Question

state any three limitations of single entry system of accounting​

Answer 1

Answer:

• Limitations of Single

1. The system is adopted by sole traders, who keep only personal accounts and ignore all other accounts.

2. It has a Cash Book which contains both business transactions as well as personal transac­tions, mixing of both transactions.

3. In a business concern, there may be purchases and sales. To know the total purchases and sales, one has to depend on original vouchers.

Answer 2

Answer:

The arithmetical acuracy of the account cannot be tested in the absence of double entry 3.It is not possible to prepare a profit or loss Account as nominal are not maintained and so the source of profit or loss cannot be ascertained.5

Explanation:

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