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incomplete records

Accounting records not strictly based on principles of double entry system but based on

incomplete records and mere memory is known as accounting from incomplete records.

Features

The features of incomplete records are as under:

(i) Unsystematic Method

(ii) Mixed System for Recording Business Transactions

(iii) Lack of Uniformity

(iv) Personal Transactions are Mixed up with Business Transactions

(v) Based on Estimates

(vi) Suitable for very Small Business Entities (h61)

Types of incomplete records (pure single entry, simple single entry, quasi single entry)

Single Entry System in Accounting is an accounting approach under which each and every

accounting transaction is recorded with only a single entry in the accounting records which is

centered towards results of the business enterprise which are shown in the statement of

income of the company.

Quasi Single Entry System: Under this method, Personal Accounts, Cash Book and some

Subsidiary book are maintained. The main subsidiary books are Purchase Book, Purchase Return

Book, Sales Book, Sales Return Book and Bills Book etc.

Ascertainment of profit by capital comparison

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