Single Entry System
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Explain a single entry system through power point slides.
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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.
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 ...
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