principles of accounting Archives - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: General Journal transferring to new books
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Principles of Accounting: General Journal transferring to new books

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: General Journal transferring to new books

By garikaib|2025-02-12T09:21:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: General Journal transferring to new books

We have already looked at some of the uses of the General Journal
which is sometimes simply called the Journal or Journal Proper
We have also looked at an example where we made different types of entries into the Journal
Another use not illustrated in […]

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Principles of Accounting: Causes of Depreciation
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Principles of Accounting: Causes of Depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Causes of Depreciation

By garikaib|2025-02-12T09:35:11+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to depreciation

We have already explained that depreciation is the wasting away of fixed assets
We have also explained that it is treated as an expense in the Income Statement where it should appear at least once a year
Now we will look at the causes of depreciation
It is caused […]

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Principles of Accounting: Sales Control Account Example
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Principles of Accounting: Sales Control Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Sales Control Account Example

By garikaib|2025-02-12T09:27:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Account Example

We have looked at the nature of the Sales Ledger Control Account in detail
Now it is time to look at a detailed example:

Question

Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

Oct 1 Sales ledger balances […]

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Principles of Accounting: Accounting for non profit organisations
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Principles of Accounting: Accounting for non profit organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Accounting for non profit organisations

By garikaib|2025-02-12T09:18:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 including:

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Appropriation Account Example

By garikaib|2025-02-12T09:23:55+02:00February 12th, 2025|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 […]

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Principles of Accounting: Partnership Dissolution Solution to Example Question
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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|2025-02-12T09:38:04+02:00February 12th, 2025|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 […]

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Cambrige Notes: Principles of Accounting: Statements of Changes in Equity
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Cambrige Notes: Principles of Accounting: Statements of Changes in Equity

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

Cambrige Notes: Principles of Accounting: Statements of Changes in Equity

By Garikai Dzoma|2025-02-12T09:22:42+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 Limited Liability Companies: Statements of Changes in Equity

Besides the Statement of Financial Position and Income Statement
Companies are also required to prepare a Statement of Changes in Equity
This statement as implied by its name shows changes in equity from the beginning to the end of the […]

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Cambrige Notes: Principles of Accounting: Partnership Dissolution Example
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Example

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

Cambrige Notes: Principles of Accounting: Partnership Dissolution Example

By Garikai Dzoma|2025-02-12T09:26:44+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 have looked at reasons why a partnership might dissolve here
Now we will look at an example question
The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in […]

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Cambrige Notes: Principles of Accounting: Departmental Accounting Example
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Cambrige Notes: Principles of Accounting: Departmental Accounting Example

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

Cambrige Notes: Principles of Accounting: Departmental Accounting Example

By Garikai Dzoma|2025-02-12T09:30:35+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 Departmental Accounts Example

We have already looked at the basics of departmental accounting here
Now it is time to look at an example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in […]

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