54. The nature of Single Entry has been already explained in Art. 30, and its leading defect pointed out. The METHOD derives its whole character from the way in which the first record of a transaction is made in the Day-Book by means of Dr. or Cr. But this has also been set forth in the same Art., and need not be here re-stated. The "Transactions" which follow are intended to illustrate the operations of that kind of business for which alone Single Entry is suited-"one in which a variety of articles is dealt in, and there are many sales to a small amount each, so that it becomes important to diminish the number of entries and thus save time and labour." For the sake of variety, a business of this kind has been selected in preference to one like that illustrated in our first Set. The business is supposed to have been going on for some time, and two months are taken as a specimen. This is shewn by the "Statement of Affairs" prefixed to the Set, which obviously has no connection with the preceding Sets. From the transactions of this period of two months the Books are to be made up, as already explained in the introductory remarks on the transactions of Set I., p. 33. The principal terms used in Bookkeeping are explained in Arts. 1-15, and the Exercises on pages 10 and 11 will serve the purpose of practice on the method of expressing transactions by means of Dr. or Cr. |