Question

What to do when-creditors of 3000 rs be written off in single entry

Answer 1

Answer:

Add in Incomes after calculating profit before adjustments

Answer 2

1. Creditor will decrease (Appear in Balance sheet)

2.  Income will increase (Appear in Profit & Loss)

Explanation:

when-creditors of 3000 rs be written off in single entry

there are 2 aspects we can see in above transaction

1. Creditor will decrease (Appear in Balance sheet)

2. Income will increase (Appear in Profit & Loss)

if u Prepare Profit statement only then you show both above aspects in Statement only

Note: Under single entry we have incomplete records then we convert it, into double entry records & Make a final account, in final account there are two method of recording

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