AT THE END OF THE YEAR. 



320. At the end of the year, when your Ledger is in bal- 

 ance, and you want to close it to ascertain what you have made 01 

 lost, proceed as follows: 



pirst. — Take an inventory of all Live-stock, Products, Imple- 

 ments, Feed, and Real Estate you have on hand at that time. 



Second. — Close all accounts in the Ledger upon which losses 

 or o-ains have been made, as instructed under each. 



Third. — Having carried all accounts upon which losses or 

 gains were made into the Loss and Gain account, we close thai 

 account as instructed. (Refer to Loss and Gain Account.) 



S21. It is well to remember, in this connection, that when 

 we close the Ledger at the end of the year, nothing is left in it 

 but those acounts showing either a Resource or a -Liability, and 

 that nothing must be carried to the Loss and Gain account but 

 those accounts upon which we have lost or gained. To help you 

 decide what are Losses or Gains and what are Resources or Lia- 

 bilities, bear in mind that if the debit side of an account is the 

 larger it is always either a Resource or a Loss. That when the 

 credit side of an account is the larger it is always either a Liability 

 or a Gain. As the Resources and Liabilities are not carried to the 

 Loss and Gain account, we must pass them by and do nothing with 

 them. But if the debit side be the greater, and a loss, then balance 

 the account and carry the loss to the debit side of the Loss and 

 Gain account. If the credit side of any account be the larger, and 



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