January 2023

Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By |2022-09-15T12:32:56+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]

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Principles of Accounting: Partnership Financial Statements Example

By |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 […]
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Principles of Accounting: Statements of Changes in Equity

By |2022-09-15T12:32:30+02:00January 24th, 2023|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 |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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Cambrige Notes: Principles of Accounting: Accounting for non profit organisations

By |2022-09-15T12:31:57+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 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 |2022-09-15T12:31:42+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: 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 |2022-09-15T12:31:29+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: General Ledger

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Cambrige Notes: Principles of Accounting: Correcting errors example

By |2022-09-15T12:31:32+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: 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 |2022-09-15T12:31:15+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 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 petty Cash Book

By |2022-09-15T12:33:29+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant such […]
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