principles of accounts notes Archives - Free ZIMSEC & Cambridge Revision Notes

Sole Trader:Trading and Profit and Loss Account Example

By garikaib|2025-02-12T09:24:27+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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
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Principles of Accounting: Types of Business Organisations

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Types of Business Organisations

By garikaib|2025-02-12T09:43:45+02:00February 12th, 2025|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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Cambrige Notes: Discount Allowed and Discount Received entries
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Cambrige Notes: Discount Allowed and Discount Received entries

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Discount Allowed and Discount Received entries

By Garikai Dzoma|2025-02-12T09:44:53+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: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 cash at hand into the bank
10 Bought goods on Credit from J Mafana for $360
15 Sold Goods […]

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Cambrige Notes: The contents of a Balance Sheet/Statement of Financial Position
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Cambrige Notes: The contents of a Balance Sheet/Statement of Financial Position

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: The contents of a Balance Sheet/Statement of Financial Position

By Garikai Dzoma|2025-02-12T09:05:57+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: The contents of a Balance Sheet/Statement of Financial Position

While a Statement of Financial Position could just be presented as a listing of the credit and debit balances at a given date
It would be more useful to record the information in a consistent and meaningful way
This would allow

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Simple Trading and Profit and Loss Account Example 2

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

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 […]

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Principles of Accounting: The Sales Ledger
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Principles of Accounting: The Sales Ledger

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The Sales Ledger

By garikaib|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

A sale occurs when goods bought with intention of reselling them are sold
We have already looked at the Sales Day Book and the Sales Leger here
We have already looked at how transactions can be entered in the Sales Day Book and transferred to the Sales […]

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Cambrige Notes: Principles of accounts:Bank Overdrafts

By Garikai Dzoma|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 […]

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

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

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

By Garikai Dzoma|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 […]

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Sole Trader: Balance Sheet

By garikaib|2025-02-12T09:31:07+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit ksu.edu.tr ZIMSEC O Level Principles of Accounts Notes: Introduction to Balance Sheets

It is also known as the Statement of Financial Position
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 […]

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