CareerCup

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i have interest to know interview question

Single entry sistem is a basice value of he

in the single entry system only one aspect of the business transaction will be recorded in the books of accounts.
but in the double entry system both aspects of the business transaction will be recorded,
for example i am selling the machinery to kiran.
in this two accounts are involved.
i,e:kiran a/c and machinery a/c.
so in the single entry system we will record only kiran a/c as a debtorand we dont record the a/c regarding the machinery.
but in the double entry system we will record both aspects of the transaction.
it means we will record
kiran a/c ---dr
to machinery a/c.
so it wil give complete information about the business transaction.
thank uuuuu.....

fuck off with your example.........

1. Meaning
Single entry system is an incomplete system of recording financial transactions. Double entry system is a complete system of recording and reporting financial transactions.

2. Duality
Single entry system is not based on the concept of duality. Double entry system is based on the concept of duality.

3. Accounts
Single entry system maintains only personal accounts of debtors and creditors and cash book. Double entry system all personal, real and nominal accounts.

4. Trial Balance
Single entry system can not prepare a trial balance and hence, arithmetical accuracy of books of accounts can not be checked. Double entry system prepares trial balance and hence, arithmetical accuracy of the books of accounts can be checked.

thanx

thanq

"in single entry system we record only one aspect in books of accounts but in double entry system we record of both aspect in our books of accounts "
EX : we selling a bike to kiran amount of 50000 ?
ANS: in this question we have two aspects 1.kiran a/c and 2.bike a/c or asset a/c
in single entry system we record only kiran a/c in books of accounts but double entry
system we record but asset a/c and kiran a/c