HOIV TO KEEP FARM ACCOUNTS. 



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LOSS AND r.AIN. 



316. This account is kept to show the final snniminj: »p of 

 all our losses and gains for the year and is debited and credited 

 as follows: 



Debit. 



217. At the end of the 

 year for all the accounts upon 

 which we have lost during tlie 

 year. 



Credit. 



218. At the end of the 



year for all accounts upon 

 which we have gained during 

 the vear. 



AT THE END OF THE YEAR. 



219. To close: Find the difference between the two sides. 

 If the debit side be the larger the amount it exceeds the debit is 

 the net gain for the year. If the debit side is the larger, the 

 amount it exceeds the credit side is the net loss for the year. Re- 

 ferring to the examnle i Plates 90 and 91). the credit is the larger, 

 so we enter the amount it exceeds the debit side, in red ink. on 

 the debit side, the date, and "To -J. Fox." after which rule the 

 closing lines and enter between them, in black ink, the total foot- 

 ings. The amount the credit side exceeds the debit is the net gain 

 of Fox for the year, and after this account is closed, we carrv" this 

 amount of ?2,123.57 to the credit side of the J. Fox account. Then 

 to find his present worth, proceed as explained under the head of 

 "Proprietor's Account"' and illustrated by Plate (!0 and Gl. 



132 



