Single Account System reg:-

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cmaprabakaran

cmaprabakaran (Querist)
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22 June 2011 hi,
please define single account system?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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23 June 2011 Single account system is generally adopted by small merchants.

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They generally keep cash book, debtors & creditors account.

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Due to a very nature of their business; they don't find any use of DOUBLE ENTRY BOOK KEEPING becuase the cost of accounting goes DOUBLE.

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Example : Pan-wala, Vendors selling Vegetables etc.

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Have you seen that they maintain regular books of account ?

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At the end of the day they make the summary of cash transactions.

cmaprabakaran

cmaprabakaran (Querist)
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23 June 2011 hi sir,
thanks for resolved my query.

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