THE EXD OF THE YEAR. 087 



\W allow the Lost Accounts and Note.3 account to stand until the last,, 

 and finally close that account also, and carry it into the Loss and Gain 

 account. 



!). In closing the books at the end of the year / must be left 



; h.e Ledger but Resources and Liabilities ; and notl -f be carr 



> the Los* and Gain account but Losses and '/ See Ledger 



under " The Corner Stone.") 



rilKJ. Fou I-'!'. 1 1 ,-i\ inic thus carried over to the Loss and Gain account 

 all the accounts upon which we have lost or gained, we find tin- ditl'-rence 

 between the two sides of this account, which difference is either our net 

 business loss or our net business gain, we then dispose of that loss or 

 gain according to instructions found in paragraphs 278 to 284. 



*.JtJ 1. When a transaction is posted, the same amount is entered in the 



le of the Ledger that is entered in the credit side (see 28) th 

 fore, if no mistakes are made, the two sides of the Ledger, at the end of 

 each month, should exactly agree. I say "at the end of each month," 

 because there are very few houses who do not reserve the debit and 

 iit to Merchandise until that time, and then post the total for the 

 month in one entry to that account. They often have several extra 

 columns in tln-ir ( 'ash Books and Journals for different accounts, which 

 necessitates but one posting per month to each of these accounts ; th 

 of course, the Ledger would not balance until all those totals were post 

 By thus having these extra columns, double entry book-keeping is redu 

 to the simplicity of single entry, with very little additional labour. 



29T Wh-n we close an account, and carry the amount to some 

 account, w- always carry the amount to the same side of th> /. / / on 

 ' was before; therefore, the Ledger is never thrown out of lul.r 

 fan account. For example: If the debit side of th.- I 

 e account be the larger, we close this account, and carry tli<- amount 

 to th- d of the Loss and Gain account; if tli of In- 



st account be the larger, we close this account, and airy the amount 

 io of Loss and Gain account. 



