Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

How to study single entry System in PCC

hiten (none) (71 Points)

29 September 2010

i am in PCC. i have to prepare single entry system very thoroughly. But the questions in this chapter are very very versatile and every ques looks like a total mess which makes situations even more confusing. And if its a difficult problem then it will take a hell of my time. i am totally stuck with this chapter.

How to do single entry system???

Is there any way to prepare this chapter, any specific method or a process to study it , after practising which i would be able to attend every type ques without spending much time.

Please help me members and students.

Reply
Follow
Share

4 Replies

CA Vinay Gandhi (CA) (858 Points)
Replied 29 September 2010

Hi Hiten,

You might not like my reply.

If you are strong in basics of accounting concepts, Single entry is the simplest chapter.

Its just about finding missing information.

If you know which information is missing and link between all other heads to missing info, u can do it.

All the best

Upgrade to CAclubindia Pro. Subscribe Now!

aksingal (CA FINAL) (96 Points)
Replied 29 September 2010

accounts for incomplete recors is very most simple chapter

2 thing we have to prepare in this chapter

1.preparation of final account from incomplete records.

---b/s

p&l a/c

trading a/c

and bhut sare khate(a/c )

2. calculation of profits from incomplete recoeds.

following a/c are generally prepared

1. cash a/c + bank a/c

2. debtors a/c + b/r a/c

3. creditor a/c + b/p a/c

4. opening b/s

5. fixed assets a/c

expenses a/c( prepaid & o/s)

7. trading a/c

8. p&l a/c

9. closing b/s

kasam kha loo:----- every item of a/c given in question will be posted once and all other item will be posted twice(adjustments)

CA Suneel Kumar Yadav (Manager Credit) (125 Points)
Replied 02 October 2010

u can follow the following steps-

1-for Single entry you must have command over jouirnal entry.

2-you must have opening information (B/S) if not, derive with ledgers

3-Open all the ledger A/c as more as you can given in problem/transaction.

4-post the all journal entry in respectiv ledgers what you can do.

5-try to close all the ledger one by one. first close the A/c of (Income& Expences)

about which you 100% confident that such ledger is 100% complete by transfering them to P&L a/c.

6-then close the A/c of ASSETS & Liabilities and try to corelate ledger so that you can use information derived from one a/c to another where you can. (like Debtors & Creditors with SAle, Purchase and Sale/purchase return)

7-Calculate profit/loss, Opening & closining balances in ASSET & Liabities A/c

8-POST the Balances of Assetes & liabilities and P&L a/c in respective B&S.(ie Opening & Closing)

AT last B&S 200% tallied hogi.

1 Like