How to study single entry System in PCC

Hi Hiten,

You might not like my reply.

If you are strong in basics of accounting concepts, Single entry is the simplest chapter.

Its just about finding missing information.

If you know which information is missing and link between all other heads to missing info, u can do it.

All the best

accounts for incomplete recors is very most simple chapter

2 thing we have to prepare in this chapter

1.preparation of final account from incomplete records.

---b/s

p&l a/c

trading a/c

and bhut sare khate(a/c )

2. calculation of profits from incomplete recoeds.

following a/c are generally prepared

1. cash a/c + bank a/c

2. debtors a/c + b/r a/c

3. creditor a/c + b/p a/c

4. opening b/s

5. fixed assets a/c

expenses a/c( prepaid & o/s)

7. trading a/c

8. p&l a/c

9. closing b/s

kasam kha loo:----- every item of a/c given in question will be posted  once and all other item will be posted twice(adjustments)

u can follow the following steps-

1-for Single entry you must have command over jouirnal entry.

2-you must have opening information (B/S) if not, derive with ledgers

3-Open all the ledger A/c as more as you can given in problem/transaction.

4-post the all journal entry in respectiv ledgers what you can do.

5-try to close all the ledger one by one. first close the A/c of (Income& Expences)

about which  you 100% confident that such ledger is 100% complete by transfering them to P&L a/c.

6-then close the A/c of ASSETS & Liabilities and try to corelate ledger so that you can use information derived from one a/c to another where you can. (like Debtors & Creditors with SAle, Purchase and Sale/purchase return)

7-Calculate profit/loss, Opening & closining balances in ASSET & Liabities A/c

8-POST the Balances of Assetes & liabilities and P&L a/c in respective B&S.(ie Opening & Closing)

AT last B&S 200% tallied hogi.

its easiest chapter ever in accounts history

just you should know to pass the journal entries