## Cambrige Notes: Principles of Accounting: Missing figures

By |2022-09-15T12:31:54+02:00January 24th, 2023|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: 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 […]
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## Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1

By |2022-09-15T12:31:54+02:00January 24th, 2023|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 1

#### Question

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

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## Cambrige Notes: Principles of Accounting: Incomplete and Single Entry Example 1 solution

By |2022-09-15T12:31:55+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level 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:

#### Income Statement for the year ended 30 April 20×9

NB This is how arrived at the Miscellaneous […]

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## Cambrige Notes: Principles of Account: Incomplete and Single Records Example 2

By |2022-09-15T12:31:55+02:00January 24th, 2023|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

• Our first example on this topic was relatively straight forward
• We will now look at a more challenging and comprehensive example
• On how to create Financial Statements in cases where only single entry and incomplete records are kept

#### The Question

William Sachikonye runs a second-hand […]

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## Principles of Accounting: Single entry and Incomplete records

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

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

• It is not at all uncommon for business owners to have incomplete accounting records
• A lot of SMEs (small and medium enterprises) often do not keep double entry accounting systems
• Consider the example of a banana vendor it would be ridiculous for him to keep a double […]
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## Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By |2022-09-15T12:31:56+02:00January 24th, 2023|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

• This is a solution including workings for the question posted here
• We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

#### Sales calculation for the year ended 31 March 20×6

NB This is […]

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## Principles of Accounting: Statement of Affairs

By |2022-09-15T12:32:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 and liabilities
• […]

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

By |2022-09-15T12:31:56+02:00January 24th, 2023|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: Statement of Affairs Example

By |2022-09-15T12:32:59+02:00January 24th, 2023|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: Missing figures

By |2022-09-15T12:32:58+02:00January 24th, 2023|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 […]
Comments Off on Principles of Accounting: Missing figures