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The difference between double account system and double entry systems are noted below:
1. Double account system is necessary only for Govt. service rendering org. but double entry system is applicable for all types of org.
2. In double account system balance sheet is divided into two part ie; Capital Account, and general balance sheet but in double entry system only one balance sheet is prepared.
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What is the Difference between single and double entry system?
So far as I know, Double Entry System and Double Account are not differing in the essential character. They only differ in the way the information is presented. What is presented in Double entry system as profit and loss account is presented in Double account system as Revenue account, Profit and Loss Appropriation account as Net revenue account and what is called Balance sheet is segregated into General balance sheet and Receipts and Expenditure on capital account. The difference in the presentation is also due to the fact that the two systems of accounting serve differing purposes. Double entry places emphasis on the Profits and losses and results of operations while Double account places emphasis on whether adequate provisions are made and whether reserves are sufficient.
Double account system?
Type your answer here double accout system is the system where all the entry has to be kept as a double. ...
What is the difference between iqtas system and jagirs?
a
What is double entry system in account?
It has to accont debit and credit. Both must be equally
Why the trial balance always be in balance?
Trial balance is always balance because of every entry in double entry system is in balance as related to debit account and credit account.
