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

Uses and the importance of the Trading and Profit and Loss Account

By garikaib|2025-02-12T09:17:06+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit tiespecialistas.com.br ZIMSEC O Level Principles of Accounts Notes: Uses and the importance of the Trading and Profit and Loss Account

People set up businesses to make a profit
Profit is the main objective of most privately owned businesses
However a business may fail to make a profit
The business […]

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Cash Discount,Discount Received and Discount Allowed

By garikaib|2025-02-12T09:05:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Cash Discount. Image credit wiser.com ZIMSEC O Level Principles of Accounts 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 […]

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Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account
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Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account

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

Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account

By Garikai Dzoma|2025-02-12T09:43:58+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: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

This is a solution to the question here.

G Musandu

Trading and Profit and Loss Account (Income Statement) for the year ended 31 September 20×9

Sales returns and Returns inwards are the same thing

[…]

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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example
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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

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

Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

By Garikai Dzoma|2025-02-12T09:04:58+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: Trading and Profit and Loss Account/Income Statement 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 is not required.

Stock at 31 December 20X6 was $12,408

Solution

S […]

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Terms used in the Trading and Profit and Loss account

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

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

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

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

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

By Garikai Dzoma|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
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Cambrige Notes: Simple Trading and Profit and Loss Account Example 2

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

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

By Garikai Dzoma|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 garikaib|2025-02-12T09:18:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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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