184 FARM ACCOUNTING 



and Income account should be established, to which is cred- 

 ited the wood charged to the household or sold for cash; 

 also any income from pasturage. This expense and income 

 account is charged with taxes and (under the cost method) 

 with interest on the property. 



When the land is cleared for tillage, the cost of grub- 

 bing and disposing of stumps is properly charged to the 

 property account " Woodland " in order to arrive at its 

 cost as tillable land. After it is cleared, the balance of 

 the account is transferred to Land account. 



Bees. The operations of bees are recorded in the account 

 bearing this tit IP. It is charged with the inventory at the 

 beginning and all expenses of operation; and is credited 

 with the income and tin- inventory at the close of the pe- 

 riod. Any balance remaining after these entries, is carried 

 to Loss and Gain account. 



The inventory, for purposes of this account, consists of 

 the value of the hives, honey, and all apparatus main- 

 tained for special use in connection with the bee industry. 

 Care should be exercised in valuing the swarm, on account 

 of the uncertainty of its duration. A low nominal value, 

 if any, should be used. 



Partnership. The form of the organization of an enter- 

 prise does not alter the principles of recording transactions 

 except at the beginning of business and at the close of a 

 fiscal period. 



There have been only two principles presented up to the 

 nt subject that do not apply equally in a single pro- 

 prietorship or in a partnership. Those two relate to the 

 opening of the books at the beginning; and the closing 

 entry. 



In the case of a partnership, the opening entry credits 

 the capital in two or more amounts depending on the num- 

 ber of partners. The closing entry credits each partner 



