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13 Jul 2016
SINGLE ENTRY ACCOUNTING SYSTEM. TEXTUAL PROBLEMS WITH SOLUTIONS AND VIDEO. 2. Mrs. Ankita keeps her books under Single Entry System and gives the following information. Mr. Govind keeps his books on single entry system and disclosed the following information of his business. 7. Sun and Moon
maintained, it is always incomplete double entry system, varying with circumstances". Unit at a Difference between double entry system and incomplete records During the year he had withdrawn Rs.1000 for his personal use and invested Rs.500 as additional capital. Calculate his profit on 31 st. Dec, 1998. SOLUTION:.
Single Entry System and Incomplete Records Notes - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free.
Single entry system. Solution to Practice Q.1.: In the Books of Mrs. Archana. Opening Statement of Affairs as on 31st Mar, 2006. Liabilities. Amount. ` Assets. Amount. ` Bills Payable. 5,000 Machinery. 50,000. Sundry Creditors. 15,000 Furniture. 20,000. Capital (Balancing Figure). 1,10,000 Sundry Debtors. 25,000. Stock in
5 Jul 2016
Single Entry System: The term 'Single Entry' refers to a method of maintaining the accounts in a manner convenient to a business house, which does not exactly follow the principles of double entry system. Under this system only the minimum accounts, which in the opinion of business house are absolutely essential, are
Single Entry System or. Accounts from Incomplete Accounts Illustration 1: Problem Statement. 1. The Closing Capital of Mr. Solution of Illus.1 : Statement of affairs of Mr. Vishnu. Opening capital. = 60,000. Capital introduced. = 25,000. Drawings. = (40,000). Profits. = x. Closing capital. = 1,50,000. Solution : 1,50,000. =.
businesses. This creates some special problems to the accountants. The term “Single Entry System" is popularly used to describe the problems of accounts from . Illustration 2. Take figures given in Illustration 1. Find out profit of Mr. X. Solution. Determination of Profit by applying the method of the capital comparison.
What is Single Entry System of Book keeping? • Accounting records which are not maintained according to double entry principles is known as Single Entry. System. • In other words any system of book keeping which is not a complete double system of book keeping. 2.State two features of single entry system.
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