principles of accounts notes Archives - Page 5 of 7 - Free ZIMSEC & Cambridge Revision Notes

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|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

We have looked at Bad Debts, Provision for Doubtful Debts and Bad Debts Recovered
Now we will look at an example:

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

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Cambrige Notes: Principles of Accounts:Bank Overdraft example

By Garikai Dzoma|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

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 […]

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Cambrige Notes: Preparing a Trial Balance
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Cambrige Notes: Preparing a Trial Balance

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

Cambrige Notes: Preparing a Trial Balance

By Garikai Dzoma|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 […]

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The format of a Balance Sheet/Statement of Financial Position
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The format of a Balance Sheet/Statement of Financial Position

Notes, Ordinary Level Notes, Principles of Accounts Notes

The format of a Balance Sheet/Statement of Financial Position

By garikaib|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 […]

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|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 […]

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Cambrige Notes: Principles of Accounting: Types of Business Organisations
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Cambrige Notes: Principles of Accounting: Types of Business Organisations

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

Cambrige Notes: Principles of Accounting: Types of Business Organisations

By Garikai Dzoma|2025-02-12T09:45:51+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 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 […]

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Cambrige Notes: Determining whether an account has a debit or credit balance
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Cambrige Notes: Determining whether an account has a debit or credit balance

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

Cambrige Notes: Determining whether an account has a debit or credit balance

By Garikai Dzoma|2025-02-12T09:08:39+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:Determining whether an account has a debit or credit balance

Sometimes in a bid to confuse you during the examination examiners will present you with a jumbled list of balances which might require you to determine whether the accounts should be on the debit side or credit side of the trial balance.

[…]

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The contents of a Balance Sheet/Statement of Financial Position

By garikaib|2025-02-12T09:34:08+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

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

Notes, Ordinary Level Notes, Principles of Accounts Notes

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

By garikaib|2025-02-12T09:11:33+02:00February 12th, 2025|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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February 2025

Example Question