January 2023

Principles of Accounting: Partnership dissolution

By |2022-09-15T12:32:37+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: Revaluation of Partnership Assets

  • While it is true that a new partnership is created when partners leave and join the partnership
  • The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
  • From an accounting point of view […]

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Cambrige Notes: Double Entry Exercise and Solutions

By |2022-09-15T12:30:48+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Principles of Accounts: Double Entry Exercise and Solution[/title

  • You are required to open the asset and liability and capital accounts and record the following transactions for June 20X8 in the records of T. Moyo. 20X8
  1. June 1 Started business with $12,000 in cash.
  2. 2 Paid $11 700 of the opening cash into a bank account for […]

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Principles of Accounting: Company Accounts: Introduction

By |2022-09-15T12:32:34+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Introduction

  • It is important to note that all accounts are prepared on the basis that the owner and his/her business are two separate persons
  • This does not matter if the business is not considered a separate legal entity for example partnerships and sole trader businesses
  • However actual companies […]

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

By |2022-09-15T12:31:05+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: 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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The Double Entry Concept

By |2022-09-15T12:44:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Introduction to double entry. Image credit snwmo636sriverct.biz

Introduction to double entry. Image credit snwmo636sriverct.biz ZIMSEC O Level Principles of Accounts Notes
  • You need to pay close attention because this is where the accounting part in accounting begins.
  • This is the basic rule in accounting which states that any accounting transaction should be […]

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Principles of Accounting: Company Accounts: Basic Terms

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

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Basic Terms

  • As pointed out elsewhere there are subtle differences between accounting for sole trader businesses, partnerships and non-profit entities when compared to accounting for limited liability companies
  • This is due to differences in the way limited liability companies conduct their business when compared to the rest
  • […]


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

By |2022-09-15T12:31:07+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: 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 […]

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Source Documents and their uses

By |2022-09-15T12:41:54+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

A bank cheque is an example of a source document. Image credit delcamp.net

A bank cheque is an example of a source document. Image credit delcampe.net ZIMSEC O Level Principles of Accounts Notes: Source Documents and their uses
  • Accounting is the systematic recording of financial transactions in monetary terms.
  • Every time a […]

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Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms

By |2022-09-15T12:32:14+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 Limited Liability Companies: Basic Terms

  • As pointed out elsewhere there are subtle differences between accounting for sole trader businesses, partnerships and non-profit entities when compared to accounting for limited liability companies
  • This is due to differences in the way limited liability companies conduct their business when compared to […]

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Cambrige Notes: Source Documents and their uses

By |2022-09-15T12:30:53+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: Source Documents and their uses

  • Accounting is the systematic recording of financial transactions in monetary terms.
  • Every time a business makes a transaction in the real world a paper trail is created.
  • The paper trail is known as/are a source document(s)
  • A source document is the original document that shows that a transaction took place.
  • For […]

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