July 2018

Cambrige Notes: Double Entry Exercise and Solutions

By |2022-09-15T12:30:48+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 |2022-09-15T12:30:53+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 |2022-09-15T12:30:54+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 Double Entry Concept

By |2022-09-15T12:30:48+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: Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By |2022-09-15T12:31:05+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 |2022-09-15T12:31:07+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 |2022-09-15T12:30:56+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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Cambrige Notes: Sales Journal and the Sales Ledger

By |2022-09-15T12:30:57+02:00July 25th, 2018|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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Cambrige Notes: Making Entries from Sales Day Book into the Sales Ledger Example

By |2022-09-15T12:30:58+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: Posting to the Sales Ledger from the Sales Day Book

You are a bookkeeper for G Moyo. He are asks you to enter into the Sales Day Book the following transactions and post the items to them to their relevant accounts in the Sales Ledger and then show the transfer to the sales […]


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Cambrige Notes: The General Journal

By |2022-09-15T12:30:58+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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