profit and loss Archives - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement
Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

By Garikai Dzoma|2022-09-15T12:31:06+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 format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should take your cue from the examination question

Trading and Profit and Loss Account and the Expense […]

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Introduction to the Trading and Profit and Loss Account

By garikaib|2022-09-15T12:40:11+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit pixabay.com Image credit pixabay.com ZIMSEC O Level Principles of Accounts Notes: Introduction to the Trading and Profit and Loss Account

The profit/loss of a business is calculated by preparing a trading and profit and loss account
It is sometimes called only the profit and loss account in error
It is also […]

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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example
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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

By Garikai Dzoma|2022-09-15T12:31:06+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: Trading and Profit and Loss Account/Income Statement Example

From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet is not required.

Stock at 31 December 20X6 was $12,408

Solution

S […]

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Uses and the importance of the Trading and Profit and Loss Account

By garikaib|2022-09-15T12:40:10+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit tiespecialistas.com.br ZIMSEC O Level Principles of Accounts Notes: Uses and the importance of the Trading and Profit and Loss Account

People set up businesses to make a profit
Profit is the main objective of most privately owned businesses
However a business may fail to make a profit
The business […]

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Cambrige Notes: Simple Trading and Profit and Loss Account Example 2
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Cambrige Notes: Simple Trading and Profit and Loss Account Example 2

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Simple Trading and Profit and Loss Account Example 2

By Garikai Dzoma|2022-09-15T12:31:06+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: Simple Trading and Profit and Loss Account (Income Statement) Example 2

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended 30 June 20X8. A statement of financial position is not required.

Stock […]

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Terms used in the Trading and Profit and Loss account

By garikaib|2022-09-15T12:40:10+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit clarkewillmot.com ZIMSEC O Level Principles of Accounts Notes: Terms used in the Trading and Profit and Loss account

Gross profit

is the excess of sales over the cost of goods sold
If the amount of cost of goods sold is more than the amount of sales the result […]

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

By garikaib|2022-09-15T12:40:09+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit clarkewillmott.com ZIMSEC O Level Principles of Accounts 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 […]

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The format of a Simple Trading and Profit and Loss Account

By garikaib|2022-09-15T12:40:08+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

image credit onlinecollegecourses.com ZIMSEC O Level Principles of Accounts Notes: The format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should […]

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Sole Trader:Trading and Profit and Loss Account Example

By garikaib|2022-09-15T12:40:06+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit erekocynigit.com ZIMSEC O Level Principles of Accounts Notes: Trading and Profit and Loss Account Example

From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet […]

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Simple Trading and Profit and Loss Account Example 2

By garikaib|2022-09-15T12:40:05+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit bhofinance.com ZIMSEC O Level Principles of Accounts Notes: Simple Trading and Profit and Loss Account Example 2

From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account for the year ended […]

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January 2023