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Difference between single and double entry?
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Answer / b.narasimha rao
SYSTEM OF RECORDING BOTH ASPECT OF TRANSACTION IN ACCOUTING
BOOKS IS CALLED BOUBLE ENTRY
ONLY ONE ASPECT RECORDING OF TRANSACTION IN ACCOUNTNG BOOKS
IT IS UNCOMPLETED ENTRY
| Is This Answer Correct ? | 23 Yes | 12 No |
Answer / koteswara rao
Single Entry means is any accounting transaction book only with single Enty,
Ex: Cash / Bank A/C Dr xxxx
To Expenditure A/C xxxx
Double Entry Means Any Type of expenditure first create outstanding with proof of a document, then after payment made.
Ex: Expenditure A/C Dr xxxx
To Person / Company A/c xxxx
Person / Company A/C Dr xxxx
To Cash / Bank xxxx
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / faysalsam
Double entry means that first you book Receivable or Payable
against Sale or Purchase then post Received and Payment.
for e.g
A/c Receivable DR
Sales CR
then
Bank/Cash DR
A/C Receivable CR
In Single Entry directly post Expense or Income with
Receivable and Payable
Expense DR
Cash CR
Cash DR
Rent Income CR
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / nareshchowdary
once upon time used single entry systems. Now a days using
double accountnig system.
single entry means only cash iteams.
Ex:-Purchase A/c DR
To Cash
Double entry means Both Cash & Credit.
Ex:-Purchase A/c DR
To xxx
(Being Credit base)
| Is This Answer Correct ? | 15 Yes | 19 No |
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