A Course of Practice in Single-Entry Bookkeeping, Improved by a Proof or Balance, and Applied to Partnership Business

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. 1853 Excerpt: ...are to embrace no more than the three months' business already entered, your attention is now called to the Balance-Sheet and to the closing of the accounts, which, although done now at the end of three months, are yearly operations in business. The following is the Trial Balance of July 30: --3 Property And Debts Cr. 2 5 7 8 10 Bills payable balance outstand'g, per Bill-Bk Pettis & Roome balance in their favor John Stevens balance in his favor Barclay & Livingston.balance in their favor.' W. A. Moale balance in his favor Parker, Howard, & Co. balance in their favor--v Balance--being our Net Capital Of which Jonathan Smith's share is $10,506 20 "" C. C. Marsh's share is 5,157 22 BALANCE-SHEET. Instruction.--The Balance-Sheet is to exhibit a statement of the situation of our mercantile affairs--to show how we stand--or what are our property and debts (or assets and liabilities), our net capital, and the net gain of our business. The Balance-Sheet should be made out once or twice a year; oftener would be attended with much inconvenience, as it is necessary to take an account of the entire stock of goods on hand or in store--the amount of which forms an important item on the Balance-Sheet. In making out the Balance-Sheet, you will rule a sheet of cap paper to correspond with the foregoing form. The entries on the sheet are obtained from the Leger, the Bill-Book, the Cash-Book, the Shipment-Book, and from an inventory of goods unsold in the store: the last amount must be supposed in the present instance, as we have no goods. When the entries of all we have and all we owe are made on the debtor and creditor sides of the sheet, you will add the debtor and creditor columns, and subtract one amount from the other. If the debtor side exceeds, th...