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Single entry & double entry

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(Querist)
25 August 2011 DEAR SIR,

WHAT IS THE MAJOR DIFFERENCE BETWEEN SINGLE ENTRY & DOUBLE ENTRY SYSTEM AND WHAT IS THE MAJOR DIFFERENCE BETWEEN P&L A/c and income & expenditure a/c. in p&l a/c we take jv' s or not. in p&l a/c Exp & profits really occured or estimation.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 September 2011 In double entry there should be a debit/credit aspects. but single entry no having that. under single entry only we can prepare profit& loss a/c, Balance sheet

Income & expenditure prepared by non profit organisation, but profit &loss a/c will be prepared by business having profit nature

Profit & loss a/c will be prepared really actual expenses incurred
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