Question
State one point of difference between Incomplete Records and Double Entry System.
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S.No.
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Basis of Difference
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Double Entry System
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Incomplete Records
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1.
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Recording of both aspects
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Both the aspects of every transaction are recorded in it.
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Under this system, both the transaction are recorded in it. aspects of very few transactions are recorded. For some other transactions one aspect and yet for others no aspect at all is recorded.
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2.
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Type of Accounts
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All accounts - personal, real and nominal are maintained under it.
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Only personal accounts and a and nominal are maintained cash book are maintained under under it.
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| ₹ | |
| Purchases | 93,000 |
| Wages | 20,000 |
| Sales | 1,20,000 |
| Carriage Outwards | 3,200 |
| Opening Stock | 16,000 |
| Rate of Gross Profit 25% on Cost. |