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SINGLE ENTRY SYSTEM OF BOOK KEEPING

Under the single entry system, the principles of Double entry book keeping are not followed. Normally, every transaction has a two fold aspect. But in the single entry system of accounting only one aspect is recorded. So it is called incomplete method of Book keeping. Trial Balance, Trading Account, Profit and Loss account, and Balance Sheet cannot be prepared with the help of the single entry system. This system is mainly followed by those organisations that have only limited number of transactions.