February 2025

Simple Trading and Profit and Loss Account Example 2

By |2025-02-12T09:27:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit bhofinance.com Image credit bhofinance.com ZIMSEC O Level Principles of Accounts Notes: Simple Trading and Profit and Loss Account 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 […]

Read More
Comments Off on Simple Trading and Profit and Loss Account Example 2

Principles of Accounting: The Sales Ledger

By |2025-02-12T09:28:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The Sales Ledger

Read More
Comments Off on Principles of Accounting: The Sales Ledger

Cambrige Notes: Principles of accounts:Bank Overdrafts

By |2025-02-12T09:45:13+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: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 and/or make payments that exceed the business’s bank balance
  • For example a business has a balance of $200 in its bank account
  • The business […]
Read More
Comments Off on Cambrige Notes: Principles of accounts:Bank Overdrafts

Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 1

By |2025-02-12T09:06:10+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: Simple Statement of Financial Position Example 1

  • 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 and  a Statement of Financial Position as at 31 December 20×6

Inventory at 31 […]

Read More
Comments Off on Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 1

Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example

By |2025-02-12T09:09:18+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Bad Debts and Provision for Doubtful Debts Example

A business, which started trading on 1 January 20X7, adjusted its doubtful debt provision at the end of each year on a […]

Read More
Comments Off on Principles of Accounting: Bad Debts and Provision for Doubtful Debts Example

Cambrige Notes: Principles of Accounts:Bank Overdraft example

By |2025-02-12T09:45:23+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Overdraft receipt. Note an overdraft is an asset to the bank. Image credit consumerist.com Overdraft receipt. Note an overdraft is an asset to the bank. Image credit consumerist.com

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The Cash Book: Bank Overdraft example

  • Consider the following entries and enter into the books of J […]
Read More
Comments Off on Cambrige Notes: Principles of Accounts:Bank Overdraft example

Cambrige Notes: Preparing a Trial Balance

By |2025-02-12T09:08:22+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: Preparing a Trial Balance

  • As already said a trial balance is extracted from the ledger accounts by listing all the credit and debit balances that are in the entity’s books at the end of each trading period.
  • The following steps are involved in the extraction and preparation of a trial […]
Read More
Comments Off on Cambrige Notes: Preparing a Trial Balance

The format of a Balance Sheet/Statement of Financial Position

By |2025-02-12T09:31:56+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 sole […]
Read More
Comments Off on The format of a Balance Sheet/Statement of Financial Position

Principles of Accounting: Goodwill: Example entries when a new partner is admitted

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

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill: Example entries when a new partner is admitted

  • We have looked at entries to be made in the books when a new partner is admitted into the business
  • Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share profits and […]

Read More
Comments Off on Principles of Accounting: Goodwill: Example entries when a new partner is admitted
Toggle Sliding Bar Area
Go to Top