SINGLE ENTRY. Single-entry bookkeeping, in its pure form, which. however, is randy used, keeps no account of property. Only personal ac counts appear in the ledger, which as a conse quence will not be in balance except when the business is closed out. It therefore involves less labor than double entry, and, on the other hand, furnishes fewer checks for detecting errors. It is, however, well adopted to sonic forms of busi ness. and its results are as intelligible and sig nificant as in the more complete system. It fails, of course, to give detailed information in regard to the sources of gain or loss, and this, for some kinds of business, is a fatal objection. for it is this information, clearly set forth by the double -entry balanee-sheet, which the merchant needs to keep him within the lines of safety and profit.
In single-entry bookkeeping, in its pure form, the only book needed, besides the ledger, is a day book or, ournal, in which are made all entries in volving debit or credit of persons. The cash-book,
gales-book, etc.. are combined with the books first named as in double entry, but when so used the method becomes no longer pure single entry, but a mixed form. To determine the proprietor's capital at any time, when the books are kept by single entry. an inventory of resources and lia bilities, is taken, the difference between the totals representing the capital. The loss or gain is found by comparing the present with the former capital. So great is the importance to a concern of its books. and s,o great the calamity of their loss by theft or fire, that they are usually guard ed with great care and kept in a fireproof safe when not in use.