Difference between double account system and single account system

Asked by admin @ 16/08/2021 in Social Sciences viewed by 322 People

Difference between single account system and double account system

Answered by admin @ 16/08/2021

Single Account System

1. There is only one Balance Sheet. It contains the assets
and liabilities.

2. Its purpose is to show the financial position of a
company at a particular date.

3. Depreciation is deducted from the respective assets in
the Balance Sheet.

4. The revenue account is called the Profit and Loss Account
and Profit and Loss Appropriation Account.

Double Account System

1. The Balance Sheet is split into two parts in the double
account system. There is a Capital Account and the General Balance Sheet.

2. It is prepared to show the amount of capital received and
its application in the fixed assets.

3. Fixed assets are always shown at book value. Depreciation
and depreciation fund investments are shown in the general Balance Sheet.

4. The revenue account is called the Revenue Account and Net
Revenue Account.

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