January 2023

The trial balance

By |2022-09-15T12:41:48+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts 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 credits […]
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Cambrige Notes: Principles of Accounting: Goodwill upon death or retirement of a partner

By |2022-09-15T12:32:10+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 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 […]
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Cambrige Notes: The trial balance

By |2022-09-15T12:30:54+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 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: Principles of Accounting: Revaluation of Partnership Assets

By |2022-09-15T12:32:11+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 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 […]
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Cambrige Notes: Principles of Accounting: Partnership dissolution

By |2022-09-15T12:32:12+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 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 […]
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Making Entries from Sales Day Book into the Sales Ledger Example

By |2022-09-15T12:41:21+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit: Frank Wood's Business Accounting 1 Image credit: Frank Wood’s Business Accounting 1 ZIMSEC O Level Principles of Accounts 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 […]

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Cambrige Notes: Principles of Accounting: Company Accounts: Introduction

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: 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 […]
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