Difference between single and double entry?
Answers were Sorted based on User's Feedback
Answer / b.narasimha rao
SYSTEM OF RECORDING BOTH ASPECT OF TRANSACTION IN ACCOUTING
BOOKS IS CALLED BOUBLE ENTRY
ONLY ONE ASPECT RECORDING OF TRANSACTION IN ACCOUNTNG BOOKS
IT IS UNCOMPLETED ENTRY
Is This Answer Correct ? | 23 Yes | 12 No |
Answer / koteswara rao
Single Entry means is any accounting transaction book only with single Enty,
Ex: Cash / Bank A/C Dr xxxx
To Expenditure A/C xxxx
Double Entry Means Any Type of expenditure first create outstanding with proof of a document, then after payment made.
Ex: Expenditure A/C Dr xxxx
To Person / Company A/c xxxx
Person / Company A/C Dr xxxx
To Cash / Bank xxxx
Is This Answer Correct ? | 7 Yes | 1 No |
Answer / faysalsam
Double entry means that first you book Receivable or Payable
against Sale or Purchase then post Received and Payment.
for e.g
A/c Receivable DR
Sales CR
then
Bank/Cash DR
A/C Receivable CR
In Single Entry directly post Expense or Income with
Receivable and Payable
Expense DR
Cash CR
Cash DR
Rent Income CR
Is This Answer Correct ? | 8 Yes | 2 No |
Answer / nareshchowdary
once upon time used single entry systems. Now a days using
double accountnig system.
single entry means only cash iteams.
Ex:-Purchase A/c DR
To Cash
Double entry means Both Cash & Credit.
Ex:-Purchase A/c DR
To xxx
(Being Credit base)
Is This Answer Correct ? | 15 Yes | 19 No |
What is back value adjustment/correction in Nostro Reconciliations?
What cost-cutting measures have you implemented?
Tell me the steps for Import and Export Thanks
Please send the all account interview question to me
1 Answers State Bank Of India SBI,
What is Working Capital?
Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
0 Answers Elevates Infosolution,
What is the Technology used to carry out trades?
what is depreciation?
Expand---------GMT
what is the process to return sales tax file?how can i prepared s.t. file?what should be qualification for it?
What is provision for depreciation? What is it entry in P&L & Balance sheet? How it is different from Depreciation expense?
Hello, Can u tell me the procedure of Sale Tax Registration in Jharkhand. (VAT & CST )WITH Supporting Proof