Question

Write a short Note on "Single Entry System"....​

Answer 1

Answer:

Single entry system is an incomplete system of maintaining records of financial transaction. It does not record two aspects of every transaction. It maintains only ...

Answer 2

Explanation:

Single entry bookkeeping is where a transaction only has to be recorded against one category, either an income account or an expense account. A cash book is a perfect example of this method of bookkeeping.

The salient features of Single Entry System are:

The companies cannot follow this system. (ii) Under this system, only one Cash Book is maintained which mixes up both the private and business transactions. (iii) Usually personal accounts are recorded only, i.e., Real and Nominal accounts are ignore