Maharashtra State BoardHSC Commerce 12th Board Exam
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Answer in One Sentence Only. - Book Keeping and Accountancy

One Line Answer

Answer the following question in one sentence only.
What is single entry system?

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Solution 1

Single entry system is a system of book keeping in which incomplete records are maintained. Under this system, records of only cash and personal accounts are maintained. There are no defined set of rules to be followed. It is particularly suitable for small businesses with a limited number of transactions. Accounts maintained under this system are known as incomplete double-entry records.

Solution 2

A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.

Solution 3

A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.

Concept: Meaning of Single Entry
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