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Difference between double and single entry system Before understanding the difference between Double & Single entry System, both concepts should be understood: SINGLE ENTRY SYSTEM Single Entry System in accounting is a system in which the proprietors or the firms do not follow specific rules of double entry system to maintain accounts. It is an Incomplete Record…
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STATEMENT OF AFFAIRS AND BALANCE SHEET DIFFERENCE The Statement of Affairs and Balance Sheet are different names of records of assets and liabilities maintained by the different kinds of business organisation. It is necessary to know the Statement of Affairs and Balance Sheet difference to understand their meaning and adoption. BALANCE SHEET Balance Sheet is…
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SINGLE ENTRY SYSTEM IN ACCOUNTING Single Entry System in accounting is a system in which the proprietors or the firms do not follow specific rules of double entry system to maintain accounts. It is an Incomplete Record of Accounts. The accounts are maintain as per the convenience of the users. ACCORDING TO KOHLER “A system…
