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Chapter 10: Single Entry System Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board.

Chapter 10: Single Entry System

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board.

Answer in one sentence only.

What do you mean by Single Entry System?

SOLUTION

The system in which cash books and personal accounts of debtors and creditors are maintained and assets and expense/income accounts are not maintained is known as Single Entry System.


What is the Statement of Affairs?

SOLUTION

A statement of assets and liabilities in which the amount of capital is found out by taking the difference between total assets and total liabilities is known as a statement of affairs.


Which types of accounts are normally not kept under the Single Entry System?

SOLUTION

Real and Nominal types of accounts are normally not kept under the single entry system.


Which statement is prepared under the Single Entry system to ascertain the capital balances?

SOLUTION

Statement of affairs is prepared under the single entry system to ascertain the capital balances.


How Opening Capital is calculated under the Single Entry System?

SOLUTION

In a statement of affairs, when the total of the assets side is greater than the total of liabilities side, then the difference of amount is known as ‘Opening Capital’.


Which type of accounts are maintained under Single Entry System?

SOLUTION

Under the Single Entry System, cash books and personal accounts of debtors and creditors are maintained.


Can a Trial Balance be prepared under the Single Entry System?

SOLUTION

Trial Balance cannot be prepared under Single Entry System.


Which type of organization generally follows the Single Entry System?

SOLUTION

A small business organization with limited number of transactions and very few assets and liabilities generally follows the Single Entry System.


Write a word, term, or phrase which can substitute the following statement.


A statement which is similar to Balance Sheet.

SOLUTION

Statement of affairs


System of Accounting normally suitable for small business organization.

SOLUTION

Single Entry System


A statement similar to Balance Sheet prepared to find out the amount of opening capital

SOLUTION

Opening statement of affairs


An excess of assets over liabilities.

SOLUTION

Capital


Excess of closing capital over opening capital of proprietor under Single Entry System.

SOLUTION

Profit


Name of method of accounting suitable to firms to have limited transactions.

SOLUTION

Single entry system


A System of accounting which is unscientific.

SOLUTION

Single entry system


Further capital introduced by the proprietor in the business concern over and above his existing capital.

SOLUTION

Additional capital


Select the most appropriate answer from the alternatives given below and rewrite the sentence.

The capital balances are ascertained by preparing ________

Options

Statement of affairs

Cash Account

Drawings Accounts

Debtors Accounts

SOLUTION

The capital balances are ascertained by preparing Statement of Affairs.


Under Single Entry System Opening Capital = Opening Assets Less _____________.

Options

Closing Assets

Opening Liabilities

Opening Assets

Closing Liabilities

SOLUTION

Under Single Entry System Opening Capital = Opening Assets Less Opening Liabilities.


Explanation: Opening Capital is calculated by deducting the total opening liabilities from the total opening assets.


Additional Capital introduced during the year is  __________ from closing capital in order to find out the correct profit

Options

Added

Deducted

Divided

Ignored

SOLUTION

Additional Capital introduced during the year is deducted from closing capital in order to find out the correct profit.


Single Entry System may be useful for ________.

Options

Sole traders

Company

Government

None of these

SOLUTION

Single Entry System may be useful for sole traders.


In order to find out the correct profit, drawings is __________ from closing capital

Options

Multiplies

Divided

Deducted

Added

SOLUTION

In order to find out the correct profit, drawings is to added closing capital.


The difference between assets and liabilities is called ____________.

Options

Capital

Drawings

Income

Expenses

SOLUTION

The difference between assets and liabilities is called Capital.


When Closing Capital is greater than the Opening Capital, the difference is ____________.

Options

Profit

Loss

Assets

Liabilities

SOLUTION

When Closing Capital is greater than the Opening Capital, the difference is Profit.


Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000; and further capital brought in is ₹ 3,000; Profit is _______.

Options

₹ 45,000

₹ 35,000

₹ 32,000

₹ 22,000

SOLUTION

Opening Capital is ₹ 30,000; Closing Capital is ₹ 60,000; Withdrawals are ₹ 5,000 and further capital brought in is ₹ 3,000; .Profit is = ₹ 32,000


State True or False with reasons:

Double Entry System of Book-keeping is scientific method of books of accounts

Options

True

False

SOLUTION

This statement is True.

In the Double Entry System, for every monetary transaction, at least two effects are to be passed and every type of accounts are to be considered for preparing books of accounts. Therefore, Double Entry System of bookkeeping is the scientific method of books of accounts.


Preparation of Trial Balance is not possible under Single Entry System

Options

True

False

SOLUTION

This statement is True.

In the Trial Balance we require a ledger balance of every account from business transactions which is not possible in the Single Entry System. Therefore, the preparation of Trial Balance is not possible under a single Entry system.


Statement of Affairs and Balance Sheet are one and the same.

Options

True

False

SOLUTION

This statement is True.

A statement of affairs is a statement of assets and liabilities. In a statement of affairs, right hand side is used for recording assets and the left side is used for recording liabilities. Therefore, we can say that statements of affairs and balance sheet are one and the same.


Single Entry System is not useful for large organizations.

Options

True

False

SOLUTION

This statement is True.

In a Single Entry System, cash book and personal accounts of debtors and creditors are maintained and real and nominal accounts are not maintained. In a large organization it is necessary to maintain every type of accounts. Therefore Single Entry System is not useful for large organization.


Only Cash and Personal accounts are maintained under Single Entry System.

Options

True

False

SOLUTION

This statement is True.

In the small organization where the number of business transactions are limited and they have very few assets and liabilities and also they do not want to bear the expenses for the accounting system. Therefore, they prefer the Single Entry System in which only cash and personal accounts are maintained.


Do you agree with the following statement? 

Further capital introduced during the year increases profit.

Agree

Disagree


Interest on Drawings decreases the amount of profit under Single Entry System.

Agree

Disagree


Real and Nominal accounts are not maintained under Single Entry System.

Agree

Disagree


Single Entry System is based on certain rules and principles

Agree

Disagree


Statement of Profit is just like Profit and Loss Account.

Agree

Disagree


Fill in the blank:

Statement of Affairs is just like a  ______________.

SOLUTION

Statement of Affairs is just like a balance sheet.


In order to find out the correct profit, drawings are __________ to the closing capital.

SOLUTION

In order to find out the correct profit, drawings are added to the closing capital.


In _________Book Keeping System, in every business transaction we find two effects.

SOLUTION

In double entry Book Keeping System, in every business transaction we find two effects.


The difference between Assets and Liabilities is called _______.

SOLUTION

The difference between Assets and Liabilities is called capital.


Single Entry System is more popular for __________.

SOLUTION

Single Entry System is more popular for small/sole traders.


Additional Capital introduced during the year is __________ from Closing Capital in order to find out the correct profit.

SOLUTION

Additional Capital introduced during the year is deducted from Closing Capital in order to find out the correct profit.


Single Entity System is suitable for ________business.

SOLUTION

Single Entity System is suitable for small business.


Find the odd one :

Interest on Drawings

Outstanding Expenses

Undervaluation of Assets

Prepaid Expenses


Interest on Capital

Interest on Loan

Overvaluation of Liabilities

Depreciation on Assets


Creditors

Bills Payable

Bank Overdraft

Stock in Trade


Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 10 - Single Entry System

Balbharati solutions for Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 10 (Single Entry System) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. OMTEXClasses.com has the Maharashtra State Board Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board solutions in a manner that help students grasp basic concepts better and faster.


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Concepts covered in Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board chapter 10 Single Entry System are Single Entry System, Difference Between Single Entry System and Double Entry System, Preparation of Opening and Closing Statement of Affairs, Preparation of Statement of Profit Or Loss, Additional Information (Adjustments).


Using Balbharati 11th solutions Single Entry System exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in Balbharati Solutions are important questions that can be asked in the final exam. Maximum students of Maharashtra State Board 11th prefer Balbharati Textbook Solutions to score more in exam.


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