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

Single entry system is a method of recording transactions where only one side (usually cash receipts/payments or personal accounts) is recorded, not both debit and credit. For example, a small shopkeeper in India records only cash sales and purchases in a diary, ignoring credit transactions or expenses like rent, leading to incomplete records.