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Difference between donkey entry and single …

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Difference between donkey entry and single entry system

Posted by Vishal Agarwal 3 years, 6 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 3 years, 6 months ago

<th>BASIS FOR COMPARISON</th> <th>SINGLE ENTRY SYSTEM</th> <th>DOUBLE ENTRY SYSTEM</th>

Meaning	The system of accounting in which only one sided entry is required to record financial transactions is Single Entry System.	The accounting system, in which every transaction affects two accounts simultaneously is known as the Double Entry System.
Nature	Simple	Complex
Type of recording	Incomplete	Complete
Errors	Hard to identify	Easy to locate
Ledger	Personal and Cash Account	Personal, Real and Nominal Account
Preferable for	Small Enterprises	Big Enterprises
Preparation of Financial Statement	Difficult	Easy
Suitable for tax purposes	No	Yes
Financial position	Cannot be ascertained easily.	Can be ascertained easily.

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