February 2025

Principles of Accounting: The effects of errors on profit

By |2025-02-12T09:18:06+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: An example of how to correct errors in a suspense account

  • We have looked at several types of errors that may occur in accounting
  • There are some of errors that do not affect the subsequent profit figure
  • There are however some errors that will result in a wrong profit figure being obtained

Errors […]

Read More
Comments Off on Principles of Accounting: The effects of errors on profit

Principles of Accounting: Double entry for Depreciation

By |2025-02-12T09:45:49+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes:  Double entry for Depreciation

  • Once depreciation has been calculated using either:
  • The straight line method or
  • The reducing balance method
  • It is recorded in the books using double entry
  • Before we mention the entries it is important to state this

The old method of accounting for depreciation by recording it in the asset […]

Read More
Comments Off on Principles of Accounting: Double entry for Depreciation

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 […]
Read More
Comments Off on Principles of Accounting: Preparation of bank reconciliation statement

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 […]

Read More
Comments Off on Principles of Account: Incomplete and Single Records Example 2

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

      • […]

Read More
Comments Off on Principles of Accounting: Partnerships: Basic guidelines when answering questions

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 […]

Read More
Comments Off on Principles of Accounting: Example entries upon death or retirement of a partner

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 […]

Read More
Comments Off on Purchases Return Day Book Example

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 […]
Read More
Comments Off on The format of a Balance Sheet/Statement of Financial Position

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 […]
Read More
Comments Off on The Accounting Cycle
Toggle Sliding Bar Area
Go to Top