January 2023

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

By |2022-09-15T12:31:05+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: 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 Simple Trading and Profit and Loss Account/Income Statement

By |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 |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

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

image credit tiespecialistas.com.br 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

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

Image credit clarkewillmot.com 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 |2022-09-15T12:40:09+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

Image credit clarkewillmott.com 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 […]
Read More
Comments Off on Sole Trader: Trading and Profit and Loss Account and Capital Accounts

The format of a Simple Trading and Profit and Loss Account

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

image credit onlinecollegecourses.com 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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Comments Off on The format of a Simple Trading and Profit and Loss Account

Sole Trader:Trading and Profit and Loss Account Example

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

Image credit erekocynigit.com 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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