February 2025

Terms used in the Trading and Profit and Loss account

By |2025-02-12T09:17:42+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Gross profit

  • is the excess of sales over the cost of goods sold
  • If the amount of cost of goods sold is more than the amount of sales the result […]
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Discount Allowed and Discount Received entries

By |2025-02-12T09:06:02+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Discount Entries. Image credit moneysavingexpert.com Discount Entries. Image credit moneysavingexpert.com ZIMSEC O Level Principles of Accounts Notes: The Cash Book:Discount Allowed and Discount Received entries

  • Consider the following entries and enter them into the books of J Haudzwi

July 20×9
1 Started the business with $1000 Cash
3 Deposited $600 from the […]

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Cambrige Notes: G Musandu: Solution: Statement of Financial Position

By |2025-02-12T09:44:09+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: Sole Trader: Trading and profit and loss accounts and Statement of Financial Position: Other items

  • This is the Statement of Financial Solution for the Trial Balance Question found here.

G Musandu

Statement of Financial Position as at 30 September 20×9

To access more topics go to the

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Cambrige Notes: Simple Trading and Profit and Loss Account Example 2

By |2025-02-12T09:05:17+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: Simple Trading and Profit and Loss Account (Income Statement) Example 2 

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended 30 June 20X8. A statement of financial position is not required.

Stock […]

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

By |2025-02-12T09:18:14+02:00February 12th, 2025|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 |2025-02-12T09:08:30+02:00February 12th, 2025|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 |2025-02-12T09:44:24+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 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 |2025-02-12T09:05:30+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: 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 |2025-02-12T09:18:46+02:00February 12th, 2025|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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