HO IV TO KEEP FARM ACCOUNTS. 



AT THE END OF THE YEAR. 



160. To close this acoounT: We write mi tin- credit side, 

 in red ink, the amount of all stodc and produce we have on hand 

 as shown by the inventory. Then find tlie difference between the 

 two sides, and the amount the credit side exceeds the debit will 

 be the gain or amount of sales for the year. Next write on the 

 debit side, in red ink, "To Loss and Gain" for amount gained or 

 difference between the sides which makes the account balance. 

 Now, rule the closing lines and enter the total amounts be- 

 tween them, after which write on the debit side below the closing 

 lines, the date, "To Inventory" and the amount of the inventory 

 all in black ink. (See Plates 68 and 69 as an example.) 



After closing tlie account as above, the amount gained (in the 

 example given $4,043.50) is carried to the credit side of the Ix)ss 

 and Gain account (See Plate fll) writing on the credit side of that 

 account, in black ink, "By Production" and the amount gained. 



108 



