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What is triple entry system.
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Answer / krish......
triple entry system shows discount allowed and recived
discount,debit bank balance and credit bank balance and also
shows debit cash balance and credit cash balance......
| Is This Answer Correct ? | 24 Yes | 6 No |
Answer / praveenprashanthi
Momentum Accounting and Triple-Entry Bookkeeping is an
alternative accountancy system developed by Yuji Ijiri and
is the title of the 1989 monograph that he wrote.[1] It is
hard to imagine alternatives to the universal system of
double-entry bookkeeping, but this is one.
In regular, double-entry bookkeeping, changes in balances
such as earning revenues and collecting cash are recorded.
These events are recorded with two entries, usually a debit
and a credit, assigned on a given date. In momentum
accounting, changes in changes are the recognized events.
For example, an acceleration in revenue earning, such as a
$1,000 per period increase of revenues from $10,000 per
month to $11,000 per month, is a recordable event that would
require three entries to implement.
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / h.r. sreepada bhagi
I know about Single Entry & Double Systems of Accounting.
Now Internationally Double Entry System is recognised and
used, but came across this new 'Triple Entry System".
I am also interested to know about it, if it's indeed there
and anyone knows about it.
I am not convinced with the answer by MuniKrishna.
| Is This Answer Correct ? | 9 Yes | 8 No |
Answer / akasha mehar
Triple entry system have three sides of every transaction. One is debit, second is credit, or third side is the receipt side. it's like an evidence. It helps in the absence of receipts.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / duraiamuthan
A online virtual currency called BitCoin uses the triple entry system...More info about this currency can be found in the below link..http://bitcoin.org/en/faq#what-is-bitcoin
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / christella
The triple entry follow the double entry system (for every debit entry there is an equal and corresponding credit entry) except now, debtors and debted individually.
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / munikrishna
The system which consist of three way matching of the
accounts.
Cash, Receipt, and ledger are the three.
| Is This Answer Correct ? | 6 Yes | 18 No |
Answer / nagesh
This is a Trick question ,
No such method is invented yet.
| Is This Answer Correct ? | 2 Yes | 14 No |
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2 Answers Banking, Oriental Bank Of Commerce,
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what is an assets?
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From the following Trial Balance of Seema Garments as on 31st Dec., 2007, prepare Trading Profit and Loss Account and Balance Sheet: Dr. Rs. Cr. Rs. Opening Stock 15000 Purchases and Sales 109000 180000 Manufacturing Wages 8000 Fuel, Power and Lighting 12000 Salaries 11000 Income Tax 5500 Loan to Mr. X at 10% pa. 5000 Interest on Mr. X’s Loan 300 Apprentice Premium 4500 Rent 4000 Rent Owing 600 Furniture (includes furniture of Rs.1000 purchased on 1st July, 2007) 5000 B/R and B/P 6000 1600 Plant 72000 Debtors and Creditors 28000 13000 Capital 100000 Cash 19500 300000 300000 Informations: 1. Closing Stock was valued at Rs. 30,000. 2. Goodsworth Rs. 5000 was sold on 28th December, but no entry was passed to this effect. 3. Goods costing Rs. 7000 was purchased and included into Stock but no entry was passed to record the purchases. 4. Create a provision of 2% for discount on debtors. 5. Apprentice premium received on 1st January, 2007 was for 3 years. 6. Depreciate the furniture by 10% p.a. 7. Salaries for the month of December, 2007 are still outstanding.
what do you mean by cash profit
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who is the creditor and debtor
Audit 
