THE FAEM RECORD 489 



at the close of the year is the total assets at the close of the year. 

 Subtracting from this amount any liabilities shown by the ledger 

 accounts gives the net worth at the close of the year. This net 

 worth or proj^rietorship should be the same as that obtained by 

 adding the gain of the year to the proprietor's account balance 

 as described above. 



Profit as a farmer.— The net gain for the year plus a ''loss" 

 on Household or minus a ''gain" on Household equals the profit 

 from farming operations. 



Continuing the accounts. — The profits having been deter- 

 mined and proved, the accounts for the next year are started in 

 the same way as for the beginning of the first year. Care should 

 be exercised in ruling off or otherwise separating the accounts 

 of two successive years. 



