Publisher's Synopsis
Excerpt from Limited Companies and Their Accounts
Double Entry Essential. It should be borne In mind that, properly to comply with the law of the Dominion and Provinces, the double entry principle must be applied to the accounts of a company. The law requires a Balance Sheet, which can be taken only from books kept on the double entry principle. If the books were kept on the single entry principle, the statement of assets and liabilities would not be a Balance Sheet, but a Statement of Affairs. Limited Companies are required, also, to keep a record of Income and Expenditure.
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