Accountancy, asked by Rahulsaini309, 1 year ago

What is single entry system and merits and demerits?

Answers

Answered by Juhig329
1
Book of accounts which are not maintained according to the double entry system is known as single entry
merits:
dual aspect of transactions are not recorded
balance sheet cannot be prepared
demerits :
It is not based on double entry system
it is difficult to determine the exact P/L
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