Notes on lesson on Accounting for Incomplete Records | kullabs.com

Accounting for Incomplete Records

Notes

Single Entry System

Single entry system is the system, which does not record two aspects or accounts of all financial transactions. This note has information about the single entry system.

Calculation of Profit or Loss under Single Entry System

Statement of affairs is a statement of capital, liabilities and assets. It is prepared under the single entry system in order to find out the amount of opening or closing capital of the business. This note has information about the calculation of profit or loss under single entry system.