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what is the Difference between Single Entry system & Double entry system?

  
Total Answers and Comments: 2 Last Update: January 21, 2008     Asked by: chethana 
  
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June 04, 2007 23:50:46   #1  
venkat        

RE: what is the Difference between Single Entry system...
Single entry system use only Debit or Credit only. If the payment made there is only one one debit only but Double entry system means for every Debit there is opposite Credit also there.

Example : cash payment made some one
debit for party at the same time credit to Cash.

 
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January 21, 2008 07:03:06   #2  
mrforever Member Since: January 2008   Contribution: 3    

RE: what is the Difference between Single Entry system & Double entry system?
Single Entry is an incomplete record of book keeping Whereas Duble Entry is an complete record of book keeping.
 
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