principles of accounting Archives - Page 17 of 18 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounting: Partnership Dissolution Entries
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Principles of Accounting: Partnership Dissolution Entries

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Entries

By garikaib|2022-09-15T12:32:36+02:00January 24th, 2023|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
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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

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

Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

By Garikai Dzoma|2022-09-15T12:32:15+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 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
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Cambrige Notes: Principles of Accounting: Partnership dissolution

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

Cambrige Notes: Principles of Accounting: Partnership dissolution

By Garikai Dzoma|2022-09-15T12:32:12+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: 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
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Cambrige Notes: Principles of Accounting: Non-Profits Example: Statement of Financial Position

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

Cambrige Notes: Principles of Accounting: Non-Profits Example: Statement of Financial Position

By Garikai Dzoma|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: Accounting for non profit organisations Example

This is a solution of the question shown here
We have also looked at accounting for non-profits here this is a solution to an example on the topic
It is a continuation of the answer that started here
First we need to […]

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

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

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

By Garikai Dzoma|2022-09-15T12:31:43+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 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
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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example

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

Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Overdraft Example

By Garikai Dzoma|2022-09-15T12:31:50+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: Bank Reconciliation Statement Overdraft Example

We have looked at the process of preparing bank statements here
We also looked at an example here
However we have made the distinction between a debit bank balance an an overdrawn account
We will now look at an example of how to […]

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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|2022-09-15T12:31:19+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

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|2022-09-15T12:33:32+02:00January 24th, 2023|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|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

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|2022-09-15T12:33:06+02:00January 24th, 2023|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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January 2023