January 2023

Principles of Accounting: Statement of Affairs Example

By |2022-09-15T12:32:59+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Statement of Affairs Example

  • We have explained what a Statement of Affairs is
  • Now we will look at an example of how to prepare a Statement of Affairs

Question

W Soja started his business on 1 April 20X2 with $35,000 in a bank account. Unfortunately
he did not keep proper books […]

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Principles of Accounting: Solution to Manufacturing Accounts Example

By |2022-09-15T12:32:53+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

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

By |2022-09-15T12:32:43+02:00January 24th, 2023|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

Example Question

Partners Chinjekure and Mupfumi share profits and […]

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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

By |2022-09-15T12:32:15+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: 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 […]
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By |2022-09-15T12:32:13+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: Partnership Dissolution Entries

  • While the dissolution of each partnership is no doubt unique
  • There are entries that are typical to the dissolution of each partnership
  • During dissolution the following entries are typically made:
    1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
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    Cambrige Notes: Principles of Accounting: Introduction to Manufacturing Accounts

    By |2022-09-15T12:32:00+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: Introduction to Manufacturing Accounts

    • Thus far we have taken it for granted that businesses purchase everything they sell
    • While it is true that a lot of business purchase inventory and sell it at a profit
    • There are some businesses that manufacture products
    • These manufacturing businesses typically:
      • Acquire Raw materials
      • Process this […]
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    Cambrige Notes: Principles of Accounting: Solution to Manufacturing Accounts Example

    By |2022-09-15T12:32:02+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: Example question Manufacturing Accounts

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    Cambrige Notes: Principles of Accounting: Sales Control Account Example

    By |2022-09-15T12:31:47+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: 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 […]
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    Cambrige Notes: Principles of Accounting: The Prudence concept and the Business entity concept

    By |2022-09-15T12:31:35+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: The Prudence concept and the Business entity concept

    • In another topic you were introduced to the idea of accounting concepts
    • These are the underlying principles that govern the accounting discipline
    • In this topic we will look at the following concepts:
    • The Business Entity Concept
    • The Prudence Concept

    Business Entity Concept

    • You […]
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    Cambrige Notes: Principles of Accounting: Discount Received

    By |2022-09-15T12:31:21+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: Source Documents: Three Column Cash Book: Discount Received

    • It is customary for businesses to sell goods on credit
    • In order to encourage prompt payment a business might offer a cash discount
    • In such instances the business will accept a lesser amount in settlement of a debt in exchange for early payment

      • […]

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