February 2025

Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms

By |2025-02-12T09:21:57+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: Basic Terms

  • As pointed out elsewhere there are subtle differences between accounting for sole trader businesses, partnerships and non-profit entities when compared to accounting for limited liability companies
  • This is due to differences in the way limited liability companies conduct their business when compared to […]
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Cambrige Notes: Source Documents and their uses

By |2025-02-12T09:08:00+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 and their uses

  • Accounting is the systematic recording of financial transactions in monetary terms.
  • Every time a business makes a transaction in the real world a paper trail is created.
  • The paper trail is known as/are a source document(s)
  • A source document is the original document that shows that a transaction took place.
  • For […]
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The trial balance

By |2025-02-12T09:22:25+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The trial balance

  • It has already been explained that at the core of accounting is the double entry principle.
  • The principle states that there are two aspects or sides to every transaction: a debit and a credit.
  • A trial balance is a list of all the debits and all the credits […]
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Cambrige Notes: Principles of Accounting: Goodwill upon death or retirement of a partner

By |2025-02-12T09:25:42+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: Goodwill and Partnership businesses: When a partner dies/retires

  • Death is an inevitable part of life
  • Sometimes a partner might die
  • Also in other instances a partner might choose to leave the business i.e. retire
  • In all the cases above the affected partner ends up leaving the business
  • Technically […]
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Cambrige Notes: The trial balance

By |2025-02-12T09:08:09+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: The trial balance

  • It has already been explained that at the core of accounting is the double entry principle.
  • The principle states that there are two aspects or sides to every transaction: a debit and a credit.
  • A trial balance is a list of all the debits and all the […]
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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By |2025-02-12T09:25:58+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: 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 […]
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Cambrige Notes: Principles of Accounting: Partnership dissolution

By |2025-02-12T09:26:23+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: 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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