partnership accounts Archives - Page 3 of 5 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Partnership Dissolution Solution to Example Question
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Solution to Example Question

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

Cambrige Notes: Principles of Accounting: Partnership Dissolution Solution to Example Question

By Garikai Dzoma|2025-02-12T09:27:01+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: 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 […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2025-02-12T09:35:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

The idea of goodwill has been explored in full here
We have also looked at the unique treatment of goodwill in partnership businesses here
Below we will look at what happens when there is a change in the profit sharing ratio of a […]

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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

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

Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By Garikai Dzoma|2025-02-12T09:21:48+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: 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 […]

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Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships
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Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

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

Cambrige Notes: Principles of Accounting: Introduction to Accounting for Partnerships

By Garikai Dzoma|2025-02-12T09:35:01+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 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 […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2025-02-12T09:37:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 an Accounting […]

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Cambrige Notes: Principles of Accounting: Income Statement and Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Income Statement and Appropriation Account Example

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

Cambrige Notes: Principles of Accounting: Income Statement and Appropriation Account Example

By Garikai Dzoma|2025-02-12T09:23:43+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: 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 […]

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Principles of Accounting: Goodwill: When a new partner is admitted
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Principles of Accounting: Goodwill: When a new partner is admitted

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: When a new partner is admitted

By garikaib|2025-02-12T08:58:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 who is […]

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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example
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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

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

Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

By Garikai Dzoma|2025-02-12T09:23:56+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: Partnership Financial Statements Example

This is the second part solution to the question that was posted here
The first part of the solution to this question can be found here
It examines the basic structure of Financial Statements of partnerships
In this part we will examine […]

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Principles of Accounting: Goodwill: Example entries when a new partner is admitted
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Principles of Accounting: Goodwill: Example entries when a new partner is admitted

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By garikaib|2025-02-12T09:00:25+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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