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Let me know the differences between singlr entry and double
entry system of accounts
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Answer Posted / hemant rawat
the system which does not follow the principle of double entry system called single entry.under this system complete record of each and every transaction is not maintained.under this real and nominal accounts are not maintained transaction record only in cash book and only personal account are maintained.
in double entry every transaction has two aspect examle one party is receiving benefit and other giving benefits.when we receive something we give something else in return.for examle when we purchase goods in cash we receive goods and give cash in return.
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