What is single entry system and merits and demerits?
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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
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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