January 2023

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:11+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

  • It is often the case that when a business is sold the selling price of its assets would differ from their book values
  • In such instances there is either a profit or loss on the sale of the assets
  • This […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

Cambrige Notes: Principles of Accounting: Partnership dissolution

By |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 […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Partnership dissolution

Making Entries from Sales Day Book into the Sales Ledger Example

By |2022-09-15T12:41:21+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit: Frank Wood's Business Accounting 1 Image credit: Frank Wood’s Business Accounting 1 ZIMSEC O Level Principles of Accounts Notes: Posting to the Sales Ledger from the Sales Day Book

You are a bookkeeper for G Moyo. He are asks you to enter into the Sales Day Book the following transactions […]

Read More
Comments Off on Making Entries from Sales Day Book into the Sales Ledger Example

Cambrige Notes: Principles of Accounting: Company Accounts: Introduction

By |2022-09-15T12:32:14+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: Introduction

  • It is important to note that all accounts are prepared on the basis that the owner and his/her business are two separate persons
  • This does not matter if the business is not considered a separate legal entity for example partnerships and sole trader businesses
  • However […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Company Accounts: Introduction

Cambrige Notes: Principles of Accounting: Introduction to Control Accounts

By |2022-09-15T12:31:45+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 Control Accounts

  • We have already pointed out that errors do occur during the bookkeeping and accounting process
  • Some errors can be revealed by creating a trial balance
  • Control Accounts are another mechanism that can be used to discover errors in the books
  • Control Accounts are used to minimize errors […]
Read More
Comments Off on Cambrige Notes: Principles of Accounting: Introduction to Control Accounts

Cambrige Notes: Purchases Journal and the Purchases Ledger

By |2022-09-15T12:30:56+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Journal and the Purchases Ledger

Read More
Comments Off on Cambrige Notes: Purchases Journal and the Purchases Ledger
Toggle Sliding Bar Area
Go to Top