8. Creating Journal Vouchers in tally
, M/s India cement A/c & M/s John agency A/c under Sundry Creditors Gokul & Co. A/c & Jain & Co. A/c under sundry debtors To edit ...
Definition and Explanation of Single Entry System:
It is difficult to define single entry system because, in fact, there exists no system like single entry system. Broadly speaking, it is a defective double entry system. Any system that falls short of complete double entry method is called single entry system. Under this method, sometimes both the aspects of transactions are recorded, sometimes only one aspect is recorded or sometime no aspects of transactions is recorded in the books. As a general rule under the single entry practice only the personal aspects of the transactions are recorded and the nominal and real aspects are omitted altogether. As the name implies, the single entry system does not take into account the double affect of every transaction. The ledger contains only the personal accounts of debtors and creditors, all impersonal accounts such as purchases, sales, wages, carriage, rent etc., are not recorded. Thus the system does not consider the two fold aspect of every transaction. In short single entry system may be called a mix of double entry, single entry and no entry.
Single entry system may be defined as a system which does not strictly conform to the double entry system of bookkeeping. Under this system what is found in practice is an intermixture of single entry, double entry and no entry.
Defects/Limitations/Disadvantages of Single Entry System:
The limitations or defects or disadvantages of single entry system may be summed up as follows:
Under this system only partial and incomplete record is maintained because two fold aspects of transactions are generally ignored.
As the two fold aspects of every transaction are not recorded, a trial balance cannot be drawn up to test the arithmetical accuracy of the records.
A nominal accounts are not maintained, a profit and loss account cannot be prepared for want of information regarding the various income and expenditures.
As no real accounts are maintained the preparation...
sundry debtors definition - News
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Satyam took all into confidence! - Central Chronicle Satyam took all into confidence! Sundry debtors and creditors list may not be totally correct, total value of cheques on the way may be modified, dispatches may be shown based on gate |
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Rolta financials in good shape, says co - Economic Times Rolta financials in good shape, says co A major concern that the Rolta management needs to address is a rather high amount of receivables or sundry debtors on its balance sheet. |
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Nuts and bolts of Satyam saga - Livemint Nuts and bolts of Satyam saga Satyam put in the books non-existent accrued interest of Rs376 crore and increased current assets by overstating debtors dues by Rs490 crore. |
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Simple manipulation of revenues & earnings - Hindu Business Line Simple manipulation of revenues & earnings Such bills will have to either reflect as outstanding dues from customers, which will add up to sundry debtors on the balance sheet. |
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Satyam fiasco sends threat to debtors - Indiatimes Satyam fiasco sends threat to debtors Unsecured debt could be around Rs 235 crore; Sundry debtors could be anywhere between Rs 130 crore and Rs 150 crore," a research analyst opined. |
