January 2023

Principles of Accounting: General Journal transferring to new books

By |2022-09-15T12:33:29+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Journal transferring to new books

  • We have already looked at some of the uses of the General Journal
  • which is sometimes simply called the Journal or Journal Proper
  • We have also looked at an example where we made different types of entries into the Journal
  • Another use not illustrated in […]
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Principles of Accounting: An example of how to correct errors in a suspense account

By |2022-09-15T12:33:21+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • We have already looked at the suspense account and why it is needed
  • We will now look at an example

You have extracted a trial balance and drawn up accounts for the year ended 31 December 20X7. There was a shortage of […]

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Principles of Accounting: The Revaluation Method

By |2022-09-15T12:33:12+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • When there are a few big fixed assets it is easy to:
    1. Ascertain the cost
    2. Estimate its useful life
    3. Calculate/estimate its depreciation
    4. Account for its disposal
    5. Calculate/estimate profit or loss on disposal
  • For each asset because it is worth the effort
  • There are times when this […]
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Principles of Accounting: Introduction to Bank Reconciliation Statements

By |2022-09-15T12:33:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Bank Reconciliation Statements

  • When we looked at the Cash Book we mentioned that all bank related transactions are recorded in it
  • We glaringly ignored one fact the bank is also a business
  • They have their own set of records about our deposits and withdrawals
  • In modern times due to […]
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Principles of Accounting: Incomplete and Single Entry Example 1 solution

By |2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

  • This the solution to our first example question on incomplete and single entry
  • First we need to calculate the Sales figure for the year ended 30 April 20×9:

Sales Figure Calculation

  • Then we need to ascertain purchases for the year:

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9

NB This is how arrived at the Miscellaneous […]

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Principles of Accounting: Partnerships: Capital and Current Accounts

By |2022-09-15T12:32:52+02:00January 24th, 2023|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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Principles of Accounting: Goodwill upon death or retirement of a partner

By |2022-09-15T12:32:43+02:00January 24th, 2023|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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Sales Returns Day Book Example Sales Return Day Book Example

By |2022-09-15T12:40:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Enter up the Sales Day Book and the Returns Inwards Day Book from the following details. Then post to the customers’ accounts and show the transfers to the […]

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