February 2025

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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Cambrige Notes: Principles of Accounting: Discount Allowed

By |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

By |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

By |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

By |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

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

By |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

William Sachikonye Statement of Financial Position

    […]
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Principles of Accounting: The Appropriation Account

By |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

By |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

By |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

By |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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