January 2023

The format of a Balance Sheet/Statement of Financial Position

By |2022-09-15T12:40:01+02:00January 24th, 2023|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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Cambrige Notes: The General Journal

By |2022-09-15T12:30:58+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 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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Principles of Accounting: Introduction to Control Accounts

By |2022-09-15T12:33:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Introduction to Control Accounts

  • We have already pointed out that errors do occur during the bookkeeping and accounting process
  • Some errors can be revealed by creating a trial balance
  • Control Accounts are another mechanism that can be used to discover errors in the books
  • Control Accounts are used to minimize errors as […]
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Cambrige Notes: The General Journal Example

By |2022-09-15T12:30:58+02:00January 24th, 2023|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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Principles of Accounting: Goodwill upon death or retirement of a partner

By |2022-09-15T12:32:43+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: 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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Cambrige Notes: Purchases Journal and Purchases Ledger example

By |2022-09-15T12:30:59+02:00January 24th, 2023|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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Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:41+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

  • It is often the case that when a business is sold the selling price of its assets would differ from their book values
  • In such instances there is either a profit or loss on the sale of the assets
  • This profit has […]
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Cambrige Notes: The Double Entry Concept

By |2022-09-15T12:30:48+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

  • 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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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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