Question
What is single entry system ? Give the characterstics of single entry system.
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| Pass necessary rectification entries to rectify the following journal entries written by Ishwarlal: | |||||
| Date | Particulars | L.F. | Debit(Rs.) | Credit (Rs.) | |
| $1$ | Kishan’s A/c. | Dr. | $7,000$ | ||
| To Cash A/c. | $7,000$ | ||||
| (Being the salary of current month $Rs.7,000$ paid to Kishan) | |||||
| $2$ | Purchase A/c. | Dr. | $9,500$ | ||
| To Clinton's A/c. | $9,500$ | ||||
| (Being the goods of $Rs.9,500$ sold to Clinton on credit) | |||||
| $3$ | Purchase A/c. | Dr. | $17,100$ | ||
| To Cash A/c. | $17,100$ | ||||
| (Being the goods worth $Rs.20,000$ purchased at $10\%$ trade discount and $5\%$ cash discount) | |||||
| Total | $33,600$ | $33,600$ | |||
| $1$ | Cash purchase $Rs.15,000$ and cash sales $Rs.14,000.$ |
| $2$ | A personal goods of $Rs.10,000$, brought to business. |
| $3$ | Goods of Rs.$12,000$ purchased from Harsh. |