What is the main purpose of the topic? Accounting records that are not maintained according to Double Entry System are known as Accounts from Incomplete Records or Single Entry System of Accounting. This chapter deals with the ascertainment of profit or loss and financial position of the firm that have not been maintaining records as per double entry book- keeping or whose records are otherwise incomplete. Detect the missing figures or information by preparing relevant accounts. Under the single entry system, a firm maintains only cash account and the accounts of the debtors and the creditors properly. It does not maintain the accounts of expenses, incomes, assets, and liabilities properly. Hence, as the information provided by these records is incomplete, they are known as Incomplete Records. The capital account, on a national level, represents the balance of payments for a country. The capital account keeps track of the net change in a nation’s assets and liabilities during a year.

Saranya R Kurup

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