The syllabus of class 11th accounts comprises of the following chapters. We have prepared various notes along with detailed questions and their solution, relevant for the student of Accounts class 11, who may be studying in CBSE, ISC or as per the NCERT syllabus. Each of these notes have been given under the particular chapter, which you can click and read : –
single entry system
Single Entry System
As the name indicates Single Entry System is a method of accounting which is not maintained as per the Double Entry System of Accounting. It is also known as Accounting from Incomplete Records. In double entry system both the aspects of a transaction are recorded but in the case of single entry system, it is not mandatory. In single entry system or accounting from incomplete records, transactions relating to Cash Book, Personal Account of Debtors & Personal Account of Creditors are maintained.
Single Entry System Definition:
Kohler defines Single Entry System as “A system of book keeping in which as a rule only records of cash and of personal accounts are maintained, it is always incomplete double entry varying with the circumstances”.