July 2018

Cambrige Notes: The Double Entry Concept

By |2018-08-01T07:27:09+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) 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 recorded twice.
  • Every debit should have a corresponding credit and every credit should have a corresponding credit.
  • No matter the […]

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Cambrige Notes: Double Entry Exercise and Solutions

By |2018-07-25T09:57:34+02:00July 25th, 2018|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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Cambrige Notes: Source Documents and their uses

By |2018-08-01T07:28:21+02:00July 25th, 2018|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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Cambrige Notes: The trial balance

By |2018-07-25T09:57:34+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The trial balance

  • It has already been explained that at the core of accounting is the double entry principle.
  • The principle states that there are two aspects or sides to every transaction: a debit and a credit.
  • A trial balance is a list of all the debits and all the […]

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Cambrige Notes: The General Journal

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The General Journal

As already said there are several books of Prime Entry namely:

  •  The Sales Day Book
  • The Purchases Day Book
  • The Returns Inwards Day Book
  • The Returns Outwards Day Book.
  • The Cash Book

 

  • Each of these books is devoted to a particular type of transaction. For example all Purchases returns […]

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Cambrige Notes: The General Journal Example

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of journal entries. Image credit Frank Wood's Business Accounting 1

An example of journal entries. Image credit Frank Wood’s Business Accounting 1

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: The General Journal Example

You are a bookkeeper for J Benzi. You are to show the journal entries necessary to record […]


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Cambrige Notes: Purchases Journal and Purchases Ledger example

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Purchases Day Book example. Image credit Frank Wood's Business Accounting 1.

Purchases Day Book example. Image credit Frank Wood’s Business Accounting 1.

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Journal and Purchases Ledger example

  • J Dzungu has the following purchases for the month of May 2015:
  • May 1 From D […]

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

By |2018-07-25T09:57:33+02:00July 25th, 2018|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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Cambrige Notes: The format of a Balance Sheet/Statement of Financial Position

By |2018-07-25T09:57:33+02:00July 25th, 2018|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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Cambrige Notes: Purchases Journal and the Purchases Ledger

By |2018-07-25T09:57:33+02:00July 25th, 2018|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Journal and the Purchases Ledger

  • As has already been said transactions are first recorded […]

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