January 2023

Principles of Accounting: Example entries upon death or retirement of a partner

By |2022-09-15T12:32:42+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

  • We have already examined the entries required to record Goodwill in the books upon the death or retirement of one of the partners here
  • We will now look at an example to demonstrate the stages involved

Death/Retirement Example

Peter, George and Muchineripi have been in partnership for the past five years. They own a retail shop in Harare’s CBD where […]

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Cambrige Notes: Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By |2022-09-15T12:32:08+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: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

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Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:41+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • It is often the case that when a business is sold the selling price of its assets would differ from their book values
  • In such instances there is either a profit or loss on the sale of the assets
  • This profit has […]
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Cambrige Notes: Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By |2022-09-15T12:32:09+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: 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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Principles of Accounting: Capital and Current Accounts Example

By |2022-09-15T12:32:51+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

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Principles of Accounting: Example revaluation of partnership assets

By |2022-09-15T12:32:38+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
  • We have already looked at the entries necessary to record these changes in value
  • Now we will look at an example of how […]
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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

By |2022-09-15T12:32:09+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: Accounting for Partnerships: Goodwill and Partnership businesses: When a new partner is admitted

  • It is not uncommon for a partnership business to admit a new partner
  • This is happens for any number of reasons including:
    • To admit a partner with new skills
    • When the firm is expanding
    • To replace a partner […]
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Principles of Accounting: Solution to Capital and Current Accounts example

By |2022-09-15T12:32:50+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

The Capital Accounts

The Current Accounts for the partners

  • This hopefully […]
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Principles of Accounting: Partnership dissolution

By |2022-09-15T12:32:37+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point of view […]
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Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By |2022-09-15T12:32:10+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: Accounting for Partnerships: Goodwill: Example entries when a new partner is admitted

  • We have looked at entries to be made in the books when a new partner is admitted into the business
  • Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share […]

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