Question

Need and importance single entry s
ystem

Answer 1

A single-entry bookkeeping system orsingle-entry accounting system is a method of bookkeeping relying on aone sided accounting entry to maintain financial information. Advantages: Single-entry systems are used in the interest of simplicity.
Advantages of Single Entry System:

(i) Since this system is very simple, anyone can maintain it without any adequate knowledge of accounting

(ii) Limited accounts are to be opened under this system since the transactions relating to personal accounts are recognised only and not the Real and Nominal accounts.

(iii) Since the number of books is limited, expenses related to the keeping of records are also very nominal.

(iv) In the case of accounting for an event, i.e., household, social and festival etc., it is very helpful.

hope it's may help u