Single entry system

Single entry system: .
Single entry system consists of the following book - keeping records, fa) A day book or general journal
A Cash book
Ledger accounts for individual customers and creditors.
OR
Under single entry system sometimes bom aspects of a transaction are recorded, sometimes only«ae aspect of a transaction is recorded and sometimes no aspect of a transaction is recorded.Double entry system: •
r A system in which two sides of every transaction are recorded. Statement of affairs: , Statement of affairs is a sort of balance sheet having assets on left side and liabilities and capital
• die right side under single entry system. Incased net worth method:
he method in which adjusted capital at the end and capital in the beginning are compared to • jKOtain the profit or loss under single entry system.
CHAPTER # 2
3t making organizations:
Moo-profit making organizations are those, which do not buy/manufacture and sell goods and primary object is not to earn profit. Their object is to do goods to the society through : activities; e.g. clubs, schools, colleges, hospitals, libraries etc.
i and payments account: k receipts and payments account is a summarized cash book (cash and bank) for a given period.
! and expenditure account: ,
; account through which surplus or deficit of a non-profit marking organization is ascertained, icaDed income and expenditure account.
Son:
: amount received from the members of organization monthly or annually as per rules is called ption.
I subscription: -
: additional subscription collected from members over and above the regular subscription for: special purpose such as construction of club's own building, charities to poor, awarding ofi etc. is known as special subscription. .
i fee: .
»amount which is paid by a new member at the time of admission in addition to subscription is I admission fee.
r- . ' '
j refers to property received by virtue of a will of a person after his death. Acquisition of i property by an institution is regarded as capital receipt