principles of accounting Archives - Free ZIMSEC & Cambridge Revision Notes

We have looked at the concept of Bad and Doubtful Debts
For a number of reasons a debt that was previously considered bad might become recoverable:
- Maybe due to an agreement
- A court settlement/order
- The fortunes of the debtor improves
When this happens the debt must be reinstated […]

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Principles of Accounting: Missing figures
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Principles of Accounting: Missing figures

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Missing figures

By garikaib|2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Single entry and Incomplete records: Missing figures

As already pointed out creating financial statements using single entry or incomplete records requires filling in the gaps
This is because naturally there will be some missing figures/amounts
These amounts have to be ascertained
We have already looked at how a Statement of Affairs can […]

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Principles of Accounting: Solution to Manufacturing Accounts Example
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Principles of Accounting: Solution to Manufacturing Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Solution to Manufacturing Accounts Example

By garikaib|2022-09-15T12:32:53+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

This is a solution to a Manufacturing Account question that was posted here
The introduction to Manufacturing Accounts and concepts related to the topic can be found here
We explored the nature and format of Manufacturing Accounts here
We will start by showing the Manufacturing Account

[…]

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Principles of Accounting: Goodwill upon death or retirement of a partner
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Principles of Accounting: Goodwill upon death or retirement of a partner

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill upon death or retirement of a partner

By garikaib|2022-09-15T12:32:43+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a partner dies/retires

Death is an inevitable part of life
Sometimes a partner might die
Also in other instances a partner might choose to leave the business i.e. retire
In all the cases above the affected partner ends up leaving the business
Technically speaking this […]

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Cambrige Notes: Principles of Accounting: Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Appropriation Account Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Appropriation Account Example

By Garikai Dzoma|2022-09-15T12:32:05+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: Appropriation Account Example

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended […]

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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted
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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

By Garikai Dzoma|2022-09-15T12:32:09+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: When a new partner is admitted

It is not uncommon for a partnership business to admit a new partner
This is happens for any number of reasons including:
- To admit a partner with new skills
- When the firm is expanding
- To replace a partner […]

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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position
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Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: William Sachikonye Statement of Financial Position

By Garikai Dzoma|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 continuation of the question posted here and
It is the last part of the solution found here
Now that we have created the Income Statement it is time to create the Statement of Financial Position

William Sachikonye Statement of Financial […]

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Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets
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Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets

By Garikai Dzoma|2022-09-15T12:31:41+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: Disposal of Fixed Assets

Eventually all fixed assets (non-current assets) bought for resale reach their end of life
More often than not a non-current asset is sold way before it reaches its end of life
This can happen for any number of reasons:
- To raise cash and improve the business’s liquidity […]

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Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements
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Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements

By Garikai Dzoma|2022-09-15T12:31:48+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: Introduction to Bank Reconciliation Statements

When we looked at the Cash Book we mentioned that all bank related transactions are recorded in it
We glaringly ignored one fact the bank is also a business
They have their own set of records about our deposits and withdrawals
In modern times due […]

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January 2023

The going concern concept

Example Question Appropriation Account

William Sachikonye Statement of Financial […]