IMJIVATK ACCOUNT. 



635 



J. H. GOODWIN PRIVATE ACCOUNT. 



Debit for nil cash drawn fur 

 private use. 



59. Debit for all merchandise 

 D from the store for private use. 



6O 



CLOSING No. 1. 



Debit, at the end of the year, in 

 black ink, for his share of the net 

 >c$s loss, as shown by the Loss 

 and Gain account. 



62. CLOSING No. 2. 



If the credit side of this account 

 exceeds the debit, we find the dif- 

 ference between the two sides, and 

 debit this account, in red ink, " To 

 J. H. Goodwin, Stock account," for 

 the difference, and transfer that dif- 

 ference to the credit side of the J. H. 

 Goodwin Stock account, in black 

 ink. (See :>2.) 



58. Credit for salary allowed, ii 

 any. 



01 



CLOSING No. 1. 



Credit, at the end of the year, in 

 black ink, for his share of the net 

 business gain, as shown by the Loss 

 and Gain account. 



63. CLOSING No. 2. 



If the debit side of this account 

 exceeds the credit, we find tin- dif- 

 ference between the two sides, and 

 credit this account, in red ink, " By 

 J. H. Goodwin, Stock account," for 

 the amount lost on his private ac- 

 count, and transfer th;it loss to the* 

 debit side of the J. H. Goodwin 

 Stock account, in black ink. (See 

 51.) 



Ol. for closing the Private accounts at the end of each 



: 

 CLOSING No. 1. 1st. According to CloMnu No. 1, we bring over from 



Loss and Gain account, at the end of the year, the net Intuit 

 or ncf business g may l>e, civditiiiLC or debiting the lVi\ 



mt for such pi in or loss. 



:Jnd. \\Y then find the difference between tin- t \\ . ridefl f this ao-oiint . 



if tin- credit side he tin- larger, write n tin- debit side, in red ink, 



" To .1. II. ( iundwin, S: .unt," and cut. T tin- amount in tlir di-bit 



nil. 



-Now rulf th clo-in-- lin.-s. ani Liin-- down tin- total aii'.ount< 

 n tin- liii'-s. 



4tli. Now carry this difference t vUgcw* to the credit side 



of the .1. n. Goodwin acoounV i" ^-^ >"k. 





