Chapter – 10 | Single Entry System

11th commerce video lectures

We have studied Double Entry System of Sole Trading concern in previous chapters. Now in
this chapter we are going to learn Single Entry System of Sole Trading concern only. In ancient times
there was no scientific method of recording business transactions. They were maintaining record of
business transactions by their traditional methods. Single Entry System can be useful suitable for
small size business, where the number of transactions are small. Single entry system is not a particular
system of accounting rather it is a Double entry system in an incomplete and unscientific form. It is
not a scientific and accurate system of Accounting.

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

Part 10

Download text book

Chapter – 9 | Final Accounts of a Proprietary Concern

Accounting is considered as a scientific approach in maintaining record of business transactions.It provides a systematic accounting record to all on the financial status of the enterprise. No soonera business transaction takes place, the accounting process starts. The process is completed by thedrafting the final accounts. Final accounts include: 1) Manufacturing Accounts2) Trading Account3) Profit … Read more

Chapter – 8 | Rectification of Errors

In the previous chapter we have learnt that a Trial Balance is prepared to check the arithmeticaccuracy of transactions recorded in a Journal posting them into the ledger and balancing the ledgeraccount. If a Trial Balance agrees it is assumed that recording posting etc. have been done correctly.But this is only partly correct because even … Read more

Chapter – 7 | Depreciation

In daily life, we use many assets which could be Tangible or Intangible. Such assets have theirown life e.g. Building, Furniture, Machinery, etc. It is necessary to spread the cost over a number ofyears during the useful life of the assets. This process of spreading the cost of fixed assets is termedas ‘Depreciation’. The word … Read more

Chapter – 6 | Bank Reconciliation Statement

Accounting Documents describes all the basic facts of transactions like the amount oftransaction, to whom the amount was paid, the purpose of transaction and the date of transaction.This is essential in the process of Book Keeping as it provides evidence that a financial transactionhas actually taken place. There has been a drastic change in the … Read more

Chapter – 5 | Subsidiary Books

A small business may be able to record all transactions in single Journal but as the businessexpands the number of transactions becomes so large, that the Journal is required to be sub-dividedinto Special Journals which are called Subsidiary Books. The sub division of Journal on the basis of nature of transaction is known asSubsidiary Books. … Read more

Chapter – 4 | Ledger

In the process of accounting, all the business transactions are recorded in chronological order inJournal. These business transactions are recorded in proper books of accounts. We are aware that all types of business transactions are recorded in Journal e.g. Transactionsrelated to assets, liabilities, expenses, income, cash or credit etc. At the end of the particular … Read more

Chapter – 3 | Journal

Book Keeping records all day to day business transactions on the basis of supporting documents.The word ‘document means a piece of paper which provides detailed information as a legal nature .Document is a legal proof for recording every transaction e.g. when we purchase computer for cash`30,000 we get the cash memo , this cash memo … Read more

Chapter – 2 | Meaning and fundamental of double-entry bookkeeping

Double Entry Book-keeping System is the most scientific method of recording all monetary transactions in the books ofaccounts. This system owes its origin to Italian Merchant “LUCA D. BARGO PACIOLI” on 10th November 1494 and this day is celebrated as International Accounting Day. This system of Bookkeeping is based on the fact that there are … Read more

Chapter – 1 | Introduction to bookkeeping and accountancy

Book-keeping is related with recording of business transactions. Business enterprise and other organizations deal in activities which involve exchange of money or money’s worth. All these activities are recorded for the purpose of taking important decisions as to whether the activities are feasible, profitable and are to be continued or not. Information about the business … Read more