What is Single entry? Explain with a real-life example for Class 11 student. (Class 11 accountancy, Chapter: Accounts from Incomplete Records)

Single entry is a method of recording financial transactions where only one side (e.g., cash receipt or payment) is noted, without following the double-entry rule of debiting and crediting. For example, a shopkeeper records only cash sales in a diary, but does not record the corresponding credit to sales account or the effect on inventory.