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February 2018

Principles of Accounting: Introduction to Accounting for Partnerships

By | 2018-02-23T10:42:53+00:00 February 23rd, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

  • It is quite common for two or more people to enter into a business partnership with one another
  • We have already looked at types of business entities here
  • You can also read more about Partnerships in a post found here
  • While most of the accounting concepts we have learnt thus far apply to Partnership businesses as well
  • […]

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Principles of Accounting: Solution to Manufacturing Accounts Example

By | 2018-02-23T09:49:43+00:00 February 23rd, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Principles of Accounting: Example question Manufacturing Accounts

By | 2018-02-23T09:46:52+00:00 February 19th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Manufacturing Accounts Example Question

E Makonese is a manufacturer. His trial balance at 31 December 20X8 is as follows:

Additional information:

  1. Stocks at 31 December 20X8: […]

Principles of Accounting: The format of Manufacturing Accounts

By | 2018-02-19T10:23:52+00:00 February 19th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: The structure of Manufacturing Accounts

  • In the other post we introduced you to manufacturing accounts
  • In this post we will look at typical formats of manufacturing accounts
  • This is not to say there are different formats, no
  • We are merely going to present a simple manufacturing account
  • Followed by one that incorporates […]

Principles of Accounting: Introduction to Manufacturing Accounts

By | 2018-02-23T09:50:48+00:00 February 13th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Manufacturing Accounts

  • Thus far we have taken it for granted that businesses purchase everything they sell
  • While it is true that a lot of business purchase inventory and sell it at a profit
  • There are some businesses that manufacture products
  • These manufacturing businesses typically:
    • Acquire Raw materials
    • Process this raw materials […]

Principles of Accounting: Example to Departmental Accounting Solution

By | 2018-02-13T08:44:38+00:00 February 13th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

OK Mart Hillside

Income Statement for the year ended 31 March 20×5

NB We are not asked to prepare the combined accounts but this should be straightforward enough. Please see notes on […]

Principles of Accounting: Departmental Accounting Example

By | 2018-02-13T08:50:49+00:00 February 7th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts Example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in respect of […]

Principles of Accounting: Introduction to Departmental Accounts

By | 2018-02-13T08:50:03+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Introduction to Departmental Accounts

  • It is customary to split a large business into various departments
  • For example large retail shops like Pick n’ Pay and OK
  • A shop might have:
    • A furniture department e.g. kitchen tables and chairs
    • Home electrical e.g. irons and fridges
    • Refrigerated foods
    • Fruit and Veggies
    • Liquor
    • Cleaning
    • Foodstuffs etc
  • […]

Principles of Accounting: Accounting for Non-Profits Example

By | 2018-02-05T10:37:26+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

On 1 January 20X8 The Lake Chivero Angling Club had the following assets:

  • Cash at bank $200
  • Snack bar stocks $800
  • Club house buildings $12,500

During the year to […]

Principles of Accounting: Non-Profits Example: Income and Expenditure Account

By | 2018-02-05T10:30:58+00:00 February 5th, 2018|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for non profit organisations Example

The Receipts and Payments Account

Chivero Angling Club Snack Bar Income Statement

Chivero Angling Club Income and Expenditure Account for the year ended 31 December 20×8

[…]