February 2025

Cambrige Notes: Principles of Accounting: The Purchases Ledger

By |2025-02-12T09:36:20+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: The Purchases Ledger

  • A purchase is when good(s) are bought with intention of selling them later,
  • usually these goods will be sold at a profit
  • Items bought with the intention of using them in the business are known as assets
  • We have already looked at how to make entries in the […]
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Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

By |2025-02-12T09:40:07+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: Errors that are not revealed by a Trial Balance

  • A Trial Balance can reveal a number of errors as pointed out here
  • A number of errors however do not affect the balancing of a Trial Balance
  • This means such errors will remain hidden
  • To find out what errors are not […]
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Cambrige Notes: Principles of Accounting: Introduction to depreciation

By |2025-02-12T09:43:31+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 depreciation

  • In the beginning we looked at basic terms
  • One of these terms we defined was fixed assets which we defined assets that are held by a firm in the long-term  and are used in the production of its income and are not expected to be consumed or converted […]
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Principles of Accounting: Discount Received entries simple example

By |2025-02-12T09:13:46+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different discount […]
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Principles of Accounting: Correcting errors example

By |2025-02-12T09:09:05+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 paid […]
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Principles of Accounting: Calculating/Estimating depreciation

By |2025-02-12T09:37:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Calculating/Estimating depreciation

  • Before it is entered in the books depreciation has to be calculated
  • Where an accurate figure cannot be estimated an estimate has to be used
  • It is entirely up to the business in question to choose an appropriate way of calculating depreciation for each class of assets
  • Whatever the method […]
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Principles of Accounting: Sales Control Account Example

By |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

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: Non-Profits Example: Income and Expenditure Account

By |2025-02-12T09:23:53+02:00February 12th, 2025|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 |2025-02-12T09:28:29+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

  • 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: Format of Income Statement for Companies

By |2025-02-12T09:42:53+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Income Statement

  • As already pointed out in our introduction
  • The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
  • is especially different from those prepared for sole traders and partnerships

    • […]

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