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Cambrige Notes: Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example
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Cambrige Notes: Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By Garikai Dzoma|2025-02-12T09:24:52+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: Changes in Profit Sharing Ratio Example

This is an example of a question where there are changes in the profit sharing ratio of a partnership
We have already looked at the entries involved in such cases here

Example question

Mhaka, Banda, Feruka and Tangwena run […]

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Cambrige Notes: Principles of Accounting: Statement of Affairs
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Cambrige Notes: Principles of Accounting: Statement of Affairs

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Statement of Affairs

By Garikai Dzoma|2025-02-12T09:28:13+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Single entry and Incomplete records: Statement of Affairs

As already covered in the introduction to single entry and incomplete records
One of the first required steps in order to prepare financial statements
Is to prepare a Statement of Affairs
A Statement of Affairs is a summary of an entity’s asset […]

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Cambrige Notes: Principles of Accounting: Causes of Depreciation
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Cambrige Notes: Principles of Accounting: Causes of Depreciation

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Causes of Depreciation

By Garikai Dzoma|2025-02-12T09:31:10+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Introduction to depreciation

We have already explained that depreciation is the wasting away of fixed assets
We have also explained that it is treated as an expense in the Income Statement where it should appear at least once a year
Now we will look at the causes of depreciation
It is […]

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Cambrige Notes: Principles of Accounting: Example question Manufacturing Accounts
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Cambrige Notes: Principles of Accounting: Example question Manufacturing Accounts

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Example question Manufacturing Accounts

By Garikai Dzoma|2025-02-12T09:34:44+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Example question Manufacturing Accounts

Having looked at the nature of Manufacturing Accounts
And the structure of these accounts
It is time we look at a worked example

Manufacturing Accounts Example Question

E Makonese is a manufacturer. His trial balance at 31 December 20X8 is as follows:

Additional information:

Stocks at 31 […]

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Cambrige Notes: Principles of Accounting: Sales Control Accounts
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Cambrige Notes: Principles of Accounting: Sales Control Accounts

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Sales Control Accounts

By Garikai Dzoma|2025-02-12T09:37:40+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sales Control Accounts

Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
Below is a typical Sales Control Account:

The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

[…]

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Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account
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Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: An example of how to correct errors in a suspense account

By Garikai Dzoma|2025-02-12T09:41:15+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) 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 […]

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Cambrige Notes: Discount Allowed and Discount Received entries
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Cambrige Notes: Discount Allowed and Discount Received entries

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Discount Allowed and Discount Received entries

By Garikai Dzoma|2025-02-12T09:44:53+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Cash Book:Discount Allowed and Discount Received entries

Consider the following entries and enter them into the books of J Haudzwi

July 20×9
1 Started the business with $1000 Cash
3 Deposited $600 from the cash at hand into the bank
10 Bought goods on Credit from J Mafana for $360
15 Sold Goods […]

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Cambrige Notes: Books of Original Entry
Cambrige Notes: Books of Original Entry

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Books of Original Entry

By Garikai Dzoma|2025-02-12T08:58:03+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Books of Original Entry

These are the books in which transactions are first recorded for example when a credit sale is made.
They are also known as subsidiary books.
When a transaction takes place in the business it is often important and imperative to record as much details about a transaction […]

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Cambrige Notes: Principles of Accounting: The petty Cash Book
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Cambrige Notes: Principles of Accounting: The petty Cash Book

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: The petty Cash Book

By Garikai Dzoma|2025-02-12T09:01:37+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: The petty Cash Book

As a business grows it is customary to have a Petty Cash Book and a Cash Book
In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
Imagine the example of a retail giant […]

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