Difference between general accounting system and double account system
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Explanation:
Under Single Account System, the purpose of preparing accounts is to show the financial position of a firm at a particular date whereas, under Double Account System, the purpose is to show the amount of capital received and the application of the same in fixed assets.
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Explanation:
(b) Under Single Account System, the purpose of preparing accounts is to show the financial position of a firm at a particular date whereas, under Double Account System, the purpose is to show the amount of capital received and the application of the same in fixed assets.
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