February 2025

Principles of Accounting: Non-Profits Example: Statement of Financial Position

By |2025-02-12T09:26:33+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

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Principles of Accounting: Income Statement and Appropriation Account Example

By |2025-02-12T09:29:18+02:00February 12th, 2025|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 […]

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Principles of Accounting: Statements of Changes in Equity

By |2025-02-12T08:57:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 year
  • Equity […]
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Cambrige Notes: Principles of Accounting: Goodwill: Changes in Profit Sharing Ratio Example

By |2025-02-12T09:24:52+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: 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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Cambrige Notes: Principles of Accounting: Accounting for non profit organisations

By |2025-02-12T09:29:45+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 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 […]
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Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets Example

By |2025-02-12T09:32:52+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: Disposal of Fixed Assets Example

  • Now that we have looked at the entries required to record depreciation
  • It is time to look at a simple example:

A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten […]

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Cambrige Notes: Principles of Accounting: General Ledger

By |2025-02-12T09:36:45+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: General Ledger

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Cambrige Notes: Principles of Accounting: Correcting errors example

By |2025-02-12T09:40:37+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: Correcting errors example

The following errors were discovered in the books of K Musana on 31 March 20×7

  1. Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
  2. A cheque of $94 […]
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Cambrige Notes: The Accounting Cycle

By |2025-02-12T09:46:14+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 Notes: The Accounting Cycle

  • As has already been pointed out accounting includes the recording and presentation of transactions
  • This recording and presentation is done in a systemic manner i.e. it follows a set pattern
  • This pattern is known as the accounting cycle
  • The accounting cycle refers to the sequence of six […]
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Principles of Accounting: The Imprest system

By |2025-02-12T09:18:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book: The Imprest system

  • The imprest system is one where the cashier gives the petty cashier enough cash to meet
    the petty cash needs for the following period
  • This amount is known as a float amount
  • Let’s say this amount is $500
  • Then, at the end of the […]
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