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    Lily Dania
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    The document describes a single entry system of accounting, which records transactions in a cash book rather than using double entry bookkeeping. A single entry system provides incomplete records. It has problems determining net income, preparing income statements, and statements of financial position. The document also outlines a net assets approach to calculate profit or loss for a sole proprietorship or partnership compared to a corporation.

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    14Single_Entry

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    The document describes a single entry system of accounting, which records transactions in a cash book rather than using double entry bookkeeping. A single entry system provides incomplete records. It has problems determining net income, preparing income statements, and statements of financial position. The document also outlines a net assets approach to calculate profit or loss for a sole proprietorship or partnership compared to a corporation.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    8 views4 pages

    14single Entry

    Uploaded by

    Lily Dania
    The document describes a single entry system of accounting, which records transactions in a cash book rather than using double entry bookkeeping. A single entry system provides incomplete records. It has problems determining net income, preparing income statements, and statements of financial position. The document also outlines a net assets approach to calculate profit or loss for a sole proprietorship or partnership compared to a corporation.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    SINGLE ENTRY

    SYSTEM
    A system of record keeping in
    which transactions are not
    analyzed and recorded in the
    double entry framework

     Records are incomplete

     Major record used is CASH BOOK

    -SINGLE ENTRY -
    System
    Accounting problems
    a. Single entry method of determining net
    income or loss
    b. Preparation of income statement
    c. Preparation of statement of financial
    position
    Net Assets Approach
    (capital maintenance)
    Capital, end xx RE, end xx

    +Drawings xx +Dividends xx
    Other items (inc)
    - Capital, beg xx
    - Re, beg xx
    Add’l investment xx
    xx Other items (dec)xx xx

    Net Profit (Loss) xx


    Net Profit (Loss) xx

    Sole or Partnership Corporation

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