Question

What are the differences between double entry system and single entry system?

Answer 1

The important de-merits of incomplete records are: 

Single Entry system	Double Entry System
1.Treated as unscientific or incomplete methods of book keeping	1.Treated as complete and scientific method of book keeping
2.The purpose of preparing is to ascertain capital as on particular date.	2.The purpose of preparing is to find out financial position of the concern.
3.It shows only the estimated financial position of the concern.	3.It shows realistic financial position for a given period
4.Om mission of Assets and liabilities cannot be easily traced	4.Any missing items can be easily traced.
5.It is prepare with the help of some ledger a/c and Statements	5.It is prepared on the basis of ledger a/c balances.