- Under single entry system of Accounting only one aspect of transaction is recorded
- Single Entry System of Accounting is also known as Incomplete system of Accounting
- Only cash book and personal accounts are maintained in single Entry System
- Single Entry System of Accounting followed by Sole traders , Partnership firms , Hindu Undivided Family ( HUF )
- Under Single Entry System of Accounting profit and loss account can be ascertained using statement of affairs method
- Statement of affairs method also known as Conversion method and Capital comparison method
- The Statement of affairs method is prepared to find out the capital
- The Total Debtors Account is prepared to ascertain the credit sales and Credit Purchases are ascertain by preparing Credit Account
- Trail Balance is not prepared under Single Entry System of Accounting
