January 2023

Principles of Accounting: Incomplete and Single Entry Example 1 solution

By |2022-09-15T12:32:58+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

  • This the solution to our first example question on incomplete and single entry
  • First we need to calculate the Sales figure for the year ended 30 April 20×9:

Sales Figure Calculation

  • Then we need to ascertain purchases for the year:

Purchases Figure Calculation

Income Statement for the year ended 30 April 20×9

NB This is how arrived at the Miscellaneous […]

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Principles of Accounting: Partnerships: Capital and Current Accounts

By |2022-09-15T12:32:52+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts

  • Like a normal business partnerships are formed when their owners (partners) inject capital into the business
  • While the principles of recording capital are the same as those of a Sole Trader business
  • There are certain differences that need to be borne in mind
  • One of these […]
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Biology Notes: Chemicals of Life: Test for Carbohydates

By |2022-09-15T12:32:44+02:00January 24th, 2023|Notes, O Level Biology Notes, Ordinary Level Notes|

ZIMSEC O Level Biology Notes: Chemicals of Life: Chemicals of Life: Test for Carbohydrates

  • We have already looked at the structure, properties and use of carbohydrates here
  • We will now examine the test for carbohydrates in food
  • The nature and order of tests carried out depends on whether we are dealing with a reducing sugar or non-reducing […]
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Principles of Accounting: Format of Income Statement for Companies

By |2022-09-15T12:32:32+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Limited Liability Companies: Income Statement

  • As already pointed out in our introduction
  • The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
  • is especially different from those prepared for sole traders and partnerships
  • […]

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Cambrige Notes: Principles of Accounting: Introduction to Accounting ratios

By |2022-09-15T12:31:50+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: Introduction to Accounting Ratios

Introduction to ratios in Accounting

  • Often in business numbers given in isolation are difficult to interpret
  • For example Business A makes a profit of $10 000 while Business B makes a profit of $10 million
  • It would be difficult to know which business better between the two
  • Those […]
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By |2022-09-15T12:32:13+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: Partnership Dissolution Entries

  • While the dissolution of each partnership is no doubt unique
  • There are entries that are typical to the dissolution of each partnership
  • During dissolution the following entries are typically made:
    1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:
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    Cambrige Notes: Principles of Accounting: Accounting for non profit organisations

    By |2022-09-15T12:31:57+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 non profit organisations

    • While it is true that the majority of entities exist primarily to make a profit
    • There are still a large number of organisations which are not for profit
    • While profit is the overriding aim in for profit business
    • Non profit organisations are driven by other goals […]
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    Cambrige Notes: Principles of Accounting: Disposal of Fixed Assets Example

    By |2022-09-15T12:31:42+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: Disposal of Fixed Assets Example

    • Now that we have looked at the entries required to record depreciation
    • It is time to look at a simple example:

    A business whose financial year ends at 31 December purchased on 1 January 20X7 a machine for $5,000. The machine was to be depreciated by ten […]

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    Cambrige Notes: Principles of Accounting: Making entries in the Sales Ledger

    By |2022-09-15T12:31:27+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: Making entries in the Sales Ledger

    • In this example we will make entries into the Sales Ledger, Cash Book and General Ledger
    • We will be skipping the books of original entry
    • Although this is not how things are done in practice
    • Examination/Exercise question might ask you to make double […]
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    Cambrige Notes: Sole Trader: Simple Statement of Financial Position Example 2

    By |2022-09-15T12:31:08+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: Sole Trader: Simple Statement of Financial Position 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 (Income Statement) for the year ended 30 June 20X8 as well as Statement of Financial Position as at […]

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