Can any one define difference between single entry and double entry accounting system in common words?

Single Entry system is that Entry which effect on cash in hand on cash book. If you increase the receipts side mean credited the amount by single entry in cash book then your cash in hand will be recreased. Similarily, If you are payment i.e,the about debited by single enrty in cash book, cash in hand will be increased.

Double Entry System is that Entry which is not effect on Cash in hand. These entries have on both side in cash book. Basically, These entries have for the dues,Bank payment & cheque receipt and transfer entry for the any adjustment. If you sale of goods in credit then we will do the due entry on that day, Similarily, If you purchase goods in credit then you will do the due entry on that day mean you will do the double entry.

Hemant Roka

Accountant