What is Single Entry System in Accounting | Tanvir Academy
In this video, you will know what is a single entry
system in accounting. It is also known as accounts of incomplete records. The
defective double entry system is called a single entry system. a business in
which the books of account are not properly kept is called a single entry
system. In this system, the decision of profit or loss is entirely based on
capital. We have to add drawings in Closing Capital and less drawings, interest
on drawings and opening capital from the total. The positive answer denominates
net profit and the negative answers will show a net loss. If you wanted to know
it completely then watch this video from start until the end.
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