Question

what are the defects of single entry system?​

Answer 1

Answer:

Disadvantages Of Single Entry System..

Unscientific And Unsystematic. The single entry system is unsystematic and unscientific system of recording financial transactions.

• Incomplete System.
• Lack Of Arithmetical Accuracy.
• Does Not Reflect True Profit Or Loss.
• Does Not Reflect True Financial Position.
• Frauds And Errors.
• Unacceptable for Tax Purpose.

Explanation:

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Answer 2

Answer:

what are the defects of single entry system

Profit and loss in single entry system is calculated in most of the cases by comparing the capital at the end with the capital in the beginning. It does not provide useful information in respect of causes of sources of profit or loss.

Since real accounts are not kept separately, it is not possible to prepare the balance sheet. It is, therefore difficult to obtain an idea about true financial position of the business enterprise.