SYSTEM OF ACCOUNTING FOR COOPERATIVE ASSOCIATIONS. 15 
FORM 9. 
ACCOUNT OP SALE. 
THE EUREKA PRODUCE EXCHANGE, INC. 
Aurora, Del., June 25, 1914. 
Sold for account of 
T. C. Lunford, Frankford, Del. 
Frankford Station. . Check No. 4007. 
Date 
shipped. 
No. pack- 
ages. 
Grade. 
Description. 
Price. 
Amount. 
6/8 
20 
xxxx 
Gandys 
$2.90 
$58. 00 

Commission 
2.90 
Net proceeds 
55.10 
LEDGER. 
No special ruling is required for the ledger leaves, but the usual 
stock form is used. The advantages of loose-leaf ledgers over the 
bound are obvious, and, judging from the manner in which they 
have superseded the bound books in the business world, it seems 
hardly necessary to enumerate these advantages here. 
It seems fitting, however, to sound a note of warning regarding the 
misuse of the loose-leaf ledger. Under the loose-leaf system a 
separate leaf is required for each account. The cost of the leaf is so 
small that there is no reason why an individual leaf should not be 
given to each customer, no matter what the size of the account may be. 
To try to economize by using each side of the sheet for a different 
account or by placing several accounts on one sheet serves only to 
defeat in a large measure the advantages to be gained by the use of 
the loose-leaf ledger. 
OPENING THE BOOKS. 
In opening the books to be kept by the double-entry method for a 
newly formed organization, the only asset invested is cash received 
from stock subscription or membership fees, and there are generally 
no liabilities. An entry in detail is made in the cash book showing 
the names of the members and the amounts paid in. The total of 
these amounts is credited to the Capital Stock account. The balance 
of the Capital Stock account at all times should represent the par 
value of shares fully paid up. 
If payment for the stock is not made in full, but on the installment 
plan, it becomes necessary to open two more accounts in the ledger: 
Stock Subscription and Subscribed Stock. The Stock Subscription 
