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What is Single Entry System?

Asked by Topperlearning User | 4th Jul, 2016, 08:16: AM

Expert Answer:

Single entry system does not record both the aspect of the transaction. It records single aspect of the transaction and therefore it is an incomplete system of recording financial transaction.

Answered by | 4th Jul, 2016, 10:16: AM

Practice Test

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Justify, whether books maintained by the single entry system is reliable as the books maintained by the double entry system.
Rupesh started a firm on1^st April, 2015 with a capital of Rs.10,000. On 1^st July 2016 he borrowed from his son Mr. Rohit a sum of Rs. 4000 @ 9% p.a. (interest not yet paid) for business and introduces a further capital of his own amounted to Rs. 1500. On 31^st March, 2016 his position was as follows Cash Rs.600, stock Rs.9,400, debtors Rs.7000 and creditors Rs.6000. Ascertain his profit or loss taking into account Rs.2000 for his drawings during the year.