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About Garikai Dzoma

He holds an Honours in Accountancy degree from the University of Zimbabwe. He is passionate about technology and its practical application in today's world.

July 2017

Principles of Accounting: The petty Cash Book

By | 2017-07-22T13:24:37+00:00 July 22nd, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book

  • As a business grows it is customary to have a Petty Cash Book and a Cash Book
  • In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
  • Imagine the example of a retail giant such […]
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Principles of Accounts: The Analytical Petty Cash Book

By | 2017-07-22T13:25:05+00:00 July 22nd, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book: The Analytical Petty Cash Book

  • Although petty cash payments are varied in nature
  • In most businesses there are common items that benefit from  petty cash payments
  • For example motor repair expenses, petrol expenses, employee bus fare, stationary etc
  • For this reason in such businesses, the petty […]

Principles of Accounting: The Imprest system

By | 2017-07-22T13:25:23+00:00 July 22nd, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book: The Imprest system

  • The imprest system is one where the cashier gives the petty cashier enough cash to meet
    the petty cash needs for the following period
  • This amount is known as a float amount
  • Let’s say this amount is $500
  • Then, at the end of the […]

Principles of Accounting: Discount Received entries simple example

By | 2017-07-22T10:54:50+00:00 July 22nd, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different discount […]

Principles of Accounting: Discount Received

By | 2017-07-22T10:54:59+00:00 July 22nd, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Received

  • It is customary for businesses to sell goods on credit
  • In order to encourage prompt payment a business might offer a cash discount
  • In such instances the business will accept a lesser amount in settlement of a debt in exchange for early payment
  • On […]

Principles of Accounting: Discount Allowed

By | 2017-07-21T12:14:29+00:00 July 21st, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed

  • As already pointed out elsewhere cash and cash equivalent are the life blood of business
  • It is also common cause that most businesses do sell goods on credit
  • To encourage prompt payment businesses offer discounts to their customers
  • When a business offers a […]

Principles of Accounting: Discount Allowed entries simple example

By | 2017-07-21T12:16:24+00:00 July 21st, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book: Discount Allowed Example

  • We have already looked at Discount Allowed here
  • Here we will look at a simple example in order to look at the entries you need to make
  • We sold goods worth $500 to J Chimusoro on credit on 8 January
  • On January 12 […]

Principles of Accounting: Three Column Cash Book

By | 2017-07-21T12:13:10+00:00 July 20th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Three Column Cash Book

  • Most businesses offer credit sales in order to increase sales
  • This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
  • Cash and by extension working capital is the life blood of the business
  • To prevent […]

Principles of Accounting: Source Documents: Vouchers

By | 2017-07-19T15:10:30+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: Vouchers

  • A voucher is a written instrument that serves to confirm or witness (vouch) for some fact such as a transaction
  • Vouchers that can be defined as an instrument of a redeemable transaction type
  • which is worth a certain monetary value
  • and which may be spent only for specific reasons or […]

Principles of Accounting: Bank Statement

By | 2017-07-19T14:07:40+00:00 July 19th, 2017|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents:Bank Statement

  • It is a document or report released (on a fixed date every month) by banks
  • It lists:
    • The balance at the beginning of the period
    • deposits,
    • withdrawals,
    • checks paid,
    • interest earned,
    • service charges
    •  penalties incurred if any
    • The balance at the end of the period
  • on a given account
  • […]