Accounts from Incomplete Records [or Single Entry System]
MEANING OF INCOMPLETE RECORDS
Incomplete accounting records are those accounting records which, at present, are not complete according to double entry principles. Many authors describe it as the Single Entry System but according to the majority of accountants, it is appropriate to describe it as Incomplete Records because incomplete records contain:
- Both the aspects of some of the transactions;
- Only one aspect of some of the transactions;
- No aspect of some of the transactions.
REASONS OF INCOMPLETE RECORDS
Accounting records may be incomplete due to any one or more of the following reasons:
- The businessman may be ignorant of the separate legal entity assumption;
- The businessman ...