Chapter 7

Financial Statements from Incomplete Records (Single Entry System)

LEARNING OBJECTIVES

After studying this chapter, you will be able to understand

  1. The Meaning of Single Entry System (or) Incomplete Records System

  2. The Salient Features of Single Entry System

  3. The Advantages of Single Entry System

  4. Disadvantages of Single Entry System

  5. Differences Between Incomplete Records System (Single Entry) and Double Entry System

  6. Methods of Preparation of Accounts (Ascertainment of Profit or Loss from Incomplete Records)

  7. To Ascertain Profit/loss Under Statement of Affairs Method

  8. To Differentiate Between Statement of Affairs and Balance Sheet

  9. To Compute Profit/Loss – the Different Steps and Stages Involved

  10. The Concept of Conversion Method

  11. The Differences ...

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