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Chapter: 12th Accountancy : Accounts from Incomplete Records

Accounts from Incomplete Records | Accountancy | Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail |

Meaning of incomplete records

When accounting records are not strictly maintained according to double entry system, these records are called incomplete accounting records.

Meaning of incomplete records

When accounting records are not strictly maintained according to double entry system, these records are called incomplete accounting records. Generally, cash account and the personal accounts of customers and creditors are maintained fully and other accounts are maintained based on necessity.

Under this, some transactions are recorded fully, that is, for some transactions both the debit and credit aspects are entered. For example, both the aspects are entered for cash received from customers and cash paid to creditors. Some transactions are partially recorded, that is, only one aspect is entered. For example, expenses paid may be entered only in cash account. Some transactions are not recorded at all, that is, both the debit and credit aspects are not entered. For example, depreciation on fixed assets. Hence, these are usually called incomplete records.

It is an incomplete and unscientific way of book keeping. It was called single entry system of book keeping.

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