Mr Raju a retail trader not kept his book under double entry system the following information of available from his books
Answers
Answer:
Single Entry –
It is a system of book keeping in which, as a rule, only the records of cash and personal accounts are maintained. It is always incomplete double entry, varying with circumstances.
Single entry is a method or variety of methods employed for recording of transactions which ignore the two-fold aspect and consequently failed to provide the businessman with the information necessary for him to be able to ascertain the position.
Features –
Incomplete System – In this system only one aspect of the transaction is recorded.
Absence of Uniformity – This method is followed differently in different businesses as there is no set of guiding principles.
Absence of Universal Suitability – This system is not suitable for medium and large sized businesses.
Inexpensive System – It does not involve much of expenditure.
Basis of Recording – The purpose of recording depends on documents as well as the memory of the businessmen.
Easy Understandability – It does not involve comprehensive system of principles. It is easily understood.
Types of Single Entry –
Pure Single Entry – The transactions are recorded only in personal accounts.
Simple Single Entry System – Cash book and personal accounts are maintained under this method.
Quasi Single Entry – Cash book, Personal accounts and few subsidiary books like purchase, sales books are maintained. A few nominal accounts may also be maintained.
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Explanation:
mr Raju a retail trader not kept his book under double entry system the following information of available from his book