principles of accounts Archives - Page 4 of 4 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: The General Journal Example

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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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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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

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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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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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