January 2023

Principles of Accounting: Purchases Control Accounts 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: 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 |2022-09-15T12:32:57+02:00January 24th, 2023|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 |2022-09-15T12:32:50+02:00January 24th, 2023|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 |2022-09-15T12:32:35+02:00January 24th, 2023|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 |2022-09-15T12:32:16+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: 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 |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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