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Single Entry System CMA
By Sheela Warrier MeraSkill.com
Final Accounts under
Index What is a single entry system ? Why do we have a single entry system ? How to ascertain profit ? Statement of Affairs method Conversion of S/E to D/E
What & Why Single Entry System
What is Single Entry System No Double entry Unsystematic, inaccurate, incomplete Informal record keeping Small business units Extremely simple to operate Inexpensive
Features Incomplete records of accounts No System, no uniformity, no rules Usually only cash, bank and personal accounts No distinction between personal and business expense and income Profit only an estimate
Advantages Simple , easy to maintain Not time consuming Economical Used by small business units with small operations
Disadvantages No double entry, no trial balance Only estimate of profit or loss No proper valuation of assets and liabilities Frauds and errors may not be detected Borrowing from financial institutions No distinction between business and personal transactions
A Story……..
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