Abstract
This chapter discusses single-entry records. Not all business proprietors are sufficiently concerned to enjoy the benefits of double-entry accounting. Many seek to keep a minimum of records, and often they fail to keep the necessary minimum. Profit determination in these circumstances can be extremely difficult. Businesses with inadequate financial records can be divided into two classes for accounting purposes: (1) where sufficient information is (eventually) available to make the comparison of income and expenditure in a trading and profit & loss account and (2) where information for a trading and profit & loss account is not available no matter how much search has been done.
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