357 



Page 130. 

 December 3. 

 To Land 



See Property account. 

 Valuations ... 

 See Valuation hook. 

 Cash 

 See Cash account. 



LEDGER. 

 BALANCE ACCOUNT. 



December 31. 

 200 o o By Capital ... 



See Capital account. 

 222 3 o Balance (Gain)... 



53 5 <> 



475 8 



449 o o 

 26 8 o 



475 8 



Page 135. 



BILLS ACCOUNT. 



Bills Receivable. 



Bills Payable. 



Having finished the posting of the journal accounts into the 

 ledger up to the end of the year, we must turn our attention to the 

 valuation book, in which is entered a list of farm property, viz., 

 live stock, crop, working plant, improvements and their respective 

 values. Care should be taken to give a proper valuation in order to 

 ascertain the exact state of affairs. In the valuation of implements, 

 full allowance should be made for wear and tear ; the amount 

 representing the depreciation in value should be in proportion to 

 the time they have been in use. In the value of improvements, the 

 money expended on such represents their value, but in the course 

 of time this will diminish, consequently a certain percentage should 

 be taken off the original cost. In these matters the farmer must use 

 his own judgment to ascertain what is fair to allow for deprecia- 

 tion. For the purpose of an example I have taken off 10 per cent, 

 from the value of the live stock, working plant, and improvements. 

 The valuation book might be kept as follows : 



