What Are Kinds / Types of Single Entry System
We already Studied about Single Entry System of Bookkeeping in our previous article but here we are concerned about three (3) types / kinds of Single Entry System. These are explained below: (i) Pure Single Entry System Definition And Meaning In this single Entry System of Bookkeeping, Double Entry System of Bookkeeping is completely ignored. Neither Debit side is recorded nor Credit side of Business Transaction is recorded. Whole transaction is omitted or it is recorded at all initially in the books of accounts. So, we can say that this system is completely improper system of maintaining of books of accounts. In fact, this system totally ignores the dual aspect of transaction. Under this system of Single Entry of Bookkeeping, only Personal Accounts of Accounts Receivable / Debtors and Accounts Payable / Creditors Accounts are maintained but Real and N ominal Accounts are not recorded in the books of accounts. For More details about Personal, Re...