principles of accounting Archives - Page 12 of 18 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Discount Allowed
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Cambrige Notes: Principles of Accounting: Discount Allowed

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

Cambrige Notes: Principles of Accounting: Discount Allowed

By Garikai Dzoma|2025-02-12T08:57:09+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: Three Column Cash Book: Discount Allowed

As already pointed out elsewhere cash and cash equivalent are the life blood of business
It is also common cause that most businesses do sell goods on credit
To encourage prompt payment businesses offer discounts to their customers
When a business offers […]

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Principles of Accounting: Discount Allowed entries simple example
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Principles of Accounting: Discount Allowed entries simple example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Discount Allowed entries simple example

By garikaib|2025-02-12T09:10:32+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 Allowed Example

We have already looked at Discount Allowed here
Here we will look at a simple example in order to look at the entries you need to make
We sold goods worth $500 to J Chimusoro on credit on 8 January
On January 12 […]

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Principles of Accounting: Introduction to depreciation
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Principles of Accounting: Introduction to depreciation

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Introduction to depreciation

By garikaib|2025-02-12T09:34:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 into […]

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Principles of Accounting: Purchases Control Accounts Example
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Principles of Accounting: Purchases Control Accounts Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Purchases Control Accounts Example

By garikaib|2025-02-12T09:25:38+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Purchases Control Accounts Example

Now that we have examined Purchases Control Accounts in detail
It is time to look at an example:

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount of […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: William Sachikonye Statement of Financial Position

By garikaib|2025-02-12T09:12:39+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 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 Position

[…]

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Principles of Accounting: The Appropriation Account
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Principles of Accounting: The Appropriation Account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Appropriation Account

By garikaib|2025-02-12T09:20:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships:The Appropriation Account

Apart from a few nuances partnerships prepare normal financial statements
These are almost indistinguishable from those of Sole Traders
They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
If this is a manufacturing partnership the Manufacturing Account is […]

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Principles of Accounting: Partnership Dissolution Example
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Principles of Accounting: Partnership Dissolution Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Example

By garikaib|2025-02-12T09:35:35+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 have looked at reasons why a partnership might dissolve here
Now we will look at an example question
The solution to this question can be found by clicking here

Question

Nkosi,Xo and Zack have been in partnership for several years, sharing profits and losses in the ratio […]

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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies
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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

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

Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

By Garikai Dzoma|2025-02-12T09:22:31+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: Accounting for Limited Liability Companies: Statement of Financial Position

We have looked at the Income Statement for companies here
We will now look at the structure of the Statement of Financial Position
The Statement of Financial Position is almost identical to the one prepared for sole traders
In fact the […]

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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

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

Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By Garikai Dzoma|2025-02-12T09:26:34+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: 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:

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Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts
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Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts

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

Cambrige Notes: Principles of Accounting: Introduction to Departmental Accounts

By Garikai Dzoma|2025-02-12T09:30:14+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: Introduction to Departmental Accounts

It is customary to split a large business into various departments
For example large retail shops like Pick n’ Pay and OK
A shop might have:
- A furniture department e.g. kitchen tables and chairs
- Home electrical e.g. irons and fridges
- Refrigerated foods
- Fruit and Veggies
- Liquor
- Cleaning

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February 2025

William Sachikonye Statement of Financial Position

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