Before the invention of these standards people […]
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