February 2025

Sole Trader: Simple Balance Sheet Example 2

By |2025-02-12T09:36:52+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit udiscover-psbedu.paris Image credit udiscover-psbedu.paris ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet Example 2

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended 30 June […]

Read More
Comments Off on Sole Trader: Simple Balance Sheet Example 2

Principles of Accounting: Electronic Data Processing

By |2025-02-12T08:59:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Electronic Data Processing

  • With the advent of computers electronic data processing has become prevalent
  • Electronic data processing is the use of computers in recording, classifying, manipulating,presenting and summarizing data
  • In the early days of computers electronic processing was rather limited
  • At first it involved the use of electronic calculators to aid manual […]
Read More
Comments Off on Principles of Accounting: Electronic Data Processing

Principles of Accounting: The Purchases Ledger

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

ZIMSEC O Level Principles of Accounts Notes: The Purchases Ledger

  • A purchase is when good(s) are bought with intention of selling them later,
  • usually these goods will be sold at a profit
  • Items bought with the intention of using them in the business are known as assets
  • We have already looked at how to make entries in the Purchases […]
Read More
Comments Off on Principles of Accounting: The Purchases Ledger

Principles of Accounting: Money measurement concept and Historical cost concept

By |2025-02-12T09:23:06+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes:Money measurement concept and Historical cost concept

  • At the heart of the accounting discipline are two important concepts:
  • The Money measurement concept and
  • The Historical cost concept

The Money measurement concept

  • It is also known as the measurability concept
  • The concept dictates that only transactions and events that are capable of being measured in […]
Read More
Comments Off on Principles of Accounting: Money measurement concept and Historical cost concept

Principles of Accounting: Introduction to Bad Debts

By |2025-02-12T09:07:33+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Bad Debts

  • To understand the concept of Provision for Doubtful debts first we must look at Bad Debts
  • As outlined during the discussion of the matching/accruals concept
  • Most businesses conduct business on credit in addition to cash sales
  • Typically with cash sales payment is received when the goods […]
Read More
Comments Off on Principles of Accounting: Introduction to Bad Debts

Principles of Accounting: Introduction to Accounting ratios

By |2025-02-12T09:24:34+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those new […]
Read More
Comments Off on Principles of Accounting: Introduction to Accounting ratios

Principles of Accounting: Accounting for Non-Profits Example

By |2025-02-12T09:22:57+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

  • Cash at bank $200
  • Snack bar stocks $800
  • Club house buildings $12,500

During the year to […]

Read More
Comments Off on Principles of Accounting: Accounting for Non-Profits Example

Principles of Accounting: Appropriation Account Example

By |2025-02-12T09:23:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Appropriation Account Example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended 31 December […]

Read More
Comments Off on Principles of Accounting: Appropriation Account Example

Principles of Accounting: Partnership Dissolution Entries

By |2025-02-12T09:31:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • While the dissolution of each partnership is no doubt unique
  • There are entries that are typical to the dissolution of each partnership
  • During dissolution the following entries are typically made:
    1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
      1. Dr […]
Read More
Comments Off on Principles of Accounting: Partnership Dissolution Entries

Introduction and basic terms

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

So what is this accounting thing? Image credit stageandcinema.com So what is this accounting thing? Image credit stageandcinema.com ZIMSEC O Level Principles of Accounts Notes: Introduction and basic terms

  • Accounting is a system comprising the following elements: In summary Accounting is the process of identifying, measuring and communicating business information to […]
Read More
Comments Off on Introduction and basic terms
Toggle Sliding Bar Area
Go to Top