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    Single Entry System

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    Explain a single entry system through power point slides.

    © BrainMass Inc. brainmass.com October 10, 2019, 7:50 am ad1c9bdddf
    https://brainmass.com/business/financial-statements/single-entry-system-597358

    Solution Preview

    The answer is provided through eight power point slides. It covers full explanation of Single Entry System of accounting, its defects and methods of ascertainment of profit i.e.Capital comparison method and Conversion method.

    A condensed version is provided below:

    Single Entry System

    - Meaning of single entry
    - Important Features
    - Defects or Disadvantages of single entry system
    - Ascertainment of profit
    (a) Capital comparison method Or Net worth method
    (b) Conversion method

    Meaning

    - Single entry is a defective system of accounting
    - It is the most unscientific system of account keeping
    - There are no hard and fast rules.
    - It is a mixture of single entry, double entry and No entry.
    - In single entry only cash account and personal accounts of creditors ...

    Solution Summary

    The answer to the question is provided step by step through power point slides. A table showing sources of various special items of expenses is provided in a separate slide. A proforma containing items to be recorded in the statement of profit is also provided in a slide with imaginary figures.

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