February 2025

Cambrige Notes: Principles of Accounting: Partnerships: Capital and Current Accounts

By |2025-02-12T09:35:14+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: Capital and Current Accounts

  • Like a normal business partnerships are formed when their owners (partners) inject capital into the business
  • While the principles of recording capital are the same as those of a Sole Trader business
  • There are certain differences that need to be borne in mind
  • One […]
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Cambrige Notes: Principles of Accounting: Preparation of bank reconciliation statement

By |2025-02-12T09:38:45+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: Preparation of bank reconciliation statement

  • We have already looked at what bank reconciliation statements are and why we need them
  • Here we will look at steps required to prepare them and their format
  • First it must be pointed out that the Bank Column in the Cash Book like all of […]
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Cambrige Notes: Principles of Accounting: The Going concern concept and consistency concept

By |2025-02-12T09:42:26+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 Going concern concept and consistency concept

  • Going concern and consistency concepts are important in the accounting world

The going concern concept

  • It is one of the most fundamental concepts
  • It forms the assumption on which all accounting operations are carried out
  • According to this concept all accounting transactions must be recorded […]
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Cambrige Notes: Principles of Accounting: The petty Cash Book

By |2025-02-12T09:01:37+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

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant […]
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