{"id":645,"date":"2019-04-14T19:45:25","date_gmt":"2019-04-14T19:45:25","guid":{"rendered":"https:\/\/commerceiets.com\/?p=645"},"modified":"2019-04-14T19:45:25","modified_gmt":"2019-04-14T19:45:25","slug":"single-entry-system-in-accounting","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/","title":{"rendered":"SINGLE ENTRY SYSTEM IN ACCOUNTING"},"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\/single-entry-system-in-accounting\/#SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\" title=\"SINGLE ENTRY SYSTEM IN ACCOUNTING\">SINGLE ENTRY SYSTEM IN ACCOUNTING<\/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\/single-entry-system-in-accounting\/#FEATURES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\" title=\"FEATURES OF SINGLE ENTRY SYSTEM IN ACCOUNTING \">FEATURES OF SINGLE ENTRY SYSTEM IN ACCOUNTING <\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#1_INCOMPLETE_DOUBLE_ENTRY_SYSTEM\" title=\"1. INCOMPLETE DOUBLE ENTRY SYSTEM \">1. INCOMPLETE DOUBLE ENTRY SYSTEM <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#2_MAINTENANCE_OF_PERSONAL_ACCOUNTS\" title=\"2. MAINTENANCE OF PERSONAL ACCOUNTS\">2. MAINTENANCE OF PERSONAL ACCOUNTS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#3_MAINTENANCE_OF_CASH_BOOK\" title=\"3. MAINTENANCE OF CASH BOOK\">3. MAINTENANCE OF CASH BOOK<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#4_DEPENDENCE_ON_ORIGINAL_VOUCHERS\" title=\"4. DEPENDENCE ON ORIGINAL VOUCHERS\">4. DEPENDENCE ON ORIGINAL VOUCHERS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#5_NO_UNIFORMITY\" title=\"5. NO UNIFORMITY\">5. NO UNIFORMITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#6_FLEXIBILITY\" title=\"6. FLEXIBILITY\">6. FLEXIBILITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#7_DIFFICULTY_IN_ANALYSIS_AND_COMPARISON_OF_FINANCIAL_ACCOUNTS\" title=\"7. DIFFICULTY IN ANALYSIS AND COMPARISON OF FINANCIAL ACCOUNTS\">7. DIFFICULTY IN ANALYSIS AND COMPARISON OF FINANCIAL ACCOUNTS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#8_LESS_EXPENSIVE\" title=\"8. LESS EXPENSIVE\">8. LESS EXPENSIVE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#9_SUITABILITY\" title=\"9. SUITABILITY\">9. SUITABILITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#TYPES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\" title=\"TYPES OF SINGLE ENTRY SYSTEM IN ACCOUNTING\">TYPES OF SINGLE ENTRY SYSTEM IN ACCOUNTING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#ADVANTAGES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\" title=\"ADVANTAGES OF SINGLE ENTRY SYSTEM IN ACCOUNTING\">ADVANTAGES OF SINGLE ENTRY SYSTEM IN ACCOUNTING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#1_SIMPLICITY\" title=\"1. SIMPLICITY\">1. SIMPLICITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#2_LESS_TIME_CONSUMING\" title=\"2. LESS TIME CONSUMING\">2. LESS TIME CONSUMING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#3_EASY_TO_COMPUTE_PROFIT_OR_LOSS\" title=\"3. EASY TO COMPUTE PROFIT OR LOSS\">3. EASY TO COMPUTE PROFIT OR LOSS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#4_UTILITY_OF_CERTAIN_ACCOUNTS\" title=\"4. UTILITY OF CERTAIN ACCOUNTS\">4. UTILITY OF CERTAIN ACCOUNTS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#5_FLEXIBLE\" title=\"5. FLEXIBLE\">5. FLEXIBLE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#6_SUITABLE_FOR_SMALL_BUSINESS_CONCERNS\" title=\"6. SUITABLE FOR SMALL BUSINESS CONCERNS\">6. SUITABLE FOR SMALL BUSINESS CONCERNS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#7_ECONOMICAL\" title=\"7. ECONOMICAL\">7. ECONOMICAL<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#DISADVANTAGES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\" title=\"DISADVANTAGES OF SINGLE ENTRY SYSTEM IN ACCOUNTING\">DISADVANTAGES OF SINGLE ENTRY SYSTEM IN ACCOUNTING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#1_UNSCIENTIFIC\" title=\"1. UNSCIENTIFIC\">1. UNSCIENTIFIC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#2_ARITHMETICAL_ACCURACY_OF_ACCOUNTS_CANNOT_BE_CHECKED\" title=\"2. ARITHMETICAL ACCURACY OF ACCOUNTS CANNOT BE CHECKED\">2. ARITHMETICAL ACCURACY OF ACCOUNTS CANNOT BE CHECKED<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#3_GREATER_CHANCES_OF_FRAUD_AND_MISAPPROPRIATION\" title=\"3. GREATER CHANCES OF FRAUD AND MISAPPROPRIATION\">3. GREATER CHANCES OF FRAUD AND MISAPPROPRIATION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#4_DIFFICULT_TO_ASCERTAIN_TRUE_PROFITS\" title=\"4. DIFFICULT TO ASCERTAIN TRUE PROFITS\">4. DIFFICULT TO ASCERTAIN TRUE PROFITS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#5_DIFFICULT_TO_JUDGE_FINANCIAL_POSITION\" title=\"5. DIFFICULT TO JUDGE FINANCIAL POSITION\">5. DIFFICULT TO JUDGE FINANCIAL POSITION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#6_UNSUITABLE_FOR_PLANNING_CONTROL_AND_DECISION_MAKING\" title=\"6. UNSUITABLE FOR PLANNING, CONTROL AND DECISION MAKING\">6. UNSUITABLE FOR PLANNING, CONTROL AND DECISION MAKING<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#7_LEGALLY_NOT_RECOGNIZED\" title=\"7. LEGALLY NOT RECOGNIZED\">7. LEGALLY NOT RECOGNIZED<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#8_INTER_FIRMS_COMPARISON_NOT_POSSIBLE\" title=\"8. INTER FIRMS COMPARISON NOT POSSIBLE\">8. INTER FIRMS COMPARISON NOT POSSIBLE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#9_DIFFICULT_TO_VALUE_GOODWILL_OF_CONCERN\" title=\"9. DIFFICULT TO VALUE GOODWILL OF CONCERN\">9. DIFFICULT TO VALUE GOODWILL OF CONCERN<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#10_DIFFICULTY_IN_TAKING_THE_LOANS_FROM_OUTSIDE_SOURCES\" title=\"10. DIFFICULTY IN TAKING THE LOANS FROM OUTSIDE SOURCES\">10. DIFFICULTY IN TAKING THE LOANS FROM OUTSIDE SOURCES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#11_NO_CONTROL_ON_ASSETS\" title=\"11. NO CONTROL ON ASSETS\">11. NO CONTROL ON ASSETS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#12_DIFFICULTY_IN_INTRA-FIRM_COMPARISON\" title=\"12. DIFFICULTY IN INTRA-FIRM COMPARISON\">12. DIFFICULTY IN INTRA-FIRM COMPARISON<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/#13_MISCELLANEOUS_DIFFICULTIES\" title=\"13. MISCELLANEOUS DIFFICULTIES\">13. MISCELLANEOUS DIFFICULTIES<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\"><\/span><strong>SINGLE ENTRY SYSTEM IN ACCOUNTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p class=\"has-medium-font-size\">Single Entry System in <a href=\"https:\/\/commerceiets.com\/accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"accounting (opens in a new tab)\">accounting<\/a> 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.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>ACCORDING\nTO KOHLER<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cA system of\nbook-keeping in which as a rule only records of cash and personal accounts are\nmaintained, it is always incomplete double entry varying with circumstances.\u201d<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\">&nbsp;<strong>ACCORDING\nTO RN CARTER<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">\u201cA method of\nbook-keeping under which only personal accounts are kept i.e. concerning only\nDebtors and Creditors.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Single Entry System in Accounting is a defective system of book-keeping where proprietors do no maintain impersonal accounts relating to assets, expenses or losses and gains. The personal accounts of debtors and creditors are usually maintained.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"FEATURES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\"><\/span><strong>FEATURES OF SINGLE ENTRY SYSTEM IN ACCOUNTING <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"318\" height=\"159\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/01\/images-5.jpg\" alt=\"Single Entry System\" class=\"wp-image-4531\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/01\/images-5.jpg 318w, https:\/\/commerceiets.com\/wp-content\/uploads\/2022\/01\/images-5-300x150.jpg 300w\" sizes=\"(max-width: 318px) 100vw, 318px\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_INCOMPLETE_DOUBLE_ENTRY_SYSTEM\"><\/span><strong>1. INCOMPLETE DOUBLE ENTRY SYSTEM<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Dual aspect of transaction is not recorded under this system. Recording is done according to the convenience and information needs of the business. Some transactions are recorded on double entry system and some transactions are not recorded at all or only one aspect of them is recorded.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_MAINTENANCE_OF_PERSONAL_ACCOUNTS\"><\/span><strong>2. MAINTENANCE OF PERSONAL ACCOUNTS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Usually under this system personal accounts maintained and Real and Nominal Accounts are avoided. This is why some accountants define it as a system where only personal accounts are maintained.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_MAINTENANCE_OF_CASH_BOOK\"><\/span><strong>3. MAINTENANCE OF CASH BOOK<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">A cash book is a summary of all the cash receipts and cash payments. Cash receipts are recorded at the Debit side of the cash books and Cash payments are recorded at the Credit side of the cash book.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">Under\nthis system, a cash book is maintained, which usually mixes up both the\npersonal transactions and business transactions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_DEPENDENCE_ON_ORIGINAL_VOUCHERS\"><\/span><strong>4. DEPENDENCE ON ORIGINAL VOUCHERS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Under this system, original vouchers play an important role as they provide the necessary information. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example:<\/strong> If the credit purchases are made, the proprietor may keep the invoice without recording it anywhere. At the end of the year, the total of the invoices give an idea of the total credit purchases of the business. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_NO_UNIFORMITY\"><\/span><strong>5. NO UNIFORMITY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The account from incomplete records is a mixture of single entry system, double entry and no entry. Recording is done according to the convenience and the information needs of the business. As information needs of the business are influenced by the nature of the business, size of the business and prevailing circumstances, the procedure of recording may vary from business to business. It becomes difficult to maintain uniformity in these accounts.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_FLEXIBILITY\"><\/span><strong>6. FLEXIBILITY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Single Entry System is flexible as recording procedure can be adjusted according to the information needs of the particular business enterprise. As rule of the double entry system are not followed, the knowledge of principles of double entry system of book-keeping is not necessary.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_DIFFICULTY_IN_ANALYSIS_AND_COMPARISON_OF_FINANCIAL_ACCOUNTS\"><\/span><strong>7. DIFFICULTY IN ANALYSIS AND COMPARISON OF FINANCIAL ACCOUNTS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">In single entry system, nominal accounts are not maintained. The Trading Account and Profit and Loss Account cannot be maintained which makes the analysis and comparison of financial accounts impossible. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_LESS_EXPENSIVE\"><\/span><strong>8. LESS EXPENSIVE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Under Single Entry System complete business records are not kept. The time and labour involved in maintaining accounting records is less. This makes this system inexpensive.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_SUITABILITY\"><\/span><strong>9. SUITABILITY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This system is followed by sole trading concerns or partnership firms to some extent. The joint stock companies do not follow this system of accounting due to the involvement of legal constraints.<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"TYPES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\"><\/span><strong>TYPES OF<\/strong> <strong>SINGLE ENTRY SYSTEM IN ACCOUNTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The accounts from incomplete records may be classified into the following three categories:<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>1. PURE SINGLE ENTRY SYSTEM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">This system maintains only personal accounts of debtors and creditors and does not maintain nominal accounts.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>2. SIMPLE SINGLE ENTRY SYSTEM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Under this system, personal accounts or cash account or cash book is prepared. The postage from the cash book is made only to the personal accounts and not to the real or nominal accounts.<br \/><\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background has-medium-font-size\"><strong>3. QUASI SINGLE ENTRY SYSTEM<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size\">Under this system, Personal accounts, Cash Book and Some other Subsidiary books are maintained. The main subsidiary books are:<\/p>\n\n\n\n<ul><li>Purchase Book<\/li><li>Sales Book<\/li><li>Purchase Return Book<\/li><li>Sales Return Book<\/li><li>Bills Receivable Book<\/li><li>Bills Payable Book<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\">Posting to the personal accounts is only made from the Cash Book and other subsidiary books but not from the real or nominal accounts.<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"ADVANTAGES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\"><\/span><strong>ADVANTAGES OF SINGLE ENTRY SYSTEM<\/strong> <strong>IN ACCOUNTING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_SIMPLICITY\"><\/span><strong>1. SIMPLICITY<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Since single entry system does not follow complicated rules of double entry system which makes the system quite simple. It can be maintained by anyone without adequate or special knowledge of double entry system of book- keeping.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_LESS_TIME_CONSUMING\"><\/span><strong>2. LESS TIME CONSUMING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Single Entry System of maintaining accounts is less time consuming. As in this system, only few accounts are to be maintained just as Cash or Accounts of Debtors and Creditors.&nbsp; So it consumes less time to prepare the accounts.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_EASY_TO_COMPUTE_PROFIT_OR_LOSS\"><\/span><strong>3. EASY TO COMPUTE PROFIT OR LOSS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">It is easier to calculate profit or loss under this method. The comparison of closing capital with opening capital along with some adjustments reveals the profit or loss of the accounting period.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_UTILITY_OF_CERTAIN_ACCOUNTS\"><\/span><strong>4. UTILITY OF CERTAIN ACCOUNTS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Accounts from Incomplete Records is preferred to double entry system by some businessmen because they consider Cash Book, Debtors Accounts and Creditors Accounts as most important. They feel double entry system as luxury.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_FLEXIBLE\"><\/span><strong>5. FLEXIBLE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This system is more flexible as it can be easily changed and adjusted according to the needs of a particular business.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_SUITABLE_FOR_SMALL_BUSINESS_CONCERNS\"><\/span><strong>6. SUITABLE FOR SMALL BUSINESS CONCERNS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">This method is suitable for small businesses like sole proprietorship firm, which have limited transactions and few assets and liabilities.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_ECONOMICAL\"><\/span><strong>7. ECONOMICAL<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Single Entry System is less expensive. As the accounts maintained under this system are few such as personal accounts, cash book etc. Also there is no need to hire professionals. So the fee charged by the accountants also get saved.<\/p>\n\n\n\n<h4 class=\"has-text-align-center wp-block-heading\"><span class=\"ez-toc-section\" id=\"DISADVANTAGES_OF_SINGLE_ENTRY_SYSTEM_IN_ACCOUNTING\"><\/span><strong>DISADVANTAGES<\/strong> <strong>OF SINGLE ENTRY SYSTEM IN ACC<\/strong>OUNTING<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_UNSCIENTIFIC\"><\/span><strong>1. UNSCIENTIFIC<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">There are no set of rules for maintaining records under single entry system. Absence of systematic recording of both aspects of a transaction under single entry system makes it unscientific.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_ARITHMETICAL_ACCURACY_OF_ACCOUNTS_CANNOT_BE_CHECKED\"><\/span><strong>2. ARITHMETICAL ACCURACY OF ACCOUNTS CANNOT BE CHECKED<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Double entry system records both aspects of all the transactions. Firms prepare Trial Balance to check the arithmetical accuracy of the accounts. But under single entry system, firms cannot check the arithmetical accuracy of books because under this system firms are unable to prepare the trial balance..<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_GREATER_CHANCES_OF_FRAUD_AND_MISAPPROPRIATION\"><\/span><strong>3. GREATER CHANCES OF FRAUD AND MISAPPROPRIATION<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">As the arithmetical accuracy of books of accounts cannot be checked. It is difficult to detect fraud. Thus single entry system encourages frauds, misappropriations and carelessness.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_DIFFICULT_TO_ASCERTAIN_TRUE_PROFITS\"><\/span><strong>4. DIFFICULT TO ASCERTAIN TRUE PROFITS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">All the expenses and income are not known properly as the nominal accounts are not maintained. As a result, it is difficult to ascertain true profit or loss because Trading and Profit and Loss Account cannot be prepared.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_DIFFICULT_TO_JUDGE_FINANCIAL_POSITION\"><\/span><strong>5. DIFFICULT TO JUDGE FINANCIAL POSITION<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">In the absence of true figure of profits and correct information about the assets and liabilities of the business, the Balance Sheet cannot be drawn up. Therefore, the real financial position cannot be known at the end of accounting period.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_UNSUITABLE_FOR_PLANNING_CONTROL_AND_DECISION_MAKING\"><\/span><strong>6. UNSUITABLE FOR PLANNING, CONTROL AND DECISION MAKING<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Under single entry system, adequate information is not available for planning, control and decision making. Thus, in the absence of reliable information about nominal and real accounts, effective planning and control over expenses, assets etc is not possible.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_LEGALLY_NOT_RECOGNIZED\"><\/span><strong>7. LEGALLY NOT RECOGNIZED<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">As per Indian Companies Act 2013, Single Entry System cannot be employed by the companies. Further, since the accounts under this system are not reliable, hence Income Tax and Sales Tax Authorities do not recognize this.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_INTER_FIRMS_COMPARISON_NOT_POSSIBLE\"><\/span><strong>8. INTER FIRMS COMPARISON NOT POSSIBLE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">There is no uniformity in maintaining the business records and the system differ from one concern to another concern depending upon the requirements and nature of each concern, thus making it impossible to compare the financial results of two or more business houses.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_DIFFICULT_TO_VALUE_GOODWILL_OF_CONCERN\"><\/span><strong>9. DIFFICULT TO VALUE GOODWILL OF CONCERN<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Because of the lack of adequate and reliable information, proper valuation of goodwill is difficult at the time of disposal of the business.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_DIFFICULTY_IN_TAKING_THE_LOANS_FROM_OUTSIDE_SOURCES\"><\/span><strong>10. DIFFICULTY IN TAKING THE LOANS FROM OUTSIDE SOURCES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The proprietors employing the Single Entry System will find difficulty in arranging the loans from financial institutions as no satisfactory and reliable data are available regarding the liquidity and profitability of the enterprise.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"11_NO_CONTROL_ON_ASSETS\"><\/span><strong>11. NO CONTROL ON ASSETS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">As real accounts are not prepared under this system, so it is difficult to control the assets. The misappropriations of assets are more under this system.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"12_DIFFICULTY_IN_INTRA-FIRM_COMPARISON\"><\/span><strong>12. DIFFICULTY IN INTRA-FIRM COMPARISON<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Due to incomplete records of transactions, it becomes difficult to compare the profitability and the financial position of the business of the current year with that of the previous year.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"13_MISCELLANEOUS_DIFFICULTIES\"><\/span><strong>13. MISCELLANEOUS DIFFICULTIES<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">In the absence of complete and reliable information the proprietor of a business will find difficulties in the following situations: <\/p>\n\n\n\n<ul><li>In settling financial disputes in the court of law.<\/li><li>While assessing the income tax and other tax liabilities<\/li><li>While determining the purchase consideration at the time of selling the business.<\/li><\/ul>\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 href=\"https:\/\/commerceiets.com\/receipt-and-payment-account-pdf\/\"><strong>Receipts and Payments Account<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/depreciation-accounting\/\"><strong>Depreciation Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/acid-test-ratio-formula\/\"><strong>Acid Test Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/benefits-of-accounting\/\"><strong>Benefits of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/hire-purchase-accounting-notes-pdf\/\"><strong>Hire Purchase Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/cash-ratio\/\"><strong>Cash Ratio<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/difference-between-cost-accounting-and-financial-accounting\/\"><strong>Difference between cost accounting 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 href=\"https:\/\/commerceiets.com\/difference-between-normal-and-abnormal-loss\/\"><strong>Abnormal loss vs normal loss in consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accountancy\/\"><strong>Accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-capital-expenditure-and-revenue-expenditure\/\"><strong>Difference between capital and revenue expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/reserves-accounting\/\"><strong>Provisions&nbsp;<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/treatment-of-loss-on-consignment\/\"><strong>Treatment of loss on consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting as science or an art<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-equation\/\"><strong>Accounting Equation<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/\"><strong>Single entry system<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/accounting-treatment-of-consignment\/\"><strong>Accounting treatment of consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book Keeping vs accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/deferred-revenue-expenditure\/\"><strong>Deferred Revenue Expenditure<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/statement-of-affairs-and-balance-sheet-difference\/\"><strong>Difference between statement of affairs and balance sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-joint-venture-and-consignment\/\"><strong>Joint venture vs consignment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Book keeping vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/capital-receipt\/\"><strong>Capital receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/ifrs\/\"><strong>IFRS<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/departmental-accounting\/\"><strong>Departmental Accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/accounting-is-an-art-or-science\/\"><strong>Accounting vs accountancy<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue-receipt\/\"><strong>Revenue receipt<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/balance-sheet\/\"><strong>Balance Sheet<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-departmental-accounting\/\"><strong>Methods of departmental accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/basis-of-accounting\/\"><strong>Basis of Accounting<\/strong><\/a><\/td><td><a 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 href=\"https:\/\/commerceiets.com\/difference-between-departmental-and-branch-accounting\/\"><strong>Departmental vs Branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/golden-rules-of-accounting\/\"><strong>Golden ru\nles of accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/process-of-accounting\/\"><strong>Process of Accounting<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/joint-venture\/\"><strong>Joint venture<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/methods-of-branch-accounting\/\"><strong>Methods of branch accounting<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/double-entry-system-of-accounting\/\"><strong>Double entry system of book keeping<\/strong><\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-accounting\/\"><strong>Scope of Accounting<\/strong><\/a><\/td><td><a 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><\/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>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 \u201cA system&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/single-entry-system-in-accounting\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;SINGLE ENTRY SYSTEM IN ACCOUNTING&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,11],"tags":[17,18],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/645"}],"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=645"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/685"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}