Let me know the differences between singlr entry and double
entry system of accounts
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Answer Posted / bindu
In case of single entry system only one side of the entry
got posted.This system is almost all similar to cash/cheque
book register.For example assume opening balance as 10,000
debit.In case of payables this amount got decreased and
vice versa.This system used only by small organisation
where audit is not required.In case of errors, tracking
happens only through Bank Reconcilation statement.
Where as in case of double entry system for each and every
debit there should be credit with equal and opposite
amount.So tracking will be easier for each trasaction.
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