COMMISSION BUSINESS. G79 







When Form No. 3, above shown, is used, the following described 

 method is adopted, viz.: The books are kept by Single Entry. No record 

 is made on this Consignment Book until the goods belonging to a consign- 

 ment are all sold ; then the full record is here made, consisting of the date 

 upon which the consignment was closed out, the Consignment No., the 

 owner's name, address, and articles received, with weight, price realized, 

 and the total amount for which sold, which amount is the total " Consign- 

 ment Credit." Then the charges for freight and drayage are transferred 

 11 the Receiving Book into the columns here representing same, and 

 our charges are made in the " Sundry " and " Commission " columns ; the 

 total charges are now extended into the column representing same, which 

 amount is the total " Consignment Debit." The difference is next found 

 \ uen the total charges and the total sabs, that difference is extended 

 into the " Net Proceeds " column to the personal credit of the consignor, 

 and when remittance is made for the net proceeds thus credited, the con- 

 ior is debited under the head of " Personal Debit." So this book is at 

 once a Consignment Book and a Ledger in one ; i. e., instead of an account 

 being opened with the consignor in the Ledger, his account appears here 

 in the " Personal Debit " and " Personal Credit " columns. By adopting 

 this method the totals of our " Sundry " and " Commission" columns may 

 be found, at the end of each month, and the amounts thus gained posted 

 lie credit of those accounts in the general Ledger. When we are re- 

 ceiving several consignments from the same person, a page may be reserved 

 fr that person and all his consignments entered thereon; and whenever 

 he makes drafts on us " in round amounts" on his consignment account, he 

 it u r -- 1 under the " Personal Debit " for such of those drafts as we pay. 

 tJ.l* When the method described in 247 to 251 is adopted, either of the 

 funns -1") \- or '2~>~) may be used. When an amount is posted to the credit 

 of the Consignment Book, the Sales Book page or Cash Book page 

 :i which may be found the original entry of the sale is here inserted ; 

 and \vh--ii an amount is posted to the debit side of the Consignment Book, 

 tip- Cash l;<">k page upon which may lie found the ori^inul entry for the 

 Jit and cartage c inserted. Thi> same " folio " column is used 



in which to enter tl. to which we post the tor uiir 



for Commission, Insurance, etc.; and also the Ledger page to which 

 oated tl it being thought unnecessary to make an 



M any other !... k before transferring these amounts to the Led 

 AS the enLi \ r-tly clear to us and does not re.juire any elaboration 



ay of a "Journal entry " before going into the ledger. 



