ZIMSEC O-Level Principles of Accounts 2025 Study Guide

About this study guide

This is the ZIMSEC O-Level Principles of Accounts study guide for Paper 2 from June 2025. It is a free study guide for revision.

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JUNE 2025 POSSIBLE SOLUTIONS
Question 1
a) Trade Receivables Control Account

 2021  |  & $  |  2021  |  & $
 Jan 1  |  Balance b/d  |  37500  |  Dec 31  |  Bank  |  43400
 Dec 31  |  Credit Sales  |  32300  |  \multicolumn{2}{|r|}{\multirow[t]{4}{*}{Balance c/d}}  |  26400
  |  & 69800  |  &  |  69800
 2022  |  &  |  &  |
 Jan1  |  Balance b/d  |  26400  |  &  |

b)

N Nuku
Statement of Profit or Loss for the year ended 31 December 2021

 Details  |  $  |  $
 Sales ( 35100 + $32300+1200$ )  |  & 68600
 Less Cost of Sales  |  &
 Opening inventory  |  17200  |
 Add Purchases  |  38500  |
 Less Closing Inventory  |  (13 160)  |  (42 540)
 Gross Profit  |  & 26060
 Less Operating Expenses  |  &
 Rent (w1)  |  5770  |
 Insurance (w2)  |  8315  |
 Sundry Expenses  |  1090  |
 Electricity  |  4120  |
 Depreciation (w3)  |  3000  |  (22 295)
 Net Profit  |  & 3765

Working 1 (Rent Account)

 Bank  |  6320  |  Balance $\mathrm{b} / \mathrm{d}$
Balance c/d  |  450  |  $\mathrm{P} \& \mathrm{~L}$  |  1000
\cline { 2 - 2 }  |  6770  |  5770
\cline { 2 - 2 }  |  \multicolumn{2}{|c|}{ Balance $\mathrm{b} / \mathrm{d}$}  |  6770
\cline { 2 - 3 }  |  & 450