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SINGLE ENTRY SYSTEM

Single Entry System

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SINGLE ENTRY SYSTEM

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  1. UNIT I SINGLE ENTRY SYSTEM Meaning and Definition Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... Salient Features 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... Limitations No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Difference between Single Entry and Double Entry Double entry records both debit and credit; single entry does not follow dual aspect... Net Worth Method Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of Affairs vs Balance Sheet Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Conversion Method Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect...

  2. Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital...

  3. Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital...

  4. Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry... Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements... Double entry records both debit and credit; single entry does not follow dual aspect... Profit = Closing Capital – Opening Capital + Drawings – Additional Capital... Statement of affairs is prepared from incomplete records; balance sheet is derived from double entry...

  5. Used to convert single entry into double entry by preparing total debtors, creditors, bills receivable and payable accounts... Single entry system is an incomplete and unscientific accounting method where only one aspect of a transaction is recorded... 1. Incomplete nature of records. 2. Absence of real and nominal accounts. 3. Personal and cash accounts maintained... No arithmetical accuracy, difficulty in detecting fraud, unreliable financial statements...

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