In single entry two-fold aspect of transaction are not recorded, so it is:

Related MCQs

• If any transaction is not recorded in the primary books the same is recorded in _______
• The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
• Under single entry system, certain transactions are recorded :
• Procedure of conversion of Single entry books into Double entry
• Transaction& events not capable of being expressed in terms of money are not to be recorded in accounting due to
• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting
• On 31st March, goods sold at a sale price of ` 30,000 were lying with customer, Mohan to whom these goods were sold on 'sale or return basis' and recorded as actual sales. Since' no consent was received from Mohan, the adjustment entry was made presuming goods were sent on approval at a profit of cost plus 20%. In the balance sheet, the stock with customers account will be shown at `
• When goods are purchased for cash, the entry will be recorded in the?
• The term "compound entry" means that the journal entry has
• Entry representing the reversal or cancellation of an entry on the other side is called?