February 2025

Cambrige Notes: Principles of Accounting: Trade Discount

By |2025-02-12T09:35:43+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: Trade Discount

  • Generally most businesses especially wholesalers and manufacturers have three types of customers:
    1. The General Public who buy only a few items
    2. Traders who only buy a few items
    3. Traders a large number of goods
  • Traders have to eventually sell to their own customers in their own areas for […]
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Cambrige Notes: Principles of Accounting: Bank reconciliation statement and bank overdraft

By |2025-02-12T09:39:07+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: Bank reconciliation statement and bank overdraft

  • Preparing a bank reconciliation statement is easy
  • In the last example we assumed that the business had a positive balance shown by a a debit bank balance in the bank column of the cash book and a credit balance on the bank statement
  • In […]
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Cambrige Notes: Principles of Accounting: Prepayments and the Financial statements

By |2025-02-12T09:42:54+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: Prepayments and the Financial statements

  • A prepayment is when an amount is paid before it is due
  • In accounting there are two types of prepayments:
  • Prepaid expenses and
  • Prepaid income

Prepaid expenses

  • This is when the business prepays an expense
  • Examples are:
    • When a business pays rent payable in advance or
    • When […]
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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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