Single Entry System – Meaning, Features, FREE Video Resource
Single entry system is an incomplete form of account keeping. The term “single entry” refers to a method of maintaining the accounts which is convenient for businessman. In other words, it can be said that it is double entry system in an incomplete manner.
- Single entry system is unscientific unlike double entry system
- This system is suitable for small business units like sole trading concern and partnership firm
- Under single entry system, final accounts cannot be prepared as there is no trial balance
- Only personal accounts and cash book are kept and real and nominal accounts are ignored
- The Court, Govt & Tax authority does not consider this system as authentic
- There is no provision to make adjustments primarily because of incompleteness of accounts
- It is relatively less expensive system of accounts
Single entry system is very much easy as compared to other chapters and topics in accounts. This chapter carries a good weightage of marks in 12th Boards Exam. Leaving this chapter in option would take away off your bonus marks.
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