Question

Difference between single entry system and double entry​

Answer 1

Explanation:

The bookkeeping system in which only one aspect of a transaction is recorded, i.e. either debit or credit, is known as Single Entry System. Double Entry System, is a system of keeping records, whereby both the aspects of a transaction are captured. ... Single Entry System maintains personal and cash accounts.

Answer 2

Answer:

• In a single entry system, only single entry is recorded which can be either debit or credit transaction.
• While in double entry system has a double recording method in each transaction. This means that for every debit record there is a corresponding credit entry and vice versa.