what is the meaning of rates in(rent,rates and tax)
what is the meaning of contribution in margin of safety.
what is the equity? and what single entry system?
i want heavy explanation regarding these questions. thank
you in advance reply soon bye!
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Answer Posted / amarjeet singh
In Single entry system of accounting only one effect of an entry is recorded. It is used by small business units because details are not required by these units. For example if goods are sold on credit to Ram Lal for Rs 5000, it will be recorded in the books as Rs 5000 receivable from Ram Lal.
The primary bookkeeping record in single entry system is cash book in which only Receipts and Payments are recorded.
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