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Differentiate between single entry system and …

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Differentiate between single entry system and double entry system

Posted by Taskeen Shahid 5 years, 9 months ago

CBSE > Class 11 > Accountancy

2 answers

Yogita Ingle 5 years, 9 months ago

Sr. no.	Basis	Double Entry System	Single Entry System
1	Aspects of Transactions	It considers both aspects of a particular transaction.	It does not necessarily considers both the aspects of a transaction. It may consider one or may not consider any of the aspects of a transaction.
2	Type of Accounts	It maintains all 2 types of accounts namely, real, nominal and personal accounts.	It maintains details and records of personal accounts only along with Cash book to record all cash transactions.
3	Trial balance	It requires preparation of Trial Balance which identifies arithmetic accuracy of the records maintained.	It is an incomplete system of accounting which and therefore, it does not provide complete details to prepare a Trial Balance.
4	Profit and Loss	It facilitates ascertainment of profit or loss with the help of profit and loss account.	It does not maintain complete details of the transactions and therefore, it is difficult to prepare a particular statement which will determine profit or loss.
5	Financial Position	It facilitates preparation of balance sheet which shows the financial position of the entity.	It is difficult to ascertain the financial position of the entity as balance sheet is not prepared.
6	Adjustments	It takes into consideration all the adjustments at the tiime of preparing the financial statements of the entity.	It is an incomplete system of accounting and hence, there is no provision to make adjustments.

Taskeen Shahid 5 years, 9 months ago

Differentiate between single entry system and double entry system

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