February 2025

Cambrige Notes: Principles of Accounts: The Analytical Petty Cash Book

By |2025-02-12T09:01:51+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: Source Documents: The petty Cash Book: The Analytical Petty Cash Book

  • Although petty cash payments are varied in nature
  • In most businesses there are common items that benefit from  petty cash payments
  • For example motor repair expenses, petrol expenses, employee bus fare, stationary etc
  • For this reason in such businesses, the […]
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Principles of Accounting: Source Documents: Vouchers

By |2025-02-12T09:02:43+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons or […]
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Principles of Accounting: Trial Balance and Errors

By |2025-02-12T09:01:50+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Trial Balance and Errors

  • As already stated there are two main reasons for preparing a Trial Balance:
    1. It is used as a starting point for preparing financial statements
    2. To check for errors in the accounting system
  • Given that the second purpose of a Trial Balance is to check for errors in […]
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Principles of Accounting: Both prepaid and accrued income and expenses

By |2025-02-12T09:31:59+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Both prepaid and accrued income and expenses

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Principles of Accounting: Purchases Control Accounts

By |2025-02-12T09:20:09+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts

  • Purchases Control Accounts contain a summary view of the purchases ledger
  • Below is a typical purchases control account:
  • Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

  • It is […]
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Principles of Accounting: William Sachikonye Statement of Financial Position

By |2025-02-12T09:12:39+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Example 2

William Sachikonye Statement of Financial Position

    […]
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Principles of Accounting: The Appropriation Account

By |2025-02-12T09:20:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships:The Appropriation Account

  • Apart from a few nuances partnerships prepare normal financial statements
  • These are almost indistinguishable from those of Sole Traders
  • They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
  • If this is a manufacturing partnership the Manufacturing Account is […]
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Principles of Accounting: Partnership Dissolution Entries

By |2025-02-12T09:31:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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:
      1. Dr […]
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Cambrige Notes: Principles of Accounting: Statement of Financial Position Example

By |2025-02-12T09:23:56+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: Partnership Financial Statements Example

  • This is the second part solution to the question that was posted here
  • The first part of the solution to this question can be found here
  • It examines the basic structure of Financial Statements of partnerships
  • In this part we will examine […]
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Cambrige Notes: Principles of Accounting: Incomplete and Single Records Example 1

By |2025-02-12T09:28:50+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: Single entry and Incomplete records: Example 1

Question

On 1 May 20X8 Jenny Barnes, who is […]

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