English, asked by kggpkg, 10 months ago

difference between single and double entry system

Answers

Answered by harsh05572

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1.It is an unscientific method and does not provide complete and detailed records of business transactions.

2.The transactions of every firm is not recorded in it.

3.Cash book can be maintained under it.

4.Trial balance cannot be prepared to check the accuracy of the accounts.

5.Trading and profit and loss account cannot be prepared to ascertain true profit or loss.

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1.It is a scientific system of accounting and provides complete and detailed records of business transactions.

2.Both debit and credit of every transactions are recorded in it.

3.It contains all the types of accounts (personal,real and nominal) are maintained under it.

4.Trial balance can be prepared to check the accuracy of the books of accounts.

5.Trading and Profit and Loss account can be prepared to ascertain true profit or loss.

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Answered by rita552

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