January 2023

The contents of a Balance Sheet/Statement of Financial Position

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

The balance sheet contains several items that have to be explained. Image credit alignmt.com The balance sheet contains several items that have to be explained. Image credit alignmt.com ZIMSEC O Level Principles of Accounts Notes: The contents of a Balance Sheet/Statement of Financial Position

  • While a Balance Sheet could just be […]
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Principles of Accounting: Goodwill upon death or retirement of a partner

By |2022-09-15T12:32:43+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses: When a partner dies/retires

  • Death is an inevitable part of life
  • Sometimes a partner might die
  • Also in other instances a partner might choose to leave the business i.e. retire
  • In all the cases above the affected partner ends up leaving the business
  • Technically speaking this […]
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Cambrige Notes: Sales Journal and the Sales Ledger

By |2022-09-15T12:30:57+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Books of Original Entry: Sales Journal and the Sales Ledger

  • When cash or other payments e.g. Ecocash/Visa/MasterCard is received when […]
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Sole Trader: Simple Statement of Financial Position Example 1

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

ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet 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 balance sheet as at 31 December 20×6

Inventory at 31 December 20X6 was $12,408

Solution

  • The […]
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Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By |2022-09-15T12:32:10+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: 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 […]

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Cambrige Notes: The Cash Book

By |2022-09-15T12:30:59+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cash Book Example. Frank Wood's Business Accounting I Cash Book Example. Frank Wood’s Business Accounting I

ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book

  • The Cash Book consists of the cash account and the bank account put together in one book.
  • The result is that all monies paid […]
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Preparing a Trial Balance

By |2022-09-15T12:41:41+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 balance:
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    Sole Trader: Simple Balance Sheet Example 2

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

    Image credit udiscover-psbedu.paris Image credit udiscover-psbedu.paris ZIMSEC O Level Principles of Accounts Notes: Sole Trader: Simple Balance Sheet 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 […]

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    Cambrige Notes: Principles of Accounting: Goodwill upon death or retirement of a partner

    By |2022-09-15T12:32:10+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: Accounting for Partnerships: Goodwill and Partnership businesses: When a partner dies/retires

    • Death is an inevitable part of life
    • Sometimes a partner might die
    • Also in other instances a partner might choose to leave the business i.e. retire
    • In all the cases above the affected partner ends up leaving the business
    • Technically […]
    Read More
    Comments Off on Cambrige Notes: Principles of Accounting: Goodwill upon death or retirement of a partner

    Cambrige Notes: Cash Book Entries to record Cash Deposited into the Bank

    By |2022-09-15T12:31:00+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

    Cash Book Example. Frank Wood's Business Accounting I Cash Book Example. Frank Wood’s Business Accounting I

    ZIMSEC O Level Principles of Accounts: Books of Original Entry: Cash Book Entries to record Cash Deposited into the Bank

    • If a business receives cash from its customers and
    • The cash is later paid into (deposited) […]
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