Maharashtra State BoardHSC Commerce 12th Board Exam
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Which Accounts Are Normally Kept Under Single Entry System? - Book Keeping and Accountancy

Which accounts are normally kept under single entry system?

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Solution

Under single entry system, the records of only cash and personal accounts are maintained. In this system of book-keeping, incomplete records of the transactions are maintained. There are no defined set of rules to be followed. It is particularly suitable for small businesses having limited number of transactions.

Concept: Meaning of Single Entry
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