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Home > Business and Economics > Finance and accounting > Accounting > Management accounting, bookkeeping and auditing > The American System of Practical Book-Keeping; Adapted to the Commerce of the United States, in Its Domestic and Foreign Relations ...
The American System of Practical Book-Keeping; Adapted to the Commerce of the United States, in Its Domestic and Foreign Relations ...

The American System of Practical Book-Keeping; Adapted to the Commerce of the United States, in Its Domestic and Foreign Relations ...


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About the Book

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1842 Excerpt: ... James Raymond, 5 8500. Lawton Nott--It is a general rule to credit a person when yon draw on him on your own account. LECTURE III. What will be your Question 1. Suppose you consign by the Ship Neptune, to N. Swain, London, to be sold on your account, 1,400 barrels of flour, 88,400; pay shipping expenses in cash, 8150; and pass your note to the Ocean Insurance Company for the premium on 88,550, at 2 per cent. 8171; total 88,721? Answer. Shipment to London Dr. to Sundries. The Crs. are, To Merchandise, for the flour, 88,400 To Cash, for the Charges, 150 To Bills Payable, for Insurance Note, 171 Q. 2. If you afterwards receive from your agent, N. Swain, an Account sales of said flour, but no remittance for nett proceeds, 810,000? A. N. Swain Dr. to Shipment to London, 810,000. G. 3. After this, Swain remits you a bill of Exchange on J. Fisher, payable at sixty days' sight? A. Bills Receiv. Dr. to N. Swain, 810,000. Q-4. At the expiration of 30 days you receive Cash for the Bill, allowing him 30 days' discount, at 6 per cent. Cash received 89,950; discount off 850? A. Sundries Dr. to Bills Receiv. 810,000. The Drs. are, Cash, for money received, 89,950 Profit & Loss, for discount, 50 Note.--Here it may be proper to remark, that when you consign property to a foreign port or place, to be sold on your own account, you debit the Shipment or Adventure to such place, for the cost and charges attending it, and not the agent to whom consigned; but when you have received an account sales, you debit the agent, or what you may have received from him, and credit the shipment for the nett proceeds; the shipment account in the Leger will then show the gain or loss. The same principle will hold good as it respects every other account of property; for if you debit with t...


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Product Details
  • ISBN-13: 9781130091021
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 32
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 1130091023
  • Publisher Date: 01 Mar 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 77 gr


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