January 2023

Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By |2022-09-15T12:32:13+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: 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

    By |2022-09-15T12:31:59+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 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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    Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

    By |2022-09-15T12:31:44+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: Capital and Revenue Expenditure

    • In accounting it is paramount to separate between revenue and capital expenditure
    • Naturally all business expenditure can be classified as either revenue or capital expenditure

    Capital Expenditure

    • Capital expenditure is not to be confused with the capital account or capital in general
    • Capital expenditure is when a business […]
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    Cambrige Notes: Principles of Accounting: Correcting errors example

    By |2022-09-15T12:31:32+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: Correcting errors example

    The following errors were discovered in the books of K Musana on 31 March 20×7

    1. Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
    2. A cheque of $94 […]
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    Cambrige Notes: Principles of Accounting: Discount Allowed entries simple example

    By |2022-09-15T12:31:20+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: 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 […]
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    Principles of Accounting: General Journal transferring to new books

    By |2022-09-15T12:33:29+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes: General Journal transferring to new books

    • We have already looked at some of the uses of the General Journal
    • which is sometimes simply called the Journal or Journal Proper
    • We have also looked at an example where we made different types of entries into the Journal
    • Another use not illustrated in […]
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    Principles of Accounting: Causes of Depreciation

    By |2022-09-15T12:33:15+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes: Introduction to depreciation

    • We have already explained that depreciation is the wasting away of fixed assets
    • We have also explained that it is treated as an expense in the Income Statement where it should appear at least once a year
    • Now we will look at the causes of depreciation
    • It is caused […]
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    Principles of Accounting: Sales Control Account Example

    By |2022-09-15T12:33:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounts Notes: Sales Control Account Example

    Question

    Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

    • Oct 1 Sales ledger balances […]
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    Principles of Accounting: Accounting for non profit organisations

    By |2022-09-15T12:32:56+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations

    • While it is true that the majority of entities exist primarily to make a profit
    • There are still a large number of organisations which are not for profit
    • While profit is the overriding aim in for profit business
    • Non profit organisations are driven by other goals including:
        […]
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    Principles of Accounting: Appropriation Account Example

    By |2022-09-15T12:32:49+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

    ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Appropriation Account 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 31 December […]

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