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P2 C10 Accounts from Incomplete Records — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C10 Accounts from Incomplete Records1 Mark
Question
What is single entry system?
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Answer

Small traders do not maintain complete account as in double entry system. Instead ofthis they keep only cash book and ledger and record transaction relating to cash andpersonal accounts only. As per requirement of the business only one effect is given tosome transaction, hence it is known as single entry system.

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