Dear experts,
"Naina purchased goods from Jagdish for Rs.70000/-.
Can you please record this in single entry system and double entry system of book keeping?
Dear Student
For ,Double Entry System of Book keeping : the entry would be :
In ,Single Entry System of Book keeping , their are no specific rules as to maintain which all accounts . In double entry , their is mutual aspect i.e if amount is Debited equal amount is to be credited , but in single entry their can be only Debit in one ledger and no impact on the other side , Because of which it is also called Account From Incomplete Records .
Hence because their are no specific rules for Single entry , the above entry if recorded incompletely would be single entry .
Regards
For ,Double Entry System of Book keeping : the entry would be :
| Journal in the books of Naina | |||||
| Date | Particulars | L.F. | Debit Amount (Rs) |
Credit Amount (Rs) |
|
| Purchase A/c | Dr. | 70,000 | |||
| To Jagdish A/c | 70,000 | ||||
| (Being goods purchased from naina) | |||||
In ,Single Entry System of Book keeping , their are no specific rules as to maintain which all accounts . In double entry , their is mutual aspect i.e if amount is Debited equal amount is to be credited , but in single entry their can be only Debit in one ledger and no impact on the other side , Because of which it is also called Account From Incomplete Records .
Hence because their are no specific rules for Single entry , the above entry if recorded incompletely would be single entry .
Regards