ICSE Class 9 Answered
Distinguish between double entry system and single entry system.
Asked by vishalkumargupta880802 | 17 Jan, 2019, 10:36: PM
Expert Answer
Distinguish between Double Entry and Single Entry System:
| Sr. no. | Basis | Double Entry System | Single Entry System |
| 1 | Aspects of Transactions | It considers both aspects of a particular transaction. | It does not necessarily considers both the aspects of a transaction. It may consider one or may not consider any of the aspects of a transaction. |
| 2 | Type of Accounts | It maintains all 2 types of accounts namely, real, nominal and personal accounts. | It maintains details and records of personal accounts only along with Cash book to record all cash transactions. |
| 3 | Trial balance | It requires preparation of Trial Balance which identifies arithmetic accuracy of the records maintained. | It is an incomplete system of accounting which and therefore, it does not provide complete details to prepare a Trial Balance. |
| 4 | Profit and Loss | It facilitates ascertainment of profit or loss with the help of profit and loss account. | It does not maintain complete details of the transactions and therefore, it is difficult to prepare a particular statement which will determine profit or loss. |
| 5 | Financial Position | It facilitates preparation of balance sheet which shows the financial position of the entity. | It is difficult to ascertain the financial position of the entity as balance sheet is not prepared. |
| 6 | Adjustments | It takes into consideration all the adjustments at the tiime of preparing the financial statements of the entity. | It is an incomplete system of accounting and hence, there is no provision to make adjustments. |
| 7 | Usefulness | It is a system which is majorly used by most of the businesses. | It is a system which is followed by small businesses and organisations. |
| 8 | Realiability | It is considered as a reliable system of accounting as it is prepared based on prescribed acocunting concepts and principles. | It is not a reliable system of accoutning since, the records maintained are incomplete and are not in alignment with the prescribed accounting concepts and principles. |
Answered by Surabhi Gawade | 18 Jan, 2019, 01:09: PM
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