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Accounting Practice; A Comprehensive Statement of Accounting Principles and Methods, Illustrated by Modern Forms and Problems

Accounting Practice; A Comprehensive Statement of Accounting Principles and Methods, Illustrated by Modern Forms and Problems


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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. 1914 Excerpt: ... invested only five thousand dollars and that George Smith, after forming a partnership agreement with him, had contributed the other five thousand dollars. The agreement, let us say, calls for the sharing of profits or losses equally, and the payment of a salary of two hundred and fifty dollars a month to each. Mr. Brown is to have sole charge of the sales and buying activities, and Mr. Smith of the financial, accounting and office activities, including all purchases other than hats. The opening entries would differ only in these respects: the memorandum in the journal would be more complete, setting forth the essential details of the copartnership agreement as just outlined. There would be two cash book entries for the investments, one crediting Albert Brown with five thousand dollars, the other crediting George Smith's capital account with the same amount. Suppose that instead of the partners contributing $5,000 each, Brown had contributed ten thousand dollars in cash and Smith an equity in a small office building, the equity amounting to twenty-five thousand dollars. The total value of the property, let us say, is seventy-five thousand dollars, but a mortgage of fifty thousand dollars is recorded against it. The opening memorandum in the journal would be as in the foregoing case, except that it would be changed to correspond with the new facts. In the cash book, Brown's cash contribution would be recorded in the usual manner, but Smith's would require somewhat different treatment. It would be necessary to enter his investment in the journal, placing upon the book the full value of the property as well as the amount of the mortgage, and giving Smith credit for his equity. The journal entry would be about as follows: Real estate (or office building) $75,0...


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Product Details
  • ISBN-13: 9781231045510
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 108
  • Spine Width: 6 mm
  • Width: 189 mm
  • ISBN-10: 1231045515
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 209 gr

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Accounting Practice; A Comprehensive Statement of Accounting Principles and Methods, Illustrated by Modern Forms and Problems
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