February 2025

Principles of Accounting: Statement of Affairs Example

By |2025-02-12T09:42:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs Example

  • We have explained what a Statement of Affairs is
  • Now we will look at an example of how to prepare a Statement of Affairs

Question

W Soja started his business on 1 April 20X2 with $35,000 in a bank account. Unfortunately
he did not keep proper books […]

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Principles of Accounting: Solution to Manufacturing Accounts Example

By |2025-02-12T09:01:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

By |2025-02-12T09:29:34+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: Example 2

William Sachikonye Statement of Financial […]

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Principles of Accounting: Missing figures

By |2025-02-12T09:46:00+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Missing figures

  • As already pointed out creating financial statements using single entry or incomplete records requires filling in the gaps
  • This is because naturally there will be some missing figures/amounts
  • These amounts have to be ascertained
  • We have already looked at how a Statement of Affairs can […]
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Principles of Accounting: Introduction to Accounting for Partnerships

By |2025-02-12T09:05:43+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Accounting for Partnerships

  • It is quite common for two or more people to enter into a business partnership with one another
  • We have already looked at types of business entities here
  • You can also read more about Partnerships in a post found here
  • While most of the accounting concepts […]
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Cambrige Notes: Principles of Accounting: Accounting for non profit organisations

By |2025-02-12T09:29:45+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 non profit organisations

  • While it is true that the majority of entities exist primarily to make a profit
  • There are still a large number of organisations which are not for profit
  • While profit is the overriding aim in for profit business
  • Non profit organisations are driven by other goals […]
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Principles of Accounting: Incomplete and Single Records Example 1

By |2025-02-12T08:59:15+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 1

Question

On 1 May 20X8 Jenny Barnes, who is a retailer, […]

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Principles of Accounting: Partnerships: Capital and Current Accounts

By |2025-02-12T09:07:11+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

  • 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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Cambrige Notes: Principles of Accounting: Accounting for Non-Profits Example

By |2025-02-12T09:29:53+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: 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 […]

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Principles of Accounting: Incomplete and Single Entry Example 1 solution

By |2025-02-12T09:00:24+02:00February 12th, 2025|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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