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Model Question Paper Accounts from incomplete records single entry Part II 12th Standard AccountancyReg.No. :I.Answer all the questions. II.Use Blue pen only. Time : 01:15:00 HrsTotal Marks : 75SectionA5x151)
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Single entry is a method of accounting that involves recording each financial transaction with a single entry in the accounting records, as opposed to double entry, which requires two entries for each transaction.
Generally, individuals and small businesses with simpler financial activities and lower revenue thresholds may be required to file single entry accounting.
To fill out single entry, start by recording your income and expenses in a ledger, ensuring that all transactions are documented with the date, amount, and purpose.
The purpose of single entry is to provide a straightforward and simplified way of tracking financial transactions, particularly useful for small businesses, enabling basic financial oversight without complex accounting systems.
Information that must be reported includes total revenue, total expenses, profits or losses, and any other financial transactions that may impact the business's financial position.
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