{"id":2215,"date":"2019-08-04T08:17:11","date_gmt":"2019-08-04T08:17:11","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2215"},"modified":"2019-08-04T08:17:11","modified_gmt":"2019-08-04T08:17:11","slug":"difference-between-double-single-entry-system","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/","title":{"rendered":"DIFFERENCE BETWEEN DOUBLE AND SINGLE ENTRY SYSTEM"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/#Difference_between_double_and_single_entry_system\" title=\"Difference between double and single entry system\">Difference between double and single entry system<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/#DIFFERENCE_BETWEEN_DOUBLE_ENTRY_AND_SINGLE_ENTRY_BOOK_SYSTEM_OF_ACCOUNTING\" title=\"DIFFERENCE BETWEEN DOUBLE ENTRY AND SINGLE ENTRY BOOK SYSTEM OF ACCOUNTING\">DIFFERENCE BETWEEN DOUBLE ENTRY AND SINGLE ENTRY BOOK SYSTEM OF ACCOUNTING<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_between_double_and_single_entry_system\"><\/span>Difference between double and single entry system<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"has-medium-font-size\">Before understanding the difference between Double &amp; Single entry System, both concepts should be understood:<\/p>\n\n\n\n<p class=\"has-text-align-center has-large-font-size\"><strong>SINGLE ENTRY SYSTEM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Single Entry System (opens in a new tab)\">Single Entry System<\/a> in&nbsp;accounting&nbsp;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 maintained as per the convenience of the users.<\/p>\n\n\n\n<p class=\"has-text-align-center has-large-font-size\"><strong>DOUBLE ENTRY SYSTEM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><a href=\"https:\/\/commerceiets.com\/double-entry-system-of-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Double entry system (opens in a new tab)\">Double entry system<\/a> is a system under which each transaction is regarded to have two-fold aspects and both the aspects are recorded to obtain the complete record of dealings. It is based on the rule that debit should be equal to the credit.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Luca Friar Pacioli <\/strong>is known as the originator of the Double entry system. He has written the book <strong>\u2018Summa de arithmetica geometrica proportioni et proportionalita\u2019<\/strong> on the Double entry book keeping system.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"DIFFERENCE_BETWEEN_DOUBLE_ENTRY_AND_SINGLE_ENTRY_BOOK_SYSTEM_OF_ACCOUNTING\"><\/span>DIFFERENCE BETWEEN DOUBLE ENTRY AND SINGLE ENTRY BOOK SYSTEM OF ACCOUNTING<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/01\/Difference-Between-Single-Enntry-and-Double-Entry-Accounting-min-1.jpg\" alt=\"Difference between Double entry and single entry system\" class=\"wp-image-4591\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-subtle-light-gray-background-color has-background\"><tbody><tr><td>\n  <strong>BASIS OF DIFFERENCE<\/strong>\n  <\/td><td>\n  <strong>SINGLE ENTRY SYSTEM<\/strong>\n  <\/td><td>\n  <strong>DOUBLE ENTRY SYSTEM<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>INFORMATION<\/strong>\n  <\/td><td>\n  <strong>Single entry system is an incomplete method. In some cases both\n  and in other cases only one or no aspect is recorded.<\/strong>\n  <\/td><td>\n  <strong>Double entry system provides complete financial information as\n  both aspects of a transaction are recorded.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>COST<\/strong>\n  <\/td><td>\n  <strong>The accounts in this system are maintained at lesser cost as the\n  number of accounts maintained is lesser.<\/strong>\n  <\/td><td>\n  <strong>It is costly method of recording the transactions. Some\n  businessmen feel it as luxury.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>KNOWLEDGE OF ACCOUNTING PRINCIPLES<\/strong>\n  <\/td><td>\n  <strong>Any individual can keep the accounts according to his choice and\n  convenience.<\/strong>\n  <\/td><td>\n  <strong>Experienced accountants are required to record the transaction in\n  this system.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>ACCURACY OF BOOKS<\/strong>\n  <\/td><td>\n  <strong>It is not possible to check the accuracy of books in the single\n  entry system.<\/strong>\n  <\/td><td>\n  <strong>The accuracy of books can be easily checked to a great extent by\n  preparing a trial balance.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>NUMBER OF ACCOUNTS<\/strong>\n  <\/td><td>\n  <strong>Only personal accounts and cash book is maintained<\/strong>\n  <\/td><td>\n  <strong>All types of personal, real and nominal accounts are prepared.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>FINANCIAL POSITION<\/strong>\n  <\/td><td>\n  <strong>In the absence of reliable balance sheet, financial position\n  cannot be found out easily.<\/strong>\n  <\/td><td>\n  <strong>Exact financial position can be ascertained from the balance\n  sheet.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>CHANCES OF FRAUD<\/strong>\n  <\/td><td>\n  <strong>The accounts can be easily manipulated in single entry system. It\n  increases the chances of fraud.<\/strong>\n  <\/td><td>\n  <strong>Errors of omission and commission can be easily detected in double\n  entry system, it minimizes the chances of fraud.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>UTILITY<\/strong>\n  <\/td><td>\n  <strong>This system may be used only in small business concerns.<\/strong>\n  <\/td><td>\n  <strong>This system is suitable for all types of businesses, whether big\n  or small.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>PROOF<\/strong>\n  <\/td><td>\n  <strong>In case of disputes, the accounts prepared on single entry system\n  are not considered as reliable and are not treated as evidence in the court\n  of law.<\/strong>\n  <\/td><td>\n  <strong>In case of disputes, the accounts prepared on double entry system\n  are treated as evidence in the court of the law.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>COMPARISON<\/strong>\n  <\/td><td>\n  <strong>In Single Entry System it is not possible to compare the financial\n  results.<\/strong>\n  <\/td><td>\n  <strong>In Double Entry System, accounting results may easily be compared\n  and provide useful data for decision making.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>SECRECY<\/strong>\n  <\/td><td>\n  <strong>In Single Entry System, It is easy to keep the accounts secret as\n  the number of accounts prepare is limited.<\/strong>\n  <\/td><td>\n  <strong>Because of the involvement of many persons, it is difficult to\n  maintain secrecy.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>PROFIT OR LOSS<\/strong>\n  <\/td><td>\n  <strong>The knowledge of true profit or loss is difficult and unreliable\n  too, in single entry system.<\/strong>\n  <\/td><td>\n  <strong>True and reliable profit and loss can be ascertained in double\n  entry system.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>EVOLUTION<\/strong>\n  <\/td><td>\n  <strong>Single Entry System is an old and stagnant system.<\/strong>\n  <\/td><td>\n  <strong>Double Entry System is progressive and evolutionary system. It is\n  improving with the passage of time.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>TAX ASSESSMENT<\/strong>\n  <\/td><td>\n  <strong>The accounts maintained under Single Entry System are not\n  acceptable to taxation authorities.<\/strong>\n  <\/td><td>\n  <strong>Sales tax and Income Tax authorities reply upon the accounts\n  prepared on double entry system.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>PREPARATION OF TRIAL BALANCE<\/strong>\n  <\/td><td>\n  <strong>Trial balance is not prepared.<\/strong>\n  <\/td><td>\n  <strong>Trial balance is prepared.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>SUBSIDIARY BOOKS<\/strong>\n  <\/td><td>\n  <strong>Usually cash book is prepared.<\/strong>\n  <\/td><td>\n  <strong>Various subsidiary books are prepared like Cash book, Sales book, Purchases\n  book, Purchase return book, Sales return book etc.<\/strong>\n  <\/td><\/tr><tr><td>\n  <strong>ADJUSTEMNTS<\/strong>\n  <\/td><td>\n  <strong>No adjustments are made due to incomplete records.<\/strong>\n  <\/td><td>\n  <strong>Adjustments are made at the time of preparing final accounts.<\/strong>\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting\/\"><strong>Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/non-profit-organisation\/\"><strong>Non profit organisation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation\/\"><strong>Depreciation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/liquidity-ratios-types\/\"><strong>Liquidity ratios<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/nature-of-accounting\/\"><strong>Nature of Accounting<\/strong><\/a><\/td><td><a 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and financial accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-financial-accounting-management-accounting-and-cost-accounting\/\"><strong>Financial accounting, cost accounting and management accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-hire-purchase-and-instalment\/\"><strong>Difference between hire purchase and instalment system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/financial-ratio-analysis\/\"><strong>Financial ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-transaction-and-event\/\"><strong>Difference between transaction and event<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/transactions\/\"><strong>Transactions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/users-of-accounting\/\"><strong>Users of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/current-ratio-formula\/\"><strong>Ratio analysis<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/limitations-of-accounting-2\/\"><strong>Limitation of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-expenditure\/\"><strong>Capital Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/instalment-system\/\"><strong>Instalment System<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-consignment-and-sale\/\"><strong>Difference between consignment and sale<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/book-keeping\/\"><strong>Book Keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-expenditure\/\"><strong>Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Reserves Accounting<\/strong><\/a><\/td><td><a 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href=\"https:\/\/commerceiets.com\/difference-between-capital-and-revenue-receipt\/\"><strong>Difference between capital and revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/profit-and-loss-account\/\"><strong>Profit and loss Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/allocation-of-expenses-in-departmental-accounting\/\"><strong>Allocation of expenses in departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/branches-of-accounting\/\"><strong>Branches of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Difference between accounting concepts and conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/trading-account\/\"><strong>Trading Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/inter-departmental-transfers\/\"><strong>Inter-departmental transfers<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/cash-and-mercantile-system-of-accounting\/\"><strong>Cash and mercantile system of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-standards\/\"><strong>Accounting Standards<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/voyage-account\/\"><strong>Voyage Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/different-types-of-branches\/\"><strong>Different types of branches<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-principles\/\"><strong>Accounting Principles<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/objectives-of-accounting\/\"><strong>Objectives of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-for-incomplete-voyage\/\"><strong>Accounting for Incomplete Voyage<\/strong><\/a><\/td><td><a 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href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-partnership\/\"><strong>Joint Venture Vs Partnership<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/incorporation-of-branch-trial-balance\/\"><strong>Incorporation of branch trial balance<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/\"><strong>Double entry vs Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-accounting-concepts-and-conventions\/\"><strong>Accounting Concepts vs Accounting conventions<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-recording-transactions-in-joint-venture\/\"><strong>Methods of recording transactions in Joint Venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/garner-vs-murray-rule\/\"><strong>Garner VS Murray Rule<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/history-of-accounting-pdf\/\"><strong>History of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-provisions-and-reserves\/\"><strong>Difference between provisions and reserves<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consignment\/\"><strong>Consignment<\/strong><\/a><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Difference between double and single entry system Before understanding the difference between Double &amp; Single entry System, both concepts should be understood: SINGLE ENTRY SYSTEM Single Entry System in&nbsp;accounting&nbsp;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&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/difference-between-double-single-entry-system\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;DIFFERENCE BETWEEN DOUBLE AND SINGLE ENTRY SYSTEM&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2217,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11,56],"tags":[119,18],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2215"}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2215"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2217"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}