Question

what is single entry system?

Answer 1

Single entry accounting is a simple form of bookkeeping and accounting in which each financial transaction is a single entry in a journal or transaction log. As a result, the accountingsystem is called, not surprisingly, a single entry system. And, the approach is also known as single entry bookkeeping.
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Answer 2

SINGLE ENTRY SYSTEM

Account from incomplete records or single entry system of recording transactions in the books of account may be defined as an incomplete Double Entry System. In this system, all transactions are not recorded on double entry basis. In some transactions, both aspects of the transactions are recorded, while in others, either one aspect is recorded or not recorded at all. Instead of maintaining all the accounts, only personal accounts and cash book and maintained under this system. The accounts maintained under the system are incomplete and unsystematic and therefore not reliable.

Since all transactions are not recorded under the system and double entry basis, it is not possible to prepare a trial balance. As a result, the profit and loss account and the balance sheet cannot be prepared.