January 2023

Cambrige Notes: Principles of Accounting: Both prepaid and accrued income and expenses

By |2022-09-15T12:31:38+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: Both prepaid and accrued income and expenses

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Principles of Accounting: Discount Received

By |2022-09-15T12:33:31+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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
  • On […]
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Principles of Accounting: Correcting Errors

By |2022-09-15T12:33:23+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting Errors

  • Errors are not uncommon in accounting processes
  • Often these errors are discovered and revealed at a later date than on the date they were made
  • Errors should not be corrected by tearing/cancelling out the wrong number or similar methods
  • Instead they are corrected by making Journal entries
  • Examination and […]
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Principles of Accounting: Causes of Depreciation

By |2022-09-15T12:33:15+02:00January 24th, 2023|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: Purchases Control Accounts Example

By |2022-09-15T12:33:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

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Principles of Accounting: Accounting for Non-Profits Example

By |2022-09-15T12:32:55+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

  • Cash at bank $200
  • Snack bar stocks $800
  • Club house buildings $12,500

During the year to […]

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Principles of Accounting: Solution to Appropriation Account Example

By |2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Solution to Appropriation Account Example

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Principles of Accounts Notes.

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Principles of Accounting: Partnership Dissolution Solution to Example Question

By |2022-09-15T12:32:34+02:00January 24th, 2023|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: Goodwill and Partnership businesses

By |2022-09-15T12:32:08+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

  • Now that we have explained the idea of goodwill
  • It is time we examine the concept of goodwill in relation with partnerships
  • As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
  • Partnership business are […]
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Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By |2022-09-15T12:31:56+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: Single entry and Incomplete records: Example 2

  • This is a solution including workings for the question posted here
  • We are attempting to create an Income Statement so naturally we will start by calculating the sales figure for the year

Sales calculation for the year ended 31 March 20×6

NB This is […]

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