February 2025

Principles of Accounting: Accounting for Non-Profits Example

By |2025-02-12T09:22:57+02:00February 12th, 2025|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 […]

Read More
Comments Off on Principles of Accounting: Accounting for Non-Profits Example

Principles of Accounting: Solution to Appropriation Account Example

By |2025-02-12T09:26:04+02:00February 12th, 2025|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.

Read More
Comments Off on Principles of Accounting: Solution to Appropriation Account Example

Principles of Accounting: Partnership Dissolution Solution to Example Question

By |2025-02-12T09:38:04+02:00February 12th, 2025|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 […]
Read More
Comments Off on Principles of Accounting: Partnership Dissolution Solution to Example Question

Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

By |2025-02-12T09:24:22+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: 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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Goodwill and Partnership businesses

Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

By |2025-02-12T09:29:20+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 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 […]

Read More
Comments Off on Cambrige Notes: Principles of Accounting: William Sachikonye Income Statement

Cambrige Notes: Principles of Accounting: Double entry for depreciation example

By |2025-02-12T09:32:23+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: Double entry for depreciation example

  • Here we will assume that you have read
  • The topic about the rationale behind depreciation
  • The topic about the methods of calculating depreciation
  • The entries required to record depreciation in the books
  • If not you should click on each of the above links […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Double entry for depreciation example

Cambrige Notes: Principles of Accounting: The Purchases Ledger

By |2025-02-12T09:36:20+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 Purchases Ledger

  • A purchase is when good(s) are bought with intention of selling them later,
  • usually these goods will be sold at a profit
  • Items bought with the intention of using them in the business are known as assets
  • We have already looked at how to make entries in the […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: The Purchases Ledger

Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

By |2025-02-12T09:40:07+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: Errors that are not revealed by a Trial Balance

  • A Trial Balance can reveal a number of errors as pointed out here
  • A number of errors however do not affect the balancing of a Trial Balance
  • This means such errors will remain hidden
  • To find out what errors are not […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Errors that are not revealed by a Trial Balance

Cambrige Notes: Principles of Accounting: Introduction to depreciation

By |2025-02-12T09:43:31+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: Introduction to depreciation

  • In the beginning we looked at basic terms
  • One of these terms we defined was fixed assets which we defined assets that are held by a firm in the long-term  and are used in the production of its income and are not expected to be consumed or converted […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Introduction to depreciation

Principles of Accounting: Discount Received entries simple example

By |2025-02-12T09:13:46+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different discount […]
Read More
Comments Off on Principles of Accounting: Discount Received entries simple example
Toggle Sliding Bar Area
Go to Top