206 FARM ACCOUNTING 



Nov. 6. Sold for cash 50 tons of hay at $13. 



Nov. 25. Sold some hogs for- $780 cash. 



Nov. 30. Frank withdrew $300 for private use and Fred with- 

 drew $50. 



Dec. 12. Paid carpenters for addition to barn, $390. 



Dec. 16. Fred paid the balance of $30 rent on tenant house. 

 (Same as transaction of May 1.) 



Dec. 31. Frank's household used during the last three months 

 dairy products valued .it > .'M) and poultry products valued at $15. 

 Fred's household used dairy products valued at $20 and poultry 

 products valued at $15. 



Dec. 31. (a) Post all entries to the ledger, including totals of 

 all but the Sundry columns. 



(b) Make the calculations and entries necessary to carry out 

 the provisions of the copartnership agreement which have been 

 designated in this problem under date of Jan. 1 as (c), (d), 

 (f) and (g). 



(c) Post the entries made under (b) above. 



(d) Tata off a trial balance before considering inventories. 



(e) Make the proper entries in the Comparative Inventory 

 Record, considering the following facts: 



All items of equipment on hand at the beginning of the year 

 were on hand at the close. In addition, any new equipment 

 bought during the year is to be considered. 



Products on hand were as follows: Wheat, 200 bu. at $1.60; 

 oats, 500 bu. at $0.50; corn, 200 bu. at $1.10; timothy hay. JO 

 tons, at $10 ; oats straw, 10 tons at $6 ; wheat straw, 10 tons at $2. 



Livestock inventory was as follows: Horses, 9 hen 

 mules, 6 head, $810; cattle, 17 head, $660; 30 hogs, $480; 90 

 chickens, $65. There were 30 tons ground limestone, $60. 



(f ) Considering inventories, prepare a Loss and Gain account, 

 close its balance into Drawing accounts, and rule off the ac- 

 counts, bringing down inventories below the ruling when neces- 

 sary. 



(g) Prepare a trial balance after closing which may be con- 

 sidered also as a Statement of Resources and Liabilities as of 

 Dec. 31, 1917. 



(h) Prepare a Change of Wealth Statement as of Pec. :U. 1017. 



