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ENTRY SYSTEM

This query is : Resolved 
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(Querist)
09 July 2011 DEAR SIR,
WHAT IS THE MAJOR DEFFERENCE BETWEEN DOUBLE ENTRY SYSTEM AND SINGLE ENTRY SYSTEM
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Kumar Babu.G

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Kumar Babu.G (Expert)
09 July 2011 Double Entry means for every transaction there will be a debit and a corressponding credit.Single entry is opposite to that.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
17 July 2011 Double entry system will be preferred always. In single entry system we cannot prepare correct profit&loss a/c and Balance sheet.
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