partnership accounts Archives - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Appropriation Account Example
Gallery
Principles of Accounting: Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Appropriation Account Example

By garikaib|2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an 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 […]

Comments Off

Principles of Accounting: Partnership Dissolution Solution to Example Question
Gallery
Principles of Accounting: Partnership Dissolution Solution to Example Question

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Solution to Example Question

By garikaib|2022-09-15T12:32:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

We looked at the basics of partnership dissolution here
We also posted an example question here
Now we will present the solution to that question

The realisation account

Debtors and Receivables are just one and the same thing
Creditors can also be referred to as […]

Comments Off

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

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

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

By Garikai Dzoma|2022-09-15T12:32:11+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level 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 […]

Comments Off

Principles of Accounting: Partnership Financial Statements Example
Gallery
Principles of Accounting: Partnership Financial Statements Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Financial Statements Example

By garikaib|2022-09-15T12:32:48+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

As already said elsewhere partnerships also prepare Financial Statements at the end of every period
These do not differ much from say those of a Sole Trader
Financial Statements of a Partnership include:
An Income Statement for the period ended
An Appropriation account for the […]

Comments Off

Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions
Gallery
Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

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

Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

By Garikai Dzoma|2022-09-15T12:32:04+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: Capital and Current Accounts

As we will continue to emphasize throughout the topic
You ought to pay attention to the requirements of the question and follow these
Where there are no guidelines or the question is silent remember the following provisions:
- Profits and losses are to be […]

Comments Off

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets
Gallery
Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

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

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By Garikai Dzoma|2022-09-15T12:32:11+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: 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 […]

Comments Off

Principles of Accounting: Income Statement and Appropriation Account Example
Gallery
Principles of Accounting: Income Statement and Appropriation Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Income Statement and Appropriation Account Example

By garikaib|2022-09-15T12:32:48+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

This is the first part solution to the question that was posted here
It examines the basic structure of Financial Statements of partnerships
In this part we will look at the Income Statement and Appropriation Account for Save and Moyo

Solution

Save and Moyo

Income Statement and Appropriation […]

Comments Off

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example
Gallery
Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

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

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

By Garikai Dzoma|2022-09-15T12:32:04+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: Capital and Current Accounts Example

Bearing in mind what we have said in the introduction to capital and current accountshere
And the basic guidelines here
It is important to add the fact in this topic will mostly deal with making entries into Capital and Current […]

Comments Off

Cambrige Notes: Principles of Accounting: Partnership dissolution
Gallery
Cambrige Notes: Principles of Accounting: Partnership dissolution

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

Cambrige Notes: Principles of Accounting: Partnership dissolution

By Garikai Dzoma|2022-09-15T12:32:12+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: 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 […]

Comments Off