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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