January 2023

Sole Trader Final Accounts:G Musandu Trial Balance Question

By |2022-09-15T12:39:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Trial balance. image credit vpg.lt Trial balance. image credit vpg.lt ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

From the following trial balance of G Musandu, draw up a trading and profit and loss account for the year ended 30 […]

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Principles of Accounting: Source Documents: Vouchers

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

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons or […]
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Principles of Accounting: General Ledger

By |2022-09-15T12:33:25+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Ledger

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Principles of Accounting: Introduction to Prepayments and Accruals

By |2022-09-15T12:33:18+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Prepayments and Accruals

  • It has been stated in another topic that financial statements are prepared using the matching concept
  • The concept states that when calculating profit:
  • Revenue must be matched with expenditure incurred in generating that revenue
  • In a simple and very small business most if not all transactions are […]
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Principles of Accounting: Introduction to Provision for Doubtful Debts

By |2022-09-15T12:33:10+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Provision for Doubtful Debts

  • As we have pointed out in our examination of bad debts the story does not end there
  • In our discussion of bad debts we stated that bad debts are only written of in the period in which they occur
  • Sometimes this happens many periods after […]
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Principles of Accounting: Introduction to Liquidity Ratios

By |2022-09-15T12:33:01+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Liquidity Ratios

  • Liquidity is a measure of how well a business can meet its short term obligations as and when they fall due
  • It is usually expressed in terms of how well the entity/business in question can convert its assets into cash
  • Short term obligations include amounts owed to creditors, bank […]
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Principles of Accounting: Non-Profits Example: Statement of Financial Position

By |2022-09-15T12:32:56+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

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Principles of Accounting: Partnership Financial Statements Example

By |2022-09-15T12:32:48+02:00January 24th, 2023|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: Partnership Dissolution Solution to Example Question

By |2022-09-15T12:32:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

  • We looked at the basics of partnership dissolution here
  • We also posted an example question here
  • Now we will present the solution to that question

The realisation account

  • Debtors and Receivables are just one and the same thing
  • Creditors can also be referred to as […]
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