Single entry system consists of the following book-keeping records.
a) A day book or general journal
b) A cash book
c) Ledger accounts for individual customers and creditors.

 A system in which two sides of every transaction are recorded.

 Statement of affairs is a short of balance sheet having assets on left side and liabilities and capital on the right   side under single entry system.



 The method in which adjusted capital at the end and capital in the beginning are compared to ascertain the profit or loss under single entry system.