February 2025

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: Sales Control Accounts

By |2025-02-12T09:22:30+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Accounts

  • Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
  • Below is a typical Sales Control Account:
  • The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

  • It […]
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Principles of Accounting: William Sachikonye Income Statement

By |2025-02-12T09:07:47+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

  • 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 not a […]

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Principles of Accounting: Solution to Capital and Current Accounts example

By |2025-02-12T09:13:47+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts Example

The Capital Accounts

The Current Accounts for the partners

  • This hopefully […]
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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: Format of Income Statement for Companies

By |2025-02-12T09:22:17+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 Limited Liability Companies: Income Statement

  • As already pointed out in our introduction
  • The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
  • is especially different from those prepared for sole traders […]
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Cambrige Notes: Principles of Accounting: Partnership dissolution

By |2025-02-12T09:26:23+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: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point […]
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Cambrige Notes: Principles of Accounting: Non-Profits Example: Statement of Financial Position

By |2025-02-12T09:30:05+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 non profit organisations Example

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Cambrige Notes: Principles of Accounting: Introduction to Provision for Doubtful Debts

By |2025-02-12T09:33:35+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 Provision for Doubtful Debts

  • As we have pointed out in our examination of bad debts the story does not end there
  • In our discussion of bad debts we stated that bad debts are only written of in the period in which they occur
  • Sometimes this happens many periods […]
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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By |2025-02-12T09:39:21+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 Overdraft Example

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