HOIF ro KEEP FARM ACCOUNTS. 



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THE I'HOPHIETOKS ACC^OUNT. 



106. This account represents the owucre interest in the 

 farm. It shows the amount of bis investment in the beginning, 

 tlio additional investments lie urakes and wlial he witlidraws. It 

 also shows at (he time of closinii how much he has gained or lost 

 and his net capital or net insolvency. 



107. This is true wiiether there be but one proprietor or sev- 

 eral, but when two or more persons unite in conducting a busi 

 uess it is called a partnershi]>. In cases of nan ueisliiii. an ac- 

 count is opened with each of the partner, and each of them 

 credited for what he ])uts into the business and debited for what 

 he withdraws. 



108. Usually, if one proprietor, or several, two accounts 

 are opened with each. One showing the investment and the other 

 (])rivate account) showing what he draws for iicrsoual use and 

 his salarT, if any. Hut for ordinary farm purposes two acounts 

 are not necessary. In this set the proi)netor's account includes 

 his personal account as well, and at the end of the year, he is 

 credited \\itli the salary to which he thinks he is entitled and the 

 nci gain, if a paiM ncrshi]). each pariiicr's account would be kept 

 in the same maniu'r — the division of the net gain or net loss 



94 



