BOOK-KEEPING. 



JOURNAL, Jan. 1805. 



Sales y ^^^ Nancy Dr. to Sundries. 



To Charges on Merchandi 



To Commiffion 



To Intereft 



To Millman a\id Son, for 



net proceeds of 10 pipes 



of port, as "If S. B. 



1 



196 II 

 8 18 



i 5 

 149 17 



12 III 



LEDGER. 



The rules ah-eady laid down in tha introduaory part will 

 appk in all cales that can occur for polling the journal into 

 the ledcrer : fome further explanations, however, may be 

 here ufelul with refped to new forms and arrangements. 



In the following ledger the accounts are arranged in the 

 fame order as in the journal, except in folios 2, 3, and 4, 

 where articles, which arc often referred to at the fame time, 

 are contiguouHy placed, to fave the trouble of frequently 

 turning to the index. This method of claffing accounts of 

 the fame defcription is found very convenient in extenlive 

 bnfinefs ; but in the theory of book-keeping it is more obvi-- 

 ous and regular to follow the order of the journal. 



When all the accounts are opened in the ledger from the 

 inventory of ftock, let the fubfidiary books in the journal, 

 for each month, be polled in the following manner : 



l.TopoJl the journal of the cafi booL 

 Debit the calh account— to fundries, for the amount re- 



''"cre'dit the caft account— by fundries, for the amount 



^^ ' Then, for the fecond or double entry. 



Credit each account feparately— by c^, for the refpec 



live fums received. „ r i. r 



Debit each account feparately— to cafh-< for the refpec- 



tive fums paid. 



2. To pcjl the journal of the bill booi. 



Debit bills receivable— to fundries, for their whole amoiint. 



Credit each perfonfrom whom they have been received— 

 bv bills receivable for their refpeftive amounts.— Again, 



Credit bills payable— by fundries, for their whole amount. 



Debit each perfon for whom they have been accepted— 

 to bills payable, for their refpedive amounts. 



3. Topojl the journal of the invoice booh. 



Debit the perfon to whom the invoice is fent— to fundries, 

 for the whole amount. , • r 



Credit merchandize, charges, commiffion, and inlurance 

 refpeftively— by the faid perfon, for the refpedive fums an- 

 nexed to thefe terms. , ■ t 



When feveral invoices are journahzed together m columns, 

 (as in page 5 of the journal,) the whole amounts of mer- 

 chandize, charges, commiffion, and infurance, are each polled 

 in one entry. This amngement not only faves labour and 

 repetition in the journal, and affords checks agamft error, 

 but it alfo greatly Ihortens and fimplifies the ledger, ilad 



C 



thofe fix invoices been joumalized feparately, there muftliavc 



been twenty-four cntri-js in the journal, and the fami-num- 

 ber in the ledger, which, by this method, are comprikd ui 

 four. 



4. To pofl the journal of the falfs look. 

 Debit the perfon or perfons to whom the coiingnmcnt is 

 fold— to fales ( (f the (hip's name) for the amount, -and 



Credit charges, commiffion, intcrell, and the coiiligncr — 

 by fales for the fums annextd to tlicfe titles refpeaivtly. 



Some merchants open alfo a general account of fales, to 

 which they transfer the amount of Dr. and Cr. fides of the 

 faiSory book. . , 



When the other articles of the journal are polled', a trial 

 balance (hould take place. This ufeful check may be ap- 

 plied either monthly, weekly, cr daily, according to the cji- 

 tent of the buiinefs. 



In making the general balance, the refidue of funded pro- 

 perty, honfes, lands, furniture, fcips, or goods unfold, is fet 

 down at the firll coll ; but in real bullncfs, it is more corretl 

 and fatisfadory to enter fuch balances at tlieir aftual value, 

 and to debit or credit profit and lofs for the diflerencebetwecu 

 their prefent worth and prime cod. Such a valuation be- 

 cojTies'neceffary, when any change takes place m the hrm of 

 a lioufe, or in the terms of copartnerfnip ; and in order, at 

 any time, to make a true ellimate of profit and lofs, intereft 

 (hould be charged on all property as well as on debts. 



Partnerfhip accounts are made very obfcure and perplexing 

 in ■moil old fvftems of book-keeping, though in 1 al bulincfs 

 no fuch difficulty occurs. The general pradice is to keep 

 the books of a joint concern as if they belonged to one per- • 

 fon only :— to open a feparate account for each partner like 

 that of any other individnal.and on clofmg the books to di- 

 vide the profits and lolfes according to the terms of co-part- 

 nerlliips. 



Alphabetical Index to the Ledger. 



Adventure to Jamaica 



B 



' Bills receivable 

 Bills payable 

 Bioadlcy, Richard 

 Balance 



Caft 



Charges on merchandize 

 Comniiflion 

 Chulmley, William 

 Connor, Edmund 



D 



Debentures 



Funded properly 

 Farm in Kent 



Gibfon and Carr 



H 



Houfe at Richmond 

 Houfehold furniture 

 Holland, George 

 Hampton and Co. 

 Houle e^i'ences 



Infurance 

 Inwreil 



Kimpton, Edward 



Le Coin, Charles 

 Lanios, William 

 Lighitoul, Samuel 

 London affurancc company 



M 



Merchandize 

 Millman and Son 



Ptmbcrton, William 

 Prime, James 

 Profit and Lofs 



Stock 



Ship Charlotte 

 Smithfon and Co. 

 Sales, per the Nancy 



W 



Wilfon and V.inelli 

 Winter and VVeft 

 White, Edwajd 



FOL. 



3 

 8 



17 



4 



5 



6 



7 



