Self Balancing Ledger Vs Single Entry

(Guest)

What is the difference between self balancing ledger and single entry

Reply
Follow
Share

6 Replies

Karan Thacker (CA) (117 Points)
Replied 08 October 2010

In Self balancing a control ledger A/c is created and thus trial balance will always match....

while in single entry no such A/c is created and there are fair chances that the trial balance does not tally

Manoj jain (Intern) (535 Points)
Replied 08 October 2010

Agreed with karan

Satvir Singh (Newly minted CA) (1733 Points)
Replied 08 October 2010

can anyone explain me how self balancing ledger system works, in 3-4 lines??

(Guest)

Originally posted by : singh Litt
	can anyone explain me how self balancing ledger system works, in 3-4 lines??

Nishi (CA Final Student) (190 Points)
Replied 18 December 2010

In self balancing ledgers their are mainly 3 accounts Debtors, Creditors & general ledger accounts.

Just pass entries in debtors & creditors ledger simply we used to pass in credit purchase and sale and all transactions related with that........

Only one extra entry of transfer exists here which means mutual adjustment........

Try it....... it make d chapter very easy as I also used to do that..............

1 Like

Dixit (CA Final) (2405 Points)
Replied 18 December 2010

Originally posted by : Nishi
	In self balancing ledgers their are mainly 3 accounts Debtors, Creditors & general ledger accounts. Just pass entries in debtors & creditors ledger simply we used to pass in credit purchase and sale and all transactions related with that........ Only one extra entry of transfer exists here which means mutual adjustment........ Try it....... it make d chapter very easy as I also used to do that..............