Question

under single enter system ,normally the following are recorded​

Answer 1

ANSWER :

Under Single Entry System, normally the accounts relating to Cash, Debtors and Creditors are recorded.

• ★ Single Entry System is a system of recording business transactions in the books of accounts.

• ★ Single Entry System is referred to as a system of Imperfect Accounting as it doesn't record the two-fold aspects of every transactions which falls short of principle of Double Entry System.

• ★ According to Kohler, "Single Entry System is a system which records each transactions relating to personal accounts".

• ★ Single Entry System is a crude method of recording business transactions under which two-fold aspects of every transactions are not recorded.

• ★ Single Entry System can be maintained easily by the proprietor of a business as it does not need any special accounting knowledge and personnel to record financial transaction of the business.