February 2025

Cambrige Notes: Principles of Accounting: The Sales Ledger

By |2025-02-12T09:35:58+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: The Sales Ledger

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Cambrige Notes: Uses and the importance of the Trading and Profit and Loss Account

By |2025-02-12T09:04:12+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: 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 may make a loss instead
  • The owners of a business […]
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The Cash Book

By |2025-02-12T09:45:17+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts 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 and […]
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Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 2

By |2025-02-12T09:39:37+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 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 (Income Statement) for the year ended 30 June 20X8 as well as Statement of Financial Position as at […]

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Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement

By |2025-02-12T09:04:21+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: Terms used in the Trading and Profit and Loss account/Income Statement

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 is a gross loss
  • Gross profit is found in the Trading […]
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Cash Book Entries to record Cash Deposited into the Bank

By |2025-02-12T08:56:19+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts 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) into […]
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Cambrige Notes: Income Statement and Statement of Financial Position: Other items

By |2025-02-12T09:39:45+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

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

By |2025-02-12T09:04:32+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: 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 books
  • Instead the Net Profit increases the capital of the owner
  • This […]
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