January 2023

Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By |2022-09-15T12:40:09+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit clarkewillmott.com Image credit clarkewillmott.com ZIMSEC O Level Principles of Accounts Notes: Terms used in the Trading and Profit and Loss account

  • The Trading and Profit and Loss Account is not balanced off at the end of the trading period
  • This means there are in no corresponding “balance b/d” in the […]
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Principles of accounts:Bank Overdrafts

By |2022-09-15T12:39:53+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Business often make use of Overdrafts. Image credit telegraph.co.uk Business often make use of Overdrafts. Image credit telegraph.co.uk ZIMSEC O Level Principles of Accounts Notes: The Cash Book:Bank Overdrafts

  • Bank overdrafts are a way for businesses to borrow money in the short term
  • With bank overdrafts the business is allowed to withdraw […]
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Cambrige Notes: Entries into the Cash Book

By |2022-09-15T12:31:10+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: The Cash Book:Entries into the Cash Book

  • We have already looked at the Cash Book here
  • We will now look at some typical transactions and the entries that will have to be made in the Cash Book the following example:

Write up a two-column cash book for a S Munodei’s Furniture Shop […]

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Cambrige Notes: Sole Trader: Statement of Financial Position

By |2022-09-15T12:31:07+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 the Statement of Financial Position

  • It is also used to be known as the Balance Sheet
  • It is a statement of the assets, liabilities, and capital of a business at a particular point in time
  • It is a financial snap shot of the business at a given point in […]
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The format of a Simple Trading and Profit and Loss Account

By |2022-09-15T12:40:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit onlinecollegecourses.com image credit onlinecollegecourses.com ZIMSEC O Level Principles of Accounts Notes: The format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should […]

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Cambrige Notes: Cash Discount,Discount Received and Discount Allowed

By |2022-09-15T12:31:11+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: The Cash Book:Discount Received and Discount Allowed

  • Businesses prefer it if their customers pay quickly
  • Businesses may thus accept a sum slightly lower than the invoice amount in settlement of a debt if payment is made within a certain period
  • This reduction is known as a cash discount
  • Cash discount-an amount given in exchange and […]
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Cambrige Notes: The format of a Balance Sheet/Statement of Financial Position

By |2022-09-15T12:31:07+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: The format of a Balance Sheet/Statement of Financial Position

The Name of the Business(The Name of the Sole Trader is used in Sole Trader Businesses)

Statement of Financial Position as at 31 December 2016

  • The name of the business is to be replaced by the name of the […]
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Sole Trader:Trading and Profit and Loss Account Example

By |2022-09-15T12:40:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit erekocynigit.com Image credit erekocynigit.com ZIMSEC O Level Principles of Accounts Notes: Trading and Profit and Loss Account Example

From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet […]

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Principles of Accounting: Types of Business Organisations

By |2022-09-15T12:33:37+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting Notes: Types of Business Organisations

  • A business can be defined as an economic or commercial activity
  • All business activity can be subdivided into individual and separate transactions
  • A transaction is an event that results in a change in an asset, liability, or net worth of a business
  • In accounting various words are used to […]
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