BOOK KEEPING FORM THREE

SINGLE ENTRY/ INCOMPLETE RECORD
Definition
Is the system where by a transaction is recorded in only one account or book. Single entry may be due to incomplete records or same of transaction are missing in the books of account.
  • Is an account system which do not involve the double entry system
  • Is that system of booking which do not follow the principle of double entry system.

ADVANTAGES   OF SINGLE ENTRY.
  1. Difficult to prepare a trial balance if a transaction is recorded in single entry
  2. Final account can not be prepared under single entry
  3. The balance sheet is also difficult to prepare under single entry
  4. Therefore because is difficult to ascertain the profit and loss the statement of affairs should be prepared as well as statement of profit or loss in the business.
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