IMAGE EVALUATION TEST TARGET (MT-3) 1.0 I.I 1.25 [fl^ IIM •^ 1^ IIIII2.2 ^ u^ lllllio 111= 1-4 ill 1.6 9m /] ^a // ^ •> '/ ^ CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions Institut Canadian de microreproductions historiques 1980 Technical Notes / Notes techniques The Institute has attempted to obtain the best original copy available for filming. Physical features of this copy which may alter any of the images in the reproduction are checked below. □ Coloured covers/ Couvertures de couleur Coloured maps/ Cartes gdographiques en couleur L'Institut a microfilmd le meilleur exemplaire qu'il lui a 6t6 possible de se procurer. Certains ddfauts susceptibles de nuire d la quality de la reproduction sont not6s ci-dessous. 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The original copy was borrowed from, and filmed with, the kind consent of the following institution: National Library of Canada L'exempiaire fiim6 fut reproduit grdce d la g6n6rosit6 de i'6tabiissement prdteur suivant : Bibllothdque nationaie du Canada iVIaps or plates too large to be entirely included in one exposure are filmed beginning in the upper iflft hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes ou les planches trop grandes pour dtre reproduites en un seul cliche sont fiimdes d partir de Tangle ^updrieure gauche, de gauche d droite et de haut en bas, en prenant le nombre d'images ndcessaire. Le diagramme suivant iliustre la m6thode : 1 2 3 1 2 3 4 5 6 "— ■"^^■^^■fl" T .'«!tl'-< 'A ♦;» I r n '/ Theoretical and Practical «4^ # M. 1 e^-'' H^is m BY hMt fctry : CONTAINING . Presenting a good course of Mercantile training, ' ■ WITH NUMEl OUS EXERCISES AND USEFUL FORMS FOR PRACTICAL USE, TO WHICH ARE ADDED ^ ^HOF(T -pOI^IPEJMDIUM OF j!!5oMMEF(CIAL J^^W, In reference to Contracts and Negotiable paper, AND A ^T^acahulav^ of '^JHcrcanitle ^evm^ rviih fhcir (Bc{uxvaieni in French. / BY Rev. I, a. DEBLOIS, At St Anne de la Pocatidre, P. Q,. ST ANNE DE LA POCATIERE : " FINTED BY FlRMIN H. PrOULX, PUBLISHER AND EDITOR OF " La Gazette des Campagnes. " 1887. >*S«f* /< *ji" *<*s »*• «*»** OA '/urvn :j r 0'.: ;.*,i.£'l' .....f'Aii >+^ . '•JiA'JUii^: Wi f.l- .OK Entered according to Act of Parliament of Canada, in the year one thousand eight hxindrcd and eighty-seven, by I. G. Deblois, in the Office of the Minister of Agriculture. i:<. ^-6 . , ..(J • <■.): ,. iv^t .YflTxa 5taa ca ■iiijoooi: ;■'.< !Ui-i.'tJjl. '• ^t.' O ontem.ts. Table of Contents 7 Mercantile abbreviation 9 Preface IQ BOOK-KEEPING BY SINGLE ENTRY. General Principles and Rules. CashBcok Day-Book Rules for the Day Book Ledger — Rules for same ,-.. Day-Book Ledger CashBook Statement of Resources & Liab. 13 14 16 17 18 Posting 18 Accounts 20 Trial Balance 22 Balance Sheet 22 Auxiliary Book 23 Day-Book Index to Ledger. Ledger... Trial Balance Routine fjr Cash Book. Sales Book SET I. 25 Exercises for practice. .....r.... 27 First series 33 29 Bill Book 3^ 31 Trial Balance ^5 SET II. 36 40 41 45 46 47 ■•'rj?3iiO-:0 Domestic Invoice Book,...?..**'; >^9 Statement 51 Exercises for practice... .....:-ir_"i Second Series, Mem. 1 52 " " " II 52 Time Book 55 BOOK-KEEPING BY DOUBLE ENTRY. Instruction 56 Theory — Day Book 67 Journal , 58 Rules in Journalizing 58 Questions relating to Rules.... 59 Exercises in Journalizing 60 Classes of accounts 65 Ledger — Closing the same 66 Order of Closing 67 Auxiliary Books 71 Practical Hints to the learner. 72 SET I Day-Book 73 Journal 75 Ledger 77 Trial Balance 80 Inventory 81 Statements 81 Exercises for the learner First series 83 Bills 84 Exchange — definition 85 Forms of set of Exchange 87 Diverse Forms of Bills, Ufts, etc 89 Bill of Lading 94 J a> CONTENTS. O "^ trV^'^.'-V^'i'.' SET II.— continuation of Set I. Cash Book 110 Bill Book 112 Trial Balance 114 Day Book ,„. 95 Journal .^.'.. 99 Ledger 103 Balance Sheet.,^ 108 ■tSU'lJ floilftf).,... .}.»... SET III. — continuation of Set IT. Day Book...';i;>l/:i.'. 115 Account Sales Book 129" Journal.. ..MV;:.'.; 119 Ledger... :IL.....'... 122 Trial Balance 128 .j:-.yij;i:i ... .6oiiu-wHiil SET IV. „ , .yTO^O'^NrnJ.. ........... ^ ^„ 'Remarks............;....... 133 Memoranda 133 Journal Day Book 135 Trial Bal., and Inventory 141 Bank Book 142 Letter Book 143 Commission Sales Book.... 131 Exorcises for the learner 131 ' ?■ .. ..jja Exercises for the learner....'.'.".' Memoranda '..^^V Changing Single into '" V ' v^ .j Double Entry ...'..■.*.'.. IW Process of Changing 153 , -Jl^iJ .T3doJ'X>..i., BUSINESS SERIES. l!t2:"-'""'--^'9, Set I. — Produce Business — Single Proprietor...:....?..'!.;.;'.."...,'. '155 ' Set II. — Grocery Business — '* " .4 155 Set III. —Dry Goods Business— '' " IwVU'i.. 156 Set IV. —Furniture Business— " " 156 Set V. — " " continued, Two Proprietors 157 Set VI. — Grocery and Provisions " " " 159 Set VII. — Produce and Commission " Single Proprietor.... 160 Instruction*, i. ...v 164 Narrative for May 166 " i<.i,«', June 167 " " July 168 " " Aug. and Sept... 169 Personal Accounts 170 FARMER'S SERIES. S'^T. Loss and Gain Accounts 17.7; Balance Sheet 194; Results of the year .............. 194 Inventory 195 Index to FaI•^^^yj3' Form J 9A , ^niyuUi.', , d-A COMMERCIAL LAW. Contracts.............. 197 " Consideration fof the validity of Contracts 200 TOtiabfe Papeif:,;; ;... 203 of Exchange'.... 208 *v Liabilities connected witli Negotiable Paper 210 Presentment 213 Vocabulary..„.li/'.| 215 Tjie following is a lis/ of the abbreviations commonly used Mi . in Book- Keeping : ,, . Ac't or ajc Account. Agt Anient. Am't Amount. Ans Answer. tav(sr,: Apr April. @ At. Aug August. Bal Balance. Bbl Barrel. B. B Bill Book B. Pay Bills Payable. B. Rec... Bills Receivable Bo't Bought. Bro't Brought. Bus Bushel. Cap Capital. C. B Cash Book., Co Company. ;*"" Consigt. or cons't. Consignment. Com Commission. Cr Creditor. C. S. B.... Commission Sales Book. Cts. or c Cents. Cwt Hundred Weight. Do. or " The same. Disct Discount. Doz Dozen. Dr Debtor. Ds.... ;.;,.'.... .....Days. D. B...'.v.;.i......Day-Book. Ea Each. E. E Error Excepted. Exch ....Exchange. [Feb February. Fol Folio. ^ '■"►"•' For'd Forward. Gal Gallon. Hdkf Handkerchief. Hhd Hogshead. ,. ,.,t,yt, I. B Invoice Book. < ■,^\ Inst Instant. ' \ Int Interest. Ins Insurance. Invt Inventory. lbs Pounds. '^ Led Ledger. Mdse Merchandise. Mos Months. No Number. j Nov November. Oct October. ®2o Per cent. Ez Ounce. Payt Payment. Per. or Pr By. .Petty Cash Book, > P. C. B. Prem Premium. Ps Pieces. Qrs Quarters. Rec'd Received. R. R Railroad. S. B Sales Book. Shipt Shipment Sept September. Ult Last month. Viz Namely. Yds Yards. Yr Year. Jvfc 7 Page 58, last line; overated, " 87 second " examples " 133 eighth " indentity " 135 twenty eighth, at 6 mos. " 163 fourteenth 67.58 read overrated " example " identity " at 4 and 6 moa " 67.20. PMEFACE, ™nr«.*„,. I^ai 9ea(ui The reiterated entreaties of friends and of venerable members of the clergy to publish, in book form, the lessons of the course of Book-Keeping as are imparted to the scholars of thia institution for years past, have determined us, though not without hesitation, to consent to the publica- tion of the present volume. This book has not the pretention to improve materially the excellent works on Book-Keeping in use in the High Schools and Academies both of this country and the United States. It is intended rather to facilitate, to vulgarize as it were, this almost indispens- able branch of learning, by simplifying the method of teaching i^; and furnishing our classical Colleges specially, a short and methodical manual on the science of accounts. The time allotted by the programme of stu- dies generally received in those institutions has also been taken into consi- deration. Although the time employed for that study in the Colleges is limited, yet, the present manual carefully perused and followed, cannot but be of great service to the scholar, whether his aim be at embracing a liberal profession, or engaging in mercantile persuits. The idea of giving the student of the classical Colleges a commercial training is due to Rev. T. B. Pelletier, a Director of the College of Ste Anne de la Pocati^re, some forty years ago. That earnest educator of youth, convinced of the deficiency of the College studies to meet the wants of our people, resolved to introduce a commercial course with the study of the two languages spoken in this province, before allowing the sholars to com- mence the study of the classics. He commenced the reform in his own establishment, notwithstanding the opposition which the novelty could not fail to raise against it. The new system proved so fruitful in results that, little by little, nearly all the colleges of the province have adopted it to the great benefit of our population. j.., The work may DO divided into three parts. The first part embraces the method of Book-Keeping by Single-Entry. The writings or practical part is prececded by a series of short questions and answers on the rules PREFACE, II and principles of Book-Keeping, and is specially adapted to a retail buai- nesB. Two complete sets are given as models to the students ; these are fol- lowed by several practical cxercises'designcd to test the scholar's knowl- edge on the forms he has just studied. Some teachers are of opinion that the pupils should be made first to commence by Double Entry ; othersj, would have them to begin with the more easy and simple method of Single-Entry. It seems that the latter opinion should be held ; for it is but natural to go from easy to more dif- ficult. When Single- En try is thoroughly understood by the pupil, he iS made to proceed without effort to the more complicated method of Double- Entry. Another consideration called for this arrangement in the book : Double Entry is admitted to be a superior method for extensive business, from its more excellent tests for determining results, and proving the correctness of the work ; yet, notwithstanding this deficiency of Single- Entry, it is much more used than Double Entry ; its utility is therefore too apparent to be for a moment doubled. It is wanted by the great num- ber who do not want Double Entry, by those who have not the time to ao. quire it, and by those who are too young to profit by it. It is an erroneous idea also to suppose that accounts cannot be kept by Single-Entry, and proved, and balanced whenever it is desirable to do so, with the same precision as in Double-Entry. By referring to the second series of this book, the student will be enabled to prove that every sum in the Ledger is posted correctly, and that a balance can likewise be correct- ly obtained. — To balance the accounts correctly, and to arrive at determin- ing the net gains or the net losses correctly, such is the object aimed at in the keeping of all accounts, such can also be easily obtained by Single Entry. The second part contains a lengthly course by Double Entry. As in the proceeding part, the principles are first laid down by questions and answers to be learned by the pupils before he comes to the practice. The cathechetical form of the rules and principles on Book-Keeping was preferred, from a conviction that it is best adapted for communicat- ing instruction to pupils in general with more ease, distinctness, an4 effect. 12 PREFACE. 1 } I A feature peculiar to this manual is the introduction of an clahora'« and complete series for the use of farmers. At the present time, thero is probably no clasBical work on Book Keeping, at least in this oo' ntry, giving the student a mode of keeping these accounts in a satisfactory manner. By the perusal of the pages of that scries, the student will easily understand how all kinds of accounts relating to the farn*. can ho kept, and show results, as exact as those of any other kind ; buiincss. The third part comprises a treatise of Commercial Law on contracts and notes. This is designed for the students who have acquired a fair knowledge of Book- Keeping, and are about to enter into active business. It may serve as subjects of reading and conversation for the teacher and his scholars. It consists of rules of evidence and general rules of law in re- lation to constracts, notes, bills of exchange, etc. This part comprises also a vosabulary of commercial terms with their equivalent in French. No one, in this province, will call in question the utility - say the necessity of such a vocabulary. From it, the student, the merchant will find the true expressions in the language he speaks, and so avoid making use of that barbarous compound of sounds of two languages BO diflFerent, which we regret to hear often among our business men. f I What is Book -Keeping by Single Entry ? iT .v^^at hti* ,4ns, — Book-Keeping by Siogle-Eutry, is the method of keeping to- counts (1). It is so named, because the original businesa transaotioiui are entered, only oroe, in a book called Ledger 3 What is a business transaction ? An$. — A business transaction is an exchange of values. S What bookj are generally used in Single-Entry ? An$, — The following books are generally used in Single-Entry : Cadi-Bool:, Day-Book, and Ledger. To these are sometimes added: Invoioe* Book, Sales-Book, Bill-Book, and Check-Book. "" 4 Which of these books appear indispensable in every business ? * Am. — The books which appear indispensable are ; the Cash-Book, tho Pay-Book, and the Ledger (2). (I) £very pemoD, engaged in business for himself, sbonld keep a book of acme kind, in which to record all his traDBaotions. The meeha«io, <^« farmer, the profesaional man, etc., aboold keep an aocoant with every person with whom they deal. For no one should traat traosactiona o( pecuniary aatare to his memory alone. (9) Theae are the only books commonly kept by retail merohaiata. 8 14' BOOK-KEEPING. ■"-J S What dees the Cash-Book contain ? ' ? ■ 7 ' ;o;?> . : < '^ , ul««. — The CttBh-Book contairs every sum of money reccfivod, and eveiy eum of money paid out. 6 Ib the Cash-Book a very important book ? "W '^^ Ans, — Of the books used in keeping: accounts, the Cash-Book appears one of the most essential, and no one should ever attempt doing business •:, without it (3). 7 "What will be the first entry in the Cash-Book ? "^ j4ns.-^The first entry in the Cash-Book will be one that shows the aimount of money on hand, at the beginning of the business. 8 What will be the second entry in the Cash-Book ? ^' ' ' Ana. — The second entry in the Cash-Book will be the first sum of money received or paid out. .• 9 On what, side of the Cash-Book are the sums your received entered ? '^' ■■'"■;.■"'■ • '. ■ : -^^ ./<:-^'\- :■':-: . ■.■ ■■■•.'.- * "■ ^tt«.— -The sums of money received are «ntered on the left side column of the book. v , 10 On what fade of the Cash-Book are the sums paid out entered ? Am. — The sums of money that are paid are entered in th« column on the right aide of the book. i I i i i' (3) Retail merchants often neglect to use this book. la this, th' y do not cer- tainly aim at their snrest intereet, for it is the best daily test for pro- ving the exactness of the business conueCted with caeh. It is true, the ' amount of cash on hand may easily be foand at any. time by counting, bail this process affords no teat as to errors, omisbions, improper ex- penditurd* SINGLE-ENTRY. 15 1 1 How arc the columns of the Cash- Book headed ? Ans.—The kft-baud column is headed " Dr. '" (Debtor), a'^d the right- haud column " Cr. " (Creditor). ■ ■ ' "'V " 12 When is the Cash-Book clo&'d ? Ans. — The Cash-Book is closed daily or weekly, when the businewi of the day or week is over. , , . , 13 How is the Cash Book closed ? . ■ , . Ans. — The Cash Book is closed in the following manner : the sums of money received, and the sums paid are added in their respective columns, the difference of the columns serves as a heading for the next day's cash transaction. 14 With what should the difference of tlie columns of the Cash-Book correspond? ,:, , -./--.. i4n».— The difference of the columns of the Cash-Book should correspond, with the exact amount of cash on \and. 15 Which side of the Cash-Book must show the greater amount ? ■•., Ana. — The Debtor, or left-hand side, must show the greater amount, because the Creditor side can never exceed it. 16 Why cannot the Creditor side be greater than the Debtor ? Afis. — The Creditor cannot be greater than the Debtor, because more cash cannot be paid out than we have money on hand. 17 Do you enter the sums received for retail sales, or paid for daily disbursements, separately in the Cash-Book ? Ans. — The .sums of money received xbr retail sales, or paid for daily disbursements are often entered^ia a small book called " Petty Cash- Book. " In tl.s evening, the columns of this book are added up, and two entries af« blade in the Cash Book, one on the Dr., for the money received, and the other oa the Cr., for the money paid ' out (4)'/ . . il^ if you were entirely out of money, which side of the Cash-Book would be the greater ? iln».— If we were entirely out of money, neither of the sides Would be greater, they would equal or balance. ,. . 10 What does the Day-Book in Single-Entry contain ? ^n*.*— The Day-Book in Single-Entry contains the statements of the trattsactions with persons only, causing them to owe us, or to our owing them. ''K'-"> .■■-■':.'''.■'.' ■'■'"''^^/:-'^- HO What fo«a t>f MCord is used in the Day-Book ? Am, — The form of record used in the Day-Book is direct and simple : firtt, ekpressing the names of the persons to be debit&d cr credited in the Ledger, then the name and quality of the goods oonstituting each transaction with the terms Dr. or Cr., and the amount. 81 What will be the first entry in the Day-Book ? An*. — The first entry in the Day-Book, will be one which shows my ca- pital, or what I commenced business with. 22 When should entries be made in the Day-Book ? Ans. — ^When the Sales-Book is not used, a minute description of all the items of the transaction should be made in the Day-Book, and as lOOlt tM they occur. H ^f^ By 04iQg thin method, the Cash-Book may then be oloued ouly once a we^'c or eten once a month; since a daily test may be hm\ fiotn tbo J^tty-Cwh-Book. SINGLE-ENTRY. 17 hows my ca- 28 Do you make separate entries of the persoas, or do you allow several names to come into one entry in the Day-Book ? ^ns.-^We may make separate entries or allow several names to oome into one entry, when convenience dictates it. 24 Do you particularize all the articles sold in the Day-Book ? An$. — We do particularize all the articles sold, unless, for the convenience of several, a hook is kept in which any person may write ; this hooks is called Sales-Book ; from this hook a summary entry, is made la the Day-Book (5). 25 Why do you, in every Day-Book entry, use the terms Dr. or Cr ? ^;i«. — The terms Dr. or Cr. are used in every Day-Book entry, because the persons connected with the transactions owe us, or wo owe them, and no terms appear to express that as well as Dttbtor or Creditor. 26 How do you know when a person is you debtor ? Ant, — A person is our debtor, when we can tell that such a person owes us. 27 How do you know when a person is your creditor ? Ans.r^X person is our creditor, when we owe him. * Rule for tlie ID ay Book. Every person who owes us, we make him Dr., in the Day-Book, and every one we owe to, we make him Cr. ; mention is also made of the reason or cause which makes him debtor or creditor. (5) Retail dealers do not genorally copy iha Iiivotoos they receive, but con- tent thamselves to file them oh a piu according as they receive them, inaltiDg an entry in the Day-Book fur the amount ouly. l8 , ,, BOOK-KEEPING. 28 What does Ihe Ledger contain ? • ." Ana. — The Ledger contains the statements of all the persons who owe us, or whom we owe, arranged under distinct heads called " Accounts. " 29 What is the utility of the Ledger, since what it contains, is found in the Day Book? V Ana. — In the Day-Book, the sums that a person owes us are scattered from page to page, from the beginning of the book to the end, but ;,. ^ in the Ledger, these sums arc all drawn on to one page, aud present, in one view, the result of our business with him. ,. - 30 What kind of transactions does the Ledger contain ? • ■ Ans. — The Ledger, as well as the Day Book, contains only such trans- actions as relate to persons. 31 From what book do you make entries in the Ledger ? t! f ■}. Ana. — Entries are made in the Ledger from the Day Book. 32 When an entry is written on the wrong side of a Ledger account, what is to be done ? ., ^1;?^. — When an entry is written on the wrong side of a Ledger account, it should not be erased, but the same amount is entered on the oppo- site side, writing " To " or " By error " ; the entry is afterwards made as it should have been at first. Hule for tlae Ledfsjer. Every person who is called debtor or creditor in the Day-Book, must have an account open in the Ledger, and there be debited or credited for the amounts for which he stands debtor or creditor in the Day-Book. I^osting. S3 What is Posting ? ^. Ana. — Posting is the process of transferring ihe Day-Book entries into the Ledger. fli ^ ^ SINGLE-ENTRY.. I9 3P o s T 1 3Kr ca- - 34 What is the first account opened in 'he Ledger ? ^n«.-r-Thc first account opened in the Ledger, is that of the person whose name stands first in the Day- Book (6^. . ; ,, -vr • ' , !., is found in H 35 When do you post ? Ans. — We Post once a week, or onco a month, according to the nature of the business. 36 In what order should the Day Book entries be posted ? Ans. — The Day-Book entries should be posted iu the order in which thoy occurred. 37 Why is the expression " To " or " By Sundries, " often used in posting?- . ■ . . . ,•■• ,.-. ..«.'., .-,•>_)'- • ■ Ans. — The expression " To " or " By Sundries" is used in posting when- ever the Day- Book transactions contain more than one item (7). 38 Is there any way to prove that you have posted correctly ? Ans. — There is, by ascertaining the diflFerence between ihe debtor and the creditor sums in the Day-Book, and the difference between the debtor and the creditor sums in the Ledger, if these differences are aliko the proof is obtained. . . .. ', 39 What is the Index ? ^ / Ans. — The Index is a small book, or the beginning pages of the Ledger, in which are arranged, in alphabetical order, ihe names of all the. persons having accounts iu the Ledger, tcgether with the pages on which such accounts arc out<;red. — (See page 40). ^6) As Eoon as a Ledger account is o ewed, the ufiiue of the person Bhould b« eutvrad iu the Index or Alphabet.— (Sec pago 40). {7) When there is only one item iu the Day Book, h is better, to Bpeeify tho iteiL itself in the Ledger. JO BOOK-KEEPING. .^ O O C^ XT KT T S . 40 What is aD Account ? Arts. — An Account is the statement of two persono' dealings producing » debit and a credit. 41 How many sides has an account ? Aiit. — An account has two sides, a Debtor and a Creditor. 42 What is shown by the debtor side of an account ? Ans. — Upon the debtor side of an account is shown what a person is owing us : it will consequently represent property or a resource. 43 What is shown by the creditor side of an account ? Ans. — The creditor side of an account shows whai is owing by us, and always represents a debt or a liability. 44 What is debiting a person ? Ans. — Debiting a person is to make an entry on the debtor side of hit account. 45 What is crediting a person ? " ^714. — Crediting a person is to make an entry on the creditor side of his account. •HO What is opening an account ? j4n8.— Opening an account is to make the first entry on an aeoouni, or bringing forward the balance. 4iy What is balancing an account ? Ans. — Balancing an account is to make the debtor and creditor columns to equal or balance. 48 What is closing an account ? Ans. — Closing au account is the same thing as baUncipg it. SINGLE-ENTRY. |40 What, i:, au Account Current ? 21 \Ans. — An account current is a statement in proper form, made with a view to settlement and shows the balance due to, or from the party to whom it is rendered.— CFor the form of an account see page 163). )0 What mear.s " On Account " (on a^o) ? Anx. ~ On Account means on credit, or to be cha'rged on the person's account. il What is required in every statement showing the condition of the business ? .Iff 8. — Every statement showing the condition of the business, must em brase a list of its Resources and Liabilities. ng by us, and H52 How are our resources and liabilities ascertained ? Lin*.- Our resources and liabilities are ascertained from the Ledger ao- counts. btor side of his itor side of hia in acoouni, or editor columns Does the Ledger contain all the resources and liabilities of the con- cern ? Ins. — No. The Ledger contains the resources and liabilities of the con- cern, in relation with persons only. n Where are the other resources and liabilities to the found ? I^ns. —The other resources and liabilities ^re to be found in the Cash- Book, the Bills, Real-Estate, the Inventory and whatever affects the Investment or Capital. I 'What is meant by Real-Estate ? Ins. — By Real-Estate is meant immovable property, such as land, houses, etc. W What is the Inventory ? lAns. — The Inventory is a list of the goods in the store taken up at ooafc price. — See page 8X. 22- BOOK-KEEPING. Trial Balance. 57 What name is given to the paper which shows a list of our Resources and Liabilities ? J,ns. — The paper which shows a list of our Resources and Liabilities is called " Trial Balance. " 53 What operations are proved by the Trial Balance ? - ./■, Ans.- -The Trial Balance proves the posting, additions, and subtraction , to be correct in the Ledger. S'O How often is it expedient to make the Trial Balance ? •> Ans. — It is very expedient to make the Trial Balance once a month (8). Balance Slieet. < What is tho Balance Sheet ? ' ' ■ : Ana. — The Balance Sheet is an exhibition of our resources and liabilities, to show how we stand in the business. , , 61 From what is the Balance Sheet made up ? : . • - '^ An8. — The Balance Sheet is chiefly made from the Ledger and from the other resources, (see No. 54), amounts are also obtained. 62 How do you find the present worth, or Net Capital ? Ans. — Wo find our Present Worth, or Net Capital by subtracting the Liabilities from the Resources. ~ » (8) The monthly Trial-Balance is of coarse, made withoat closing the Ledger acconnts but in adding the colamna Dr. and Cr. of all the aoconuts, ! the amonntB ere written with colored ink or pencil marks on the | lowest written line of each account and outside of the figure columns ; the amount total of the debtors will represent the property or res- ources, and the amount of the creditors, the debts or liabilities. n^ ^. . .- — •■-. SINGLE-ENTRY. 23 d subtractions * and from the 1 63 How do you find the gain on the merchandise sold ? Ans. — ^We find the <;ain on the merchandise sold, by adding the total sales to the cost of the goods remaining in store ; from this subtract the total cost, the difference will be the gain. 64 How do you fine the Net Gain during the business ? Ans. —We find the Net Gain, by subtracting the Net Capital at com- mencing from the Net Capital at closing, the difference will be the Net Gain. • ' -A-uxiliary Books, .>, ,k 6) What are the principal Auxiliary Books ? •'l Am. — The principal Auxiliary Books are as follows : , ' ' lo. The Cash Book. - . For definition and form of the book. — See pages 29-111. " 2o. The Bill Book. v.; ■■ 3o. The Sales Book. 4o. The Invoice Book. •' ' > ■•*■;' '" *' 66 What does the Bill Book show ? ^ ,,' .;.•'•. ' ■ Am. — The Bill Book shows a description of all the notes and acceptances in our favor or against us, with their dates, credits and amounts. — See for form of this book, pages 34, 113. . ; 67 What does the Sales Book contain ? Ans. — The Sales Book contains a detail of all the merchandise we sell or pass out of our possession. — For form of this book, see page 47. Do What is the Sales Book designed to show ? Ans. — The Sales Book is designed to show whatever regards goods sold on our own account, or for another's account, or for ourselves and others in company (9). 69 What does the Invoice Book contain ? Ans. — The Invoice Book contains copies of the bills of parcels, of all the goods perchased by the merchant. — For the form of this book, see page 49. n (9) The ComtniHsion Sites Book is generally kept seperately.— For the form of this book and the manner of keeping it, eeo page 130. ■f SET I. ■■•I -«•>-*- Day-Book, Ledger and Cash-Book, With Statement of general results at the Close. ■ < » This set is designed to show in the simplest form, but a few trans- Actions, intended to show any general result of the business ; although, the •main object is to diaw the special attention of the student to the nature and process of the records which are to appear upon the Ledger. SINGLE-ENTRY. Day Book,— Set I. Ste-Anne de la PocatUre, Sept. 5, 1887. 25 1 0) (1) (1} L^oTaxill Cr. By Merchandise per Invoice. James Crinnon Cr. By Bill of Merchandise. 7 Dr. J. S. Stanley To 185 lbs. Sugar @ 10 c. " 3 '' Black Tea " 80 c. " 2 " Green " " 75 c. (1) John Studant Dr. To 15 lbs. Hams @ 12 c. " 25 '• Rice " 4 c. " 1 " Pepper (2) Stephen Laurie 12 Dr. To 4 lbs. Flour @ $6. " 10 gals. Coal Oil " 22 c. Cr. (2) By 24 bus. Oats @ 50 c. " 30 lbs. Fresh Fish " 7 c. G. M. Lowe 15 Cr. (2) (2) By 20 bus. Corn @ 85 c. " 8 •• Wheat " $1.10 Dr. To 7 gald. Molasses @ 46 c Forward $613 230 18 50 2 40 1 50 22 1 80 1 60 3 24 2 20 26 12 2 10 ,14 17 8 80 35 3 938 40 40 20 10 80 22 12 )l 1 96 •ft SINGLEiaNTRY. Day Book,— Set I. Ste-Aune de la Pocatilre, Sept. i8, 1887. ^1 (2) (2) (1) <2) (2) (1) (2) Brought. T. P. Knight Dr. To 1 1 gale. Vinegar @ 6O c. " 6 lbs. Butter " 1 bar Soap " 2 Broom 15 0. - Ct, By Cash on a2C (10) 21 — Leo. Tazil To Cash on a;© . 24 Dr. Stephen Laurie By Cr ih on a^o 27 Ct, Dr. To Summers To 15 lbs. Flour @ $6.50 " 1 " Molasses, 32 gals. 5^ c. Cr. - :■■• By his Order at 10 days on E. Eddy for 30 James Crinnon To Cash on ajc Dr. Charles Itooney Cr. By Bill of Merchandise, per Invoice Br, To T. Summers' Draft on E. Eddy 8 80 90 14 20 97 16 50 64 938 12 10 5 225 12 04 114 100 50 172 100 1726 14 50 90 (10) In Single-Entry, -whenever Cash is received or paid on aio, two entries are made, in th6 Cash-Book first, and la the Day- Book, bat when Cash I is received' or paid as exchanges, one entry only is made in Cash-Book.! %• Dr. SINGLi:-ENTRY.' ILiedger,— Set I. Leo Taxill, Cr, , 9381 .2 1887 1887 •^"- za» n f» Bept.i21 T6 Cash 2 225 Sept. 5 By Meroh. 1 613 4 !0 10 ( }4 - •IS 126 8SS H " ■ ' * >. ■ B 5 • 225 Dr. y antes Crinnon, Cr. ' .'. i t^ • 1887 Sept. 21 To Cash 2 50 1 1887 Sept. 5 BybillofMdse 1 230 1 • 12 10 ISO 6o 180 1 ^ i 'li Dr. y. S. Stanley, Cr. 50 64 114 14 ■-...>.■-,„' ... . * ' ' - ^9l 1887 — — Ijffl 100 Sept. 7 To Sund. Art. 82.40 1 22 40 , .'■ . . * ■J! 50 ■■■ '■ Dr. yohn Studant, ; - Cr. J X.. 1 172 50 ■ 1 1887 IOC 172t ;90 Sept. 9 To Sund. Art. S.40 1 3 1 40 1 ic, two entries bat when Cash \ la C aua-B JUJk. ■ 4 '^1 1! 28 8 Dr. BOOK-KEEPING. Ijedger,— Set I. Stephen Laurie, Cr. 1887 Sept. 12 To Sund. Art. 26.20 26 "26 20 20 1887: I Sept 12 24 By Sund. Art. 1 12 " Cash 2 14 26.20 26 1^ * ' 10 10 20 Dr. G. M.' Lowe, Cr. 1887 Sept. 15 By Molasses. 1887 1 3 32 Sept. 15 By Mdse, 25.80 3.2 2 22.58 25 80 Dr. T. P. Knight, Cr. 1887 Sept. 18 1887 To Sund. Art. 10.04 5 5.04 2 10 04 i 1 Sept. 18 By Cash Dr • :.■ :'-.■■ :v-v-;-' T. Summers • « -■ Cr 1887 Sept. 27 To Mdse. 114.14 100.00 14.14 2 114 14 1887 Sept. 1 27 By order at sgt on E. Eddy 2 100 Dr. Charles Rooney, Cr. 1 1887 Sept. 30 To T Summers' Dft. on Eddy 2 100 1887 Sept. 30 Bybillof Mse. 172.50 100 72,50 2 172 50 SINGLE-ENTRY. Cash Book -Set I. (H) Ct. Dr. 29 Cr. Vrt.l 12 10 2 14 10 .so 26 20 r — [1817 Cr. 1 25 80 RO 22 58 Sept, Cr. 2 5 Cr. tsgt Idy 2 100 Cr. Mse. 2 172 50 2.50 D 2,50 ■iept, *;pt, 12 Invested in business this day J*aid sundry persons for Merchandise " for Cartage for above " " lor Expenses of voyage to Quebec " to the Clerk, advance on salary Balance on hand Balance brought down Paid for Stationery for Coal and Wood of Duffy "or Postage Koceived for Sales this day Bahince on hand it Balance brought down Paid sundry persons for farm produce '* fur cleaning outhouses and yard " wash-woman Received for sales this day " from a deceased uncle Balance on hand Balance brouj^ht down Paid the baker, 1 month Received for sales this day Balance on hand Balance carried forward ^o-ior^ 1 817 1 5 18 1382 2225 1 — 1882 70 2 12 9 86 1378 1392 56 1392 — Il378 16 10 1 2 15 70 380 1759 1773 86 1773 1759 77 4 17 43 8 92 12 1781 1786 1786 — - -_ . 1781 37 15 50 65 70 40 16 56 89 20 77 86 75 37 12 |ll) This book may be made by taking separate sides of the book; on tba left are entered all tho uama of money receivod, and on the right side, the disbursements. The book is closed as an ordinary Ledger acooant. « To Balance. "—See pages 110, 111. 5 m t m m n M 30 BOOK-KEEPING. Cash. Book,— Set I. 1' /, :■• Dr. Cr. 1S87 Sept. •-.'■ 15 18 12 24 •. Balance brought Paid for one cord wood $3.50 ; sawing it, 50 c. " " Postage, 20 c. ; Express Charges, $2.40 ; Errand Boy, 10 c. Received for sales this day Balance on hand '|1781 11 1793 1786" 5 9 1800 1678 49 37 98 3"0 60 36 9"6 §^ 41 24 69 10 78 57 07 4 -J 1786 179;-{ 116 6 1678 1800" 225 1 5 1492 1728 3 1564 1567 70 60 30 Sept. Balance brought down Paid for Invoice of Merchandise fro Quebec '• " Express charges, S3.30; Cartnge, 60'c. ; Bill Paper, $2.20 Received of T. P. Knight on account " for Sales this day Balance on hand 03 10 83 96 Sept Balance brought down Paid Leo Taxille on a^c " for advertising in the " Montreal Star " " *• " " ^'Quebec Telegraph" " "1 New Stove, 64.50; Tin Wash Dish, 60 c. ; 1 Pipe, 40 c. Received for Sales this day Balance on hand 30 75 50 69 1728 24 Sept. • , .. Balance brought down Paid for 1 doz. Brooms, $2.00 ; Ink-Stand, 50 c. ; Cartai^e, $1.00 Received of Stephen Laurie, in full '' for Sales this day " of an unknown person on restitution Balance on hand 1492 12 41 21 1567 1564 50 07 57 Balance carried forward Cr. if 4 2 70 r86 60 m\ 30 - 16 03 6 10 78 83 To" 96 — : — J5 H ; ^0 1 ' r5 50 69 24 50 07 57 SINGLE-ENTRY. Cash. Book,— Set I. Dr. 31 Cr. Sept. 27 30 . Balance brought forward Received for Sales this day Paid for Postage, 20 c. ; 1 gross Pens, $ 1 .00 ; 1 ream Paper, $2.20 Paid for Repairs in store, "$4.00 ; 1000 business Cards, $2.80 " " Cartage. 50 c.; 1 box Candles, $3.00' " " James Crinnon on a^c '' " Rent of store " " 1 lot of Goods bought at auction Received for Merchandise sold this day Balance on hand 1564 50 37 1651 1457 07 11 10 28 96 3 6 3 60 33 96 1457 1651 50 80 50 52 96 ^8 1 Balance brought down Oct. Statement of Resources and Liabi ities. 22 3 5 14 72 1457 1377 388 180 22 40 40 04 14 50 96 56 58 2953 590 1 From Ledger Ace. :-Bal. due from persons, J. S. Stanley John Studant F. P. Knight w T. Summers Chas. Rooney 2 From Cash Book :-Balance of Cash on hand; 3 From Inventory :-Merchandise on hand From Ledger Ace. :~Balance due to persons, Leo Taxill James Crinnon ., ;. . G. M. Lowe Present Worth Commenced with Cash From this Statement we find Net Gain to be 58 2362 222f. 137 42 42 M 1 32 BOOK-KEEPING. lllxanciples for Practice. The abovo statement embraces only what can be gathered from the preceding Ledger, Casli Book, and the inventory of unsold merchan- dise. ^ Although the iiuuib3r of transactions of this set is very limited, yet it affords all the necessary elements to arrive at practical results. - • The pupil mu<5t bear in mind that any statement which shows the condition of the business, must embrace a list of its property and debts ; and any system of Book-Keeping, which will enable him to get at these facts, more easily and certainly, must, undoubtedly bt the better sys- tem.. , ., £S:aE:oxia.i3los for lE'r'Aotioe. ■ The teacher may very profitably with the following, or similar examples, require of his scholars to produce correct results, after the manner shown above ; that is, to render written statements similar to that on the preceding page. Commenced business with a capital of $2500. — At the end of the year, I gather from my books the following facts : Amount of Cash received, $12000: Amount paid out, $8250; A's account stands, Dr. $1500, Cr. $900; B's, Dr. .$2400, Cr. $20u0 ; C's, Dr. $780, Cr. $425; DV, Dr. $350, Cr. $290; E's, Dr. $200, Cr. $150; Mer- chandise on hanJ, -1^1830. Amount owing to F, $1100; to G, $200- llequired to net capital or present worth at closing, and the not gain duriu": the business. Ana. — X. and Y. commenced business with the following Rc.sources : Cash, $1500; Notes on hand, $3800; Merchandis?, $1000; Balances due on personal accounts, $2788, At the end of the year, their resources and liabilities are as follows: Cash received, $21000; Cash paid out, $18206; Not3S in their favor, $1450; Merchandise, per inventory, $12500; A's account stands, Dr. $1750, Cr. $775; B's, Dr. $1280, Cr. $1660 ; C's, Dr. $1000 ; D's, Dr. $3,300, Cr. $4200 ; E's, Cr. $1500 ; F's, Dr. $2240, Cr. $2700 ; G's, Dr. $1900, Cr. $2100. Required the capital at commencing and at closing, and the net gain. Avs. — • SINGLE-ENTRY. 33 Examples for IPrpotice. First Series, March 1. — I, Thos. Power, commenced business, this day, with amount of cash on hand, $4500.- Bought ot A. Chamberlain, on a^c, 45 bbls flour, @, SG.25.— 2. Paid cash for 300 bus. wheat, @ 72 c— Paid for expenses, $2.60. — 8. Bought of Jos. Coote, on a^c, 60 bbls rye flour, @ $5.30 payable in thiec mo's. — 10. Bought of I. Doucott 700 lbs butter, @ 15 c. ; gave him in payment my noto. No 1, @ one month for the amount. — 11. Lent Jos. Stones, on a^c. cash, $200. — Paid A. Chamber- cain, cash on a^c, $81.25.-12. Received of M. Dubb, Rochester, N. Y.. to be sold on his a/c, 30 bbls green apples, @ $4 ; Paid for freight, in ' cash, $6.50. — Bo't. of Art. Chains, 60 bbls oatuaeal, @ $6.30 ; paid him on a^c, ca!l e. Mt. No. 1 DnwcrV SamM. [In whose faror. 1 OnwIiatAeeount. Time. 1 When due. Amount. 1 Remarki. 1887 Mar. (( «' u 10 12 13 22 27 I 2 3 4 5 T. Power. (( J Doucett A. Chains i Chamberlain. A. Chains iChambeilain. Butter. Oatmeal. Mdse (< 1 mo -^ mos. 30 ds 40" 10" Apr. 4 May 15 Apr. 15 May 5' Apr. 9 105 120 180 208 200 • (11) When a Note falle due ou Sunday, or a Legal holyday, at a Bank, th«y lUQBt be paid oa the preceding day. SINGLE-ENTRY. ^5 There can be nothing of more importance, in keeping accounts, than correctness ; and as all persons are more or less liable to make errors ia operating in figures, the process called the Proof, by which errors are detected is indispensable. The absence of a proof has been the well known objection to keeping accounts by Single-Entry. The student will find that this objection is not founded. Accounts can be kept by Single-Entry and proved or balance, at any time, with the same precision, as in Double- Entry. This Proof or Trial-Balance is a very simple and eflFective method of proving the posting, the additions, and the substractions in the Ledger ; it is founded on the principle of comparing the amounts in the Day-Book, with the amounts in the Ledger. As the sums in the Ledger arc, or ought to be the same as the sums in the Day-Book, so the difference between the sums in the Day Book, will be the same as the difference between the sums in the Ledger ; if this correspondence does not follow, then there are errors in the work. The following set will enable the student to pi*ove that every sum in the Ledger is posted correctly ; that every column of figures, is added correctly, and that every balance is correctly strucked or obtained. This is as convincing a proof as that obtained in the science of Double-Entry. The totals at the footings of the columns of each page are used on the Trial Balance. The figures in the left hand column are the pages of the accounts in the Ledger, placed against the names at the timo of posting. rt' I! II 36 BOOK-KEEPING. Single-Entry,— Set II, Quihec, Oct. 1, 1887. 1 J. J. Kir 1 Cr. By Cash .VI. C. Lovejoy By Mcrchandii account, Invoice bou2;lit of him on Book. 5000 M. B. Huirhos Cr By Mcrchandltic, per Invoice, Joseph P. How; J)r. To Bill of Mcrchaiidise, Sales Book, Wilfrid Talbot Dr. To Sundry articles of Mdse, S. B. By 25 lbs butter, @ 16 c. 10 William Martin Dr To Cash lent him Cr. - By his note at 40 days. 12 G. orgc B rowu Ci By Mdse bouijht of him, I. B. 15 M. C. Lovejoy Dr. To Cash, paid him on account. 480 227 50 55 14 08 38 50 50 283 40 75 194 36 5994 90 1 s I llbi. SINGLE-ENTRY. Sin^lo-Entry,— Set JT. Qtiihec, Oct. 16, 1887. ;ij7 - i 2 Gcorgo Brown Dr. ! To our uote at three months for amount of his Invoice of 12th inet. 18 John BrittoiJ Dr. To Suridry art. of Mdse as per S. B, 20 283 40, i I 1 3 David Hannan ' Dr. To Bill of Mdae,— Sales Book. 22 Jospph P. Howe * Cr. By Cash, received on a2c. 24 A. Lynch, Levi?, Dr. To Bill of Mdse,— S. B. 26 Wilfrid Talbot Cr. By Cash, balance of his a^c. 28 18 29 27 J. J. King Dr. To Cash, drawn for personal expense 30 Joseph P. Howe Cr. By 20 pairs Rubbers, I. B., @ 80 c. — Dr. To our note, at 60 days for the amount 17 16 392 35 5o: 40 56 30 10 16 21 56 38 88 V-. %^ 38 BOOK-KEEPING. Single-Entry,— Set JT, Quebec, November 2, 1887. • •■ 3 G. P. Clark ' Dr. 1 u To Bill of Mdse, S. B. 18 83 , 3 i Thomas Lane Dr. 1 To Sundry art. of Mdse, S. B. , 6 1 9 06 M. B. Hughes Dr. , To Cash paid on a^o 100 2 H John Britton - ■- Cr. By Cash, received of him in full of hisa^o "V '■ ■"^■■'[ ' -' 18 35 2 10 Wilfrid Talbot Cr. By 2080 lbs Sugar, @ 9 c. 187 20 1 l** M. C. Lovejoy . Dr. To Ca(;h paid him on a^o •; ' 150 ■ ■^'; 1 H 1 M. B. Hughes Dr. To our note, @ 30 ds. for " Cash in full of a^c. : 100 27 50 1 4 15 i 1 T, S. Spencer Dr. Tc Bill of Mdse, I. B. 120 1 .39 1 525 205 55 1- SINGLE-ENTRY. : ^\ Single-Entry -Set if. ■ Qwcftcc, November 17, 1887. 4 James Sinitli • Dr. To 2 I airs of Boots, @ $5 _ 21 1 Edward Earle Dr. To Bill of Mdse, S. B. 22 >■ I William Martin Cr. By Casb, received for his note of the 10 ult. M. 0. Lovejoy 27 Dr. To our note, at 40 days for balance of his a;c. . . J. J. King Dr. To Cash for family expenses - 28 Wilfrid Talbot To Cash, on a^c. Dr. 30 J. W. Pierce, Toronto, Cr. By Invoice of Hams, received per schooner Sophia, Derrick, pursuant to our order, I. B. 10 16 255 36 120 44 54 60 437 98 171 25 I 221 l25 ' ' f-i I Q ^entory of the Merch»r»di»e remaining in store : 384.30. 40 •JOOK-KEEPIlsG. Index To Ijedger,— Set XJ. A. Brown George 2 BrittoD John 2 C. CUrk G. P 3 D. L. Lovcjfiy M. 1 Lynch A 3 Lane Thomas 3 xM. Martin Will=am. 2 N. 0. E. Earle Edward 4 F. G. Pierce J. W 4 H Hughes M. B....' ..1 Howe P. Joseph 1 Hannan David 3 I. J. Q. R. Spencer T. S. Smith James.. S. T. Talhot Wilfrid 2 U. V. W K. King J. J i X. y. z. SINGLE-ENTRY. 4' Dr. Siii^le-Kntry,— Set II. J. J. Kinfj, Cr. 1887 Oct. Nov, 28 27 30 To Cash II II r)4.io '* Balance 1 1887 2 17 56 Oct. 1 4 36 4945 5000 54 901 1 D^c. r By Caah 500U.00 ft4.10 4U46.90 By Balance 5000 |5000 114945 90 Dr. M. C. Lovejoi/y 1887 Oct. Nov. 15 12 27 To Cash II II "ourN.40d3. 4S0.OO 1 1887 1 75 Oct. 2 3 150 4 255 480 ~ ~ By lov. Mdse 1 Dr, M. B. Eughes, Cr. 480 480 Cr. I ft 1/ 1 J ■ ■n M 1887 Nov. i( 6 To Cash 14 "ourN.SOds. " I " Cash in full 227 50 11887 3 100 Oct. 4 II 100 II 27 227 50 50| 1 ^—- By bill of Mdse 1 Dr. Joseph P. Howe, 1S87 Oct. 30 Dec. To bill of Mdse "ourN.eOds. 71.08 4 6 00 '25.08 To Balance 1 1887 1 55 08 Oct. 22 2 16 1 71 08 II Nov. 30 30 25 08 • — — — — 227 227 50 60 dk By Cash " Rub. Shoes 46,00 " Balance 2 2 30 16 25 71 1 08 I ■Si !i1 42 1 Dr. BOOK-KEEPING, •■ Single- Entry, —Set II. . :;. . Wilfrid Talbot, 1887 Oct. 3 Nov, 28 30 To Mdse " Cast 13438 ** JBahiite f«" ;• ,': 1887 1 14 38 Oct. 4 120 . Nov. 67 20] 201 58 DdcT 8 26 10 By 25 lbs But, " Cash '* Sugar 201.58 134 38 (57.-^U By Balance Drr William Martin, Dr.' George Brown, 1887 Oct.' 16 To our N., 3 ino8.' '^s .. 2 283 40 18«7 Oct. 12 By Mdsa Dr. John Britton, 1887 Oct. 18 To Mdse 2 18 35 1887 Nov. 8 ( By Cash Cr. 4 10 187 38 20 ^0158 " '67i2b I 1887 1887 Oct. 10 To cast '^ 1 50 Nov. 22 By Cash 4 50 -^ - - 1 — — — ';■;■■ vf Cr. 283 40 Cr. 18 35 HiiiiiillHril 4 10 38 187*20 ! 1 '201 '68 " 67i20 1 ^■'rOr>.u Dr. SINGLE-ENTRV. Single- JEntry.^Set XI. David Hannan, ^ 1887 Oct Ddc. 20; To Mdse To Balance 29 29 50 50 Nov. 30 By Balance Dr. A. Lynch, — (^Levis), 1887 Oct. P^c. 24 To Mdse To Balance 1 2 27 40 Nov. 30 1 27 40^ By Balance Dr. G. P. Clark, 1887 Nov mc. 2 To Mdse 1 To Balance 18 83 1883 Nov, 30 By Balan<;e Dr. Thomas Lane, 18871 Nov.'4 D^c. 1 To Mdse To Balance 3 9 i 06| 1 1 1 Nov. '30' 9 06 i I 1 1 f43 ,^r. 29 50 P"" 27 40 ,-;(>. 1^83 JE^. 06 «5 i 1 m mrm*^m»'^m«mmmifm^^ 44 4 BOOK-KEEPING. J>r. Single- Kntry,— Set II. T. S. Spencer, Cr. 1887 Nov D^c. 15 TobillofMdse To Balance 3 120 Nov. — i 1 120 1 1 ■ i i 30 By Balance 120 D^, Jafnes Smith, 1S87 Nov. Ds d(*btor on onn side, and the differfnoes creditor on the other ; the difference of the hudib of these differenoes moat, if tbja work is correct, be equal to the ditt'erence of the sums of thtt cplmmts of the Day-Book. 7 iifli li 46 BOOK-KEEPING. ■ Single-Entry,— Set II. ' In addition to the foregoing books, the teacher will require of the pupil to make out the Cash-Book in proper form, with the following memorandums. — See, for form of the Cash-Book, page 29. Instead of| closing the book every day, let him have it closed every week only. October 1st., " ' ' ; ., ,, " ' , ^- J.J. King commenced business, this day with amount of cash on I hand, $5000.— Paid for cartage, $1.50; for stationery, $3.75; for postage, 40 c. — 2. Paid the carpenter 3 ds'. work, @ $1.20 ; the washer- 1 woman, 80 c. ; Express charges, $2.00. — Received for sales this day, $7.20.-3. Paid for bottle of ink, 15 c. ; hand bills, $1.50.— Received for Mdse, sales this day, $8.92.-4. Paid for a set of books, $5 ; for 1 gal. of I oil, 25 c.; a ruler, 10 c; for Mdse, S4.95.— Sales this day, $10,12.— ! 6. Paid for cartage, 80 c. ; for box of pens, $1. — Sales this day, $7.70. — 8. Paid for advertising in Quebec Telegraph, $3 ; and in La Justice, $4.20.— Sales to-day, $9.-10. Lent Wm Martin, ;350.— Suies this day, $15. — 15. Paid M. C. Lovejoy, on a^c, $75 ; for utensils for the kitchen, $2.40.— Sales this day, $22.10.-16. Sales this day, $9.12.-18. Sales this day, $15.22. — 20. Paid church pew, $4; the poor, 20 c. — Sales this day, $9.47.-20. Sales this day, $7.12.-22. Received of Joseph P. Howe on a2C, $30, and for sales, 14.30. — 24. Paid my clerk, 1 month, $15; for 3 cords hard wood, $12. — Sales this day, $13.81. — 26. Received of Wilfrid Talbot, in full of a^c, $10.38; Paid for blank-book, $1.35.— Received for sales of Mdse this day, $14.55. — 28. Paid for personal expenses, $17.56. — 30. Paid store rent, $20.-31. Received for petty sales, $10.43.— Nov. 2, Paid Isaac Ling for bill of Mdse, $51.44; for subscription Moitiing Chronicle, $4 ; 4 lamps, @ 60 c. — Sales this day, $17.65. — 4. Paid for fixing shelves in store, $1 ; for lOU envelopes, 20 c. — Received tor sales of Mdse this day, $lj5.41. — 6. Paid M. B. Hughes, on a^c, $100 ; Sales this day, $18.15. — 8. Received of John Britton, in full of a^c, $18.35.-12. Paid M. C. Lovejoy, on a;c, $150.- Received for sales of Mdse, $45.11.-14. Paid M. B. Hughes, in full of a^c, $27.50.— 21. Paid for printing 1000 cards, $3 ; for postage, 70 c. ; Received for gales of Mdse, $31.36. — 21. Sold John Cardine, for cash Mdse, amtg. per S. B. to, $17.55.-24. Received of Wm Eaile for loan of 10 ult., $50.-27. Paid for family expenses, $36.54.-28. Paid W. Talbot, on a^c, $120; store rent, $20; clerk hire, $15. — Received for sales of Mdse, $30.80.— Balance, $4831.53. SINGLE-ENTRY. Sino-le-Entry,— Set II. Sales- Booky — Oct. 6, 1887. 47 1 o o p o o P o o n P Joseph P. Howe 230 yds Bleached Sheeting 48 " Red Flannel 3 doz Spools Thread 170 lbs Sugar on aic, @ 8 c, " 38 c, " 48 c, " 10 c, 8 Wilfrid Talbot, (Riviere du Loup) on aic, " Calico Alpaca <( 17 yds Sheeting 20 7 10 " Cambric 3 Skeins Silk 4 Sheets Wadding 30 yds Sheeting 10 Cotton Yarn 10 lbs Sugar 5 " Rice @ 5 c. 13 c. 50 c. 10 c. 4 c. 4 c. 10 c. 19 c. 10 c, 5 c, 16 David Hannan 6 yds Black Cassimire 2 '' Blue Velvet 1 Satin Vest * 15 yds Delaines 5 lbs Coffee 10 " Sugar 1 pr. Kid Gloves on aic @$2 " 2.75 " 25 c, " 15 c, « 10 c, 18 18 1 17 2 3 1 3 1 1 40 24 44 85 60 50 12 16 90 25 12 5 5 3 1 1 50 50 75 75 55 08 14 38 29 50 m 48 o o n o BOOK-KEEPING. Single-Entry,— Set II. Sales-Boo^, — October, 20. ? '*'^^ John Cardine 5 gals Molasses 10 lbs Coffee ; • 2 " Tobacco 2 pr. Rubbers 30 lbs Rice 100 " Sugar .1 Set Tea Ware Nov. 21 21 Edward Earle • ' 30 yds Alpaca ,v ', 7 " Drilling Cash. @40 c. '' 14 c. " 60 c. " 70 c. " 3ic. " 6^0. 071 aic @ 52 c, 12 c. (< 2 1 1 1 1 6 4 40 20 40 05 50 15 60 84 17 55 16 44 i?marfc.— ThiB is thonght sufficient to illustate the nse and method of keeping this Book. ^ ,. . , SINGLE-ENTRY. Single-Enirv5"~Set II. Domestic Invoice- Book, — October 2, 1886. 4^ 1 o o Bought of M, C. Lovejoy, (Montreal) 500 yds Sheeting 150 " Flannel 25 doz. Spools Thread 300 yds Calico 80 " Alpaca 50 " Cambric '":-,■ 40 " Skeins Silk ^ ■ 54 " Sheets Wadding 99 lbs Cotton Yarn 90 yds Mous delaine 30 " Drilling 36 doz. Buttons y 36 Linen Hdkfs \ > 16 pr. Kid Gloves 40 yds Merino . 100 " Irish Linen :^ 20 " Satin 29 pieces Ribbon 50 yds Drab Fring 11 " Black Cassimeres 10 " Cloth 8 Cravats ® (( (( u a (( (( a It a i( <( (( u u ii u (( (( on a^c. 6 c. 35 c. 40 c. 10 c. 44 c. 8c 3 c. 3 c. 16 c 28 c 12 c 14 c 40 c 90 c. $1.00 70 c. 2.00 25 c. 60 c. 1.75 2.25 1.00 Oct. 4 Bought of M. B. Hughes, (Levis) on a^c. 1 hhd Sugar, 1560 lbs 2 bags Rice, 500 " 1 bbl. Oil, 32 gals 100 lbs Coffee 6 c. 3 c. " 25 c «' 12 c Carried Forward, 30 52 10 30 35 4 1 1 15 25 3 5 14 14 40 70 40 7 30 19 22 8 50 20 20 62 84 20 60 04 40 10 25 25 50 93 15 8 12 60 128 60 480 .■;jj m BOOK-KEEPING. >; Single-Entry,— Set 11. Domestic Invoice- Book, — Oct. 4 {contin). Brought, 4 sets Blue Tea Ware 45 lbs Tea 2 " Nutmegs "■'■■■'' '. 4 " Spice 12 pairs Rubbers 1 hhd. Molasses, 80 gals 3 lbs Pepper 2 boxes Tobacco 1 box Pipes, 12 doz. t u @ ^3 " 50 c. 1.00 25 c. 60 c, 45 c, 10 c. 8.45 ,- -'-^ ■ 12 George Brown @ three months. 50 yds Broad cloth © $5. 10 " French Merino " 2.75 Trimmings . ■ . , ■ - -'.V, 30 Joseph P. Howe Our note @ 20 ds. 20 pairs Rubbers @ $0.80 Mm Nov. 10 Wilfrid Talbot on a^c. 1 puncheon Sugar, 2080 lbs @ 9 c, 128 60 12 22 50 2 1 7 20 36 30 16 90 1 227 250 27 50 5 90 283 16 187 50 40 20 Nota, — When nn Invoice is received, it ia either copied, pressed, or kept at hand for reference when required ; a summary entry is made of it in the Day Book. SINGLE-ENTRY. 5 1 • : Single-Entry ,-Set 11. S T .A. "T E3 M 353 3Nr T Showing the conditio7t of the business on the ^ist October. Resources 1 From the Ledger Accounts. — * • Balances due by Joseph P. Howe David Hannaa . A. Lynch ■ • ' G. P.Clark -, ^ ; ; : Thomas Lane , T. S. Spencer , . « ' ' .^ James Smith '■ , • Edward Earle ■' ; ;. , 2 From the Cash Book, — Balance of Cash on hand ' ' ; 3 From Inventory, — Amount of Goods unsold • Liabilities 1 From the Ledger Accounts. -- Balances due to Wilfrid Talbot J. W. Pierce 2 From the Bill-Book. Note fivor of G. Brown, due jan. 19, 1887 " J. P. Howe " " 2 1887 " M. B. Hughes, due dec, 17 1886 " '• M. C. Lov(vjoy, due jan. cJO 1887 Net Capital or Total Present Woith Investment Net Gain 25 29 27 18 9 12{ 10 16 4831 1059 67 171 283 16 100 255 08 50 40 83 06 44 53 41 20 25 40 6147 892 5254 5000 254 25 85 40 40 m :52 BOOK-KEEPING. tStJSSGOJSTJD IBtJn:Ei.i:iES&. JfMetnoranda i. November 1. — J, J. King- continued business with the regources nnd| liabilities as shown in the prcceedintj; pap;e. — Resources — Cash $4831.53 Merchandise, per Inventory, S1059.41 ; Joseph P. Howe's account,] $25.08; David Hannau do., $29.50 ; A. Lynch do., $27.40 ; G. P. Clark, $18.83; Thomas Lane do., $9.0G ; T. fc. Spencer do., $120; James Smith do., $10; Edward Earlc do., $1G44. — Liabilities — Our note favor | of George Brown, $283.40; do., favor of M. B. Hughes, $100; do. favor of Joseph P. Howe. $1G; do., fivor of M. C. Lovejoy, $255; Wil-I frid Talbot's account, $07.20 ; J. W. Pierce V, $171.25.-3. Sold Daniel Chapman, on a^c, Mdso amounting to, per Sales-Book, $27.66. — 5. Re- ceived of David Hannan, Cash in full for his account, $29.50. — Paid Wilfrid Talbot, on a^c, $30. — G. Boughi, -^f A. L, Beaumont, on our note, at 3 months, Mdse, amounting, per Invoice Book to, $178.24. — 7. Sold Thomas Lane, 5 yds. Silk Serge, @ $2.80 ; Received Cash for this and the balance of his former ace — 9. Sold Philip McRae, on a^c, Mdse, amounting to, S. B., $42. — 11. Sold John Nimble, sund. art. of Mdse, per S. B., amtg. to, $101.42 ; Received in payment, his note at 30 days, for the amount. — 13. Paid W. Talbot, Cash in full for his ace. ... — James Smith has paid the balance of his ace, in Cash — 15. Paid Cash for J. "VV. Pierce's sight Draft, on us, favor of T. S. Spencer, $120. — 17. Sold Louis Wood, on a^c, sund. art. of Mdse, as per S. B., $7.82. — Received Cash of Daniel Chapman, in full of ace...... — 18. Gave J. W.Pierce, our note, at 30 ds., in full for his aec — 20. Bought at auction a span of Grey Horses, which I sold immediately at a profit of $55 in Cash. — 23. Sold Elwin Lafort & Co., Mdse, amounting, as per S. B. to, $240; Received in payt, Cash, $150; his note at 40 ds. for $75 ; balance on a^c. — 25. Received of Edw. Earle, Cash in full for his ace — 28 Bought of Alfred Laird, on a;c, 1 Horse and Light Carriage for $160.-30. Paid our Clerk, 1 mo., $35; Family Ex- penses, $32.60 ; sundry other Expenses, $15,12. — Cash sales this month, $271.65. Inventory of Mdse, on hand 1 Horse and Carriage Net Capital Net Gain $827.68 160. $5520.76 266.86 987.68 SINGLE-ENTRY. . 53 Second Seriea— Measiorazida Z7. 10 resources and 'ash $4831.53; We's account, ) ; G. P. Clark, I $120; James j Our note favor I es, $100; do., I y, $255; Wil- 3. Sold Daniel 27.66.-5. Ro- -Paid Wilfrid a our note, at 3.24.-7, Sold sh for tliis and cRae, on a^o, sund. art. of t, his note at for his ace... . —15. Paid pencer, $120. S. B., $7.82. -18. Gave J. Bought at at a profit of iting, as per at 40 ds. for n full for his and Light Family Ex- this month, 7.68 December 1. — William Fisher, Cabinet-Maker, invests this day: cash $8200; Mdse., $4750; Tools and Implements, $750 ; notes, $1500 ; Patrick Flynn's ace, $500 ; Robert ""all's ace, $700.— Sold M. D. Parker on a^c, 1 set Furniture, $75 ; 2 Hair Matrasses, @ $12 each; 1 Mahogany Arm Chair, $15. — 2. Paid cash for Stationery, $20 ; Sold Robert Banks, for cash, 1 doz. Dining Chairs, $20 ; 1 Hall Stand, $8; 1 Mahogany Bed- stead, 812. — Paid cash for Lumber, $25. — Sold George Chandler, on his note, at 30 ds., 1 Child's Cril, $6 ; 1 Mahogany Bureau, $25 ; 1 Tete-a- tete, $30.-3. Received cash of Robert Hall, on a^c, $300.— Sold Thomas Grant, on a^c, 1 Hall Stand, $6 ; 2 Light Washstands, 1 @ $5, and 1 @ 7; 12 Kitchen chairs, @75 c. — Sold John Halley, for cash, 1 French Bedstead, $15. — 5. Sold W. A. Cameron, on a^c, 10 Cane Bottom chairs, '^ $1.75 ; 1 Black Walnut Tete-a-tete, $30 5 1 Card Table, $10 ; 3 small Washstands @ $2.50. — Sold James Morgan, for cash, 1 Black Walnut Book-Case, $40 ; 1 Double leaf Secretary, $30. — 6. Paid to workmen cash $170.50, per Time Book. — Receive cash for Alpleus Perkin's note, due this day, $500. — Sold Charles Williams, on his note, at 60 ds., 1 pair Ottomans, 812 ; 1 Piano Stool, $7; 8 Brocatelle Parlor chairs, @ $4 ; 1 Sofa Table, $1 5.— Bought of Wm Dunn, on a2C., 1 Lot Black Walnut Lumber, $900. — 7. Sold W. A. Cameron, on a^o, 1 Mahogany Centre Table, $15 ; 1 Cottage Beadstead, $10 ; 1 Corner Stand, $5.— Sold W. E. Collins, for cash, 1 Black Walnut Book Case, $50. — Received cash in full of Patrick Flynn's ace, $500. — 8. Sold A. L. Light, for cash, 1 Dressing Bureau, $25 ; 1 Study Lounge, $12 ; 1 Extension Table, $17.— Sold Henry Savage, on a;c, 1 Rosewood Tete-a-tete, $50. — Sold James Moore, for cash, 1 quartette Table, $6 ; 6 Parlor chairs, @ $5 ; 1 Set Furniture, $50. — 10. Paid cash for Gas Bill, $14.30. — Received cash of Wm A. Cameron, in full of ace — 12. Sold Thomas Grant, on a^c, 6 Parlor chairs, @ $3 ; 12 Dining chairs, @ $1.50 each ; 1 Mantel clock, $5. — 13. Paid the workmen cash to date, T. B., $146.57. — Sold W, B. Ives, oa a^c, "'m Mi . i.tii '■•-.If v>rt£ ■'0 ?'.'! w^^ 54 BOOK-KEEPING. 8 doz. Camp Stools, 96 @ 50 c. each ; 1 Portable Secretary, $25. Received cash, on a/c ofW. D. Parker, $75. — 15. Sold Robert Hall, or a;c, 6 Gothic chairs, @ $5 ; 1 French Bedstead, $15 ; 2 Washstands.l @ 84. — Sold Wm Bry.son, for cash, 1 RookCaso, $40 ; 4 Library chairs,! @ 87 ; 1 Large Rocking chair, $15. — 17. Received cash of Thomas Grant,! in full of a^c, $ —Sold C. Colby, for cash, 1 Double Bedstead, $10 ; 1 single ditto, $1).— Paid Wm Dunn, cash on a;c, $500.— Sold C. Colby, | on his note, ® 30 ds. ; 1 Bureau, $30; 1 Sofa Bedstead, $45.-19. Soldi W. D. Parker, on a^c, 12 Kitchen chairs, @ $1 ; 3 Common Bedstead,] @ $5; 1 Office Dcj-k, $15. — Sold Henry Savage, on a;c, 1 Carved Rose- Wood Centre Table, $45.-20. Paid workmen, cash to date, pr. T. B., 6164.15.— Received cash of W. D. Parker, in full of a;c —21. Sold Robert Hall, on a^c, 1 Teacher's Desk, $25 ; 12 Dining chairt , @ $1.75 ; 12 Cane Bottom Settees, @ $8.-22. Paid cash for Book Keeper's Salary, $75. — Received cash, in full of William Carter's note, now due, $1000. — 24. Sold G. Baker, on xijc, 50 Double School Desks, @ $9 ; 100 Chairs for the same, @ 50 c. — 25. Received of Rebert Hall, on a^c, $200. — Paid cash, on Drayagc ace, $50. — 27. Paid workmen to date, pr. T. B., $15)4.83. — Paid Wm Dunn in full of ace — 29. Received of Robert Hall in full of ace lU lUll VI uvu The Cosing is as follows : ■ ■ '/ ■ '. Merchandise on hand - , $5,600 ":•,.• 'Tools '' " 750 Capital at Closing $17,330.65 " " Beginning 16,400 Net Gain (1) 930.65 - ':!.• $6,350 (1) Let the Hcholar make the Caah-Book, the Day-Book, the Bill Book and the Ledger. Ilv SINGLE-ENTRY. ' 55 1 1 ISM II l??l M I 1 1 M 1 1 IS3 1 ■0 pH n 1.1 J >• in 1 ?» 1 ?< in » 1«5 i» 1 1 in ■* » M 3 ■A'«|)iiiiv(% 51 l-h-l 1 --I-I--I-1 1 1 1 1 H l-l-l 1 l-I-l 1 •XHDti^q «1-| -l-l l-l-l-l-l -1 l-l-l-I 1 _| — 1 -1 •Alt|HJIII|J, 51 -1 -l-l l-l-l-l-l 1 l-l l-l-l-l-l — 1 — ! -1 ■A'i •A\ -1 -l-l-l-H-IH 1-1-1 H-l-l-l -i l-l •A'rfpiacij, ■^\-\ -l-l- -1-1 -l-l -i-l -1" -l-l-l l-l-l-l-l —I —I •iupuopj ii\-'-\-\' -l-l- -l-l-l M-l-l-l -1" l-i i 131 1 1 II 1 1 1 I.^M 1 1 IS! 1 1 112 TO ■N >o in Ift "^ r* -^ a >H iH r-l 1 1 => 1 ■f «o « |-.3 1 m •■0 '■0 •f M 2 ■^RDJIIiV^ 21 -l-l-l-l-l l-l-l-l-l 1 l-l -l-l-l-l-l-l •A»\}iiJi -lll-l-l-l i~|-|-|-| 1 l-l-t-l-l-l-l-l I •ifflp-iinqj^ jn|_.|_|_;„|_| |-|_|_t_| 1 t_|_|„|_|_|..|_-| M •.C8p't^iii>k»AV S!-|-l-l-|-t l-l-l-l-l-l l-l-l-l-l-l-l-l S •XHI)-4.»nj, 31 -l-l-l-l-l-HI-l-l-l-l l-i-l-l-l-l-l-l 1 •iCHpilO|\[ -l-1-l-l-l-l-l-l-l-l-l l-l-l-l-l-l-l-l 3 |J2I 1 ISl 1 1 ISISI iT^I l.?^l 1 1 1 1 1 IS; M in ' l-l ^ CO 1 t^ in •0 •0 jco (o \n CO B •jfapjii'^ns 21-l-M l-l-l -1 -f -Ill-Ill l-l-l-l-l-l I •i?8|)lJJI 21-i-M Kl-I -1 1 l-l l-l l-l-l-l-l-l ■^BpHinqx =;|-|-IH 1 21-1- !-l 1 -1-1-i-l-l-l-l 1 -1 1 -1 1 -l-l-l-l-l |l •A'apnanj^ -l-1-lH-l-l-l 1 -l-l-l-l-l u 3I-I-I-I l-l-i-l-i-l-l-l l-l l-l-l-l-l-l s •J^Bpuo];^ x!-l-l-l l-l-IH-l-l-H l-l l-l-l-l-IH H s 1 1 II M 1 1 M 1 1 1 1 1 1 1^1 IS 10 i.n 1-H 1— t in 1-1 in 1-H TO 1-1 in "* i 1 >* jo > ja a. a 9 D C e 6 Si a. 1 r ■J s u a -4 » • • 1 ■3 H a /•■''i 'l«;*?j '•"»•¥ $6, BOOK-KEEPING. I OJ n 1 k-a Mj BY 1? O UBLE'ENT'M y. In the preceding pages, the attention of the scholar has been called to the simpler method of keeping accounts. Single-Entry ia generally adopted by Shop-Keepers and others who deal in a great variety of articles, where the sales are small and numerous, and to such it is particularly applicable, as they have no time to record particularly, the minuteness of the sales rendering it impracticable to keop a check upon their quantity. In Retail Concerns, the master or owner's vigilant eye is of course more required than in any other. Keeping accounts by Double-Entry, means, that for every sum entered on one side of an account in the Ledger, the same sum or amount must be entered on the opposite side of one or several other accounts : hence, it is a natural consequence of this method, that when these entries are made, the amounts of the Debits and Credits sides will be equal. This method of keeping accounts is absolutely necessary in an ex- tensive and complicated trade, in order that the books many exhibit in a concise and satisfactory manner what debts the merchant owes, and are owning him ; what property he is possessed of; and how much he has either gained or lost in trade. : // , The first Set being introductory to Double Entry, the transactions are all of a simple :aature, which, with the assistance of the rules on page 68, it is presumed the learner will easily comprehend. The difficulty of the transactions are gradually increased with the following series, in order to prepare him for understanding the General Merchant's or Com- pany Set. DOUBLE-ENTRY. ■ - 57 '■-•■iV- ' 1 What is Double-Entry Book- Keeping ? *^ , j4ws. — Double-Entry Book-Keeping is a method of k?opIng accounts ; this term is dirivod, from the fact, that every business transaction recorded in the Day-Book, is entered, at least, twice in the Ledger : once on the debtor side, and once on the creditor. 2 What do the terms Debtor and Creditor imply ? ,. ■ ' Ans. — These terms are correlative, the one implies the other ; whenever, therefore, there is a debtor, there must necessarily be a creditor of the same amount, and reciprocally. • , - ; ? 3 To what are the terms Debtor and Creditor applied ? Ans, — These terms are applied, in Single-Entry, to persons only ; but in Double-Entry, they are applied to persons, property p-nd cause. 4 What are the principal books used in Double-Entry ? ■ Ans. — The principal books used in Double-Entry are, the Day-Book, the Journal and the Ledger ; to these several others, called Auxiliary- Books, are added, when the nature and extent of the business require it. "i fl I 5 What does the Day-Book contain ? - ■ ;;::■'; Ans. — The Day-Book contains a clear, brief and complete record of all the business transactions, in the date and order of their occurrence. 6 How should a Day-Book entry be written ? Ans. — A Day-Book entry should contain the names of the parties, the quantity, the quality and price of the goods bought or sold. 58 '. . BOOK-KEEPING. '•' ; ' . : m '■' '■'. '■■■ ■ ;■ ■;' ■ ■''"-■■ / Is the Day Book a very important book ? . , ' Ans. — The Day-Book ia the most important of all the books used in keeping accounts, because it is the only book wherein is found a complete history of the business (1). O From what sources do Day Book entries come ? Ans. — In extensive business few transactions appear first in the Day-Book, but are from the various Auxiliary Books, viz : Invoice-Book, Sales - Book, Cash-Book, Bill- Book, &c. 9 What does the Journal show ? ^ - • ' . ' Ans. — The Journal shows the names of the debtors and creditors of all the transactions recorded in the Day-Book, for the purpose of trans- ferring the same to the Ledger. 10 Is not the Journal sometimes combined with another book ? - .' Ans. — The Journal is sometimes comb:-^ed with the Day Book, sometimes entirely omitted — the labor of journalizing being done mentally. 11 What is the process of entering in the Journal called ? - Ans. — The process of entering in tho Journal is called Journalizing, , 't •■> 12 What are the rules in Journalizing ? ''' Ans, — The Rules in Journalizing are by Journal law as follows : I What is received is made debtor, (Dr.) to what is given. II Stock or the partners are made Dr. to their debts, and creditor (Cr.) by their property. (1) The Day-Book ia the ouly book allowed iu courts, iu cases of litigatioo j hence, its importanco cannot be overated. DOUBLE-ENTRY. 59 III Debit the losses and expenses, and credit the gains. IV In purchases and sales on account, the Buyer makes the goods purchased Dr. to the Seller, and the Seller debits the Buyer for the goods delivered to him. ,;'■>• ■. • ' V In payments on account, wliatever is paid, the Receiver credits the Payer for it, and the Payer debits the Payee or Receiver for the amount. ■,■ ,. r . - , X'OHnVETTIji.A.. ' . . , Whatever or whoever owes us in Dr. .• .;■ • ■ ' ■ ■;■*'. ' - ; ' ... Whoever or whatever we owe is Cr. "''-■■ Ouestioos relating to the Rules in Journalizing. 13 With what do you credit the proprietor or proprietors of the business ? Ans. — The person or persons investing in business, should be credited for their investments, when they increase their Stock, and also for their gains, (Rule II). • ' 14 With what should they be debited? " ^ Ans. — They should be debited for their debts or liabilities, for all sums withdrawn from the business, and also for their losses, (Rule II). 15 How is Cash account debited and credited ? Ans. — Cash account is debited for cash receipts, and credited for disbur- sements, (Rule I). lb How do you deal with Merchandise account ? Ans. — We debit Merchandise account for the cost, and credit it for the sales, (Rule IV). 17 When do you debit and credit notes ? , ■' Ans. — I debit other people's notes, these notes are called " Bills Re- ceivable " when they become ours ; we credit the same notes when they are paid or passed to other persons, (Rule V). lo What are Bills Payable, and how is the account debited and credited ? Ans. — Bills Payable are all such written promises to pay, signed by the merchant ; the account is credited when the notes are issued and debited when paid or redeemed,^(Rule V). If' \? ■ i' fit ; V 6b BOOK-KEEPING. 19 With what should Expense account be debited ? Ans. — Expenses of whatever kind should be debited for outlays, (Rule ni)(i).,, , . ,. ... ^^. .. .„ , 20 How are such accounts as Commission, Insurance, Interest, Discount, Consignments, &c., debited and credited ? (2). Ans, — All such representative accounts are credited when they produce us value, and debited for outlays. 21 How many kinds of Journal entries are there ? V; >• Ans. — There are four kinds of Journal entries, viz : ' " > I That of one debit and one credit. II That of one debit and several credits. ' ' ' '".■ y III That of several debits and one credit. '■■ IV That of several debits and several credits. ' .- ' 22 What term is used in Journalizing to represent several debits or se- veral credits in the Ledger ? ' - ' ' Ans, — The term " Sundries " is used in the journal to represent several debits or several credits in the Ledger, but it can never be an account, i . ' . Exercises in Journalizing. V> What shall be the Journal entries of the following transactions ? 1 Sold J. J. Boyce, on account (on a^c) Merchandise amounting to ^200. Ans.— 3. J. Boyce Dr. To Merchandise. (Mdse.) Rule IV. 2 Bought of J. J. Boyse, on a2C, Mdse 6200. ^ns.— Mdse, Dr. To J. J. Boyce (Rule IV). . 3 J. J. Boyce paid Cash on a^c $100. uln».— Cash Dr. To J. J. Boyce $100, (Rule V). 4 Paid J. J. Boyce Cash on a^c, $150. Ans,— 3. J. Boyce, Dr. To Cash, $150, (Rule V). (1) This account is not credited because it cannot produce value. (2^ These and similar accounts m . Loss, or Lobs & Gaip fiooount may supply them all, be rejected 'altogether, the Profit and rOUBLE-ENTRY. «9 sfit and 5 Sold John Walsh, on his note, @ 30 days, Mdse $300. Jn«.— Bills Receivable, Dr. To Mdse $300, (Rule I). , 6 Bought of John Walsh, on my note, @ 60 days, Mdse $400. .4ns.— Mdse, Dr. To Bills Payable $400. , -^ 7 John Walsh has paid his note in Cash, $300. • , ' ^ns.— Cash Dr. To Bills Rec^'* Me, $300. ' 8 Paid my note to John Wa^^I., m Cash $400. . ' ^ns.— Bills Payable, Dr. To Cash $400. 9 Sold H. Carbray, Mdse $500 ; Received in payment, his note for $300, and Cash :". the balance, $200. Ans. — Sundries. ' Dr. To ^dse * $500. Bills Receivable $300. Cash • 200. 10 Bought of H. Carbray, Mdse, $500 ; Gave in payment my note fijr $300, and Cash for the balance, $200. .(4n«.— Mdse Dr. To Sundries $500. " Bills Payable $300. " Cash 300. 11 Exchanged notes with James Blunt,* for our mutual accommoda* tion, $180. uln«.— Bills Receivable, Dr. To Bills Payable $180. 12 Bought of George Binney his house and lot No. 144, on St Joseph Street, Quebec, $3000. Gave in payment, Cash $1000 ; Mdse, $1000, £ind my note for the balance, $1000. • • , ^ns.— Real Estate , Dr. To Sundries $3000. " • • " Cash , , $1000. " Bills Payable 1000. _ " Mdse 1000. 13 Sold my house and lot on St Joseph Street, No. 144, for $3500 ; Received in payment, Maurice Patter's note, at 3 months, ^$1000 ; Cash $1500 ; Mdse for the balance, $1000. . ' 8 .:-.i 62 '■-■■: Ans. — Sundries Bills Receivable Cash Mdse BOOK-KEEPING. Dr. To Eeal Estate eiooo. 1500. 1000. $3500. 14 The National Bank has discounted Maurice Patter's note, for $1000 ; Cash received, $982.50 ; Discount, $17.50. Ans. — Sundries Dr. To Bills Receivable $1000. Cash $982.50. Discount 17.50. 15 Accepted A. Gibb's Draft on us, at 30 days, favor of G. Lafont, for $220.15. ^n«.— A. Gibb ^- "• Dr. To Bills Payable $220.15. 16 Discounted my Acceptance, favor of G. Lafont, due in 30 days; Paid for face of Acceptance, less discount for 29 days, at 6°2o i** . . Cash, $219.09; the discount being $1.06. 4n«.— Bills Payable , Dr. To Sundries $220.15. ' ' " Cash $219.09. • " Discount 1.06. 17 M. Boyce & Son, Quebec, consigned an invoice of goods to nae, to be sold on their account, $750 ; Paid freight on same, in Cash, $40. Ans. — M. Boyce & Son's Consigment Dr. To Cash $40 18 Consigned goods to M. Boyce & Son, Quebec, to be sold on my ac- count, invoice $645 ; Paid for freight and cartage on same, in Cash, $36.50 ; gave my note, for insurance, on the consignment, $19.35. Ans. — Consignment to Quebec Dr. To Sundries $700.85. Mdse Cash $645.00. 36.50. -,..;.: ' • . " Bills Payable 19.30. 19 Sold M. Boyce & Son's consigned goods for $875; Received in pay- ment Peter Dorsey's note, for $500 ; Cash for the balance, $375. Ani. — Sundries Dr. To M. Boyce & Son's Consignment, Cash $375. Bills Receivable 500, $875. I'''' liu DOUBLE-ENTRV. 63 I- I f 20 Received on Account Sales of the goods consigned to M. Boyco & Son, Quebec; Net proceeds amount to $716. ^ Ans.—TA. Boyce & Son, Dr. To Consig't to Quebec $716. 21 Joseph Gardner paid his note, with interest. Face of note, $300 ; interest, $5.25. ilns.— Cash Dr. To Sundries $305.25 • . .; , •■ " Bills Receivable $300.00. " Interest 5.25. 22 M. Boyce & Son, Quebec, have vemitted us a Bill of Exchange on Oscar Dean, for $710. ilns.— Bills Receivable Dr. To M. Boyce & Son , $716. 23 Bought of C. Bridge & Co., for Cash, a Draft on Quebec, for $583.50, at a premium of J of 1°Iq, $2.92, which we have remitted to Boyce & Son. ilns.— Sundries Dr. To Cash $586.42. M. Boyce & Son $583.50. Premium, or Loss & Gain 2.92. 24 Jos. Gaynor drew a Draft on us at 30 days' sight, which we accepted, $330. i ^n«.— Jos. Gaynor Dr. To Bills Payable ^ $330. 25 Paid Jos. Gaynor's Draft on us as follows : in Mdse, 1$200 ; gave our Order on Thomas English for $130. ^ns.— Bills Payable Dr. To Sundries $330. V: ■; ' "" V,,,,, . " Mdse $200. .^ • ;'v. ■ " Thomas English , 130. 26 David Goodmann has failed, and we sold the Note wr held against him of $400, for $100, received in Cash. ., Ans.^ Sundries Dr. To Bills Receivable $400. Cash $100. Loss & Gain 300. 27 Received for my portion in my uncle's legacy, $720 in Cash, which I deposited in the National Bank. il«».— -National Bank Dr. To Cash, or to Stock $720. i- 14, «♦ BOOIC-KEEPING'. I 28. Bo't a quantity of cloth, in company with E. Light, 8350 ; I*aid for our half, $175. Ant. — Mdse in Company A, Dr. To Cash $175. 29 Bo't of W. A. Grant for Cash, 100 lbs Flour for $600, which I im- mediately sold for $700. ilnt.— Cash Dr. To Loss & Gain 6100. 30 Bo't of Francis Cain, for Cash, 2000 lbs Tallow, for $160, which. I sold for $140. $20. Ans. — Loss & Gain Dr. To Cash 31 I commenced business with Cash $2000. Ans. — Cash ,{vj.,]'" ■ Dr. To Stock $2000. 32 Commenced business with Cash, $1000 ; Mdse, $1000 ; and notes •gainst sundry persons, $500. ...._.. , Ai».— Sundries -'v-^ .-* ^ ' • • Dr. To Stock V ' Cash ' $1000. Mdse ■[^rrty''*'-rf''\'''''>'-.-^^^^^: 1000, Bills Receivable 500. $2500. 33 Commenced business with Cash, $600 ; Mdse, $500 ; Notes against sundry persons, $500; Real Estate, valued at $1000; and I owe D. Hood, on a|c, $300 ; sundry persons on notes, $700. Ans. — Sundries ,, Dr. To Sund ries \ : Cash .^, $ 600. ^'■■■•-•■■. '■ Mdse ■ '' ,"' ^' ■' ■' 500. Bills Receivable 500. Real Estate • 1000. To D. Hood $ 300. « Bills Payable 700. " Stock 1600. DOUBLK^HNTRY. •» Classes of -A.ocounts^. Zo How maDj classes of account arc there ? Ana. — There are three classes of accounts, viz : Personal accounts, Real accounts and Representative accounts. 2t What are Personal accounts ? Am. — Personal accounts are the accounts of the persons with whom we deal. 25 What are Real accounts ? Ans, — Real accounts are those accounts which relate to our property, an' Ans. — A Trial Balance of the remaining accounts is taken up, viz : Stock, Profit and Loss, and Balance. .-, ..- -r->'*/ A ^'r ; '%' i53 What is the fourth and last step ? v Ans. — Last of all we close Stock, or Partners' accounts into Balance, which must make the sides of the account equal. , 54 Wh&t must the Balance show when closed ? ' Ans. — Th3 Balance account when closed must show, in the most condensed form, the exact present condition of the business. ^ (1^ In like manner are all the accouD^s of the Ledger closed, except Stock or Partners' accounts. DOUBLE-ENTRY. 69 Quebec, September ist, 1887. (1) \^ \y' Sold A. Moore, on aic, » 100 bbls Flour % 05. (( Bought of Lewis Hamlin, 1000 bushels Oats @ 40 c. Gave in payment, my note, @ 4 months for Cash paid for the balance (( Paid Cash for sundry Expenses • 500 400 300 100 1 '' . 25 Th.e above ezxtries tTovLxzialized. Quebec, September ist, 1887. Dr. Cr. (2) 1 A. Moore Merchandise Dr. To Merchandise Dr. To Bills Payable " Cash The latter entry is commonly expressed in the Journal as follows : Merchandise Dr. To Sundries . . " Bills Payable . . " Cash ■ "'' Expense iDr. ' To Cash 500 400 400 25 500 300 100 300 100 25 (1) Thia eign is called the " Check-Mark " and is placed before the Day- Book entry upon its being Journalized. (2) 1 The figures in this column of the Jonrnul indicates the pages of the Ledger. 10 I I'; Dr. BOOK-KEEPING. Tlie Jovimal po©te\>.K 7 ♦ *»*J Sept. By Mdse " Expense Expense. 25 cv-. 100 25 Cr. II DOUBLE-ENTRY. 71 Or. a Gr. 500 Gr. 300 Or. 100 25 Gr. 51 What books are strictly required to the merchant for keeping is accounts ? Ans. — The books strictly required to the merchant for keeping his ac- counts are, the Day Book, Journal and Ledger ; but for the sake of abridging these books, it is found convenient, in most kinds of busi ness, to add other books. 56 What are these books called, and how many arc there ? Ans. — These" books are called Auxiliary Books : they vary in lumber according to the nature and extent of the business. 57 What are the principal Auxiliary Book used ? 4w«.- -The principal Auxiliary Books used by merchants are the follow- ing : Cash Book, Bill Book, Sales-Books, Invoice-Book, Commission- Sales-Book, Bank-Book, Letter-Book, &c. I. Cash-Book, — For definition and the manner of keeping this book, see pages 14, 29, 110. II. Bill-Book, — For definition and for the manner of keeping this book, see pages 23, 3-4, 112. III. Sales-Book, — For the description of this book, see pages 23, 47. IV. Invoice-Book, — For the definition and manner of keeping this book, see pages 23, 49. 5o What is the Commission Sales-Book ? Ans. — The Commission Sales-Book is used by Commission Merchants, by which they are enabled to see at a glance the condition of each con- signment, see pages 130, 131. 59 What is a Consignment ? Ans. — A consignment is the act of sending or committing goods to an agent or factor for sale (1). 60 What is the Bank Book ? Ans. — This book usually given by bankers to persons depositing money with them. On the Dr. side are entered all the sums deposited, with the date and the names of the persons; on the Cr. the sums drawn ^ ' ' out, see page 142. (1) Agent, factor, broker, collector or oommiasion merchant is a person who trausactij buBiues3 for another. The person who sends the goods is termed Consignor ; the person to whom they are sent, Consignee. This book Is balanced monthly. . , n ■ ! 72 ; BOOK-KEEPING. 01 What does the Letter-Book contaiaed ? Ans. — The Letter Book contains copies of all business letters, see page 143 and the followins;. Pracbical ZZizi'bs -bo -blie loariaer. 02 What qualifications are required to make a good Book Keeper ? Ans. — Three qualifications are necessary to make a good Book-Keeping, . viz: Acuracy, Neatness and Despatch. <.,;„x, 0« In what does neatness in Book-Keeping consist ? Ans. — Neatness in Book Keeping consists in good writing, and tasteful arrangement ; it is the first thing whiclx attracts attention, and is of the utmost importance in establishing a reputation for practical ac- countantship. •'■ "■ ! • ' 01 What are the character isticf of a good Business Writing ? Ans, — The characteristics of a good Business Writing are, Uniformity, Legibility, and Adaptation to space. 65 What is an essential clement in business writing ? * ' • Ans. — An essential element in business writing is Rapidity of execution. 60 What is said of Errors and Omissions ? Ans. — Great care should be taken to avoid errors, as it will necessitate interlineations, thus destroying the harmony of the page ; it is much easier to avoid errors, than to correct them afterwards (I). 67 When is Red Ink used ? Ans. — Red ink is principally used for drawing lines, and closing the ,. Ledger accounts. ; ^ ,- ,. . ; -..<,>■: 68 What precautions should be taken with regard to red ink ? " Ans. — Red ink should be kept pure : for that purpose, a pen that has been dipped in black ink should not be used. (1) For the correction of errore', see Single-E)atry, page 18. 1 .{.f- i , ■! DOUBLE-ENTRYi DAY-BOOK -Set I. f ■i'-i'ili 73 1 Quebec, April \st, 1887. \y J. J. Boyce invests in business this day, Cash amountinsT to 400 420 400 6200 500 1220 418 108 37 75 He owes Thomas Walsh, which is to be paid from the business Bought of George Heavens for Cash, 200 yds French Merino @ $2. 350 " Canadian Tweeds ♦' 1.20 100 " English Broad Cloth " 4. fi 168 250 \y Sold David Power for Cash, 112 yds Canadian Tweeds @ $1.50 50 " Eng. Broad Cloth " 5. ' ;» 1^^ Sold Thomas Walsh on ajo, ' ■ " ■; 75 yds Can. Tweeds ' " @ $1.45 75 \y Sold James Kent on his note, at 30 days, 25 yds Can. Tweeds . % $1.50 50 \y Lent M. B. Lemay, Cash until the 30th inst,, Forward. 8559 25 4 m. >'!' m i DA Y-BOOK -Bet I. Quebec^ April 24, 18S7. Amount brought forward 8559 25 \y Bought of E. P. Flynu ob ale, ■ 130 yds Blue French Oloth @ «3 390 670 «' Magog Prints " 9 c. 60 30 450 30 . .- \y Accepted E. P. Flynn's Draft on us, at 20 days, favor of Peter Hunt for 00 300 \y Sold Joseph Gaynor for Cash, 120 yds French Merino @ $2.30 276 218 " Magog PrlntB 8 c. ^0 17 44 293 44 1/" Received Cash in full of M. B. Lemay, for •• Loan of the 20th inst. .-rf ■ / 75 \y Paid Cash as follows : For Clerk salary 20 ■;" ■ ■ ■'^•' i " Family Expenses 33 50 X . ^ " City Taxes : ' J ■;■', ■ ■-■ . ■ '.. ■" ■■'■■;■ '■'■■■. ■ ' . 22 60 76 10 I -'A 9754 09 25 30 44 10 09 DOUBLE-ENTRY. JOUIllSrj^3:L.,-Set I. Quebec, April isi, 1887. Dr. Cr, n Cash Dr. To Stock See Rule II, in Journalizing, i Page 58. Stock Dr. To Thomas Walsh . . Rule II. -__ 3 — Merchandise To Cash ' ■"•^" "' Rule I. 6 Dr. Cash To Merchandise Rule I. - 8 - Dr. Thomas Walsh To Merchandise Rule IV. 15 Dr. Bills Receivahle To Merchandise Rule I. - 20 - Dr. M. B. Lemay To Cash Dr. Merchandise Formula. -24 To E. P. Flynn I ule IV. Dr. Forward. 6200 500 1220 418 108 37 75 450 9009 75 50 30 55 6200 500 1220 418 108 37 75 450 9009 75 50 30 55 1 -'■la ■;Ji 1 i 176 e BOOK-KEEPING. JOURIN-i^I. -Setl. Quebec, April 26, 1887. Dr. Cr. • Amount brought forward 9009 55 9009 55 2 E. P. Flyna Dr. 300 2 To Bills Payable Rule V. \ 300 \ «Q 1 Cash Dr. 293 44 1 To Merchandise Rule I. ^0 ' k 293 44 1 Cash Dr. 75 2 To M. B. Lcmay Formula. 75 2 Expense Dr. 76 10 1 To Cash Rule III. 76 10 9754 09 9754 09 ,V," I ;'-5i '! . . VvJ'iV ■■■>vjft*"-ft .«-»*i^«^v •.i»»*"ii^*y*- ■•* 7 •^•;«i'— 55 44 76 54 10 09 Dr. , ' DOUBLE-ENTRY. LEDamU -Setl. Debts. StocJc. Investment. 71 Cr. 1887 Apr. 1 30 To Ths Walsh *' Balance X< Jonrnal fulio. L 1 500 5767 6267 57 57 1887 Apr. 1 30 1 — ' May r By Cash " Loss & Gain 1 3 6200 67 By Balance 6267 5767 57 57 Dr Received. Cash. Paid. Cr. 1887 Apr. a (I u 1 6 28 30 To Stock '* Mdse " M. B. Lemay _____ To Balance 1 1 2 ! 6200 418 293 75 6986 5615 44 1 44 34 11887 Apr, u u 1 1 3 20 30 a By Mdse "M.B.Lemay " Expense " Balance Cash reeeiTcd $6986.14 " paid 1371.10 Balance 5615.34 1 1 2 1220 75 76 5615 6986 10 34 44 May 1 Dr. Our a\c against him. Thomas Walsh. His a\c against us. Cr. 1887 Apr. 8 I To Mdse 30 " Balance We owe him $391.25 1 108 391 75 25 1887 Apr. 1 "500 ~ May 1 By Stock Balance 1 500 '500 j 391 25 Dr- Cost. Merchandise. Proceeds. Cr. 1887 Apr. May 3 24 30 To Cash " E.P.Flynn " P/t dh Loss 1 To Balance 1220 450 30 143 67 813 97 956 28 1887 Apr. 6 8 15 28 30 By Cash " Ths Walsh " Bills Rec. " Cash " Bal.(Inv.) 1 1 1 2 Proc. of Mdse $1813.97 Cost 1670.30 Net Trocecdi 143.67 418 108 75 37 50 293 '44 956l28 813 97 11 9ii r 1 1 I ■ t BOOK-KEEPING. LE D ate K3~Set I. Dr. Others' notes reed. Bills Receivable. Disposed of, Cr. 1887 Apr. May 15 1 To Mdso To Balance 1 1 37 37 50 50 1887 Apr. 30 By Balance 1 37 50 Dr. Our a\c against him. M. B. Lemay. His a\c against us. Cr. 1887 Apr, 20 To Cash I I 75 1887 Apr. 30 By Cash 75 Dr. Our a\c against him. E. P. Flynn. His a\c against us. Cr. 1887 Apr. 26 30 To Bills Pay. " Balance We owe him $150,30 2 300 150 450 30 30 1887 Apr. May 24 r By Mdse By Balance 1 1 450 450 150 30 30 30 Dr. Our notes redeemed. Bills Payable. Our notes issued. Cr. 1887 Apr. 30 To Balance Notes ouUtanding $300 300 1 1887 Apr. May 26 1 By E. P. Flynn By Balance 2 300 300 '$1^^ Outlays. Expense. Cr. 1887 Apr, 30 To Cash 76 10 Apr. 30 By P/tdc Loss Outlays for exp. $76,10 3 76 10 Dr. DOUBLE-ENTRY. LEDQER -Setl. Losses. PROFIT and LOSS. Gains. 79 3 Cr. 1887 Apr. 30 To Expense " Stock Xi Ledger folio. L 2 76 JB7 "143 10 57 67 1887 Apr. 30 By Mdse Gains on HJse 1 143.67 Outlays, eip. _I6^ Net Cain 67.57 143 143 67 67 Dr. Resources. BALANCE. Liabilities. Cr. 1887 L 1 1887 Apr. 30 To Cash 1 5615,34 Apr. 30 By Ths Walsh I 391 25 (( <( " Mdse 1 956 28 (( (( " E. P. Flynn 2 150 30 (( <( " Bills Rec. 2 37 50 (( << " Bills Pay. 2 300 1 1 (( " Stock 1 5767 57 — Ii Ledger folio. 6609 12 — Besonrees $6609.12 Liabililies UlS^ 6609 12 Net Capital 5767.57 1 TRIAL BALANCE. Difference. ■{ Face of Ledger. )■ «{ Face of Ledger, y Difference. 500 Stock 6200 5700 5615 34 6986 44 Cash 1371 10 812 61 1670l 30 Merchandise 857 69 . 108 75 Thomas Walsh 500 391 25 37 50 37 50 Bills Receivable » 75 M. B. Lemay 75 300 E. P. Flynn Bills Payable 450 300 30 150 300 30 76 10 76 10 Expense 6541 55 9754 09 9754 09 "1 6541 55 SECOND TRIAL BALANCE. Dr Cr Stock ■-'*-■ '-■ ■ Profit & Loss ^_ Balance v * 1 500 76 6609 7185 10 12 22.| 6200 143 841 7185 67 55 22 *? ii 11 .11 ! BOOK-KEEPING. 'nil i'' 8o 69 Whnt \a the Trial Balance ? ' '' '' '" Ana. — The Trial Balance is simply the summing up of the debit and the credit sides of the Ledger, to ascertain if they are equal. — See p. 79. 70 Docs the Trial Balance, even when the sides equilibrate, prove the Ledger to be absolutely correct ? Ans. — The Trial Balance does not prove the Ledger to be absolutely correct, even when the sides equilibrate, because there are many circumstances under which, the Ledger may balance, and yet bo wrong. 71 Is the test afforded by the Trial Balance usually satisfactory ? Ana. — The test afforded by the Trial Balance, under ordinary circuma* tances, may be considered satisfactory. 72 How do you prove that all the original entries have been Journalized ? Ans. — The original entries have been Journalized, when the total footings of the Day-Book agree exactly with those of the Journal. 73 How do you prove that all the Journal entries have been posted ? Ans. — The Journal entries have all been posted, when the total footings of the Ledger or Trial Balance, exactly agree with those of the Day- Book and Journal. 74 When these precautions are taken, how many chances are there for errors which may escape the Trial Balance test ? . ,.^ , .4ns. — When these precautions are taken, there remain two chances for errors in the accounts, viz : from improper Journal entries, and posting to the wrong account in the Ledger (1). (1) One of the best method of detecting errors in the Trial Balance ia to check the postings ; first ascertain that the Joarnal entries balance and then go carefally over the work, checking in pencil marks, all the entries that have been properly posted both on the Journal and the Ledger. The most reliable process of checking is to have one person take the Journal and call off the Ledger titles and amounts, slowly and dis- tinctly, the debits first, and the crodita next, while another examines the Ledger entries to see if they correspond. Many practical accountants adopt this plan, even before attempting to take a Trial Balanos. A 7 ;, DOUBLE-ENTRY. 8i 75 Can a correct Trial Balance be had, which will contain simply the diflferencc of the Ledger accounts ? Ans. — Such a Trial Balance can be liad, and quite as Hatiefaciory as the other. 76 Are these two forms of the Trial Balance ever combined in one ? >; ' AiiB, — These two forms of the Trial Balance are often, and very con- veniently combined in one.— See above set II, page 79. Merchandise remaining unsold, April 30, 1887. 80 yds French Merino @ $2 160 138 " Canadian Tweeds " 1.20 165 60 50 " English Broad Cloth " 4 200 ' • ,• 130 " Blue French Cloth '* 3 390 ■ 452 " Magog Prints " 09 40j68 ■.■'■.'" . ■*' , . ■' ' 956 28 ■4 X. StflL'bezaae&'b of Hesouroes. Taken from the Ledger : ( Amount received Cash-! " paid out . . (^ Balance on hand Taken from the Bill Book : Bills Keceivable — Others' notes received on hand Taken from the Inventory : Merchandise — Value of that unsold Total Resources 6986 1371 44 10 5615 37 956 6609 34 50 28 12 $§ BOOK-KEEPING. Xr. St&-beaa.ezit of Z^iabilitiaa. Taken from the Ledger : Thomas Waliji — "Wo owe him E. P. Flynn " " " 391 150 25 30 • ( Our notes issued Bills Payable-] " " redeemed ( " " Outstanding 300 300 C Amount invested Stock ■ , j '1 of debts (^ Net investment 6200 500 5700 1 Total LiteOiiities |6541 55 From these statements we see that the total Resources of the concern are And '" 1 total Liabilities Leaving a net gain of 6609.12 6541.55 67.67 ZXZ. Stcteaasiezi-b of Frofi-bs azid L oases. ' Returns from Sales Anticipated returns (Mdse unsold) Mercjhandise ^ Total returns Cost ^ Gains on Merchandise r Outlay Expense ■{ No returns (^ Loss on Expense ''.£..; Net Gain «',.>■; 857 69 956 1813 28 97 1 1670 30 143 76 10 ' 76 67 67 10 67 s DOUBLE-ENTRY. 33 -*i; Exercises for the learner. 25 30 55 Firsi Series. Ar^il Ist. — Commenced business with a Cash Capital of $10000. — Bought .f J. M. Gregory for Cash, 150 bbla Flour, @.$8.— Sold R. S. Garneau for Cash, 10 bbls Flour, @ $9.50.-4. Bought of Thomaa Flood, on our note, @ 30 days, 25 bus. Wheat, @ $1.00.— Sold J. J. Boyce, on alo, 5 bbls Flour, @ $9.50.-6. Bought of T. B. McLean for Cash, 10 pieces Magog Prints, @ $5 ; 2 pieces Cassimcre, @ $8. — 8. Paid Cash for Set of Books lor use of Store, $20. — 9. Sold George Heavens, on his note at 30 days, 14 bbls Flour, @ $9.25. — 10. Sold Paul Carbray on a|c, 15 bus. Wheat, @1.20; 20 bbls Flour, @ $9.30.-11. Sold Michael Cain for Cash, 21 bbls Flour, @9.25; 5 pieces Magog Prints, @ $0.-15. Bought of Andrew Gorman, 16 Cases Shoes, 200 pairs, @ $2 ; Paid him Cash, $200, and balance on a|c. — 17. Sold James Murphy on a|c, 20 pairs Shoes, @ 2.50.— 19. Sold James Swift on aic, 40 bbls Flour, @ $9.50.— 27. Bought of John Cary onalc, 50 pieces Magog Prints, @ $5.-30. Sold Maurice Dunn for Cash, 30 pairs Shoes, @ $2.50 ; Received of Paul Car- bray, Cash on ajo, $100.- 31. Paid Store Rent, in Cash, $80. Inventory of Merchandise on hand, $921. BALANCE ACCOUNT, (First Series) Resources- Uabilis. ■(■'hi •I ■AS I ■i\ * 'I At I 10 57 y Cash 8928 25 A. Gorman 200 Bills Payable 25 Bills Receivable 129 50 J. J. Boyce 47 50 John Cary 250 - Paul Carbray 104 James Murphy 50 James Swift 380 Merchandise, per Inventory •' 9^1 Stock, present worth 10085 25 ■ v. -.' ■'^■-: . ■, ■■■''^:'''V "" 10560 25 10560 25 1 ".J H I! : - • __L. 84 BOOK-KEEPING. 77. What is Bill ? Ans.— A Bill is a general name given to a statement in writing, 78 What is a Bill of Sales ? Ans. — A Bill of Sales is a writing given by the seller of personal property to the buyer, equivalent to a deed (1). 70 What is a Bill of Lading ? Ans. — A Bill of Lading is a list of Goods shipped, having the signature of the master of the vessel, or the proper officer of the transportation company. — Page 94. 80 What is a Bill of Right ? Ans. — A Bill of Right is form of entry at the Custom House, by which the importer may examine his goods. 81 What is a Bill of Entry ? Ans. — A Bill of Entry is a written account of goods entered at the Cus- tom-House. 82 What is a Bill of Goods ? Ans. — A Bill of Goods is an account given by the seller to the buyer of articles and prices. 83 How is a Bill receipted ? Ans. — A Bill is receipted by writing the words : Received payment, at the bcttom and affixing the seller's name (2). 84 What is a Bond ? Ans. — It is an acVoowledgement, unu^r , ;al, of a debt, duty, or obli- gation. (1) A deed is a*term generally applied to conveyai.cedof real Estate. Th'' do- cument muBt b» bigaod aud sealed. (2) When the i-erson agaiu. t whom the bill ie drawn is cot able to nay, when presented, he may acknowkdgd it by means of a due-bill.— See for- mnla, page S2, X^X DOaBLE-ENTRY. 85 85 What is a Bill of Exchange ? Ans. — A Bill of Exchange is an order, or draft, made by one person upon a second, to pay a certain sum of money to a third, or to his order, or to the hearer. 86 Define Exchange ? Ans. — Exchange is a term used to denote that commercial usage by which individuals are enabled to cancel debts at a distance, without the transmission of money. 87 How is this cancelling of debts at a distance effected ? Ans. — This cancelling of debts at a distance is effected by a species of commercial paper known as " Bills cf Exchange. " 88 How many kinds of Bills of Exchange are there ? Ans. — There are two kinds of Bills of Exchange : Domestic or Inland, and Foreign. 89 In what does a Domestic Bills of Exchange consist ? Ans. — A Domestic Bill of Exchange consists of drafts, notes, checks, cer- tificates of deposits, &c., the parties residing in the country. 90 What are Foreign Bills of Exhange ? Ans. — Foreign Bills of Exchange are bills drawn in one country, but payable in another. 91 How are Foreign Bills of Exchange drawn ? Ans. — Foreign Bills of Exchange are drawn in sets of three or more, one of them being honored, the others become void. 92 What is the manner of sending Bills of Exchange ? Ans. — Each bill of a set is sent by different routes, to provide against loss or delay, and the first that comes to hand, if it has been accepted, is honored. 93 In what currency are Foreign Bills of Exchange drawn ? Ans. — Foreign Bills of Exchange are arawn in the currency of the country to which they are sent. 94 When is Exchange at par, above or below par ? Aho.- -Exchange is at par, when p, bill sells for its face ; above par, or at premium, when it sells for more than its face, and below par, or at alscount, when it sells for less thut its face. M .i/'hat is the face of a Bill of Exchange ? Ans. — The face of a Bill of Exchange is the sum ordered to be paid. la . 1 -.'- ^ i ' iiii! I ! ! t ' 86 BOOK-KEEPING. 06 What is the Intrinsic par of Exchange ? , ^ Ans. — The Intrinsic par of Exchange is the corresponding value of the coins of different countries as determined by their weight and purity (1). 07 What is the Course of Exchange ? Ans. — The Course of Exchange is the current price paid in one place of Bills of Exchange in another (2). 08 What is the Commercial par of Exchange ? Ans. — The Commercial par of Exchange is the comparative market value of the coins of different countries. 00 How many parties are concerned in a Bill of Exchange ? ^718. — There are always three parties to a transaction, usually four, viz : Drawer, Drawee, Payee, and Buyer or Remitter. 100 Who is the Drawer of a bill ? Ans. — The Drawer of a bill is the person making, or signing the bill. 101 Who is the Drawee of a bill ? Ans. — The Drawee of a bill is the person to whom the bill is addressed. 102 Who is called the Payee ? Ans.~Th.e Payee is the person to whom the amount of the bill is made payable. 103 Who is called the Buyer or Remitter of a bill ? Ans. — The Buyer of a bill is the person who purchases the bill (3). 101 What is the object of Bills of Exchange ? Ans. — The object of Bills of Exchange, as it as already been said, is to pay large sums of money to persons living at a distance. (1) T\ro coins are uot intrinb.cally at par when they do not contain equal quantiticH of the same pure metal. (2) Tha price varios according to tbo relative conditioDH of trade, and com- mercial credit at the two places between which exchange is made : Thus, if Montreal is largely indebted to Liverpool, Kng., Bills of Exchange on Liverpool will bear a higher price in Montreal. (3) The Buyei may be himself the Payee, or the bill ii.ay be drawn in favor of any other person. DOUBLE-ENTRY. 87 value of the If A, living at Quebec, wishes to received £1000 which B, in London owes him, he applies to C, who is going to London, to pay him £1000, and takes his order or draft on B, for that sum, payable at sight. A re- ceives his debt by transferring it to C. who carries hlri money across the Atlantic, in the shape of a Bill of Exchange, without any danger or risk in the transportation ; and on his arrival iu London, he presents the bill to B, and is paid. arket value ^oiJTnfi! of &si of (Bxehaxx^c, £1000. Quebec, April 1, 1887. Three days after sight of this my first Bill of Exchange, (second and th'rd of the same date and tenor unpaid), pay to Richard Hood, or order, One Thousand Pounds Stirling, value received', without further advice. To Baring Brothers Bankers, London, Eng. J. G. Boyd. bill is made £1000. Quebec, April 1, 1887. Three days after sight of this my second Bill of Exchange, ("first and third of the same date and tenor unpaid), pay to Richard Hood, or order, One Thousand Pounds Stirling, value received, with or without further advice. To Baring Brothers, Bankers, London, Eng. J. G. Boyd. wn in favor £1000. Quebec, April 1, 1887. Three days after sight of this my third Bill of Exchange, (first and second of the same date and tenor unpaid), paid to Richard Hood, or order. One Thousand Pounds Stirling, value received, with or without further advice. To Baring Brothers, Bankers, London, Eng. J. G. Boyd ss BOOK-KEEPING. Forms and defioitions of Notes Drafts, checks, &c. 105 What is Draft ? Ans. — A Draft is an order from one man to another, directing the pay- ment of money ; a Bill of Exchange. $391.25 ^/I^y >>oy c- Montreal, May 28, 1887. Ten days,Mt8tCT»dati^p£^ to the order of Isaac Blay, Three Hundred and Nin^jyAme Dollars.&wenty-five cents, value received, and charge to Thomas Walsh. my account. To J. J. Boyce, Quebec. lOw What is an Acceptance ? Ans. — An Acceptance is an engagement by the Drawee to pay the Draft, when due. 107 When does a person become Acceptor ? Ans. — A person becomes Acceptor, when writing his name across the Face of the Bill under the word, Accepted ; ho becomes responsible for the payment ox" the note when due. lOo When does a person become an Indorser ? Ans. — If the Payee writes his name on the back of the note, ho becomes an Indorser. In the above example, Isaac Blay becomes an Indorser, by writing his name ou the back of the note ; J. J. Boyce is the Acceptor. 10" How is a person called to whom the note is afterwards transferred by indorsement ? , Ans. — The person to whom the note is transferred by indorsement is called an Indorsee. 110 Who is the Holder of a note ? '"^ " . Ans. — The Holder of a note is the person in whose legal possession the note may be at any time; v - 111 What is a Sight Draft ? Ans. — A Sight Draft or order, is a bill requiring payment to be made at sightj- liiat is,, at the time of its presentation. 112 What are Time Bills ? Ans. — Time Bills are those requiring payment to be made at a certain specified time after sight or date. Ho What is a chat tel note ? Ans. — Any note that is payable othenvise than in money is so called. 1 DOUBLE-ENTRY. 8909 A Draft at sight. $150 ^ 100 Quebec, May 31, 1887. At sight, pay to the order of J. J. Boyce, One Hundred and Fifty ^^ Dollars, value received, and charge to nay acconnt. ,. 100 John Bird, Quebec. George Benny. A Draft at time. 81600 ^ 100 Quebec, May 13, 1887. Two months after date, pay to the order of Andrew McCann, Sixteen Hundred ^_ Dollars, value received, and charge to the account ofJ. J. Boyce. ""^ Wm. English. (^Individual note). 1 $212.50 Quebec, May 10, 1887. Forty days from date, I promise to pay J. J. Boyce, or order, Two Hundred and Twelve Dollars and Fifty cents, value received. Thomas Gardens. Joint Promissory Note. , 100 Montreal^ May 7, 1887.- v. Thirty days after date, we promise to pay J. J. Boyce, or order, Three Hundred °2 Dollars, value received. ^"^ E. Light. I. M. Otiss. ... . 114 What 18 a Promissory Note ? Ans. — A Promissory Note is a written agreement, by one party to pay another, a specified sum, at a specified time. 115 Who is the Maker of a note? Ans. — The Maker of a note is the person making the agreement, or signing the note. 116 Who is the Maker in the above Promissory Note, No. 1. Ans. — The Maker in the above note is Thomfts Gardeob |«' . ^^ M "' 11JI. >I I J I . !iii). in ! I I 90 BOOK-KEEPING. • 117 Who is the Payee of a note ? Ans. — The Payee of a note is the person to whom the amount is made payable. 1 18 Who is the Payee of the note already referred to ? Ans. — The Payee of that Bote is J. J. Boyce. 119 Who is the Holder of the same note ? Ans. — The Holder is its owner, J. J. Boyce (1). 120 Who is the Principal of a note ? Ans. — The Principal of a note is the person directly responsible for the payment of the note. 121 What is a. Joint or Several Note ? Ans. — A Joint or Several Note is a note signed by two or more distinct parties, each being liable as maker or principal. 122 Where and how should the amount of the note be expressed ? Ans. — The amount of the note should be expressed in the body of the note, in words, not with figures only. 123 If the time and place are not stated, when is the note payable ? Ans. — If the time and place are not stated, the note is payable or demand, ■ and at the signer or indorsor's office. 124 What is meant by Days of Grace ? Ans. — Days of Grace, arc three days usually allowed by law, for the payment of a note, after the expiration of the time specified in the note. CI) The corresponding parties of Notes and Bills or Drafts are as follows 1 The Indoraer of a note correspond to the Drawer of a bill. 2 " Makor " " " " Drawee or Acceptor. Indorsee " " " " Payee. « DOUBLE-ENTRY. 91 125 What is a Negotiable Paper ? Ans. — A Negotiable Paper may be either a Bank note, a check, a certifi- cate of deposite, a Bill of Exchange, or a Promissory note, when it is made payable to bearer, or to the order of the payee (1). 126 In what docs the Transfer of a negotiable paper consist ? Ans. — The Transfer of a negotiable paper consists in the facility by which all the rights of one party may be transferred to another. 127 lu how many ways may the Transfer of a negotiable paper be made ? Ans. — The Transfer of a negotiable paper is made in two ways : by deli- very and by indorsement. 128 When is the transfer of a negotiable paper made by delivery ? Ans. — The transfer of a negotiable paper is made by delivery, when payable to bearer, as are Bank-notes and most checks. 120 When is the transfer of a negotiable paper made by indorsement ? Ans. — The transfer of a negotiable paper is made by indorsement, when payable to the Payee, or to his order. 130 What is a check on a Book ? Ans. — A Check on a Bank is a written order addressed to a Bank, requesting to pay to another person, or to his order, a certain sum of money mentioned in the check. ^avxnsi of ^KPie^oiiahie QPapcr, Checks. Payable to hearer. National Bank, Quebec, April 30, 1887. Paid to Joel Loftis or Bearer, Three Hundred and Eighty ^ $380 ^ 100 Dollars. 31200 22 100 TnoMA& MoGuiRE, Payable to order. Montreal Bank, Toronto, June 10, 1887. Pay to Thomas Walsh, or order, One Thousand Two llun-' dred ?2 Dollars. ^"" Michael Dumphy. (1) Hence when neither of the terms hearer or ordei' appears in the instmment, the paper is not negotiable, because the payee cannot give the fall title to a third party. \l -I 11 II i ; 'I I "I i P.92 / $1000 BOOK-KEEPING. Certifloate of Deposite. Toronto Bank, Sherbrookc, May 6, 1887. M. W. Thompson has deposited in this Bank, One Thousand Dollars, payable to T. C. Boss or order, on return of this certificate. , (No. 777). Jeremiah Foye, Teller. Due Bills. 1 For Cash, Draioing Interest. ei36 Feby. 10, 1887. Due John O'SuUivau, One Hundred and Thirty-six Dollars, with interest from date. W. C. Goupii. — 2— ' ■ For Merchandise without Interest, 8371^ Sorel, July 1, 1887. 100 I J > Due I. Lamy, Three Hundred and Seventy-one Dollars Fifty "cents, payable in Oats at market price, on the first day of October next. George Harvey. Orders. To aj)ply on Account. $150 Three Rivers, September 4, 1887. ■ M. James Manning will please pay to the bearer. One Hundred •^ and Fifty Dollars, in Merchandise, on my account. Daniel Fremont. I. 0. Hardy, Esq. In full of Account. Ottawa, January 7, 1887. Please pay Francis Clint or bearer, One Hundred and Ninety- five Dollars, from your store, and this shall be your receipt in full of your account. * J. B. ROSOAM. '$195 i i;..' ' DOUBLE-ENTRY. RECEIPTS. 93 bREMONT. On Account. $200 Received of Batholemew Spraggs, Two Hundred Dollars, Peter Harris. CD aic. In full of all demands. $440 . Hamilton, Sept. 21, 1887. Received of Simon Harding, Four Hundred and Forty Dollars, in full of all demands. 3 $50 To apply as an Indorsement. Received on the within note, Fifty Dollars. M. Cameron. Dec. 24, 1887. Stephen Peters. To apply on Contract. $1000 Levis, P. Q., March 2, 1887. Received of Oliver Rae, One Thousand Dollars, the same to apply on contract for building house, dated February 1, 1887. J. G. Mason. , 5 Receipt for Property. Quebec, Dec. 19, 1887. Received of Arthur Hamilton, one Gold Watch and chain, and one promissory note signed by Nicholas Gelley, due in fifteen months ; both to be held in trust for him, and returned on his demand. John Strange. Chattel Note. Three months after date, I promise to pay Andrew Gregg, or order, one hundred bushels of good merchantable wheat, to be delivered at the residence of said A. Cregg. ' Quebec, A'lg. 18, 1887. / ;: E. C. Current ■ V- » 13 vt . 94 M. C. BOOK-KEEPING. • '^ill of ^a^ini^. Shipped in good order and well conditioned, by Bollard & Shomeday, on board the Steamer called Ilarlaca, whereof J. B. Bernier is master, now lying in the port of Montreal, and bound for Halifax, N. S. To say : 200 eacks Moka Coffee and 6 pipes Wines, being marked and numbered as in the margin, and are to bo delivered in like order and condition at the port of Halifax N. S. (tho damages of the sea only excepted) unto T. J. Kenney, or to his assigns, he or they paying freight for the said goods, the sum of $21 .75, with fifty cents primage and average accustomed. In witness whereof, the master or purser of said steamer hath affirmed to two bills of lading, both of this tenor and date ; one of which being accomplished, the other to stand void. Date at Montreal the fourth day of June, one thousand eight hundred and eighty seven. J. B. Bernier, Master. le thousand DOUBLE-ENTRY. DAYBOOK -Set II. Quebec, May 2, 1887. 95 The following Resources and Liabilities with which we commenced business this day are taken from the Balance Account of J. J. Boyce's Ledger I. 5615 956 37 300 391 150 20 52 112 100 50 52 110 34 28 50 25 30 50 50 6609 841 137 72 212 62 7935 Ca(*h on -hand Merchandise — per Inventory Notes on hand Liabilities. Notes outstanding I owe Thomas Walsh " " E. P. Flyna 12 55 \y Bought of Felix Brophy, for Cash, 50 pairs Men's Boots @ $2.75 50 \y Sold Charles Bridge, 24 pairs Boots @ $3.00 Received in payment. Cash Balance at 20 days A « Bought of James Gaines, 150 sets Copy-Books % $0.'i 5 100 Manuals Book Keeping " 1.00 Paid him Cash Our Draft on Chas. Bridge, @ 20 days Balance on ajc, 2!2,50 50 (( \y Bought of John Mitchell on a|c., 50 Gold Pens % $1.50 Forward. 50 17 lAAAGE EVALUATION TEST TARGET (MT-3) / O 1.0 I I.I IL25 ■so *^™ 2.5 2.2 12.0 1.8 1.4 il.6 V] (^ /a 0-, e. c^ %^^JV./ v; F„.V' A / /^ ^% L^- ' H If ': I 96 9. BOOK-KEEPING. DAY-BOOK -Set II. Quebec, May 7, 1887. I/' \y \y IX \^ Amount brought forward Exchanged our note No. 3 with Light and Otis for our mutual accommodation, each drawn at 30 days for 8 Sold George Benney for Cash, 50 sets Copy-Books 25 Manuals Book Keeping 1 doz. Gold Pens @ $0.85 " 1.12 '' 1.50 10 Sold Thos Gardens, on his note, at 40 days, 50 yds English Broad Cloth @ $4.25 11 Bought of E. Hutton, Store and Fixturep, Paid him Cash Bonds and Mortgage for the balance 13 7935 300 17 42 28 18 50 2000 6000 88 212 8000 50 50 \y \y Bought of Wm English, Toronto, on our Acceptance, at 60 days, favor of Andrew McCann, 200 bbls Flour @ $8.00 15 Sold Frederick King, Sorel, for Cash, 50 bbls Flour @ $8.25 Received of Wm Kent, Cash for his note No. 5, of the 15 ult., in full of his account 20 Discounted Thomas Garden's note, our favor of the 10 th inst. Received for face of note less discount @ 6°2o in Cash The discount for 30 days is Forward. 1600 412 37 50 50 211 1 44 06 212 18798 50 67 17 50 50 50 50 50 67 DOUBLE-£NtRY. DA Y-BOOK -Set II. Quebec, May 21, 1887. 97 / 1/ 1/^ ' ' ' , 1J , Brought. ■ > Received Cash from the executors of my uncle's legacy 22 Paid for sundry expenses in Cash 23 Discounted our Acceptance of the 13 inst., at 60 ds. favor of Andrew McCann ; Paid for face of note less discount for 50 days, at 7"^^ ^° ^^^ The discount is > 24 Sold James Blake, on a|c., 452 yds Magog Prints @ 8 c. 25 Bought of Evanhoe Hutton, 36 Shares National Bank Stock @ $52 Paid him Cash His Draft on us, at 15 days, favor of Stephen Potts, for the balance Paid James Graines, Cash in full of our aic. 26 Paid Cash for Repairing Store, per order of A. Dunn 28 Accepted Thomas Walsh's Draft on us, at 10 days, favor of Isaac Blay, in full of his aio. — ^ 30 - Paid for family expenses " " Clerk's Salary Forward. 1581 18 936 936 70 20 29 71 I 18798 67 2000 12 1600 38 1872 42 110 60 391 90 24972 50 25 84 'I I I I $8 , B0OK:-KE£t>mG. DAY-BOOK -Set II. Qmbec, May 31, 1887. Brought. 24972 84 \y Sold E. P. Flynn, for Cash, 12 Shares Nat. Bank Stocks, @ 855 660 I/-- Sold George Benney, ' : ' ' ,^» 100 sets Copy-Books @ 84 c. 84 26 pairs Boots . . " 02.90 75 40 • , - 38 Gold Pens < « 1.20 Received in payment his Draft, at 40 days on John Bird for 45 60 205 ^ 150 Balance of a|C. 205 55 v^\'*.V ■ Total. ■ * 25837 84 Inventory of Goods remaining in Store $1990.60. ) i DOUBLK-ENTRY. J O U RIST A. L -Set II. Quebec, May 2, 1887. Dr. 99 1 Cr. Sundries Cash Merchandise Bills Receivable Dr. To Stock Stock Dr. To Sundries *' Bills Payable " Thomas Walsh *' E. P. Flynn Merchandise 3 To Cash Dr. Sundries Cash Charles Bridge Dr. To Merchandise Merchandise Dr. To Sundries " Cash " Charles Bridge > " James Gaines Merchandise Dr. To John Mitchell Bills Receivable Dr. To Bills Payable Cash - 8 Dr. To Merchandise Forward. 5615 956 37 841 137 20 52 212 62 300 88 8323 .6609 12 34 28 50 55 50 300 391 150 137 72 25 30 50 50 50 50 67 50 52 110 62 300 88 8323 50 50 50 67 mmifammmmm 1- ft BOOK-KEEPING, JOURN^L^-SetlT. Quebec, May lO, 1887. Dr. Cr. 1 Amount brought forward. Bills Receivable Dr. To Merchandise v 11 Store & Fixtures Dr. To Sundries , " Cash ■' " Mortgage Payable (1) _ 13 Merchandise Dr. To Bills Payable Cash . 15 Dr. To Merchandise Cash . 18 Dr. To Bills Receivable . 20 Sundries Cash Discount Dr. To Bills Receivable 21 Cash Dr. Expense To Stock . 22 To Cash Dr. Forward, 8323 212 8000 1600 412 37 211 1 2000 12 20810 67 50 50 50 44 06 67 8323 212 2000 6000 1600 412 37 212 67 50 2000 12 20810 50 50 50 67 (1) Mortgage Payable aA well as Mortgage Beoeivnble are but other names for Bills Payftble and Bills Reoeivable. They are, however, fireqoently k^t as disuiiot aoooanta as in this set. Cr. 8323 67 212150 2000 6000 1600 412 50 37 212 50 50 ;7 2000 12 20810 67 othei names >r, frequently DOUBLE-ENTRY. J O IT RlSr A. I. -Set II. . Quebec, May 23, 1887. Dr. lOl 3 Cr. Brought. u' ■} ■ " - Bills Payable Dr. To Sundries " Cash ■ . •. " Discoiint 4 James Blake . 24 Dr. To Merchandise 20810 1600 25 Nat. Bank Stocks Dr. To Sundries •■ ' " Cash . r. ■ " Bills Payable 26 James Gaines To Cash Dr. A. Dunn To Cash - 28 Dr. Thomas Walsh Dr. To Bills Payable 30 Expense To Cash 31 Dr. Cash Dr. To Nat. Banks-Stocks 38 ]872 Sundries Dr. To Merchandise Bills Receivable George Benney Total. 110 60 391 90 660 150 65 26837 G7 42 20810 isei 18 38 67 29 71 42 936 936 50 25 84 110 60 391 90 660 205 25837 IT 50 25 84 i I02 BOOK-KEEPING. TO •' The foUotmng Ledger. A. B. Boyce, J. J. (Stock) 1 Bills Receivable 1 Bills Payable 2 Bridge, Ohas 3 RlnWo .Tamos.. .4 M. Merchandise 2 Mitchell, John 3 Mortgage Payable 4 s ■ , Beuney, George 5 - C. > Cash 1 N. 0. . ' National Bank Stocks 4 1 ■- . * ■ D. Dunn Arthur •• ••••••4 Q. R. . i ^1 _ nJanftiiTit". ftnH TiiterBst 3 • E. S. T. Stcre and Fixtures ..3 7. 1 . " # , F. Flvnn E P 2 ., u.v. ,., » G. H. fl-fl iiipfl James. ••••••••3 w. Walsh, Thomas 2 I. J. X. Y. K. L. Z. Dr, DOUBLE-ENTR\ . LEDGER -Set II, Stock. 103 1 Cr, 1887 May 2 31 To Sundries " Balance I 1 841 7769 8611 55 96 1 5l 1887 May (( (( June 2 21 31 r By Sundries " Cash " Loss & Gain 1 2 5 6609 2000 2 8611 TfQQ 12 39 5l By Balance 96 Dr. Cash. Dr. Bills Receivable. Cr. 1887 1 1887 May 2 To Stock 1 5615 34 May 3 By Mdse 1 137 50 3 " Mdse 1 20 4 (( 1 50 8 (( (( 1 88 50 11 St. & Firt. 2 2000 15 « « 2 412 50 22 Expense 2 12 " 18 " Bills Rec. 2 37 50 23 Bills Pay. 3 1581 29 20 (( (( 2 211 44 25 Nt. Bk-Sks 3 936 21 " Stock 2 2000 26 J. Gaines 3 110 50 31 " Nt. Bk-Sks 3 660 30 A. Dunn Expenses 3 3 60 90 ' - '- 31 " Balance 4067 99 1 To Balance 9045 4067 28 99 — % ' 9045 28 June ■ Cr. 1887 May 2 7 10 31 To Stock " Bills Pay. " Mdse 1 I 2 3 37 300 212 150 700 50 50 1 1 1 1887 May 1 18 20 31 By Cash " Sundries " Balanci 2 2 37 212 450 700 50 50 June 1 To Balance 450 » 1 i 104 Dr. BOOK-KEEPING. L IC D G E R -Set IT. Merchandise. Cr, 1887 1887 May 2 To Stock 1 95G 28 May 3 By Sundries 1 72 3 " Casli 1 137 50 8 '• ( 'ash 1 88 50 4 " Suudrios 1 212 50 10 " Bills Rec. 2 212 50 (( « J. Mitcliell 1 62 50| 15 " Cash 2 412 50 * 13 " Bills Pay. 2 1600 1 •>A " J. Blake 3 38 42 31 " Fft&Loss 50 74 31 " Sundries 3 205 ■»- (1 " Bal. {Inv.) 1990 GO 1 • To Balance 3019 ls)90 52 60 1 — 3019 52 June Br, Bills Payable. 1887 May 23 31 To Sundries " Balance I . t 3 1600 1887 May 2 1 1927 1 25 7 13 25 28 3527 25 June r By Stock " Bills Rec. '« Mdse " Nt. Bk-Sks " Ths Walsh By Balance 1887' May i31 To Balance 1 11887 150 30 iMay 2 June r By Stock By Balance Cr. 1 300 I 300 2 1600 3 936 3 391 3527 i927 25 25 Dr. Thomas Walsh. Cr. 1887 May 28 To Bills Pay. 3 391 25 1887 May By Stock 1 391 p 25 . Dr. E. P. Flynn. Cr. I ll 1 150,30 150 30 I)\ 50 50 CO 52 25 25 25 Dr. DOUBLE-ENTRY. r. E D a E R -Set II. Charles Bridge. 105 3 Cr. 1887 May a To Md^e 1 52 — 1887 May 4 By Mdsc Dt. James Gaines. 1887 May 2G To Cash 3 110 50 18871 May -i By MJso Dr. John Mitchell. 1887 M(uj 31 To Mdse \ 62 50 1887 May June 4 By Mdse By Balance Store and Fixtures. 1887 May June 11 To Sundries To Balance 2 8000 \May 31 -~- =r . 8000 1 Bsj Balance Dr. Discount and Interest. 1887 May 20 31 To Bills Rec. " Loss cJ& Gain 1887 2 1 17 18 06 65 71 May 23 1 i 52 Cr. no 50 Cr. 62 62 50 50 8000 Cr. By Bills Pay. 18 "18 71 n 4 io6 Dr. BOOK-KEEPmO. IL. E D a E R -Set II. Mortgage Payable. Cr. 1887 Mai/ 31 To Balance 6000 1887 May June By St. & ^'ixt. By BulaDoe 6000 lOOOJ Dr. Expense. Or. 1887 May 22 30 To Cash 12 90 102 1887 Mui/ 31 ByLossii'Gain 102 lT)2 Dr. James Blake. Or. 1887 May Juue 24 To Mdse To Balance 1887 3 38 42 May 31 38 42 By Balance 38 42 National Bank Stocks. 1887 May June I 25 To Sundries 31 " Loss & Gain I I To Balance 3 1872 36 1908 1248 — 1887 May 31 1 By Cash " Bal. (Inv.) 660 1248 r908 Dr. Arthur Dunn, Cr. 1887 May lune 26 1 To Cash To Balance &0 60 1887 May 31 By Balance 60 I Cr, GOOO Wl Or, 38 42 G60 1248 1908 Dr. DOUBLE-ENTRY. LEDGER -Set II. George Dinney. |07 5 Cr. 1887 May June 31 1 To Mdao To Balance 1 55 55 4 III 1887 May 31 By Balance I I I 55 Dr. Loss & Gain. Cr. 1887 May 31 To Expense ** Balance 102 2 "104 39 39 1887 May 3i By Discount " Nt. Bk Sks " Mdsc 3 4 2 17 36 50 104 65 74 39 Dr. Balance. Cr. 1887 1887 May 31 To Cash 1 4067 99 May 31 By Bills Pay. 2 • 1927 25 " Mdse 2 1990 GO (( " E. P. Flynn 2 150 30 " Bills Kcc. 2 450 (( " J. Mitchell a t 62 50 " St. & Fixt. 3 8000 1 i( " Mtge Pay. A [ 6000 " J. Blake 4 38 42 (( " Stock 7769 96 " A. Dunn 4 60 " Nt. Bk-Sks 4 1248 " G. Binney 5 55 1 01 15910 15910 01 ■i 60 io8 BOOK-KEEPING. il ■ i J. J, Boyce's I 1887 Taken from May 31 Trial Balance Dr. Cr. Inventory Stock Cash Merchandise Bills Receivable... Bills Payable Store and Fixtures Discount Mortgage Payable Expense National Bank Stocks.... Personal Accounts 1 1 2 1 2 3 3 4 4 4 841 9035 2968 700 1000 8000 1 102 187-^ 153 42 55 l.'8 78 0(5 25284 12 29 8609 4977 1028 92 250 3527 18 25 71 6000... 09! 660... 212180 25284 09 To Stock— Net Gain. 1990 60 •••••• \ i DOUBLE-ENTRY. 109 2e's Inventory . ■ 1990 60 • • • •• Balance Sheet,— Set II. ' Representative Stock 1 Real and Personal Profits Losses Dr. 1 Cr. Recources Liabilities ... 1 7767 57 1227 • t • • • • • • « ... 25 • • • •,• • • • • 4067 1990 450 99 60 104 39 8000 • • • • • • 1 1 6000 102 1248 153 42 ... • 212 7769 80 • » « • • • • • • 96 01 . 2 39 2 39 m • 39 .769 96 96 104 104 39 ToBal. Net Capital. 96 01 \ 1 7769 7769 15910 15910 ■ -■ X . .■•..■ 15 m no 1887 May June 2 3 8 15 18 20 21 31 BOOK-KEEPINO^' Cask RecHved. CA.SH: To Stock — Amount invested Mdse — Sold Charles Bridge — Sold George Binney - Sold Fred. King Bills Rec. — Received for Wm Kent's note " ** — Received for Thos Gardens' note Stock — Received my father's Legajy National Bank- Stocks— Sold E. P. Flynn u To Balance — Casfal oa hand 34 5615 20 88 412 37,50 211 44 2000 600 50 50 9046 4067 28 99 i 1.1 t -DOUBLE-ENTRY. m H 34 50 50 5615 20 88 412 37,50 21144 2000 600 9045 4067 28 99 BOOK 0). 1887 May 3 4 11 22 23 25 (( (( 30 31 ^ash Paid. By Mdse— Bought of Felix Bcophy " " — Bought of James Gaines Store & Fixtures — Bought of Evanhoe Hutton Expense — Paid Bills Pay. — Paid Andrew McOann Nat.-Bank Stocks— Paid Ev. Hutton for 36 shrs James Gaines-r-Paid him in full of a|c Store Repairs — Paid on A. Dunn's order Expense — Paid Clerk's sjalary, &o. Balanct , <. , , (( 137 50 2000 12 1581 936 110 60 90 4067 9045 50 29 50 99 28 {I) The Cash-Book may also be kept by the form which is to be found in Single-Entry.— Page 29. I V'i III I M ■m 'm 112 BOOK-KEEPING. BILI^-BOOK -JSeceiTraTole. No, ■ 1 2 ^ 3 > 4 When Received. For What Rec'd, Drawer or Endorser, Drawee or Maker. April 15 May 7 May 10 May 31 Merchandise Accommodation Merchandise William Kent Light & Otis Thomas Gardens George Binney J. J. Boyce ■Fa3rsb'ble-- No. When issued. For what issued. Drawer or Endorser. Drawee or Maker. 1 2 3 4 5 April 26 May 7 May 13 May 25 May 28 »".i Acceptance Accommodation Merchandise Shares N.B.Stks Acceptance J. J. Boyce E. P. Flynn Light & Otis Wm English Evanhoe Hutton Thomas Walsh I DOUBLE-ENTRY. ' "3 ?:- or Maker. Boyce (( .( or Maker. >fnn Otis ish Hutton NValsh ?■ 1 '• Set II. (1-2) Date. April 26 May 7 May 13 May 25 May 28 -ISeceivsuTol©.- Date. Term. When Due. Amount. When and How ; Disposed of. April 15 May 1 May 10 May 31 30 da. 30 " 40 " 40 " * May 18 June 10 June 22 June 12 37 300 212 150 50 50 May 18, Paid. May 20, Discounted. -Fa3raTol©-- Term. When Due. Amount. When and How Disposed of. 60 ds. 30 " 60 " 15 " 10 " June 28 300 June 10 300 July 15 1600 June 12 936 June 10 391 25 May 23, Discounted. (1) The Bill-Book shonld never be omitted in any business dealings with notes, either payable or receivable ; it is specially important to ke«p a record of the amount and condition of notes payable. (2) From this book entries are made in the Day -Book. .; - m 114 3r. ■ [': ^ \ BOOK*KEEPING. ' L E D a E R -Set II, . 7 rial' Balance. Cr. Difference. Face ijf L-edgor. Ledger Account<». Faoe of Ledger. Difiisrence. 841 55 Stock 8609 i2 7767 57 4067 99 .9045 28 Cash 4977 29 ; 1939 86 2968 78 Merchandise 1028 92 450 700 Bills Receivable 260 1600 Bills Payable 3527 25 1927 25 391 25 Thomas Walsh 391 25 1 E. P. Flynn 150 30 150 30 52 Charles Bridge 52 110 50 James Gaines 110 60 John Mitchell 62 50 62 50 8000 8000 Store and Fixtures 1 06 Discount Mortgage Payable 18 6000 71 17 6000 65 102 102 £)xpense 38 42 38 42 James Blake 60 60 Arthur Dunn , 1212 1872 National Bank Stocks 660 55 27 65 George Biuney Equilibrium i 84 15925 25837 84 25837 15925 27 1 •' J I ;. - ,,-■ ■> L_ Cr. DiffereDce. 57 / DOUBLE-ENTRY.' !■'■ ■' ,/ '-■ : ■ " X)AY-BOOK:,-Set III. 1^5 1 C Continuation of Set Mi.) . ,' \ Continued business with the Resources and Liabilities, as sbown in Balance Account I »^ of Set 11. » '■ Resources. \^ Store and Fixtures, estimated at 8000 Cash en hand 4067 99 National Bank Stocks 1248 Merchandise, as per Inventory 1990 60 * - Bills Receivable, — notes on hand 450 ' '':' James Blake, owes us on ajc / Arthur Dunn, " » " 38 60 42 ,1 George Binney " " '< "' ' Liabilities. 55 — 15910 01 \y Bills Payable, — notes oustanding 1927 25 E. P. Flynn, we owe him on a|o 150 30 John Mitchell, we owe him on ale 62 50 Mortgage Payable 6000 — 8140 05 , •- \y Sold James Pomroy, for Cash, 80 yds French. Merino, @ $2.20 176 130 '• Blue Fl-ench Cloth, " 3.60 468 138 " Canadian Tweeds, " 1.40 193 20 837 20 \y Received of P. P. Ryan, Montreal, to be sold od his a|c and risk. 200 bbls Flour, invoiced @ 38.00 10000: IbiHtoB " lid. ' Paia? Freight' oasainie, in Cash 100 — 'Si ii6 8 BOOK-KEEPING. DA.Y-BOOK -Set III, \y \y Shipped per Steamer Harlaca, Bernier, and coDsigDed to T.J. Kcnney, Halifax, to be Bold on our a|c and ris^k, 200 sacks Moka Coffee, 13000 lbs, @ 9c. 6 pipes Wines, 720 gals, " 63.50 Paid insurance on same, in Cash Sold Wm Chubb & Co., on their note at 6 days, 200 bbls Flour (Ryan's Consigt.), % 89.00 7 \y \^ \y Light & Otis have returned our note of the 7th ult., and we have surrendered theirs of the same date and amount 1170 2520 50 3740 1800 Received of Arthur Dunn, Cash in full of his ale Shipped per Steamer Saguenay, and consigned to Lord & Leslie, Toronto, to be sold on our ajo and risk, ,. ,. - .^ - 102 boxes Sugar of 500 lbs each, @ 5 c. which we have bought of Samuel Cham- bers, on our note at 3 months, for And paid him Cash for balance \y Sold Ethan Pape, at 10 days, 10000 lbs Hams (Ryan's Consgt.), @ 12c, 100 bbls Flour from store, @ $8.25 300 60 1100 1450 2550 1200 825 2025 3740 1800 300 60 2550 2025 '1 . DOUBLE-ENTRY. DA-Y-BOOK -Set III. Qnedec, yune c^, iSS'/. 117 3 1// Closed P. P. Ryan's Consignment, and render- ed him an Account Sales of the same, Our charges for Storage and Advertising Commission at 2^^?^, on $3000 P. P. Ryan's net proceeds, due by Equation July 24 10 25 75 2800 i. 15 92 :3442 50 50 2900 391 936 150 1900 1800 3550 1./ Paid Thomas Walsh's Draft, Isaac Blay's favor now due, in Cash 25 1/ Paid Stephens Potter, Cash in full for our note of the 25th ult. M \^ Received of T. D. Carter, Sorel, to be sold on his a|c and risk, 2000 bus. Barley, invoiced, @ 80 c. 1000 " Wheat, " " $1.75 Paid Cash for Freight and Cartage 1^ l^ Sold J. Patterson & Co., for Cash, 1000 bus. Wheat (Carter's Consigt.), @$1.90 \^ Sold B. H. Murphy, for Cash, 2000 bus. Barley (Carter's Consigt.), @ 90 c. I/' Closed T. D. Carter's Consignment and rendered him an Account Sales, Our charges for Storage and Advertising Commission at 2^°]^, on $3700 T. D. Carter's net proceeds, remitted him in Cash 16 ii8 BOOK-KEEPING. ^^ D A.Y-BOOK -Set III. Quebec, June 20, 1887, \y \y IX IX ix- Received advice from F. J. Kenney, Halifax, of the sales of the Coffee and Wine shipped him on 4th inst, Our net proceeds amount to only to $2500, which he has remitted in Cash 21 Received of James Blake, Cash in full of his ale 25 Received Cash of Ethan Pape, in full for his indebtedness (C Received advice from Lord & Leslie, Toron- to, of the sales of the Sugar sent them on the 7th inst., Our net proceeds are $2700, and for which they have remitted us their note, at 10 days from June 17 26 Pa d our a|c with P. P. Ryan, due July 24 ; amount due him. Paid him Cash Discount off, in our favor Received Cash for Chubb & Co's note, due August 8, Face of note, less Dissount for 42 days is The Discount is 30 Received Cash in full for Lord & Leslie's note of the 17th inst., due this day Paid Clerk hire and Store Rent in Cash .■.1} 2797 2 1787 12 20 80 48 52 2500 38 42 2025 2700 2800 1800 2700 175 2500 38 42 2025 2700 2800 1800 2700 175 DOUBLE-ENTRY, JOURNA-ri-Set III. . : Quebec, June i, 1887. Dr. 119 1 Cr. 1 1 2 1 2 2 2 2 3 1 3 3 3 3 1 2 4 2 4 2 1 1 4 3 1 Sundries ' Dr. To Stock Cash Merchandise Bills Receivable Jamop Blako A. Dunn ' -■< • ' George Binney " '.' ' Store Fixtures . National Bank-Stocka 40G7 1990 450 38 60 55 8000 1248 8140 837 100 3740 1800 300 99 60 42 05 20 15910 1927 150 62 6000 837 100 3690 50 1800 300 01 * Stock ^ . Dr. To Sundries " Bills Payable " E. P. Flynn " John Mitchell " Mortgage Pay. 25 30 50 Cash ,,( r.-i ■;,'..• Dr. . To Merchandise "\ 3 signment (1) Dr. To Cash 20 , -• p. P. Ryan's Con Shipment to Halif ax (2) Dr. To Sundr'es , To Merchandise " Cash Bills Receivable Dr. To P. P. Ryan's Consigt Bills Payable Dr. To Bills Receivable — (1) ConsigDmenta are goods sent to ne to be sold for the cousignor's aocoant. ''2) A Shipment or Adventure is merohan>liBd put on a veooel and sent by aa to be Bold by an agent for us. i i.t ■i !^ \ilM 11 120 BOOK-KEEPING. J O U RlSr A. L -Set III. Quedec, yune 7, 1SS7. Dr. Cr. Ca^h To A. Dunn Dr. (( Shipt to Toronto Dr. To Sundries " Bills Payable " Cash Ethan Pape Dr. To Sundries To P. P. Ryan's Consigt " Merchandise (( P. P. Ryan's Consigt Dr. To Sundries To Storage & Advertising " Commission " P. P. Ryau .<,•'- 10 Bills Payable To Cash - 12 Dr. Bills Payable Dr. To Cash 14 T. D. Carter's Consigt Dr. To Cash - 15 Cash Dr. To T. D. Carter's Consigt Cash Dr. To T. D. Carter's Consigt 6Q 2550 2025 2900 391 936 150 1900 1800 GO 1100 1450 1200 825 25 75 2800 25 391 25 936 150 1900 1800 Cr. GO 1100 1450 1200 825 25 75 2800 391 25 936 150 1900 1800 • , DOUBLE-ENTRY. J O U R ISr A. L -Set III. Quebec, June 15, 1887. Dr. ;I2I Cr. 1 1 21 T. D. Carter's Consifjt Dr. To Sundries i To Storage & Advertising " Commission " Cash 1^ v' Cash . 20 Dr. To Shipt to Harfax Cash - 21 — Dr. To James Blake 25 - Bills Receivable Dr. To Shipt to Toronto Cash Dr. To Ethan Pape P. P. Ryan - 26 Dr. To Sundries " Cash " Discount (( Sundries Cash Discount Dr. To Bills Receivable 30 Expense Dr. To Cash Cash Dr. To Bills Receivable 3550 2500 38 2700 2025 2800 1787 12 175 2700 42 48 52 15 92 3442 2500 50 50 38 42 2700 2025 2797 20 2 80 1800 175 2700 1 i ■n i mm 122 BOOK-KEEPING. Dr. L E D a E R -Set III. Stock, Cr. 1887 Juue 1 30 To Sundries 1 " Balance 8140 10539 18679 05 34 39 1887 Juae 1 30 JdyF By Sundries 1 " Loss & Gain By Balance 15910 2769 18679 10539 01 38 39 34 Dr. Cask. Cr. 1887 June July To Stock " Merchand. " A. Dunn 15 " Cart's Csgt (( I (« (( (( 20i " Sht to Hal. 21 25 26 30 " J. Blake " E. Pape " Bills Rec. To Balance 1887 1 4067 99 June 3 1 837 20 4 2 60 7 10 2 1900 12 2 1800 14 3 2500 15 3 38 42 26 3 2025 30 3 1787 48 (1 3 2700 09 14 1 — 17716 8224 By Ryan's Cgt Sht to Hal. " " Tor. Bills Pay. Bills Pay. Cart's Csgt P. P. Ryan Expense " Balance 100 50 1450 391 936 150 3442 2797 175 8224 17716 25 50 90 14 09 Dr. Bills Receivable. Cr. 1887 June July To Stock " Ryan's Cgt 25 " Sht to Tor. To Balance 1 i ^1 450 1800 2700 1887 June 7 30 4950 150 By Bills Pay. " Sundries " Cash " Balance 1 300 3 1800 3 2700 150 4950 Cr, 15910 2769 18679 10539 01 38 39 34 Cr. 1 100 1 50 2 1450 2 391 25 2 936 2 150 3 3442 50 3' 2797 90 3 175 8224 14 17716 09 Cr. I 300 J 1800 J 2700 150 4950 Dr. DOUBLE-ENTRY. Hi E D a E R 3-Set III. Merchandise. 123 2 Cr. 1887 June July 1 30 To Stock '^ L0S8& Gaiv To Balance 11887 1 1990 60 June 2 3836 60 t 30 5827 20 1 475 By Cash " ShttoHal. " Ethan Pape " Bal. (/nr.) 1 1 2 837 3690 825 475 5827 I 1 20 20 Dr • Jan nes Blake • , -, ^,T ft. •* 1 •.,. 1887 June 1 To Stock 1 38 42 J1887 June 1 21 By Cash 3 38 42 ,• :. , : Dr. A. Dunn. Kl i Cr. 1887 June To Stock 60 1887 June By Cash 60 Dr. George Binney, Cr. 1887 June July To Stock To Balance I I ^5 55 1887 June 30 By Balance 55 Dr. :'ii Store and Fixtures. ' "'^O' ■' Cr. 1887 June July To Stock To Balance I I 800^ 8000 1887 June 30 By Balanc-e 8000 ^ V •) ff if I',); 9^ BOOK-KEEPING. Dr. L E D a E R -Set National Bank Stocks. Cr. 1887 June July To Stock To Balance 1 i 1 1887 1 1248 June 1 1248 1 1 1 I I By Balance 1248 I I Dr. Bills Payable. Cr. 1887 June 7 10 12 30 To Bills Bee. '' Cash " Balance 1887 1 300 June 1 2 391 25 7 2 93G 1400 1 3027 1 25 July 1 By Stock " Sht to Tor. By Balance 1927 1100 3027 1400 25 25 Dr. E. P. Flynn. Cr. 1887 June 30 To Balance 150 30 1887 June July By Stock By Balance 150 150 30 30 I I I Dr. John Mitcliell, Cr. 1S87 June 30 To Balance 62 50 J1887 I June July By Stock By Balance 62 50 50 Dr. Mortgage Payable. Cr. 1887 June 30 To Balance 6000 18c7 June July By Stock By Balance 6000 6000 Cr. 1248 Gt. 1 .2 1927 1100 25 3027 25 1 1400 Cr. 150 150 30 30 Cr. 62 50 50 Cr. 1 6000 6000 — Dr. DOUBLE-ENTRY. L F. D G E R 3~Set III. P. P. Ryans Consignment. • 125 Cr. 1887 June 3 12 To Cash " Sundries 1 2 100 2900 3000 — 1887 June 1 5 9 By Bills Rec. " Ethan Pape 1 2 1800 1200 3000 1 Dr. Shij^ment to Halifax. ^i 1887 June To Sundries 1887 1 3740 3740 — June 20 30 By Cash " Loss& Gain 2500 1240 3740 Dr. Shipment to Toronto. Of, 1887 Jnne 7 30 To Sundries " Loss & Gain 2550 150 2700 ^^ 1887 June 25 By Bills Rec. ■t. * - 3 2700 2700 Dr. Ethan Pape. Cr. 1887 June 9 To Sundries 2 1 2025 1 — 11887 June 25 By Cash 1 3 2025 = Dr. ' - Storage and Advertising. Cr.' 1887 June 30 To Loss (&Gain 1887 40 June 12 15 40 By Ryan's Cgt " Carter's " 2 25 3 15 40 17 .';i!ii 126 Dr. ^ . BOOK-KEEPING. L ^ D a E E -Set III. Commission. ' ■ Cr, 18871 I t/fMic 30' To Loss &Gain 1 1887 167 ■June 1 12 15 ( 167 50 1 • " By Ryan's Cgt " Carter's " 75 92 50 1G7 50 Dr. P. P. Ryan. Cr. 18871 June 26 To Sundries 3 2800 1887 June 12 By Ityan's Cgt 2 2800 Dr. P. D. Carter's Consignment. Cr- 1887 June 14 15 To Cash '' Sundries 2 3 150 3550 1887 June i 15 13700 1 — By Ca.-h 1900 1800 3700 Dr. Discount. Cr. 1887 June 26 To Bills Rec. 3 12 52 12 52 1887 June 26 30 By P. P. Ryan " Loss &Ga in 2180 9 72 I 12 52 Dr. ExjJense. Cr. 18871 I June 30 To Cash 175 18&7j I June 30 By Loss&Gain 175 Cr, b2 75 3 92 50 1G7 50 1 Cr. 2800 Cr. 1900 1800 3700 Cr. Dr. DOUBLE-ENTRY. r. E D a E H -Set III. Loss and Gain. 127 6 Cr. 1887 June 30 a a To Sht to Hal. '* Discount " Expense " Stock 4 5 5 1240 9 175 2769 4194 72 38 10 1887 June 31 By Mdse " Sht to Tor. " Stor. & Ad. " CommissioD 2 4 4 5 3836 150 40 167 4194 60 50 10 Dr. Balance. Cr. 1887 June 30 To Cash " Bills Rec. " Mdse " Gr, Binney "Sto. &Fixt. " Nt. Bk-Sks 1887 1 8224 14 June 30 1 150 u 2 475 u 2 55 (( 2 8000 <( 3 1248 14 1 18152 By Bills Pay. 3 " E. P.Flynn3 '* J. Mitchell 3 " MtgePay. '3 '' Stock 1400 150 62 6000 105i9 18152 30 50 34 14 2180 9 72 ; 12 52 Cr. 175 128 BOOK-KEEPING. Set III. ../i Difference — Face of Ledger Face of Ledger —Difference 4140 05 Stock ,• 1 15910 01 7769 96 8224 14 17716 09 Cash ■ 9491 95 150 4950 Bills Receivable . 4800 • 'a'. 1990 60 Merchandise ' 5352 20 3361 60 (0' 38 60 42 James Blake A. Dunn 38 60 42 55 55 George Binney 1627 25 Bills Payable 3027 25 1400 8000 8000 Store and Fixtures 1248 1248 National Bank Stocks E. P. Flynn 150 30 150 30 .'!' 3000 John Mtchell Mortgage Payable P. P. Ryan's Consignment 62 6000 3000 59 62 6000 50 1240 3740 2550 Shipment to Halifax " " Toronto 2500 2700 • 150 ■■^ '■ 2025 Ethan Pape Storage and Advertising 2025 40 40 Commission 167 50 167 50 2800 P. P. Ryan 2800 3700 T. D. Carter's Consignment 3700 9 72 12 52 Discount 2 80 175 175 Expense Equilibrium (1) ■■. 93 19101 86 61827 93 61827 19101 86 CI) The totals represpntcd in the columns headed " Face of Ledger " must be equal to the totals of the Day Book, and the Juurual. — Let the ;- pupil add up the columns of these book. ':>>^iy^} -■ if I , 1 ■.'•iii't.''il. *■' -Difference 7769 96 3361 60 1400 150 62 6000 30 50 150 40 167 50 19101 86 idger " must lal.— Let the j^cconnt Sales Book,— Set III. Account Sales of J. ^ r\nf\ci \\.. tt f on a|c and risk of P. P. IWan, ( ^^^ ) Montreal, 1887 June June Sold Wm Chubb & Co. on their note at 60 days, 200 bbls Flour @ $9 9 Sold Ethan Pape, @ 10 days, 10000 lbs Hams @ 12 c. -ClIARGES- 3 iPaid Freight in Cash Storage and Advertising Commission 2l^°i^ on $3000 P. P. Ryan's net proceeds are Due by Equation July 24 Errors Excepted. J. J, BOYCE, Per Jos. Lambert. 1800 1200 3000 200 2800 100 25 75 Account Sales of\ o.-mn n u i ' Wn ale and risk of T. D. Carter, ] 2000 Barley C g^J^j^ 1887 June 5 9 June 3 14 Sold J, Patterson for Cash, 1000 bus Wheat @ $1.90 Sold B. H. Murphy for Cash, 2000 bus Barley @ 90 c. Charges Paid Freight in Cash Storage and Advertising Commission 2i^2o on $3700 T. D. Carter's net proceeds, remitted this day in Cash _-^ ..^ J. J. BOYCB, Jlj, Jli, Per Jos. Lambert 1900 1800 150 15 92 50 3700 257 }442 50 50 .fc-. ';,( . I! >■■ 130 BOOK-KEEPING. Set III. c::?o'nri m issloia. This Book is used for the convenience of the Commission Merchants, that he may be able to see, at a glance, the P. P, Ryans 1887 June 3 a (I (t t( lUi" Bbls Flour. 200 200 Lbs Hams. 10000 1000 Per Steamboat Quebec. To Cash— Paid for Freight " Storage and Advertising " Commi8sion-2i°2^ on $3000 " P. P. Ryan's net proceeds are Due by E ^ua. (1), July 2-i 1 887 100 25 1 75 i 200 2800 3000 T. D. Carter s 1887 Junel4 « (1 Bush. Barley 2000 Bush. Wheat 1000 " 15 (( <( \\\- 2000 1000 Per Steamboat Montreal To Cash— Paid for F-ight " Storage and Advertising " Commi8sion-2i°; , on $3700 " Cash-T. D. Carter's net proc. 150 15 92 50 257 3442 3700 50 50 (1) Equation of Payni' nts, or Averagp, as it is gene- rally called, ia tho fiurtingof an averajxe or menn time for payments of seveial amouutd, due at dif- ferent time ; and also, wheu the balance of an ac- '' count having both debit and credit amounts, will average due that no loss may be anstninod by either party. In the annexed the 7th of August is the last and generally the date asisumed for settlement, as the note given June 5, falls due at this time — see the facing illustration : Rnle for finding the equation of payment : Divide the diflft^renoe of the luterest columns, by the interest of the difference of the amounts for cue day. Operation $6.54 : 2800x. 000 126=14 days. Count buck from the 7tb of Aagust, will give the 84 of July. Account Articles. June To Cash ■ " Sto., Ad. C. Net proceeds Bal. of Interest lants, that ms 200 2800 3000 '.rs 257 50 3442 50 3700 ccount •tides. ish >., Ad. C. roceeds f Interest DOUBLE-ENTRY. Set III. 131 condition of each Consignment. The entries in this Book correepond to those of the Day Bock. ,. f . Consignment. 1887 June 5 Bbls Flour. Lbs Hams. 200 10000 200 10000 By Bills Rec.— Sold W. Chubb & Co., on their note at 60 ds, @ 69 By E. Papc— Sold him at 10 ds © 12 c. 1800 1200 ^_^ 3000 3000 Consignment. 1887 Junel5 u u Bus Barley. 2000 Bus Wheat. 1000 2000 1000 By Cash-Sold J. Patterson &Co. @ 90 c. By Cash-Sold B. H. Murphy @ $1.90 1800 1900 — 3700 3700 Soles of Flour and Hams sold on aic and risk of P. P. Rifan. Amt. Time t Interest Date Articles Auit. 1 Time Interest 100 65 ds 1 OS June 1 ! 25|Byl0dsCred., 1200 43 ds 8 (iO 100 59 ds ~r 98 Aug. 7 " Note 1800 2800 1 6 54 1 V-JH.: ,; .' .. J '.a::: 3000 8 60 3000 1 i 8 60 I! 1$^ X«J * BOOK-KEEPING. ', (!^xercide0 for the (earner. ( • July 1, — Commenced business with the following Resources : Mer- chandise on hand, 8818.50 ; Cash, $11123.75 ; Bills on our favor, 0857 ; William Chapman, owes us on a|c, $104 ; T. S. Scott, $335.50.-2. Bo't of Geo. Dinning on a|c, 15 bags Coffee, '000 lbs, @ 9 c. ; 10 bags Rico, 2000 lbs, @ 5 c. — 3. Sold Benjamin Lawson for Cash, 15 bbls Flour, @ $10 ; 3 bags Coffee, 600 lbs, @ 10 c. — 4. Received f. 3m John Power, Montreal, to be sold on his ajc and risk, 15 hhds Sugar, 15000 lbs, in- voiced @ 8 c. ; Paid Freight and Cartage in cash, 850. — 5. Sold Jos. Lamy on his note, at 7 days, without grace, 25 pairs Shoes, @ $2.50. — 7. Shipped B. A. Mitchell, Chatham, Ont., to be sold on our a|c and risk, 10 bags Coffee, 1000 lbs, @ 10 c. ; 5 bags Rice, 500 lbs, @ 6 c. ; Paid cash fot Insurance on same, $15. — 10. Bo't of J. A. McGee on our note, at 60 days, 300 bbls Flour, @ $9 ; 2000 bus Wheat, @ 60 c— 11. Sold P. D. Lovejoy for cash, 10 hhds Sugar, (Powef's Consigt), 10000 lbs, @ 11 c. — 12. Rec3ived cash in full for Jos. Lamy's note of the 5th inst. due this day. — 14. Sold Frank Hawley, on his note at 10 days, 2 bags Coffee, 200 lbs, @ 10 c. ; 4 bags Rice 400 lbs, @ 6 c— 15. Sold John Carmichael for cash, 5 hhds Sugar, (Power's Consigt), 5000 lbs, @ 11 c. — 20. Received advice from B. A. Mitchell, Chatam, of the sales of our Coffe and Rice shipped him on the 7th inst. Our net proceeds amount to $100, which he has remitted us in cash. — 21. Closed John Power's Con- signnient, and rendered him an Account Sales. Our charges for Storage and Advertising, $20 ; Commission, at2°2o OQ $1650, $33 ; John Power's net proceeds, $1547 which we remitted in cash.— 27. Beceived cash in full for Frank Hawley's note of the 14th inst. due this day. — Paid Clerk hire, and rent of Store in cash, $150. — 30. Paid our note of the 10th inst. at 60 daysj favor of J. A. McGee, in cash, $3900, less discount for 40 days, at 6°^o. ^38.74. ••■n\ u Inventory of Merchandise unsold, $4865. l^alance due from persons $439.50^ The Net Capital on Feb. $13358.49 " ■ "~ I The Net Gain '^ '* for Bills ^aeh Balanoe^-due to persons 857 7546.99 370 119.74 1 ri DOUBLE-ENTRY. 133 i'tatafirM urces : Mer- avor, $857 ; aO.— 2. Bo't 3 bags Rice, bbls Flour, rohu Power, 000 lbs, in- ). Sold Jos. © $2.50.— i|c and risk, > 6 c. ; Paid on our note, .—11. Sold , 10000 lbs, bbc 5th inst. lays, 2 bags Sold Johu lbs, @ 11 c. sales of our B amount to 'ower's Con- fer Storage )hn Power's ived cash in Paid Clerk le 10th inst. jouDt for 40 $4865. , $13358.49 119.74 'ii'.v Remarks on Set IV, followed by the memoranda k for the Jonrnal-Day-Book. In this set, the student will meet with difiBculties which will often tax liis ingenuity. The principal difficulty lies in a book called Journal Day- Book. This book dispenses with a separatee Journal, and has the advantage of bringing tlic Day Book and Journal entries into an immediate connection, and so, leaving no room to doubt their indentity. Most accountants have adopted this form, in every department of business, as the most practical. The objection tliat can be brought against it is the difficulty of making the entries intelligible, as well as symmetrical. This will be rendered more easy by making the Journal Day Book proceed by a memorandum or routine of the transactions in their simpleet forms, so that, the student, by comparing both may, even without the assistauce of a teacher, easily overcome, v.hat would otherwise prove a serious task. MEMOHJ&I7DI7M for Set ZTT. ic>. Montreal, Jan. 5, — J. B. Dollard and P. S. Shomeday, have on the 20 of Dec. last, entered, by contract, into copartnership, under the style and firm of " Dollard and Shomeday " in the prosecution of a general Commission and Grocery business ; to invest in equal amounts, and participate alike in gains and losses. The business to begin in January. J. B. Dollard, invests in cash, $15500 ; P. S. Shomeday also investai cash, $9000, which he has placed in the Montreal Bank, and also his Store which is assumed by the firm, and is estimated at $6500. — 7. Bo't of Hope & Co., 5 casks Brandy, 300 gal., @ $2 ; 200 bbls Mess Pork, @ $9 ; 30000 lbs Bacon, @ 5 c. ; Paid them on ajc, per check on Mont. Bank, $1500 ; Balance to be paid in 3 mos. — 8. Keceived, per Steamer Curlow, from T. F. Bellerose, Bordeaux, France, pursuant to our order, 2 casks Cognac Brandy, 300 gal, @$2.40; 4 hdds Claret Wine, 360 gal., @ 45 c. ; 8 casks Cherry Wine, 320 gal., @ 80 c— Paid for Freight, per check on Mont. Bk., $54 ; Signed Bonds Nos. 4. 5, at the Cu&tom- House for duties at 4 and 6 mos. $200, $220.— Sold D. C. Parker, on a|c, 100 bbls Pork. (^ $2.50 ; 5000 lbs Bacon, @ 5^ c— Paid cash for 10 tons Coal, (5) $7 and 6 cords Wood, @ $6. — 9. Deposited $700 in Mont. Bk. — Received per Steamer Vancouver from Damen, Hertell & Co., Li- verpool, on our order : 25 chests Souch. Tea, 2652 lbs, @ 30 c. ; 50 bags Java Cofiee. 6000 lbs, @ 14 c. ; Paid for Freight and Customs, p(?rcheo^ on Mont. Bk. $100 and $225.-10. Received of P. Z. Fahey, StJohn, t 134 BOOK-KEEPING. N. B., to be sold on our joint ajc, each i, 1600 bbls Cimcnt, @S1.50; 80 bbls Salmon, @ $18 ; Paid cash for Freight, $250.— Sold D. Hynde on his note at 90 ds, 25 bags Ja^a Coffe;, 3000 lbs, Q, 18 c.— 11. Ac- cepted T. F. IJcUcrosc's Draft on us, at 20 ds, favor of James Kerr, $1138. — 13. Sold Edujond Jones, on his note at 30 days, 100 bbls Pork, @ 89 ; 25000 lbs Bacon, @ 5^ c. — Sold Henry Woods for cash, 800 bbls Cinient (Mdse Co. A.), @ 81.87^; 80 bbls Salmon (Mdse Co. A.), @ 818.— Closed Sales in Co. with P. Z. Fahey, and rendered him an Ace. Sales of the same ; Our charges for Storage and Advertising, ^30 ; C'ommisdion, 2i% on $4340, $108.50; P. Z. Fahey's ^ net gain, $55.75; Our ^ net pain is $55.75. .-.i-i' w-I'm' • 16.— Sold P. Pariseau, 8 hhds Cherry Wine, 320 gals, @$2.30; Received in payment a check on Mont. Bk, which was passed to our credit, $500; and cash for the balance, $326. — 18. Shipped per Steamboat Flori- da and consigned to M. C. Patry, Toronto, to be sold on joint a|c, each ^, as per agreement : 20 hhds Sugar, 24000 lbs, @ 5c. ; 100 bags W. I. Coffee, 14000 lbs, @ 10 c, which we have bought of C. R. Masson, on our note at 40 days. — Accepted P. Z. Fahey's Draft on us at 20 days, favor of V. Hudou, in full of his a|c, $3895.75.-19. Reed per I. C. R. R., from M. Laurie & Sons, Halifax, to be sold on our joint ajc, each J : 600 bbls Flour, @ $6 ; 100 bbls Corn Meal, @ $5.50 ; Paid Freight in cash, $40. — 20. Received per Boat Nifigara, from Thomas Morgan, Kingston, Ont., to be sold on joint aio of himself, L. S. King, Hamilton, Ont. and ourselves each ^ : 1000 bbls Flour, Invoiced, @ $8.50 ; Paid Freight per check on Mout. Bk, $200.-22. Sold Wm Windle & Co., Halifax, 1000 bbls Flour, @ $10, (Mdse Co., C.) ; Received in payment, his note at 40 days for $7000, and cash for balance, $3000. — Closed Sales in Co. with Morgan and King, and rendered them an Ace. Sales : Our charges for Storage and Advertising, $30 ; Commission 2^^';^ on $10000, $250 ; T. Morgan's J net gain, $340 ; L. S. King's ^ net gain, $340, and our ^ net gain, $340. — Deposited in Mont. Bk, cash, $5000. — 23. Sold N. Brysou for Cabh, 500 bbls Flour, @ 6.50; 100 bbls Corn Meal, @ $5.75, (Mdse Co. B,). — Closed Sales with Laurie & Sons and sent them an Ace. Sales of the same : Our charges for Storage and Advertising, $26 ; Commission, 2^'^2o. OQ $3825, $95.63 ; Laurie & Son's ^ net gain, $57.19 ; Our ^ net gain, $57.18.-25. Sold H. Norman on a|c, 15 chests Tea, 1260 lbs, @ 40 c. — 26. The Steamboat on which we shipped Mdse to Toronto and consigned to M. C. Patry, was burnt on Lake Ontario, she prove a total lose, the goods being without insurance ; our part of the loss is $1300.-28. Bo't of C. Summers, for cash, his Draft, No. 12 on Hopkins & Sun, Liverpool, at 15 days' sight, and remitted the same to Damcn, Hertell & Co., in full of ajc, $1635.60. — 30. Discounted at the National Bank, D. Hyude's Note, No. 7 : Received cash, $744.05 ; the Discount at io°]o for 48 days is $5.95. — 31. Deposited in Mout. Bk, Cash, $900. — Paid cash for family Expenses, $75, for 3 clerks, $40, $45, $55. DOUBLE-ENTRY. @ 81.50; 1 1). Hynde 1.— 11. Ac- err, $1138. Kk, @$9; )bls Cinient @ $18.— cc. Sales of 'oDimisiiion, Our ^ net @ 82.30; our credit, iboat Flori- a|c, each ^, bags W. I. Masson, on at 20 days, •er I. C. R. |c, each J : Freight in .8 Morgan, Hamilton, B.50; Paid die & Co., n payment, /losed Sales Sales : Our on $10000, ain, 8340, —23. Sold !orn Meal, 1 sent them ising, 826 ; n, 857.19; bests Tea, 1 Mdse to itario, she of the loss ^0. 12 on ic same to lied at the 4.05; the Mont. Bk, nks, 840, ttf^l '•! J L 135 ■'foj' „5I 1 .bri-jH V Journal-lDay-Book,— Set TV,^''< Mht<< Mo, Ureal, January 5, 7 88 Dr. Cr. t Al- io .VI • nf(\ Oi Cash / 'Jn Dr. (/. ait Mtif = "■' To J. B. Dollard 1' > ; Or.S For amouD* invested. ' (( . Sundries Dr. To P. S. Shomeday Montreal Bank, Deposited Cash Store & Fixtures, Estimated at 7 Merchandise Dr. To Sundries Bought of Hope & Co., Chicago : 5 casks Brandy, 300 gals, @ 82, 600 200 bbls Mess Pork " 9, 1800 30000 lbs Bacon ** 5 c. 1500 To Mont. Bk. Per check No. 1 " Hope & Co. Balance on a|o at 3 mos 8 Merchandise Dr. To Sundries Received per Steatner Curlow from T. F. Belle rose, Bordeaux, France, persuant to our order, 2 casks Cognac Brdy, 300 gals, @ 82.40, 720 4 hhds Claret Wine, 360 » " 45 c. 162 8 casks Cherry " 320 " " 80 c. 256 To T. F. Bellerose, For above Invoice bo't I on a[c " Mont. Bank, Paid for Freight per check No. 2 " Bills Payable, Signed Bonds Nos 4 & 5 at the Custom House for duties, at 6 mos 15500 D. C. Parker .. .o'^r Dr. iiuivi -r.ui To Merchandise Sold him on jijo : lOO bbls Pork, % 89.50 950 5000 lbs Bacon " 5ic275 (( Expensc^^ v,^ Dr. 9000 6500 3900 1612 15500 15500 1500 2400 i-ji T(JCash 'f- Paid for 10 tons Coal, 870 ; 6 cords Woods, 836 1225 106 1138 64 420 1225 106 f> » i^6 / BOOK-KEEPING. - ' Joiirnal-IDay-IBook,— Set IV. V-^ Montreal, Jan. g, 1887. Dr. Cr. Montreal Bank -i^ J Dr. To Cash, Deposited Merchandise Dr. To Sundries Reed pr. Steamer Vancouver from Darnen Hertell 4 Co., persuant to our order: 24 chests Tea 2352 lbs, @ 30 c. $795.60 50 bags Java Coffee 6000 lbs, @ 14c. 840 To Damen Hertell & Co., Their Invoice as above To Mont. Bank, Paid for Freight and Custom per checks, $30, $295 10 Mdse Co. A. Dr. To Sundries Reed from P. Z. Fahey, St John, N. B., to be sold on our joint a|c and risk each ^ : 1600 bbls Ciment, @ $ 1.50 S2400 80 " Salmon, " 18 1440 To P. Z. Fahey, His Invoice as above .( Cash, Paid Freight Bills Receivable Dr. To Merchandise Sold D. Hynde on his note, at 90 days, 25 bags Java Coffee, 3000 lbs, @ 18 c. T. F. Beilerose 11 Dr. To Bills Payable Ac3epted his Draft No. 4, at 20 days' sight, favor of James Kerr. 700 1960 4090 60 540 1138 700 1635 325 60 3840 250 540 1138 DOUBLE-ENTRY. Jonrnal-Day-Book,— Set IV. Montreal, Jan. 13, 1887. Dr. Cr. \ 3 Bills Receivable Dr. ,, u To Merchandise Sold Edmond Jones on his note at 30 da. 100 bbls Pork, @ $9 $ 900 25000 lbs Bacon, " 5U 1375 Cash Dr. ''" "■ To Mdse Co. A. Sold Henry Woods for Cash, 800 bb!« Ciment, @ $1.75 — 15 Cash . ./•■. Dr. To Mdse Co. A. Sold Samuel Rays for Cash, 800 bbls Ciment, @ $ 1.87J $1500 i : 80 " Salmon, " 18 ''440 Mdse Co. A. Dr. To Sundries Closed sales in company with Fahey of St John N.-B., and rendered him an Account Hales : To Storage & Adv., Our charges " Commission, 2|°2o) o" 84340 " P. Z. Fahey, His ^ net gain " Loss & Gain, Our '' " 16 Sundries Dr. To Mdse Sold P. Pariseau 8 hhds Cherry Wine, 320 gals. @ $2.30. Received in payment a check on Montreal Bank, Mont. Bank, Por Check deposited Cash, Received for balance 2275 1400 2940 250 500 236 2275 1400 2940 30 108 55 55 736 50 75 75 ■m m: 111 iili i ! fl : I3S BOOK-KfiEHNG. 4 . /.... Journal-Day-Boolij^Set IV. Montreal, Jan. i2,, i^^T, Dr. Cr. Consigt. to Toronto Dr. To Bills Payable Shipped per Steamboat Florida to be sold on our joint ajc each ^, as per agreement : 20 hhds Sugar, 24000 lbs, @ 5 c. 81200 100 bags W. L Coffee, 14000 lbs. @ 10 c. 1400 which we bought of C. R. Masson, on our note, @ 40 days. •Iff; ni;;j'";i». itjf'^ vufiuiur.-i i . (C P 7. Fahey Dr. To Bills Payable Accepted his Draft at 20 days, favor of V. Hu- don in full of his a|o,.)(, f, j>iH 19 Mdse Co. B. Dr. To Sundries Received per I. C. R. R. from M. Laurie & Sons, Halifax, to be sold on our joint ale, each ^ : 500 bbls Flour, @ $6 $3000 100 " Cora Meal, " 5.50 550 To Laurie & Sons, Their Invoice as above Cash, paid Freight 20 Mdse Co. C. Dr. To Sundries Received per Boat Niagara, from Thomas Morgan, Kingston, Ont., to be sold on joint ale of himself, L. S. King, Hamil- ton, and ourselves each ^ : 1000 bbls Flour, Inv., @ $8.50 $8500 To T. Morgan, For his & our f above Inv L. S. King, " " J " «' Mont. Bk, Paid Freight per check No. 5 (( (( 2600 3895 3590 8700 75 2600 3895 75 3550 40 566667 2833 33 200 r. Cr. 75 2600 3895 3550 40 5666 2833 200 75 67 33 DOUBLE-ENTRY. Journal- IDay-Book,— Set IV. Montreal, Jati. 22, 1887. Dr. Cr. 139 Sundries Dr. To Mdse Co. C. 10000 Sold Wm Windle & Co., Halifax, 1000 bbls Flour, @ «10 Bills Received, His note at 40 days. 7000 Cash, i "' !*r For Balance 1 3000 1300 Mdse Co. C. Dr. To Sundries Closed sales in company with Morgan and j • King, and rendered them an Account of the same : , To Storage & Adv., Our charges 30 " Commission, 2^°/^ on $10000 250 " T. Morgan. His \ net gain 340 " L. S. King, " " " " 340 " Loss & Gain, Our " " " 6000 340 Montreal Bank Dr. %. x. ; .; ,j To Cash 5000 ' :l0(uif;e Deposited this day "3 3825 Cash Dr, To Mdse Co. B. Sold Nicholas Bryson, 500 bbls Flour, % $6.50 $3250 1 , 100 " Corn Meal " 5.75 575 235 3825 Mdse Co. B. Dr. To Sundries Closed sales in Co. with Laurie & Sons, and sent them an Account Sales : • To Storage & Adv., Our charges 25 " Commission, 2i^^„ on $3825 95 33 3 V Laurie & Sons, Their \ net gain 57 19 Loss & Gain, Our,,NtL,tf . " 57 18 f' :.'«■ ■m '■■■\ • 140 . ■ BOOK-KEEPING. Joiirnal-Day-Book.— Set I V. Montreal, Jan. 25, 1887. -^^- ^^- 504 504 2600 / Henry Norman Dr. "M pA^J^rii ' To Merchandise Sold him on ajc 15 chests Tea, 126 lbs @ 40 c. r Sundries Dr. To Cgt to Toronto ■ Loss & Gain, Our \ Loss { |/.<,ii,jof' M. C. Patry, His " Invoice to him The Steamboat Florida on which we shipped Mdse To Toronto, and consigned to M. C. Patry to be sold on our joint a|c, was burnt on Lake Ontario. Total Loss, no Insurance. og 1300 1300 1635 60 1635 750 ^1 ■ Damen, Hertell & Co. Dr/^;;;- ^£i4a^ r To Cash ^ Bought of C. Summers, for Cash, his Draft, No. 12 on Hopkins & Sons, Liverjool, at 15 ds' sight, and remitted the same to them in full of a|C. t .TJiomn^eoQv 60 Sundries Dr. To Bills Rec. Discounted at the National Bank, I). Hynde's note No. 7. Discount for 48 ds, on 8750, 85.95. Cash received, $744.05 -oi^ Cash, . Received for the note Discotrhtl 01 744 5 900 215 05 95 '■■■". \, .\ t '■ ■■ - 01 ■ — Montreal Bank Dr. To Cash, Deposited. u 900 215 Expense Dr. To Cash Paid for Family expenses, $75, and the salaries of 3 clercks, $40, $45, $55. r. Cr. 504 2600 )0 1635 60 750 900 215 •; ■ ' DOUBLE-ENTRY. . I4I ;V il-^r-. ^ Set IV* 1-if^jrinoi^ r.. '\ Difference — Face of Ledger. Face of Ledger — Difference. J. B. Dollard , 15500 15500 P. S. Shomeday ' 15500 15500 18798 45 27645 05 Cash " ■■ ^'^ 8846 60 65001 6500 Store and Fixtures 2192 60 7472 60 Merchandise . ' Hope & Co. 5280 2400 2400 14021 16100 1138 Montreal Bank ' !' ' • T. F. Bellerose f: , 2079 1138 1225 1225 D. C. Parker irjll-a/j,. ■ >!'' 321 321 Expense .,i,.'i' 1635 60 Da men Hertell & Co. f 1635 60j 4340 Mdse Co. A. : .1 4340 3895 75 P. Z. Fahey 3895 75 9065 9815 Bills Receivable ■,.■■■■ ..;, . 750 ' Bills Payable •• " • < - 8053 75 8053 75 Storage and Advertising 85 85 Commission 454 13 454 13 847 07 1300 Loss & Gain ,;•,• > ,.'^ 452 93 1300 1300 3825 2600 M. C. Patry • .;•;! .^n ii Mdse Co. B. Consign men'-; to Toronto 3825 2600 Laurie & Sons 3607 19 3607 19 ■, J.,-' 10000 Mdse Co. C. .,, j 10000 Thomas Morgan 6006 67, 6006 67 L. S. King ■■';^ "^ 3173 33 3173 33 504 504 Henry Norman ; ^. 5 95 5 95 Discount 54780 07 99622 95 :»>' ■,■'■■■' if'-';.' Vf^'iti 99622 95 54780 07 I3iTVJS2TTOR"Sr- iiinjnaR: Merchandise unsold, Jan. 31. 5 casks Brindy, 300 gals @ $2 12 chests Tea, 1393 lbs " 30 c. 2 tuns Cog. Brandy, 300 gals '* 2.40 4 hhdB Claret Wine 360 " " 45 0. 600 417 720 162 60 1899 TT 60 )M, '^"- I lis! ifi 'iiiilil;!! 142 BOOK-KEEPING. « ^ o Set IV^^ 'T a. J Dr. ■"''^'"' "" '^^ Balance Account. -"^^'^'^ --^'"^" c^. Jan. 31 .'. ■-■■ ' •'*' _ •! j^i .1 f t\Ji To Cash " ""■■ " St. & Fixt. " Mdse «' Mont. Bk " D.C. Parker '* Bills Rec. " M. C. Patry " H. Normand 5-.i'-.lT'. 53313 60 18798 45 6500 1899 14021 1225 9065 1300 504 05 Jan. 31 u H (I By Hope & Co. " Bills Pay. ** L'rie & Sons " Th. Morgan " L. S. King " J. B. D'lard " P. S. Sh'day 'i'f- lo ^n; The total net loss substained by the Firm is $927.89. ■ ihjfi/j wMiLi'i ;) i'i v"".j;^.e.?jSvi' The Auxiliary Books which are used in this set, are the Commission Siftles Book, the Bill Book, Cash Book, and the Bank Book. The Commission Sales Book — For definition and manner of keeping this bock, see pages 130, 131. The Bill Book,-see pages 112, 113. '^^- ^'^^^ ^'.'^'^^^ ^:,n> i^^au _, „ , -r, , «« .,1/^ ^^^'huaviov fiiviM^' is w noli- The Cash Book,— see pages 29, 110, 111.: , , .-..iT^-p^'^/t;., yjt.Ji? This book is usually given by banks to persons depositing money With them ; on the Dr. side are entered all the sums deposited, with the date and name of the individual r^aking the deposit. At the close of the month, the amount drawn out should be placed on the Cr. side, and the book balanced. ; , • ■ - , (:v;VTi;;.'i vj- < Dr. Bank 0/ Montreal, in a\c with Bollard and Shomeday. Cr. Jan. 5' << 9 (( 16 (( 22 (1 30 Feb. 1 5ToCB8b-Dop. bjP.S Shom. " *• Dep.byJ.B. DoJani "ClM:ek--Dep.byJ.B.Dollar(l "Cash-Hep, by P. 8. Shom. " " Dep. by J. B. Dullard To Balance brought down 1 9000 Jan. 1 7 700 u 8 500 '< 9 5000 (( 20 900 31 16100 — 14021 By Chock No 1 " '• K0.2 " "Jio8.4 45 « •• No. 5 '* Balance 1500 54 325 200 14021 16100 I )tei- Cr. 2400 8053 75 s 3607 19 1 fiooe 67 3173.33 1 15036 05 1 15036 06 53313 05 ) CommisBioQ er of keeping iting money ed, with the close of the ide, and the hy. Cr. 1 1500 54 325 200 14021 16100 1 1 DOUBLE-ENTRY. Z^STTSn-BOOXZ. H3 A Budiness letter, as its name implies, is a letter on business. A busi- ness letter should be exclusively such. Matters of a social or domestic nature should generally be in a separate letter. There are two kinds of business letters : Personal and Official. A personal business letter is one on personal or private business. To this class belong the letters written by merchants, manufacturers, lawyers, bankers, etc., whether as individuals, or as firms or companies in con- nection with their trade or occupations. An official business letter is one written to or by a person holding a public office, on business partaining thereto. To this class belong the executive or heads of departments of a national state, or municipal government, etc. A good business letter writer is not a common thing to ba found ; for it supposes in the individual perspicacity, skill, a thorough knowledge of the management of affairs, and a certain degree of literary acqairements. Let the business man be careful to write his letters neatly ; to avoid misspelled words ; to be faultless in the grammatical construction of hia phrases, and the writing be such as it may easily be read at first sight. It is necessary to keep copies of all letters relating to business affairs ; for this purpose a letter book is kept. vr-,>'\ Sir, — We beg to inform you that we have formed a copartnership under the firm and style of " Dollard and Shomeday " for the prosecu- tion of a general commission and wholesale business ; and we take the liberty of assuring you that all business intrusted to our care, shall receive from us personnally, prompt and faithful attention. In soliciting the favor of your countenanco and encouragement, we may assure you that nothing will be neglected to give entire satisfaction to those who may intrust us with their order. We are prepared to make liberal advances on consignments. Very respectfully, y,) ■ vy^AvvrtvoAV; Your obedient servants, '^■ ■ - ,->-• ,jn .,fj- ■irW" ' Dollard & Shomeday. Montreal, December 21, 1887. T. P. Bellerose, Bordeaux. '; Sir, — Please, ship to us per first steamer bound to Quebec or to this port : 2 casks good Cognac, 4 hhds Claret and 8 casks .Cherry Wine. — You may draw on us within a month after shipment for the amount. Respectfully yours, Dollard & Shomeday, p P f Paul Monget, Havre, neterences |g^jiuEL RoussiN, Rouea. m^ BOOK-KEEPING. Liverpool, Jan. 2, 1887. Messrs Dollard & Shomeday, , . Montreal. .....v.. Gentlemen, — Enclose, please find as per Bill of Leading an Invoice of Merchandise amounting to £336.2.7, which we ship per Steamer Van- couver, quitting this port this very day iu accordance with your order of the 22d ult. Very truly yours, Damen, Hertell & Co. Messrs Dollard & Shomeday, t.)i;;nq,if!.ii: :>i • " jo Montreal. ? ■■!0. Bordeaux, December 29, 1887. Jo.'Oisu ••i'J«;cjfe/u>-. n httz ■'.",■ Gentlemen, — In conformity to your favor of 21 st inst., I have shipped, on bord Steamer Curlow of Liverpool the articles mentioned in your letter. I hope the quality of the liquors will prove satisfactory. The amount is, as per Invoice enclosed, 6022.76 fcs for which I draw on you in favor of James Kerr of your city, from the 11 proximo, at 20 days. - - v/M'n/i ,!-■'? V •• . Yours truly, , T. F. Bellerose. Messrs Dollard & Shomeday, Montreal. St John, N.-B., Jan. 6, 1887. p,c ' ' - Gentlemen, — Enclosed you will find Invoice of 1600 bbls Ciment and 80 bbls Salmon, which we ship you this day on joint ale You will, perhaps, find it best to take a4vantage of the present demand in your city to close out the sales at an early day. However, we leave that matter to your own good judgment. ■*».. . ;.. ..^.lij /.,."* n\e>sviii. Please keep us advised as to indication. ; ., */ \}iy.-- i^'\ Yours, P. Z. Fahey. /■iiji.jj» Montreal, Jan. 8, 1887. ,3.1 , ■ . T. F. Bellerose, Bordeaux. Dear Sir, — We are in receipt of the goods you shipped us persuant to our order of the 21 ult., and of which you gave advice by your favor of the 2d inst. We think the present a favorable time for the sales of liquors such as you forwarded to us. A reasonable amount you might sent us on joint ajc, would meet no doubt with a ready sales and satisfactory results. We await your orders. Respectfully yours, Dollard & Shomeday. ran. 2, 1887. g an Invoice teamer Van- rour order of ILL & Co. )er 29, 1887. . ... . f „^ [lave shipped, n your letter, le amount is, lu in favor of ELLEROSE. Jan. 6, 1887. bbls Ciment |c. You will, in your city hat matter to 5. Fahey. , Jan. 8, 1887. U3 persuant y your favor the sales of u might sent 1 satisfactory HOMEDAT. DOUBLE-ENTRY. -Ij^^ • P. Z. Pahey, '—.-t v.i . Montreal, Jan. 15, 1887. St John, N.-B. ,- • Sir, — We enclose you Account Sales of the C-'ient and Salmon forwarded to us on the 10th inst. Your net proceeds .lom sales including ^ Invoice and Gain are $1975.75, which we have entered to your credit. Very respectfully, ;' 1 Bollard & ShomedaV. K:nAA([ Montreal, Jan. 12, 1887. M. C. Patry, I'^Jiil Toronto. Dear Sir, — ^We contemplate sending you, 20 hhds Porto-Rico Sugar and a reasonable amount of Jamaica Coffee : say from 12 to 15 thousand pounds, to be sold in joint aic each ^. This day's morning papers of your city, rate the market price of those articles considerably higher than we get for them here. The recent arrival of vessels fr,om jPavapa having overstocked our market with that staple. i ,tv/ " ''^ " V Let us hear from you soon. ,„, jf .^da-iauxi v,ir> -.rtnv -ha -^^^ ..,Ux. - " Sincerely yours, Dollard & Shomeday. ( :i ,T ■ • . ■ p. Z. Fahey, Montreal, Jan. L, 1887. St John, N.-B. ' •. Sir, — We send you enclosed Account Sales of the Ciment and Salmon on the 10th inst. Your one half net proceeds, as per agreement, has been carried to your credit. . , . . , Truly yours, '' Hyifi'w (Torf«!eP. ol-t'f OB hij^ ^Sii. i,u..^ ui A;«iiiUv»* ja..',7i^ .'d.i iw r,':■:. .. 1;^ ■9' *,.T bbla Flour, ind myself, King, and reement. I 3ed. VIORQAN. i'.ym "H 22;. 7. pped us on pated. We our Books the present join you in lur further (MEDAY. 22, 1887. )ed us by your one- books of MEDAY. 147 Montreal, Jan. 19, 1887. Messrs Laurie k Sons, Halifax. Gents, — We are happy to inform you of the arrival, in good order, of the consignment of Flour to bo sold in joint account. We shall, accord' ing to your desire, use all possible despatch in making sales and rende- ring account. >^^'uxu. Di- Truly yours, «:'^fl;' '«'*v^>^ t(, DOLLARD & ShOMEDAY. o ju I or Messrs Laurie & Sons, Montreal, Jan. 23, 1887. . ,, , Halifax. * Gents,~PIease find enclosed. Account Sales of the Flour shipment to us on the 19 inst. For \ net proceeds, including your one-half Invoice and one half net gains are, $1832.19, which we have entered to your credit .,^^ /;„, ^ ■ . DoLLARD & ShOMEDAY. * Montreal, Jan. 28, 1887. M -IX !■■ jtour humble servants, ■ ■ ■ " '^ ' ■ . ■ ■■■' ; - -- ■- --^ 1 ..,r,- 1*1 Damen, Hertell & Co., Liverpool. Gentlemen, — Enclosed please find C. Summers' Draft at Fifteen Days' sight on Messrs Hopkins & Sons of your city, in full of our account. ; ,^j^^^jju2 ^.^rMmvjm iterngm' ■■ , I Yours most respectfully, DOLDARD & ShOMELAY. /■.«if i-tKifixiJ^ ^ifoi■■d^ 'b.«'>kc- .♦ijtK'Of'A h-jsoiiiv*. .Uin xi,'rf'' ' ^'f Busioess correspondence not connected witti Set IV. 'm<^A^ ■w^ii. f,.ft a.ri Q^ g^ Jim Jbeing Dishonored* '* ^"";'^ Mr John Murray, ., ,, ■ Sprel, February 1st, 1887. Pictou. ■•■i Sir, — ^Wfc are sorry to inform you that your Draft on Singer & Co., for $1250 due o,i 29 ult. is returned to us under Protest for non-payment, and amounts witL Expenses to $1268.75. Be assured we have used every exertion to procure pay, but with no success. We will thank you to remit us for the fame by return of post, and are, Sir, Your most obedients servants, Thompson & Co. Principal and Protest $1252.50 Com. & Re-exchange @ lJ°2o 15.62 Postages .63 $1268.75. i ' ' ^ ' IliUi IS 148 BOOK-KEEPING. RECEIVING ORDXnBtS. Mr J. 0. Jardine, rol Quebec, May 20, 1887. . ^ St John, N.-B., .W:>iiO Sir, — Please seud um by first train of the Intercolonial R. R., if poa- siblc, twenty bbls New Mackerel of M. & J. BoYCE & Co. Ezeouting these Orders. Messrs Boyce & Co., St John, N. B., May 21, 1887. Quebec. .18 "./Gentlemen, — Your favor of the 20th inst. was duly received. Annexed you will find Invoice and Bill of Lading of 20 bbls Mackerel forwarded you by the Inter. R. R. New Mackerel will not be in market before the end of June. The lot I send you is the beut the market affordSi. AOd at the lowest rate, and no doubt, will prove satislactory. ;{;;«') voi' ifi> w binhh'- orfj 7ol MqtaooT :?rfi sfHHflj Kespectfully yours, ^^r»rfi »> .haM^tili m itri Quebec, May 23, 1887. Messrs Boyce & Co., Quebec. .aoaS A uAauoetin't' . Bought of J. 0. Jardine, 10 bbls No. 1 Mackerel, @ $8.00 $ 80. 10 " No. 3 *' (a 4.15 41.50 ; Cartage HDAOH^: rUTTrj.T 1.30 '^i^of :\*r}* -a^.^st , > '■ .' $122.80 /' -■ Respecting Bankruptcy. ^' "■ ■ '"•' Throe Rivers, March 24, 1887. Dear Siif,> rftf^Ii fxJi no am ?t{ itwrto 00ti3 to or>nr>jq35?w: two If — jiir. After a minute investigation of the afiFairs of Harris & Co.. I ?m sorry to inform you that more than fifteen cents on a Dollar will not be obtained, and it is even doubtful when this small composition will be I regret that you are so deeply concerned in this failure. Any service that I can render you here, you may freely command. And I remain, Dear Sir, Yours very truly, J. O'Nbil. ■ r DOUBLE-ENTRY, s - I4£TTRS OF CREDIT. Mr. 0. Murphy & Co., London, March 4 .... , , .7. Quebec. ■rtt\ X' ,,r (Sentlemcn, — I take the liberty of opening a credit with you, in favor of the Bearer, Mr. George Shehyn. Any sum of money that this gentle- men may require, to the eitent of £1500 Stirling, be please to advance on my account, either against his receipts, or his draft on mc to your order, as may be moft agreeable to yourselves. I am with all duo respect, your obliged and humble servant, * mi .1- rm , H Y ::;J.i; 0' . . ^«^«^" KANB8. Messrs Baring Bros, Bankers, r;,.{- . , ) Montreal, March 20, 1887. London. ' " " , , , , ■ Gentlemen, — We request the favor of your furnishing Mr Henry Bddard with any Cash that the young Gentleman may require during his stay in England, to the extent of £600 Stirling, taking his receipts for the sums advanced, and placing the same to our debit. We refer to our lettev of this date per post for the young gentleman's signature. I remain, etc., I. Thibodeau & Bros. LETTER OF REPROACH. j --,; Boston, March 26, 1887. James O'Brien, Esq.,^^^'^^'^^'^^^' ^^^^^ '-H*^. .ifj^; Sir, — Your acceptance of $1400 drawn by me on the 25th of Decem- ber last, and payable to my order 3 months after date, fell due yesterday, and now lies at my bankers, Messrs Buchanan, Brooks & Co., Tremont St., noted for non payment. I beg therefore, to call you immediate atten- tion to it, and request you to take up the same with expenses thereon. ififfiSt I ta I remain, Sir, Your humble servant, 20 150 BOOK-KEEPING. Mr James O'Brien, »' - ^ ^ ' - '-- Boston, March 30, 1887. Sir, — I am very much surprise at your inattention in a matter of so much importance, as a dishonored note. Referring you to my note of the 29th inst., informing you that your acceptance of $1400 had been noted for non-payment. I now beg to say that if tae draft be not immediately taken up, I shall be compelled to have recourse to a measure no less unpleasant to me than disagreeable and disgraceful to yourself. I am. Sir, etc., f-rr Thomas Duhig, Esq., Main St, Boston, March 31, 1887. Sir, — Having been out of town on business for the last two weeks, I am really surprised to find that no provision was made for my acceptance of your draft due on the 24th inst. for $1400. On my return to the city yesterday afternoon, your note was handed to me ; aft^r reading its contents, I immediately took up the bill which was before me on my table. I can only ragret of having through inadvertence caused you so much trouble. Believe me. Sir, sincerely, . . . .^ y ^ , , Your obedient servant, ." " '' ' ' ' James O'Brien. .!;.„_-< it -!..,/• .V BOYOE. ■ '''" Exercises for the learner. •'■-'^' The following transactions present the prominent features of Set IV. The student is left to himself to apply the principles in the following 'M ... Ttx.'EiSka.o^i.AJisiiy.A.. •■\ \d- o\. •/;;{!. January 1. — H. Pelletier and I. Doucet, have this day entered into corpartnership, each investing, $8000 Cash. The firm assumes to pay H. Pelletier, a note in favor of A. Chamberland, dated Oct. 15, 1886 with interest at 6°2o fj'ODa date ; face of note, $300 ; interest due to date, $3.75.-2. Paid cash for Store Fixtures, $1500, and for rent, six months in advance, $750.-3. Bo't of Jos. Cotd & Co., 8 bag Coffee, 1280 lbs, @ 10 c. ; 6 chests Tea, 297 lbs, @ 65 c. ; 10 boxes Virginia Tobacco, 350 lbs, (3 40 c. Accepted their draft, at 60 days, favor of W. Talbot, for the amount.— 4. Keceived from I. Desroches, St Augustin, to be sold on his and our joint ale, each |, 500 bbls Flour, @ $8 ; 1000 bush. Wheat, @ $1.50 .; paid freight on same, in cash, $400. — 5. Received from E. Dub^, St Ann's, to be sold on joint ajc of himself, A. Desch^nes, Seven Islands, and ourselves, each ^, 1000 bbls " Lachine Mills " Flour, @ $8.50; paid freight, in sash, $100. — 6. Sola C. DIonne, for cash, 1000 bus. Wheat, (Mdse Co. A. Desroches' Cjnsignmenl,) @ $1.83. — 7. Sold Thos Fortin, on a|c, at GO dayc, 2 chissts Tea, iOO lbs, '^ 75 c. ; Sold J. Gagnon, on his note at 10 days, 500 bbls Flour, (Mdse Co. A.,) @ $9; Closed Mdse Co. A., and rendered I. Desroches an Account Sales. Our charges for Storage, Advertising, etc., $75 ; Commission 2^°2o on Sales, $— ; our J net gain, $98.37 ; I. Desroches' do., $98.3S. — 8. Shipped H. LaEue, St Augustin, Que., to be sold on our joint a|c, each ^, the following merchandise, bought on our note, at 4 months, of Jos. Cotd & Co., 30 hhds, N. 0. Sugar, 32000 lbs, @ 6| c. ; 40 bbls Hav. Molasses, 1442 gals, @ 40 c. ; charges for Drayage and Insurance, paid in Cash, $7t). — 10. Deposited with E. Rochette & Co., Bankers* cash, $10000.-12. Sold for cash to A. Schmouth, 1000 bbls " Lachine Mills " Flour, (Mdse Co. B.,) @ $9.50 ; closed Mdse Co. B., and ren- dered Account Sales of the same to E. Dubd, St Ann's, and A. Desch^nes, Seven Island. Our charges, $75; Commission on Sales, 2|°^o ; E. Dube's i net gain, $195.83; A. Deschenes do., $195.83; our do., $195.84.— 15. Paid cash for I. Desroches' draft on us, at sight, $1000. — 16. Shipped iiii ii m iSi B60K-K£^PIt^G. W. Talbot, Cap S. I., to be sold on joint ale of himself, M. Dub^, and ourseh es, each ^, the following Invoice of Merchandise, bought of Is. Tessier & Co., for cash : 20 pieces dark blue Circassian, @ $12 ; 50 pieces green do., @ $10 ; 10 pieces satinet, 300 yds, @ 90 c. ; 15 pieces jeans, 450 yds, @ $1.25. Deposited cash, $10000.^17. Shipped S. J. Marquis, Fraserville, persuant to his order, 8 bags Coffee, 1280 lbs, @ 11 c. — 20. Received cash in full for J. Gagnon's note of the 7th inst. — 21. Paid A. Besch^nes' Draft @ sight, in full of his a|c, per check on E. Eochette & Co. — 25. Received Account Sales from H. LaRue, St Augustin, of the Mdse shipped him on the 8th inst. Qui: J net gain, $250. — 30. Receivied from W. Talbot, Cap S. I., Account Sales of the Mdse shipped him on the 16th inst. Our ^ net loss, $125.-31. Paid cash in full for H. Pelle- tier's note and interest — face of note, $300, interest due to date, $5.25. ' . ■ ^' \ " ' '■ ' ■ Inventory of Property on hand, yanttary 31. 4 chests of Young Hyson Tea, 200 lbs, @ 63 c. 10 boxes Virginia Tobacco, 350 lbs, " 40 " Sto.-e Fixtures, $1400 ; unexpired Rent, $626, - ~ (charged to Expense) 126 140 2025 2291 Resources and Liabilities, Jan. 31. ( Merchandise 266 Bills Payable I'^f * 3117 85 Expense 2291 2025 I. Desroohes '"^ { "';; 4598 38 Cash +" *:.•■— f 6127 25 E. Dube , ■'S"^,'' 5862 50 T. Portin 1:*:::!: i; 75 H. Pelletidr '^ ^^^ 8075 ^Q H. LaRue --, 2981 80 I. Doucet 8379 60 E. Rochette ' .. 16970 84 W. Talbot 923 33 -. M. Dube 524 17 ■ ■ . * ' •-. ,;■. .i .' (.■ J. Marquis ^ 140 80 -■ , 30034 19 f' hW»jf^i,';tJ'«V'».^.'. 30034 19 DOUfiLK-ENtRY. *S3 I. Dub^, and (ought of Is. 12 ; 50 pieces I pieces jeans, . J. Marquia, 3, @ 11 c— it.— 21. Paid I E. Rochette gustin, of tho SO. Receivied ipped him ou for H. Pelle- ate, $5.25. I /3I. c. 126 " 140 e) 2025 2291 3117 4598 5862 8075 86 8379 60 85 38 50 30034 19 iMn (Slhctn^^in^ ^in^le info Rouble ®nfrg. '^^ -"^^ ^xmq oc :■ SrfS l:\ Process of Changing. v^(ft „<>') i. toiesaT •"^^'^It will not require a great effort on the part of the learner to unders-' tand, at this stage of his studies, that the first requisition, in opening a Set of Double Entry Books, is a statement of resources and liabilities. This statement is also necessary in Single Entry as often as it is desirable to know the progress or condition of the business; either with a view to' divide the gains or the losses, or for any other purpose. At page 31 Single Entry the following statement is found, and the same shall serve here ks' an example. a»l ni ;!v.j;.) bii;H U'-".il2t§ ,;'>:o( Jon f :»ut> Jeat jlJiJl axlx -Resources. 1^ I.. oa R Personal accounts receivable . . ^, . u. J. S. Stanley " John Studant voi. Cash Merchandise, per Inventory 22 tr lo 3 •iV 5 14 72 50 1457 96 I 11 -Liabilities. :8 Personal accounts payable ^ r"" if""' LeoTa^iU,,.!....q ,ni^ \ . M. Lowe ^ •'■.... I. G. D. B. (the proprietor) invested ■:{;£ i. Net gain in business •rv- 40 40 04 14 1377 56 388 180 22 2225 58 2953 2815 137 58p — 1 42i - ) J! ^.j Widi the above statement the student will proceed to the following Day-Book entry : October 1st, I continued business with the following Resources and Liabilities, taken from the results of the mouth of Septem- ber, — (sfc Single Entry, page 31.) Silt u> mm 154 ' ■ ■ BOOK-KEEPING. ' \ ^tocesm of ® hangini^ ^tn^te info Rouble (Snirg. Quebec, October \st, 1887. I !«•» -50? ■ v.jKHi- ■ 'A ! . ; n -Resources. «:-.ij ^JO Merchandise on hand — per Inventory '" '' ' Cash " " From Cash Book J. S. Stanley owes me on ajc John Studant '* " -.Jfh iDiV .^.Jc F. P. Knight " ! ;,r, ,o*A.vr2.t{ -a -luoi': T. Summers " " .' Chas. Rooney " ■\\ ljv>#/nl-'-.T'"\^U ,& . i... J , Liabilities, — . Leo Taxill — I owe him on a|o *'"' ^'^*'- James Crinnon " " " "''■.'^;'> a' , w> -, G. M. Lowe " " " This entry is torthwith Journalized thus : 1377 1457 22 3 5 14 72 J.. 388 180 22 56 96 40 40 04 141 50 58 2953 590 jr O XT TFL INT -A. IL. . /^0l'inJ|,M Q^^i^g^^ October \st, 1887. Dr. Cr. ■-"') Sundries "' '"Dr. To Stock ;^u-^^o• r - ifil 2953 Merchandise __-*.' t 1377 56 •:- f-f Cash ■■'•■ ■ ••^•f '}.; 71-4 nnui rUm 1457 96 1 J. S. Stanley * i. e?">J (.4 y^^i-.ti^. 22 40 . John Studant 3 40 tffpu.»Ji F, P. Knight ■'}h»Yefl:«:{i. " James Crinnon 180 1 " Gr. M. Lowe I 22 68 The learner has now only to open his Ledger, as he has been ascus- tomed to do for an ordinary Set in Double Entry. nU> ' DOUBLE-ENTRY. 155 le ®nfr^. 56 96 40 40 04 14 50 1 2953 58 590 1 .■1 ¥. Cr. 2953 56 96 40 1 40 04 14 30 i'l; t<>( f^ )8 388 180 1 1 22 58 1 been ascus- g:ii«id. Exercises for the /earner. uu-.o-^'i^i ^.. Business Series. R J Sei L— Produce Business— Single Proprietor. Characteristics of this Set — Buying and selling Flour for cash. Com- mencing business with a net capital ; producing a gain, and closing with an Increased Capital. Names of Acr, I'M ,1: ^ 1. , with the number of lines required for each. — Stock, 5 ; Cash, 7 , ^ lOur, 6 ; Expense, 5 ; Loss & Gain, 6 ; Balance, 5, iti' Quebec January 2, 1887. — Invested in business, $10000 Cash.— 3. Bought Donovan & Kelly, for cash, 500 bbls Flour, @ $8, $4000.— 4. Sr' '' Thomas Long, for cash, 200 bbls Flour, @ $9, $1800.-5. Sold W. I. Clint, for cash, 300 bbls Flour, @ $9.25, $2775.-6. Paid for Account Books, Rent, etc., in cash, $125. ' •■- , ' -■,, i, 1/ -i .. Results. — Capital at commencing, $10000. Net Gain, $450. Ij Capital at closing, $10450. - ; • .. -. , - ....,.- , Set II.— Grocery Business.— Single Proprietor. Characterisiic of this Set. — Buying and Selling for cash. Commencing with net capital ; producing a loss, and closing with Decreased Capital. Accounts used, with number of lines for cash. — Stock, 6 ; Cash, 8 ; Merchandise, 8 ; Expense, 5 ; Loss & Gain, 6 ; Balance, 5. t 1. Montreal, February 1, 1887.— Invested, $6000 cash.- 2. Bought Murphy & Cassady, for cash, 31 hhds Molasses, 4000 gals, @ 80 c, $3200.-4. Sold H. Costigan, for cash, 11 hhds Molasses, 1335 gals, @ 85 c, $1134.75. -6. Sold J. A, Hamel & Co., for cash, 15 hhds Molasses, 1995 gals, @ 75 c, $1496.25.-8. Sold H. W. Warner, for cash, 5 hhds Molasses, 670 gals, @ 75 c, $502.50.-10. Paid Expenses in cash, $150. Results. — Capital at commencing, $6000. Net Loss, $216.50 Capital at closing, $5783.50. ■ H. tj '• i '■ym mi ,1 ■ 1 yi^ BOOK-KEEPING. Business Series. Set III.— Dry Goods Business.— Single Proprietor. ■^""^ Characteristics of this Set. — Buying and selling for cash, &r\A -n per- sonal account. Commencing without capital, realizing a Gain, and closing with Net Capital equal to Net Gain. Part of the merchandise unsold. rf^, ' Accounts used, with number of lines for cash. — Stock, 5 ; Merchan- dise, 10; I. McClement, 5; Cash, 6; T. C. Woods, 6; Strange, 6; M. O'Brien, 5 ; Expense, 5 ; P. J. Parker, 5 ; Loss & Gain, 6 ; Ba- lance, 9. Levis, March 1, 1887.— Bought of I. McClement & Co., Montreal, on four months' credit, 5 cases, 8310 yds, Hochelaga Muslin, @ 31 c, $2576.10. — 3. Sold John Murray, for cash, 1 case, 1710 yds, Hochelpga Muslin, @ 34 c, $581.40.-9. Sold T. M. Woods, on ajc, 2 cases, 3250 yds, Hochelaga Muslin, @ 35 c., $1137.50.-12. Bought of C. M. Strange, Toronto, on three months' credit, G cases, 8556 yds Magog Prints, @ 23 c, $1967.88.-15. Sold J. J. O'Brien, on a|c, 2 cases, 2816 yds, Magog Prints, @ 25 c., $704.-18. Sold A. C. Wilson, for cash, 2 cases, 335» yds, Hochelaga Muslin, @ 33|^ c., $1122.25. — 21. Paid Expenses in cash, $175.-24. Sold T. Parker, on a|c, 2 cases, 2794 yds, Magog Prints, @ 26 c, $726.44. — Merchandise remaining unsold, 2 cases, 2946 yds, Magog Prints, @ 23 c, $677.58. ■ •' ^''^^ -•' *'^*'5 ''"'^'^ Results. — Capital at commencing, Nothing. Net Gain, $230.19. Capital at closing, $230.19. ■ M: I'tL.in'l t..'/ Set IV.— Furniture Business.— Single Proprietor. Characteristics. — Buying and selling for cash, on personal accaunt, and on notes. Commencing with net capital — sustaining a Loss greater than the capital, and closing insolvent. Ui :ji*iit.,' Montreal, in, @ 31 c, s, Hochelpga i cases, 32 5Q . M. Strange, Ints, @23c., yds, Magog 2 cases, 335^ ^nses in cash, 'agog Prints, s, 2946 yds, 230.19. rietor. >nal account, Loss greater separate). — eceivable, 8 ; nl ,.: $100.33; Amount, $12100.33.— A. P. Price's credit interest on M. Chinic, Dccj 8. 'i4f»i» e enter into •niture Busi- icc to invest, 1 vestment, or it's resources Receivable, 585 ; Joseph )le, 812000, lu's note of 2000 ; Inte- laid of Or- 30 do. Arm S50, SI 50; Sold J. C. its, @ S75, nut Bureaus, of ajc, $ — . Book Cases, Enameled f M. Chinic, [7575.— Paid Workmen, : Bed Room 50, 81250; @ 60 ds, d Hair Ma- 60, $1200; 0.— 10. Re pril 2 ; face ^ 11. Re- for our note t for 43 ds. t interest on DOUBLE-ENTRY. 159 MXii'^. i: ■'<'']'-* ,-•■■•',[.:('•■ ', I'l: net investment. $10000 for 11 days, @ 7°?^, is 821.39.— Joseph Studant's debit interest on not insolvency, $1126, for 11 days, @ 7 7^,, is 82.41. -- Merchandise remaining unsold, as per Inventory, 88750. Rcsults.-Joscph Studant's Net Insolvency at commencing, 81126. A. Price's Net Capital at commencing, $10000. Net Gain, 8465S.54. Jos. Studant's one-half, "82329.27. A. P. Price's" do., $2329.27. Joseph Studant's Net Capital at closing, 81200.86. A. P. V, ,, Price's do., $12350.66. . . Set VI.— Groceries and Provisions.—Two Partners, Characteristics. — Buying and selling for cash, on notes, and on per- sonal account. Shipping to be sold on account of the shipper. Commencing with unequal capitals, eflfecting a net gain, which is divided between the partners according to their average investment. :'')•./,. '.''-. ;. - <■:•;/■ i Accounts used with number of lines for each. — A. J. Coursol, S. Whitehead, Shipment to St John N. F. L., No. 1 ; do. No. 2 ; I. P. Gait, and Expense, 6 ; Cash and Balance, 10; Merchandise, 11; Store and Fixtures, Bills Payable, McNeil & Pitts; Shipt. to Pictou, Interest, Bills and Receivable, 5 ; Loss and Gain, 8. Kingston, July 1, 1887. — The partners in this business are A. G. Coursol and I. F. Gait : the style of the firm is A. G. Coursol & Co. Gains and losses to be divided in proportion to investment. A. G. Coursol invests. Cash, $5000 : Merchandise as follows : 10 hhds Sugar, 15250 lbs, @ 12 c, $1830 ; 20 Hf. Chests Oalong Tea, 979 lbs, @ 81.30, $1272.70 ; 7 bbls Currants, 1972 lbs, @ 17 c, $335.24; Total, $3437.94 ; Total Investment, $8437.94. 7 . ; ' I. F. Gait invests. Cash, $10000; Store and Fixtures, $8000 ; Total Investment, $18000. — 2. Bought of Johnson & Co., uu our note at 10 ds, 100 boxes Cheese, 2980 lbs, @ 17 c, 8506.60 ; 20 kegs Iberville Butter, 1494 lbs, @ 31 c, $463.14; Total, $909.74.-3. S^'rvped Turner & Long, St John, N. F. L., to be sold on our aic and risk, 7 hnds Sugar, 11192 lbs, at 12 c., $1343.04.-4. Sold for cash, 1 brl. currants, 250 lbs, @ 23 c, $57.50 ; 30 boxes Cheese, 889 lbs, @ 20 c, $177.80 ; Total, $235.30.— 5. Shipped Turner & Long, St John, to be sold on our ajc and risk, 6 bbla sill * : • i ,■•.•1 J ) Ml': m '#1 I*: Jl 1 ■ -m "■■■ -i^ !■■ fil IS ill L ^^. BOOK KEEPING. Currants 1722 lbs, @ 17 c, $292.74.-7. Sold Carter & Hallay on ale, 6 Chests Tea, 2i7 lbs, @ $1.50, $370.60.-10. Bo't of Simpson & Co., ISbblsToik, ^$19.75, 8296.25; 25 bbls Beef Hams, @ $29, $725; Total, $1021.25. Gave in payment our draft at 10 days on Carter & Hal- lay, for $370.50; Cash, $050.75.-11. Shipped Casey & Bros., Hamilton, Ont., to bo sold on cur ale ond risk, 10 bbls Mess Pork, valued at $20, $200; 20 bbls Beef Hams, @ $30, $600; Total, $800.-15. Received of Turner & Long, an Account Sales of the sugar sent them on the 3 inst. The net proceeds, which have been entered to our credit as due on the 12th, amount to $1575. (Shipt. to St John, N. F, L., No. 1.)— 18. Paid cash for sundry items of Expense, $75 ; Paid cash to A. G. Coursol, on private a|c, $200. — 20. Paid cash for our note and interest, favor Johnson & Co., due on the 15th ; Face of note, $969.74 ; Interest, 0.81 ; Amount paid, $970.55. — 25. Received Account Sales of the currants shipped Turner & Long, St John, N. F. L., on the 5th, inst. (Shipt. to St John, No. 2). Our net proceeds, duo on the 19th, amount to $375. — 26. Bought of Thomas Lord & Co., 29 Hf. Chests Young Hyson Tea, 978 lbs, (a, $1.50, $1467. Gave in payment our sight draft on Turner & Long for $1000 ; Cash, $467.-27. Sold A. Shaw, on his note at 30 ds, 10 Hf. Chests Young Hyson Tea, 503 lbs, @ $1.75, $880.25.^30. Paid Salaries to date in Cash, $150. Merchandise.— 3 hhds Sugar, 4058 lbs, @ 12 c, $486.96 ; 15 chests Oolong Tea, 732 lbs, @ $1.30, $951.60; 10 Hf. Chests Young Hyson Tea, 475 lbs, @ $1.50, $712.50; 70 boxes Cheese, 2091 lbs, @ 17 c., $355.47 ; 20 kegs Butter, 1494 lbs, @ 31 c, $463.14 ; 5 bbls Mess Pork, @ $20, $100 ; 5 bbls Beef Hams, @ $30, $150 ; Total, $3219.67.. ;' ?, Store and Fixtures, $8000. Shipment to Hamilton, valued at cost, $800. Results.— Total Net Gain, $333.98. A. J. Coursol's share ,$-- ()vi?t(.. ' ,,,; ,,,. , I. F. Gait's share, $ ,,,,,., ,..,, _^^,, ,,,j ^^^^^ Set VII.— Produce and Commission Business —Single Proprietor. Characteristics. ~ This Set is intended to illustrate the principles and practice of a simple Commission, in connectnn with a general Merchandise Business ; as also, to some extent, the giving and receiving of notes, draw- ing and accepting drafts, with allowance of interest and discount ; keeping a Bank account in the Ledger, drawing and receiving checks, etc. This DOUBLE-ENTRY. l6l }U\ allay on ale, ipson & Co., $29, 8725; liter & Hal- , Hamilton, ued at S20, ). Received 1 the 3 iost. i due on the —18. Paid Jouraol, on 'or Johnson [ ; Amount ats shipped to St John, 26. Bought 3, @ $1.50, for $1000 ; Hf. Chests Salaries to >j f.!..i-; 15 chests ung Hyaon @ 17 c., Hess Pork, ).67. cost, $800. '1 «w ietor. iciples and erchandise otes, draw- t ; keeping etc. This Set illustrates the business of a sin<;le proprietor, closing with net loss. Ample material will bo afforded for the rjndurinj? of Accounts Sales, Ac- count CuiTent, Bills of Purchase. The notes, draft, and checks ctjibri ccd in the business should be carefully written out by the learner, [)if} ^laHii Accounts used, with number of lines for each. — .Ta ties Anderson (Proprietor), Furniture, Rent, Insurance, Pennee & Walsh's Sales No 1, Peter Cunningham, Pennee & Walsh's Sales, No. 2, Bll.s Receivable, Charges, Commission, Pennee & Walsh, Duffy's Sales, No. 1, Pennee & Walsh's Sales, No. 3, Duffy's Sales, No 2, Pennee & Walsh's Sales, No. 4, and Interest, 6 ; Cash and Balance, 11 ; Expense and Thomas Smith, 5 ; National Bank, 16 ; Bills Payable, 7; Merchandise and Loss and Gain, 8. Toronto, August 1, 1887. — The proprietor, James Anderson, invests in Cash, $5000. — Paid cash for Office Furniture, $350 ; and for Books and Stationery, $50 ; Total, $400. — 2. Deposited in National Bank, $4000. — 3. Bought of D. Colby & Co., on our acceptance at 10 da., 50 bbls Winnipeg Extra Flour, @ $13.50, $675; 100 do., Toronto Super- fine Flour, @ 88.25, $825 ; Total, $1500.-4. Paid for three months' rent, in advance, per check on N. B., $375. Received from Pennee & Walsh, Port Arthur, to be sold on their ace. and risk, 100 bbls Winnipeg Extra Flour; Paid Freight and Drayage on same, per chock. $213.15. — 5. Sold for cash, from Pennee & Walsh's Sales, Nos. 1, 50 bbls Flour, @ $11.40, $570.— Sold Peter Cunningham, on a|c, 75 bbls Toronto Su- perfine Flour, @ $9.00, $675.— 6. Took out open Policy Insurance on Warehouse and contents for $30000 at f°/^ ; Paid Premium per check* $225. Sold for cash, 25 bbls Win. Extra Flour, @ $14, $350; 25 do., Toronto Superfine Flour, @ 9, $225 ; Total, $575. Deposited in Bank, 61000. — 8. Received from Pennee & Walsh, Port Arthnr, their second consignment, consisting of 100 bbls Mess Pork ; Paid Freight and Drayago on same, per check, $247.5'^. Sold S. P. Buntin on his note, at 30 ds, from Pennee & Walsh's Sales, No. 1, 50 bbls Flour, @ $11.50, $575.— 9. Rendered Pennee & Walsh's Account Sales of Flour, represented in Sales No. 1. Our charges on same are as follows: Storage, Insurance, Cooperage, etc., $20; Corporation Tax on Sales ^°Iq, $1.43; Totab 821.43; Commission, 2^o^^ on Sales, $28.62; Pennee & Walsh's Net proceeds, $881.45; Total Debit to Sales No 1, $931.5C.— 10. Sold from Pennee & Walsh's Sales No. 2, 75 bbls Pork, @ $20, $1500 : Received I Advertising commission. S1707.10 ; r. J. Duffy, )us. Regina old P. Cun. , @ 81.40, bus. Timo- /"alsh, Port ctra Flour ; ,nk, $1000. 16th, per ys, 81.46; & A. Man- let amount h in full of , due this idger. 7.50; 400 2 months' 8206.25; ACOOX71TTS OT7RZ13I27T. v Dr. .Joseph P. Howe in Account Current with J. J. King. Cr. 1887 Oct. Oct. 6 30 31 To Mdsc per Bill " Our Kote at 20 di. To 13alancc 1 18871 55 08 Oo*. 10 a 1 « 1 i 71 08 1 71 1 08 30 31 By Cash " 20 pairt Rultbers a 80e " BilluHCC 30 16 25 08 71 08 Dr. J. W. Talbot in Account Current with J. J. King, Cr. 1887 1 (1887 Oct. 8 To Mdse p«r bill rendered " Cash 14 38 Oct. 8 By 25 lbs Butter ® 16 e. 4 Nov. 28 120 u 26 " Cash 10 38 .i 30 " Balance 67 20 Nov. 10 " 2080 lb8 Sugar, © 9 e. 1 187 20 \ ■ * 201 ^il 1 ' ' ■■ ■' ■;■ '. 201 58 1 Nov. 1 30 By Balance 67 58 There are three ways of making out these accounts, which are used according to circumstances : •.""■ ' ' ' ' ' " .,^ ; ..™'. 1. 1st. A simple statement of the account without interest. ■ 2d. A statement of the account, with interest calculated on each sum. 3d. A statement of the account, showing by average when the balance was, or will be due. The above are Account currents of the most simple elasse, being without interest. It is made out from the Ledger, referring by the dates to the entries in the Day-Book, for such explanations of the sums as may be thought necessary. The other forms of Accounts Current require two columns more on each side ; the first a single column for the days ; the other two are double columns for interest and amount, — see page 129. liM Iff t ill If [A ii 1 1: si* i 1 <,'i Ipl ^! m 1 II 1 'i6'^ ..jniwoUo'J Off J rf*' •fi. This form usually requires but one book, in which two pages opposite each other are appropriated for each individual account ; the name of the person is written at the top of the page in bold writing. The letters Dr., on the loft page of the book, and the letters Cr., on the right side. Each page should be divided by perpendicular lines in five spaces, the first space for the month, the second, for the days of the month, the third for the items, the fourth and the fifth, for dollars and cents. Whenever you trust a person with anything, the date, name and value cf the thing should be placed on the left-hand or Dr. side page ; and whenever he pays or trusts you anything, the date, name and the value in dollars and cents should be placed on the right hand or Cr. page of his account. •-?/; ' ''^'- i-^'t ^'^'^ Besides accounts with persons, the intelligent farmer will find it not only convenient, but useful to keep accounts with his different fields and department of labor, in order to know accurately, the yearly gains or losses. Such accounts are made Dr. to the labor of preparing and cultiva- ting the ground, to the cost of the seed, to digging and covering, etc., the crop, and to other cost. The accounts are made Cr. by receipts of the crop, the sales and the reserves of the fame. By adding the columns of the accounts, and subtracting the lass from the greater of each account, we find how much the receipts exceed the expenses, and vice versa. By pursuing this method with all the fields, the farmer may determine with accuracy the whole profit arising from the cultivation of his farm, and from each field in particular. These accounts are closed " To " or " By Lose and Gain " as Merghaadise ago. — Page 77, v pages opposite le name of the he letters Dr., ht side. Each IOCS, the first the third for tVheoever you cf the thing whenever he in dollars and iccount. --M ins of the ac- mt on the Dr. four resources n the Cr. side rhe difference ssent worth at for manner of nil find it not rent fields and arly gains or and cultiva- ring, etc., the ccipts of the he columns of 3ach account, ice versa. By 3termine with lis farm, and " or " By For the better understanding of the above instructions, the learner shall carefully compare each entry in the accounts with the following memoranda, which contaia the usual transactions that farmers have daily occasion to make during the five most busy months of the year. Francis B., the proprietor, commences by opening the following ac- counts : James Murray, merchant ; Jacob White, blacksmith ; Delphis Conroy, shoemaker; Patrick Doherty, hiredman ; Paul KeUy, harness- maker; Louis Corkery, farmer; Daniel O'Donnell, neighbor; Freddy Jones, gentleman ; John Landry, trader ; Miss. Jane Coote, seamstress. These and the other accounts with persons arc termed, persor.al accounts ; the other accounts relating to the different fields of the farm, as well as to expense, cash, or better, the cash book, and all such other titles as the farmer may find convenient, to use, are called Loss and Gain a3C0unts. Most transactions admit of more than one entry in the accounts of this form : for instance, supposing that I pay cash on account to a creditor, I commence by making an entry in the cash account, Cr., and afterwards another entry on the Dr. side of the man's account. The same thing is to be observed whenever a transaction relates to two distinct accounts opened in the book. Let it be an established rule that whenever a person gets indebted to me, I make the entry on the debtor or left side of his account, but when I become indebted to him I enter the transaction on the credit or the right side of his account. The Loss and Gain accounts, debit the cost or expenses, and credit the results. The closing is the same as the Ledger accounts of the preceeding sets. « . . . • . . ^ •. . ''^ ..'•I- .'■:iiii<'i-y '"u.i: >..;, ! ,, - ., .. ■it !'■■ ig:i|:ryt:,T :>'; ,i ' ,!•■,( . '- ■ ;'•., ■.'■■'•■ t .* ' ' . ',' '.M ■,.-■■■■■■ ■ -r.-'U'-j-i- ' i' >:&-»'/ 10 "oT" bmlif'iA m •jit m 22 m W- ■' m i66 r.ji i ,J'J -..I :&->'',■ ^\yv Maple-Grove Farm.— Oorcliester County, Bay 1, ,1.1,1? ;- (S'.fl The following list embraces the real, the personal property, and debts of Franci? B., in Dorchester County, Quebec : . , , , ., .,,, ,,. i'i.: 68 acres cultivated land, @ $50 ; 12 do., maple-sugar wood land, @ HO; dwelling house, barn, stables, «S:c., $1600 ; house fumitnre, $250; 1 carriage horse, $120 ; 2 work horses, $150 ; 1 yoke oxen, $70 ; 6 cows, $150; 3 calves, $4.50; 4 hogs, $24; 20 sheep, $40; 25 chickens, 85; 6 geese, $4 ; farming utensils, $280 ; 1 family carriage, $75 ; 1 heavy wagon, $55 ; 30 bus. wheat, $60 ; 80 bus. oats, $35 ; 68 bus. potatoes, $26; 1\ tons hay, $18; 350 bundles straw, $10.50 ; 7 bus. barley, $5.60; sundry other articles, $17; cash on hand, $35 ; cash lent, $800 on mort- gage to Louis Corkery, and bearing interest, @ 6°/o, J jearly.- I owe Frederick Jones on ajc, $550 ; John Landry, $645. Sold John White, blacksmith, for cash, 4 bus. potatoes, @ 35 c. ; Dr. cash ace, and Cr. potatoe field.— 2. Bought of Delphis Conroy, shoemaker, on a|c, 1 pair men's gaiters, $3.50 : Cr. shoemaker's ace. Dr. expense ; and sold him on a|C \ ton hay, $3.25 : Dr. the shoemaker's, and Cr. meadow ; 50 bundles straw, $2 ; Cr. pasture & straw : Dr. shoemaker. — 3. My neigh- bor has plowed potatoe field, 1 day with team, $1,75: Cr. O'Donnell, Dr. potatoe field. — The blacksmith has set my wagon tire, 81.25 : Cr. the blacksmith Dr. farming utensils. — 4. Plowed shoemaker's garden : Dr. shoemaker, $1, and bo't of him a pair boots : Cr. the same, $4 ; Dr. Ex- pense. Finished plowing wheat field, 4 ds, with team, $8 : Dr. wheat field. Sold Mrs Jane Coote, seamstress, for cash, 2 geese, $1.90 : Dr. cash, Cr. cattle.— 6. Labored two days potatoe field, $2 : Dr. potatoe field. Bo't of J. Murray, merchant, for cash, 30 yds yellow cotton, @ 10 c. ; 4 spools silk thread, @ 8 c. ; 1 lb. tea, 70 c. ; pocket knife, 60 c. ; 5 bus. peas, @ 95 c. : Dr. expense and peas field, Cr. cash. Sheared 25 sheep, @ 15 c. : Dr. Home Labor; the fleece weighed, 92 lbs: Cr. the same ace. — 7. Sowed, 12 bus. wheat, @ $1.25 : Dr. wheat field. Finished plowing oats-field, 9 days, @$1.50: Dr. oats-field.— 9. Labored 2 days harrowing wheat-field: Dr. the field, 33. Sold the merchant, on a|c, 2 hens, 50 c. ; 10 bus. oats, @ 35 c. : Dr. the merchant and Cr. cattle and Oats field. — 10. Manured potatoe field, 120 loads, (^ 15 c. ; and labored 2 days preparing the ground, @ $1.50 : Dr. potatoe field. — 12. Sowed and irty, and debts 4f 'I Ju r,-j4^U ..ta ir wood land, rnitnre, $250 ; , $70 ; 6 cows, chickens, 85 ; $75 ; 1 heavy ! bus. potatoes, barley, $5.60 ; $800 on mort- > early.- I owe 1 John White, ace, and Cr. on a|c, 1 pair and sold him meadow ; 50 -3. My neigh- Cr. O'Donnell, 1.25: Cr. the garden : Dr. $4; Dr. Ex. i : Dr. wheat $1.90: Dr. Dr. potatoe )tton, @ 10 c. ; 60 c. ; 5 bus. ared 26 sheep, Cr. the same eld. Finished iabored 2 days on a{c, 2 hens, attle and Oats labored 2 days Sowed and harrowed peas field, 3 days, @ $2 : Dr. peas field. — 14. Planted 18 bus. potatoes, @ 40 c. : Dr. the field. Reserved for family use, 10 bus., @40c.: Cr. the same, Dr. expense. — 15. Paid cash for weeding gar- den, $3.60 : Dr. garden, and Cr. cash. — Sowed 36 bus. oats, @ 35 c. : Dr. oats field. Sold the seamstress, ou aic, 10 lbs butter, @ 18 c. : Dr. her ace, Cr. dairy. Harrowed oats field, 4 days, @ $1.50 : Dr. the field. —18. Sold for cash, 20 lbs butter, @ 15 c. : Dr. cash, Cr. dairy. Bo't of merchant, on a|C, 1 suit of clothes for James, $12: Dr. expense and Cr. merchant. The blacksmith has presented his bill for sundry repairs of farming utensils, $9.55 : Dr. utensils, and Cr. blacksmith. Reserved for use, 16 bus. Virheat, @ $1.20 : Dr. expense, Cr. wheat field. — 19. Bo't for cash, 1 lamp, 60 c.: Dr. expense, Cr. cash. — 20. Sold for cash, 12 bus. potatoes, @ 45 c. : Dr. cash, Cr. potatoe field. Sold the blacksmith, on ajc, 9 bus. potatoes, @ 45 c. : Dr. blacksmith, Cr. potatoe field. — 22. Bo't of harnos.smaker, on a|c, a new sadle, $15 : Dr. farming utensils and Cr. harnessmaker. — 25. Paid $12 for school taxes, and $10.50 to the secretary of the municipality : Dr. expense, Cr. cash. Finished sowing oats field, 10 bus., @ 35 c. : Dr. oats field. Sold the merchant, on a|c, 36 doz. eggs, @ 10 c. : Dr. the merchant, Cr. cattle. — 28, 3 days' labor hoeing potatoes, @ 75 c. : Dr. Potatoo field. — 30. Reserved 34 bus. oats, for use, @ 35 c, : Dr. expense, Cr. oats field. I'aid cash for sundry articles for the kitchen, $4.35 : Dr. expense, Cr. cash. Sold the black- smith, 10 bus. oats, on ajc, @ 40 c. : Dr. the blacksmith, Cr. oats. -Xil -.'T') ,1 •;!:■. IV 1. Reed of Louis Corkery, 6 mos' interest, on $800 lent him, due this day, $24 : Dr. cash, Cr. interest. — 3. Paid Fred. Jones, on a|c, in cash, $25, and interest on same, 1 mo. 2 days, 13 c. : Dr. Jones and inteiest, Cr. cash. Bo't of shoemaker, on a|c, 1 pair boots, $4 : Dr. expense, Cr. shoemaker. Labored, plowing and harrowing rye field, 6 days, $9 : Dr. rye field. Sowed, 9 bus. seed, bought for cash, (2) $1 : Dr. the same, Cr. cash. — 5. Sold tke seamstress, on a|c, 6 lbs butter, @ 15 c. ; 3 doz, eggs, @ 10 c. : Dr. her ace. Cr. dairy and cattle. Sold for cash, 22 bus. wheat, @ $1 : Dr. cash, Cr. wheat. Reserved for use, 16 bus. wheat worth, $1 : Dr. expense, Cr. wheat. — 8. Sold vegetable at the market for $8.12 cash : Dr. cash, Cr. home labor & garden. Cost of 1 day, market- ing, $2 : Dr. home labor. — 10. Prepared the ground and sowed turnips, 5 days, $8.50 : Dr. turnip field. Manured turnip field, 150 loads, @ 15 c. : m Vlk. m li W.' pi-., '■t-1 ; 4m\ 1 i-m ■X. * |J:&|'| ;i I i68 Dr. same ace. — 15. Labor, plowing ftad h^rdwing barley field, 4^ days, @ $1.50, and sowed 7 bus, seed, @ 90 c. : Dr. barley field. Wove at the house, 72 lbs wool into grey cloth, 42 yds, @ 40 c. per yard : Dr. Home work. Sold John Barry for cash, 32 yds grey cloth, @ 81.15 : Dr. cash, Cr. homework. — 17. Sold the seamstress, on a|c, 5 doz. eggs, @10c.: 8 lbs butter, @ 20 c, : Dr. her ace, Cr. cattle and dairy. Bo't of the merchant, on ajc, 1 lb. toa, 80 c. ; 4 lbs coffee, @ 14 c. ; 1 umbrella, $1.50 : Cr. his ace. Dr. expense. Bo't of the harnessmaker, 1 new har- ness, $18: Cr. his a|c., Dr. farming utensils, and presented bis bill of cost of sundry repairs of old ones, $3.60 : Dr. farm, utensils, Cr. harness- maker. — 18. Bo't of shoemaker, woman's gaiters, $2.50, and repaired another pair, 75 c. : Dr. expense, Cr. shoemaker. — 20. Bo't of blacksmith, on a|c, 1 hay rake, $11 ; repaired pitch fork, 20 c. : Dr. farm, utensils, Cr. blacksmith. Paid harnessmaker, cash on a|c, $10 : Dr. his ace, Cr. cash. The blacksmith has shod 2 horses, $1.25 : Dr. cattle, Cr., black- smith. Lost a cow by accident, $25 : Dr. cattle, — 25. Sold for cash, 100 bundles straw, $4 : Dr. cash, Cr. pasture & straw, also 50 lbs butter, @ 20 c. : Dr. same, Cr. dairy. — 30. Paid cash for the weaving of 16 lbs wool into flannel, 12 yds, @ 30 c. : Dr. Home labor, Cr. cash. — 30. Be- served the flannel, for use, 12 yds, @ 45 c. : JDfr. expense, ^r. Home work. 1. Paid hiredman, two months, in cash, @$15: Dr. his ace, Cr. cash. Sold the merchant, on a|c, a fat hog, 320 lbs, @ 6 e : Dr. his ace, Cr. cattle. Gave the poor collection, $1.20 : Cr. cash, Dr. expense. — 7. Bo't of the merchant, 6 yds cloth, @ $3, and furniture, $2 : Dr. expense, Cr. merchant. — 8. Sold the blacksmith, on ale, 20 lbs butter, @ 20 e : Dr. his ace, Cr. dairy. — 12. Drew hay for neighbor with team, $2 : Dr. neighbor. Paid cash for weeding turnip field, $7.50 : Cr. cash. Dr. turnip field. — 14, Sold the blacksmith, on ajc, 1 ton hay, $6 : Dr. ace, Cr. mea- dow. — 15. I owe the seamstress for making suit of clothes, $3 : Dr. ex- pense, Cr. her ace— 24. Bo't of the merchant, 4 gals molasses, @ 36 e ; spices, 15 c.: Dr. expense, Cr. his ace — 31. Sold yoke of oxen for cash, $80 : Dr. cash, Cr. cattle. My hiredman has been absent ^ amo., $7.50 : Dr. Hiredman. Bo't of the merchant, on ajc, stuff for ladies' dresses : Cr. Merchant, Dr. expense for $15.62. ....:. ,'h^^ ,^^^ >' m t^g sld, 4| days, Wove at the I : Dr. Home 5 : Dr. cash, gs, @ lOe.: Bo't of the J 1; umbrella, r, 1 new bar- ed bis bill of Cr. barness- and repaired f blacksmith, irm. utensils, his ace, Cr. e, Cr., blaok- forcash, 100 50 lbs butter, nng of 16 lbs ,sh.— 30. Be- }, Cr. Home his ace, Cr. Dr. bis ace, tnse. — 7. Bo't expense, Cr. ^ 20 c. : Dr. vm, $2 : Dr. b. Dr. turolp cc, Cr. mea- $3 : Dr. ex- es, @ 35 c. ; ixen for cash, k-mo., $7.50: dies' dpesaes : i. Paid women, working in the garden, in cash, 32 days, at 50 o.'f Dr. house labor and garden, Cr. cash. Paid church pew in cash, $4.50 ; and gave the poor. 25 c. : Dr. expense, Cr. cash. — 2. Bo't toys for the children, in cash, $1.20 : Dr. expense, Cr. cash. — 3. Sold the blacksmith, on a|c, 80 lbs fresh pork, @ 6 c.: Dr. his ace, Cr. cattle. Sold the harnessnoiaker, 82 lbs pork, @ 6 c. : Dr. his ace, Cr. cattle. Keserved for family, 138 lbs pork, @ 6 e : Dr. expense, Cr. cattle. — 5. Labor, making bay, 28 days, @ SI. 50 ; paid for two extra biredmen for making hay, 25 and 18 days, @ $1, and 80 c., respectively, $39.40: Dr. meadow, Cr. cash.— 7. Sold vegetables, $4 ; 6 lambs, $10.78, and 125 lbs butter, @ 14 c, at the market, $17.50 : Cr. garden, cattle & dairy. Dr. cash; mar- keting, $2.20 : Dr. home labor. — 15. Bo't for cash, 3 young pigs, @ $3 : Dr. cattle, Cr. cash. Finished making the hay, 28 days with team and hiredman, @ $3 : Dr. meadow. Sold for cash, 60 lbs butter, @ 18 c. i 12 doz. eggs, @ 10 c. : Dr. cash, Cr. cattle and dairy. — 30. Paid John Landry, cash on a|c, $90, and interest on same, 4 mos., $1.80 : Dr. John Landry and interest, and Cr. cash. Labor harvesting and thrashing peas field, 1^ days, $4: Dr. this field. — 31. Table expenses up to this day, 4 months, per petty accounts, 25 doz. eggs, @ 10 e ; 65 lbs buttei, @ 15 e ; milk about 3 quarts per day, 123 days, @ 4 e ; 5 chickens, @ 25 c. : Dr. expense, Cr. cattle and dairy. 1. Bo't of the merchant, on a|c, 10 lbs nails, @ 6 c. : Dr. expense, Cr. merchant. Sold him, 5 lbs butter, @ 18 e. Dr. the same ace, Cr. dairy. — 2, Sold for cash to Henry Dupe, 4 hundred cabbages, @ $5 : Dr. cash, Cr. Garden.— 4. Paid the merchant balance of ace, in cash: Dr. mer- chant, Cr. cash, $24.31. — 5. Spread on pasture field the remaining sti*aw worth, $5.60: Dr. pasture field, Cr. Straw. Sold at market, 12 doz. eggs, @ 11 e, and vegetable, $8.30 ; marketing, $1.75 : Dr. : cash and home work, Cr. garden, $8.30 and cattle, $1.32. — 10. Finished harvesting wheat, 8 days, @ $1.50 : Dr. wheat. Paid extra biredmen iq cash : Cr. cash, 16 days, @ 80 e : Dr. wheat field. — 11. Sold at market, vegetable?, $5.75: Dr. cash, Cr. garden; marketing, $1.50: Dr. houie labor.— 12. Paid cash, 5 days furrowing and ditching pastuu field : Dr the field and Cr, cash. ^S^.tli? wJ ':iH(i(y|.i;t> =^U ^Sfiajiawln •fV,v Mi m'. •' Ml n m m If il ijil 'nil''"'- il 'Il ■■ n ■H! 170' Dr. ■ f ',0 uA {against him^ JAMES 1887 May 9 25 July Sept. 1 1 4 \ Oct. 23 26 Deo. 12 1888 Feb. 13 Apr. 30 1 Sold him 2 chickens >fc»Kl, ^(l\ KO/f'rtl @ " " 10 bushels oats ;>#ot ?;HJ i; ,f>'»^ . " " " 36doz. eggs ' BJ.Hl .^ .) /; ^^,^c(nf,.« " " 5 lbs butter "tI- Tn 'mov?' i^' 25 0. 35 c. 10 c. 6 c. 18 c. Paid " Cash for balance in full ■'\snn xaij,-; 22 0. Sold on ale, 60 bushels potatoes " " *' 5 hundred heads cabbages " $4 " "* 250 bus. turnips nvi a^owtur " 12 c, " " 1 fat cow 'fiiH'rs/q VffiJ .Mi Ivv/K-, Balance due him lar'i '^0 t .' [Vt4 . hj^ nhnij? • • ir', xl-[ ,')?)McifiiJl 3 3 19 24 52 13 20 30 27 25 115 .1 50 50 60 20 90 31 01 20 27 57 Dr. '.'vo\vvs\ (against Aim.) ■■o-'r\\i\<-^ JACOB 1887 May 20 Sold hi in 9 bus. potatoes. on aic tfrsr.-t @ 45 c. 4 06 30 •' " 10 " oats ifirj^t lot UkI ." 40 c. 4 July 8 " " 20 lbs butter -■ i.i-.f't US..;>a[m*/oi. 20 0. 4 14 " " I ton hay • .. k-,vr ? 6 Aug. 3 " " 80 lbs fresh pork ■H fjtJflotf ; OcJ. rS " 6 c. 4I8O Sept. 24 " " 1 cord wood liitjufi'W T'^^miil bon>)7 ^ i3 Oct. 4 " " 10 bus. wheat -.;....■ ^i ^ir ■■ ■ :■ 10 Nov. 27 " « 10 " turnips " 15 c. 1 60 1888 liHfi^t ^tbatii vii i!id «it U \ Apr. 25 Paid the balance in cash ;..-, ::■■ :■■ ■ ■' '■•■'■ 12 35 • , 50 70 AMES 5 c. 5 c. Oc. Sc. 3 c. 2 c. 2 c. ' }j i 3 3 19 24 52 13 20 30 27 25 115 50 50 60 20 90 31 01 20 27 57 ACOB ► c. 4 05 Ic. 4 1 c. 4 6 i c. 4 3 10 80 c. 1 50 12 35 , 50 70 171 MURRAY, merchant."' {his favor) Cr. WHITE, blacksmith. (his favor) 1887 May 18 Bo't a suit of clothes for James ' 12 June 17 " 1 lb. tea, 80c. ; 4 lbs coffee, @ 14c.. 56c. ; 1 umb. $1.50 2 86 Julv 7 " 6 yds cloth, @ $3.18; furniture, $2 W. " 20 24 " 4 gals molasses, @ 35 c. ; ppices, 15 c. f 1 55 31 " stuff for women's dresses * 16 Sept. 1 " 10 lbs nails : j; .'.i/ju;'! h/l @ 6 c. 60 52 01 Oct. 1 Accepted P. Dogherty's merchant's ace. bill, for 3 months' wages . „ ■ _. " $15 45 Nov. 1 Bo't sundry articles, per bill < '' «..'i ^''-,'1 30 12 1888 Jan. 2 Received my bill of purchases, 2 mos. « 18 20 Apr. 30 Bo't sundry art., bill of last four mos. ••'> ^ vvj^i .'i-.iA 22 25 ' . . 1 115 25 i ^ May 1 Balance, his favor 27 Cr. 1887 May Jnne Sept. Oct. 1888 Jan. 3 18 20 i( 15 2 28 3 For setting my wagon tire 1, „,„,. , ' Handed his bill for repairs, farm, utensils ' ' Bo't 1 hay rake, 811 ; repaired pitch fork, 20 3. Shod 2 horses i u»j j " " $1.50; ironed wheels, $6 l^V''M *t»,. . .. 15 ^ '■■■ ii'i f peas 15 30 " 30 lbs maple sugar j f t. Balance due him ''^'^ 'A<*i^'>Uiti'A'> 1.^7 \ fi'awi Z 1888 Apr. 22 17 .'( 9 Bo't of him 1 new saddle '* 1 " harness Presented his bill of repairs old harness pai Repaired 1 harness ^!»V m rf»»r^ m^ r CONROY. 1887 May June t Oct. Nov 1888 Feb. Mar. I 2 4 3 18 it 30 (I i I 22 27 Bo't 1 pair men's gaiters ,^-^ ^ . ^^j.j ^ <; 1 ;; ;; ^^^ -..^. 4h«:„f .h? ,, ^ ,, , ., i^Ay\.f^> aM t' "'W' " 1 " women s gaiters ,u,.. Airv r Repaired another pair . x {\ Sundry repairs of shoes and boots Bo't 2 pairs shoes, 1 @ $1.75 ; \% $2.25 ^ May " 1 pair doublesole boots Repaired children shoes, 2 pairs Balance, his favor DOHERTY, hiredman. 2 Cr. 15 18 8 1 37 60 20 80 Cr. 27 7 50 50 75 90 50 50 65 25 Cr. 1887 Apr. 30 ■'■ 1 His wages, 12 months, . >, , 180 V <. „^, ■ 7T i ■';■'-.,/• ;/ ■:^:'^ '■ ., • ■ ■ iS: ;.4 i ■ ' • '■ V ,;-•;■ \-»- 180 23 ■1 H-': 1- 41 . <■■■•■ it ':/r-.}.. 174 3 Dr. Mrs, jane 1887 — -rj=^r.Tr.v ' May 4: Sold her 2 p;ec8Pt . . „ , ., @ {,5 c.| 1 90 15 " " 10 lb? butter . ; s'./uf;i.>tojf««j'w |8c. i 80 June 5 " " 6 " " ®lf)C., 90c.;3doz.egcs@10c.,30c. 1 20 17 " 5 dox. eggs, @ lOc, 60c. ; 8 lbs butter, @ 20c , $1 .60 1 2 10 ,Sept. 16 " 6 lbs butter, @ 18c., $1.0S^ 4 doe. eggs, @ lOc, 40c. 1 48 Nov. 1 " 3 tons hay @ 86 18 1888 ■ ■ • ,.^,i*.iij Iiv.. ;;rf,.j 1 Mar. 29 " 4 lbs butter " 25 c. 1 'bi^\: 27 48 Vr. FREDERICK 1887 June 188R 3 Paid him cash, on a|o « iH'^viiiil AiVH ,0 •y«( ""'^-'f I'n ( ' 1 ¥. Dr. LOUIS 1887 May [00 i888 May 1 1 Lent him in Dec. Ist 1886, on mortgage ,at fi'^^oj 6800 with interest payable half yearly ■' ." ' *' Balance my favor 800 800 700 Dr. 7^.,DANIEL 1887 July Nov. 1888 May 12 10 1 Drew hay with team for him ■ ,\^ i ,, Lent cash, without interest 4?f^ i»^^'t^ &ol«^>woi 1 Balance my favor 2 100 I02 100 25 'M JANE > c. tOc. .60 190 1 80 120 2110 [Oc. ! 1 18 48 5 c. 1 27 48 "— — — . lRICK i-n 26 525 550 :.6ui3 lOJ 800 800 700 lNIEL 1 2 100 102 100 25 r • j> ' c COOTE, seamstress. 175 3 Cr. tor making 1 suit of clothes , ... : ■ n (^^ ■.. Presented her biU of pewiiig, sinoo July 15 ;, -^t yd. 1*4 , ydi: ^2) Jhiiid ndtS*. , rp date ^ ^,,^.^ ,,,£, ^ *or making women s dresses . -^^ ^^^^^ j.. 1 pair of pantaloons 1887 July 15 Bept. 16 peo. 31 1888 l^eb. 4 Mar. r 26 8tJT" (( « (>'' «« 3 12 ■) 6 ■I 4 it "~27 _.. 65 70 50 163 48 JONES, gentleman. Cr. 1887 May 1888 May I owe hira, $550, with interest at 6°^^ dsflo raitf ftjji') f Balance his favor 550 ,;• 550 525 CORKERY, farmer. - Vr. 1887 Sept. 1888 ! yni; Jii'.,..' 15 Received cash, on a,c ^s;^A Mrjj^^i -j. ,xnim rfiiw 008? ^Q\ Balance diie me ijiH\ ,Y JOHN 18871 Aug. Deo. 1888 Apr. 30 1 30 Paid him, on alo Balance due him (ifo^ ,m;(i 1 90 120 435 645 it<.a1 Kiii M aaL '■■ Dr. INTEREST. 1887 June 3 Paid F. Jones int. on $ 25 for 1 mo. 2 days v^io:) 13 Aug. 30 " J. Landry " " 90 " 4 mos. 'lev ho 1 80 Dec. 1 " «' '« <' " 120 "7 " : ?r f-, 7-J JvftoD 4 20 1888 Apr. 30 " F. Jones « " 525 " 1 year '.tV^ V.;^^ .>. 31 50 (( li " J. Landry " " 435 " 1 " 26 10 v^ ■ s 26 73 Dr. r-i {cost) ,■1 ''.'.'.. WHEAT 1887 May Sept, iff 4 7 9 10 (< 12 30 Finished plowing this field, 4 days, with team harA v Sowed 12 bus. • ...-„«. ;..v .... @ $1.25 Labored 2 days harrowing '' //fttL-'IpoiT •' 1.50 Finished harvest, 8 days ^'"^ '^^ ■'^^' " 1.50 Paid cash 16 day's work extra hiredmen '* 80 c. " " for thrashing, 2 days ;- ' ^' 6.50 Loas & Gain, my favor "(I)-04i'i^ ■■ 201 15 '^ > LANDRY, frader. 177 1887 May 1888 May I owe him, 8645 with iat. at Q°Iq, from date j„],( ^ naW Hui) y. tT/»U)f HP Balance his fayor 645 8!8r 645 435 INTEREST. Cn 1887 June Sept. Dec. 1888 Apr. 1 15 1 L. Corkery paid hia J year int. on 800 v{ ], Reed of L. Corkery, int. on $100 for 3J mos^.r J, L. Corkery's ^ yearly int. on $700 j Loss and Gain, adverse - ' ^jo^ 24 1 21 50 .1?^?^. 63 73 FIELD, 7 acres. {produce.) Cn 1887 May June Sept, Oct. Dec 1888 Apr. 1 On hand 50 bus. ."^•''f' !■ hW'^ suit ^jCrivv'^'r f";-5{>/v> 90 c 30 Reserved for home use 48 " " 90 c 4 Sold for cash . 83 " « , 95 c ,■.-,*' Paid my parish priest my tithe, 1 bus. every 26, — 6 bus. " 95 c. 31 bus. of the reserve of Oct. 30, credited in ace. and debited in Expense ace. 19r20 6 16 11 10 10 80 43 78 201 40 20 85 70 15 (1^ When a part of the reserve ia a sold, cash or the buyer's ace. only is debited. m ..»-• i ! J ilf 'iW* .'•-.■i(i i 1 . 178 r» Dr. .Awv^ {cost) > S i ,\\ OATS 1887 May 7 Furnishel plowing the fiold, 9 ds -f^'^ *> @ $1.50 13 50 1,'':'. -'■ 15 Sowed 36 bus. ;;.: isr ,t^«/h « 350. 12 60 00 ' 19 Harrowed 4 da ' *f "'« " 1.50 6 ■ ' 25 Finished sowing, 10 bus. 'ir-J ^^^ rfnrnarf « 350. 3 50 Sept. 24 Ten ds. harvesting with ttarn^'^'' ^'•'^ ."^-•f't^' ^'^ I'.BiO' ^ 15 A '■■ 1888 •:'f!:T."j{ Off J pnilV'T't XOUiuKtr-. ' Apor. 30 /iogj (fc Gain ''**• ' ^'■' '•'•^*' ''»"^"^ i'"'^ i)'):'T>r>> 137 20 ■1 * J i." ■r '..;.»! tf ■'•.«:; rrr. ■:[/.{ J .'.ffii:! |/,?:K)teq f>u^'t : ir- ^■. Ui, - f ?;'.t>.\ /n .\.s-o,V ;^'^ r,n(;5 n;jw">*i\ (■.<*■ .,- ,- >, — . ; ■•■',0' h');-\T[l!ff:i .^^TTV.'-T 't'J tl.V.| . .,"{ VX __ <>'. '. 187 80 1 :88' Ma3 Oct, Nov Dec 188 Apr Api Dr. >v^rv; BARLEY 1887 June Oct. 1888 Afr. 15 ({ 8 30 Labor, plowing and harrowing 4J ds ""' @ $1.50 Sowed 7 bus. seed "'^^' 'V " 90 c. Reaping, 84 ; thrashing, $5.60 . . Loss & Gain f ; >-« -^a .V,>vr,A «: 6 6 9 29 51 75 30 60 33 98 188 Ma Octi 188 Api Ajn Dr. '^ '">^^ TURNIP 1887 e|une i^uTy 12 1888 Apr. 30 10 Prepared the ground atf^ 'stiwetf th^ ^vMnd^ oAi fciof 5 days-seed . ''f''*'^^'' "; Manured, 159 loads !:'{'"'. 'f*'';W/15c, Paid for weeding, 10 dayi/ lii-casK ^^"*^'" '' ^* ^'""^^ '^^ 0?. 8 22 7 12 nr >] 50 50 50 95 18? Nq I 5145 I OATS i5c, )0 15 e. >0 n'fUr ■~^ 13 50 12 60 6 3 50 15 137 20 187 80 RLEY ) 6 75 )c. 6 30 9 60 29 33 51 98 RNlP - ... ' ■ 8 50 c. 22 50 ■ ■! 7 50 12 95 5145 ■■"" 179 FIELD, 1 6 acrgs. \ -/{produce.) Cr. ■;.887 -■ £ Mfty 1 On hand, 80 bus. ..' j- /,{.,i]. .,dj v,iiw.^f.v ' ■:l ■■.::./] If: 9 Sold the merchant, 10 bup. ' p (e^ 35 c. 3 50 30:Re8erved for use, 14 " ^\, C'\ 35 c.l 4 90 " 'Sold the blacksmith, 10 bus. i *r ^^Av-'^ 40 c.' * Oct. J^5 Sold F. T., trader, for cash, 200 bus. . a'f^Hv "'■ 41 c! 82 ,V Nov. 14 Summer feeding the horses, 10 *' " 40 c.! 4 Dec. 1 Keeerved for home use, 98 " for . " 40 c.l 38 20 1888 Apr. 1 Paid parochial tithe, 1 bus. on 26, 17 bus. " 40 c. 6 80 Apr. 30 Remaining on hand, 111 bus. " 39 bus. part of reserve, charged Dec. 1 40 c. 44 40 ■-.■ 'C>" r ; 1 187 80 ■• ZLT , FIELD, 3 acres. Cr. 1887 May Oct. 1888 Apr. Apr. 1 25 1 30 On hanfU, 7 bus. ..'■ 4j. ..^^.i^.^.^^j^.j i^^,. ^r,:,,?..--, Soid travelling agent, for cash, bO hus., @ Si •v>,i^ T Paid tithe 2J bus. On hand, for seed, 7§ v.>.sjii ,;ii.,;j<:t»'/iiiJt , I 85 c. .-.^ J. 50 51 98 98 FIELD, 4 acres. Cr. 1887 Nov. Dec. 27l8old the biacksmitb, on a|c, 10 bus. 30 12 " " shoemaker '• " merchant " "260 '• .h«olo^Vl'';j2c| 30 cattle 135 .M.../ ...;.,„'•; .,..l2 0.1 16 Reserved for feeding cattle 135, ,,*[, ^i[ ^.^jij^.,^, ^^a^ o.| t.M-.tt •/.. l«tl>vl yhi iV: 51 56 75 20 45 •'■■;■!■' •• /^. m m J "'■;.'» M , Kl i'PJ M 1 80 Dr. ',..'t'i'.» t PEAS 1887 May 6 12 Aug.l30 1881 Ajpr. Bo't of the merchant for cash, 5 bus. @ 96 c. Sowed and harrowed, 3 ds " 62 Labor, harvesting and thrashing, 4 ds •ijjtaur.'h' Loss & Gaxn . f,,.^^, „;^ ^„ 4 6 12 39 75 65 40 Dr. (■ RYE 1887 June Oct. 3 10 Labored, plowing and harrowing, 6 ds Sowed 9 bus. seed bought for cash .j,,_^ Harvesting, $4; thrashing, 85.60 .,.•,, 27 60 60 Dr. POTATOE 1887 May Sept. Apr. AnuKjC ; 3 6 10 i( 14 28 30 My neighbor has plowed with his t^milui^uhrllkf^ » Labored, plowing 2 days .,„,., f;,,, ^.^,( ,.? »„..,.,., ^"»"'- t.t !,..6 Vtitv " 31 1 Paid the tithe 1|" "1 2 bus. on hand 5 40 28 50 39 50 40 FIELD, 3 acres. Cr. 18881 Feb. lOjSold S. Thompkins, trader, for cash^ 25 bus. @ 60 c. 22127 bus. were accidentally burnt liPaid for tithe, 2 bus. ' ' "'-'"■ 1 •• ' < ;*<; ■ 60 c. Apr 30 Loss & Gain — adverse ^ '"'"■■ :inJ 15 120 11 27 40 60 FIELD, I acre. Cr. 1887 May June Oct. Nov. Apr. 1 (( 14 20 (( 14 23 32 30 On hand, 68 bus. Sold the shoemaker, 4 bus. Reserved 10 bus., old crop Sold for cash, 12 bus. " *' the blacksmith, 9 bus. 15 bus. throwned awiy rotten Sold the merchant on a|c, 60 bus. Reserved for home use 100 " « u > .• 'J .^1 I) 35 c. 40 0. 45 c. 45 c. 22 c. 25 c. 25 c. Sold N. M. tradesman, 190 " for cash Part of the reserve, 56 bus.i-(See Expense ace. Nov. 31) 1 4 5 4 13 25 47 100 40 40 05 20 50 55 ■ " ■ I < ' ■Ipl m ■i 1 m w p w^ 24 M l82 Dr. ' ^' - MEADOW 18871 Aug. 5 Labor, making hay, 28 ds'. work - ' @ g] ,50 Paid cash, 2 extra hirednicn, 25 an 18 de. 42 @ 61, and 80 c. respectively, $25, $14.40 39 40 15 Finished making hay, 28 ds. teams and men @ $3 84 Oct. 12 Plowed 15 days «' $1.50 22 50 1888 V...... ■ ■.. ; .,, : . ".; ,,-,: .... Apr. 30 Loti & Gain 76 85 264 75 ■■ • Dr. PASTURE 1887 Sept. Oct. 1888 Apr, 5 12 15 30 Spread remaining s^traw worth Paid cash for furrowing and ditching, 5 ds " •' " plowing, 10 acres (a> $2.50 1 Loss & Gain '' '•'. '■ 5 5 25 42 78 60 40 Dr. MAPLE 1888 Mar. Apr. Qf- f 12 20 20 25 30 3 days' labor, preparing fire wood, the cans, @ 2 " tapping trees, 1260 " Paid cash, 2 men's wages 1 mo. ' •' • " Putting in vessels, cleaning cans • " i Loss fo.< 3 75 f .-.'* 15 Paid cash for weeding garden ' '' J-iii-.i] mU.i, . 3 60 June 8 Cost of marketing . •.:•; V"^'^" • '^- { -/ ''-'';i:.''^/>l 2 • K 15 Got woven at home, 42 yds grey doth @ '40 c. 16 80 30 Paid cash for the weaving, 12 yds flannel " 30 c. 3 60 Aug. 1 " " 32 ds' work in garden " 50 c. 16 7 Marketing 2 20 Sept. 5 ti '■''('":« -■'''* '-■' " '■■ 1 75 11 1 50 Oct. 6 2 50 15 Paid servant maid, in cash, 5| mos. '-;^; " " J5 27 50 Nov. 1 Marketing 2 25 1888 ,, -- Apr„ 25 Paid in cash servant maid, 6 mos. " $5 30 (( 30 Loss & Gain 29 52 ;:'.'.i- 143 97 ' Dr, FARMING ,;1887 1 May 3 The blacksmith has set wagou tire 1 25 18 Sundry repairs 9 55 ■ 22 Bo't of the harnessmaker, 1 new saddle 16 June 17 " " '' 1 " harness 18 it Presented his bill for sundry repairs ef old onces 3 60 '* 20 Bo't 1 hay rake, $11 ; repaired pitch fork, 20 c. 11 20 li Ironing wheels 6 Oct. 2 " lumber wagon wheels 12 1888 ° 1 Jan. 3 Blacksmith's bill of repairs, 2 mos. 6 75 Apr. 9 Repaired 1 harness i 1 1 20 :-•'•. i 1 84 55 Til^f!"'^':- )c. )c. )c. ] 3 3 2 16 3 16 2 20 75 60 80 60 1 1 2 27 75 50 50 50 2|25 30 29 143 52 97 MING 1 9 15 18 3 11 6 12 6 1 25 55 60 20 84 75 20 55 a m GARDEN &. i Cr. 1887 ■ S May 6 The fleece produced 92 lbs wool . , ,. f f . '<"r t 1 2 L June 8 Sold vegetables at market, in cash '"8 12 15 " John Barry, for cash, 30 yds grey cloth @ $1.20 36 30 Reserved 12 yds flannel " 45 c. 5 40 Aup;. 7 Sold at the market, vegetables 4 Sept. 2 " Henry Dupe, 4 hundred heads of cabb " S5 20 5 " vegetables at the market 8 30 11 U «< <( 'm^-: '.!.: "vv ;iv. 1 " r -" ' 143 97 UTENSILS (i). Cr. 1887 Apr. 30 Loss & Gain ^^.^ , ^ ^ ■■> '1t;Atli>k1 VlLflil^ r. . •',i;'0fc3 w;.,; ( .,ic>i.,- „ '••.r-;'( .iff'ir. •ifT !: i H >v^'.,''r/;.i '^ X , . ' -^ :,'{■{ ••.:-'^uo Litj'i i riu^.'j-ri, ^u^ai/ri.:(i;i i'.i.f -111 l>vifn.i.«;,n*I ■ '■) ■.'-: ;'.••:' H';>;(: • r;;.r..;:.;- ! ; - • i!A v^.f I fsii \} ':l''').iv« i^iu'.'.; if. ' 1 *_- f". .;j • \' ' t .:cO I.') '.' -'.^j-.i ■; ' i.' ' ''■iij(.':ri; i'.(;i''J< ' »■ ■• ■•* ' - M ! /,v.;j'- ::V^. 84 55 (1) By the laws of accounts, this aooount shows a loss or expense, nevertheless, the great part of the items denotes an increase in the value of the , utensils. The farmer can easily obviate this apparent inconsistency by making proper allowance for the use and addition, in the quality and qnantity of the utenslla, in the estimate of his inventory. m 'Ik pi . .,;-TN* ■ 1 86 9 Dr. CATTLE. 1887 1 June 20 The blacksmith has shod two horses , t -; *, . i ' . . I 25 i( Lost 1 cow by accident , ■. t.in ' 25 Aug. 15 Bo't for cash, 3 young pigs > ' @ $3 9 Sept. K The blacksm'th has shod 2 horses v. ,.; , > ;, 1 50 Oct. 28 <( << K a ■ , -7. 1 20 ■ Nov. 1 Pasturing 8 horned cattle, average time mos. " 80 c. 38 40 '♦■J ♦ 15 " 20 sheep " " 7 " 20 c. 28 (i 14 Bo't of John Busby for cash, 3 cows " $17 51 0- '! (( Feeding 3 horses, 2^ tons hay . ",',!,.•' 7 17 50 ' u " " 10 bus. oats . ,,.i;.>u- " 40 c. 4 .Deo. 1 Reserved for cattle 28 tons hay ., " 86 168 - u " 135 bus. turnips " 12 c. 16 20 ( (( Bo't of T. Tamis, on ajc, 2-3 yr. cows " $20 40 1888 '\.\\ 1 >.">J >■.. ,•: 'IK \ i- !' > J.'. 1 •VIj: 1 Apr. 30 Loss & Gain ^r, ^/t;.' <; ' ' 153 10 \ 1 , 0,-th. i? -[Mi-I-. :) i ;>ii 71,"^ l/:jij(>] 0^,l,) ■i/(V:i; .>4f.j l/.l ! ■'8 \H / ■ , qo-.it^ 1: r. '•■' / > 'fc.i i'jiik) " i ■.r,;l ,c / ,^.._^„ .;; 1 / w '•■ ( ,; c ivi loni'fot.-nu jdt hloB'' :• / s'\f, -'q-rr, f,(}T^ M'lfiii^ taO'iR ' i; v. ^ < / . .. . ■ . ■ 554 15 1 TTLE. 1 25 9 1 1 38 28 51 17 4 168 16 40 153 25 50 20 40 50 20 10 554 15 187 CATTLE. Cr. 1887| M ay 4 9 125 June 5 17 July 1 Aug. 31 3 a 11 7 15 31 5 |15 115 Oct. 31 Sept. u u (( Nov Dec. 1 1 '4 20 1888 Feb. 13 Apr. 30 aiic 'l.tUi << 1 '( n il a '■'old Mrs Jane Cooto, seainstroiip, 2 goece " mcrcliant, en ajc, 2 hciih .a. •., " 36 doz. cgfj^s ' the siauibtrcKS, on a|c, 3 doz. opgs Manured turnip field, 150 loads Sold the scamstrepi?, on a|c, 5 doz. eggs merchant " ' 1 fat hog, 320 lbs» '' for cai'h 1 yoke oxen 'uii no- i 1 blacksmith on a|c, 80 lbs fresh pork harnessuiaker " 82 " '* Reserved for use 138 " *' Sold at market, G lambs ■' fto 01 " for cash, 12 doz. eggs' ^' Table expenses, 4 mos, 25 doz. eggs '* " " 5 chickens Sold at market, 13 doz. eggs " seamstress 4 " " Killed 1 sheep for house So.d P. P. trader, 15 lambs '' " 6 goslings at market 1 sheep " " 2 cows Spring cattle breed was as follows : ( 24 lambs, I 4 calves, - 12 youngs pigs, ^ , . - 9 goslings, 30 chickens. Reserved for feeding, 28 tons bay " " 135 bus. turnips Killed for use 1 cow worth 1 fat pig 280 lbs 2 sheep 10 chickens @ 95 C.I 10 10 15 10 6 6 6 6 10 10 25 10 10 82 u a a 60 c. 84 §24 @ $6 ^a a a a a 2 geese a a a a $4 12 6 30 80 Sold the merchant on ajc, 1 cow Spent since Jan. eggs, etc. 1 3 90 50 60 i30 22 50 50 19 26 80: 4 80 4 92 8 28 10 78 1 2 1 1 4 30 3 40 48 168 16 18 16 8 3 1 27 6 554 t 20 50 25 32 40 60 20 80 60 15 Ill::: .! ff Mi i If il u I'll It i.r. i i ,t i ,i i En m il*-.' ij i88. 10 Dr. Z'^?:az'\v:a expenses. 1887 Of; r 1 June July ( C- ftfiept. I*^:o;«4 I 14 18 u 19 25 30 u 3 5 17 18 u 30 1 7 15 24 31 1 2 3 31 u (C a 1 12 16 Bo't ol" shoemaker, 1 pair men's gaiters ,^j, ^,^'j ,f'»;(iT V,; -' " 1 " " boots " for cash, 30 yds cotton, @ 10p„ I^S j, i^pqqjp tbfca^, iw; @ 8 C, 32 C. ' c> .., ,^f -,.;| f),v7' .?' " 1 lb tea, 70 c. ; pocket knife, 60 c. \. ^.j^,, Reserved for family use, 10 bus. potatoes (^|, , ^ ,^Q p. Bo't of merchant a suit of clothes for James ,- m « •)-if II- $1.20 Reserved 16 bus. wheat for home uso Bo't 1 lamp for cash Paid cash for school taxes, $12 ; ^o the municip. $10.50 Reserved 14 bus. oats for uso i,,,?,,.,^.,,,, ^ @ 35 c. Paid cash for articles for kitchen ,,| ,,^j, ^^^^ Iffiii'A Bo't of shoemaker, on ale, 1 pair boo^ j- Reserved for use, 1 6 bus. wheat . f < '* $1 Bo't of merchant, on a|c, 1 lb. tea, 80 c. ; 4 lbs coflfee, @ 14 c, 50 c. 1 umbrella, $1.50 ^ Bo't of shoemaker, woman's gaiters Repaired another pair ,^„„ j, ,vjP.t,Umf.^ »<. j^H i Reserved 12 yds flannel tor use,,,,, j^^j ^ @ 45 c. Gave the poor collection Bo't of merchant, on a|c, 6 yds cloth, @ $3 ; furnit., $2 I owe the seamstress for making clothes Bo't of merchant, 4 gal. molasses, @ 35 c. ; sp^ces^ 15 9. " " stuflF for ladies' dresses ; ' ^'f Paid church pew in cash, J yearly, $4.50 ; the poor, 25c. Bo't for cash toys for children Reserved for the house 138 lbs pork @ 6 c. Table expenses, four last mos. per petty accounts 25 doz. eggs, @ lOc, $2.50 ; 65 lbs butter, @ 15c., $9.75 Milk, about 3 quarts daily, 123 48. j^. 4c,, 5 chickens -.^ . .,...,, 250^ Bo't 10 lbs uails ' " 6 c. Paid 1 quarter bill for board and tui|iiioji of my son at college The seamstress presented her bill of sewing, since July 15 Killed 1 sheep for house >/^ 50 32 4 3 ijso , 4 12 IL- 19 22 4 4 4 16 20 60 50 90 36 ?)"??'•?*•> IjtioT forward. Ii86 ^rnsSB ,2 I 5 1 20 3 1 18 4 1 8 12 14 1 25 12 4 50 75 40 20 55 75 20 28 25 76 25 60 65 236 67 -■Jf-'-V*^.^-,.^^, '.ra srsES. 50 32 IjSO 4 12 19 22 4 4 4 16 5 1 20 3 1 15 4 1 8 12 14 1 25 12 4 20 60 50 90 36 86 50 75 40 20 55 75 20 28 25 76 25 60 65 236 67 ■ ' -I — ^i.-.-^ Dr. ^"^'*^ ' EXPENSES. 189 10 1887 Amount brought forward 236 67 Sept. 30 Taken for use, 12 bus. wheat @ 95 c. 11 40 Oct. 12 RcHerved " 12 yds grey cloth ' " 81.10 13 20 '30 Sundry repairs of boots and shoes ' 1 90 u Reserved for house, 48 bus. wheat " 90 c. 43 20 Nov. 1 Bo't sundry art. of the merchant, per bill 7 Reserved for use, 6 bus. peas " 90 c. 30 12 5 40 30 Bo't of shoc^maker, ou a|c, 2 pairs shoes, $1.75, $2.25 4 31 Reserved for use, 100 bus. potatoes @ 25 c. 25 Dec. 1 " <' 10 " apples " 40 c. 4 u " " 98 " oats " 40 c. 38 20 31 The seamstress presented her bills of sewing, 3^ mos. 6 70 20 Killed for use 1-7 yr. cow worth 18 u '« «' " 1 fat hog, 280 lbs ' • @ 6 c. 16 80 11 " " " 2 sheep ' '• 04 8 a " " " 10 chickens '■■'-■■'• *' 30 c. 3 n " " '' 2 geese ' . " 80 c. 1 60 1888 '■ •.'■■..■■ • ■■ 1 Jan. 2 Bill of purchases, 2 mos. 18 20 5 House expenses, last mo., butter, milk, eggs, etc. 4 12 Feb. 1 (( (( It (( (1 (1 ] 92 4 I owe the seamstress for sewing women's dresses 4 50 22 Bo't of the shoemaker, 1 pair double-sole boots 5 50 May 1 House expenses, butter, milk, eggs, etc. 2 06 26 Repairing clothes 63 27 Repairs children's shoes, 2 pairs ; ' ' 1 50 Apr. 1 House petty expenses ' < ■ ^ i < 2 56 30 (< (( (( 5 22 (( Bo't of merchant, sund. art., four mos, per bill 22 25 (( Sugar consumed up to date 123 lbs @ 6 c. 7 38 (( Paid parochial tithe on grain, 1 bus. every 26 i( 6 bus. wheat @ 95 c. 5 70 17 " oats , " 40 c. 6 80 2^ " barley •' ' ■ • ^ ' ' ' « 85 c. 1 98 -'>.1 V ,' ' 4 " peas ^. ., , ^ " 81 1 50 <•>» ^ 1 2 » rye ^- ..:■-.—. « gQ ^ \ 1 ■ 20 """■ ''-^ Total expense 560 21 ' ■ ■ =•— • m io M m ' ■••t ! P' il \i ■•i f '-■ !l :■< i r 1 25 '101 IMAGE EVALUATION TEST TARGET (MT-S) ^l<^ % 1.0 1.25 ^ 1^ III 2.2 lb 4. ^ li£ IIIIIM 1.8 U 11.6 V] <^ /a ''^A v: 7: M ''W 7 « iV ^ O % V % 6^ ii i4^ ^ • • 10 • • 11 Dr. * {received) CASH. 1 1887 May 1 On hand ,J. 35 (( Sold John White, blacksmith, 4 bus. potatoes @ 35 c. 1 40 4 •' Mrs Coote, geamstrcss, 2 geese 95 c. • 1 90 18 <' " " " 20 lbs butter " 15 c. 3 20 " 1 2 bus. potatoes " 45 c. 5|40 1 June 1 Rec. of L, Corkery 6 mos' interest, on $800, du( J this day 24 5 Sold Ths Purdy, 6 bus. wheat @ $1 6 8 ** vegetables at the market 8 12 15 *' John Barry, 35 yds Coarse grey cloth " $1.20 36 25 " 100 bundles straw, £4 ; 50 lbs butter, @ ! 20c., $10 14 July 31 " ^ 1 yoke oxen 80 Aug. 7 " ' at the market, vegetables for 4 (I " 6 lambs, 810.78 ; 125 lbs butter, @ 14 c ., $17.50 28 28 26 " 60 lbs but.,@18c., $10.80 ; 12 doz. eggs,@lC )c.,$1.20 12 Sept. 2 " 4 hundred cabbages @ $5 20 5 " at mark., 12 doz. eggs,@llc..$1.32; vcg. for $8.30 9 62 11 " " vegetables for 5 75 15 Received of Louis Corkery, on a|o 100 (( Interest on same, 3^ mos. @ 6°^q 1 1 50 Oct. 7 Sold at market, 8 bbls apples ' @ $1.90 15 20 8 " travelling agent, 50 bus. barley $1 50 ' 25 " T. T., tradesman, 200 bus oats " 41 c. 82 30 " P. P., " 15 lambs " $2 30 '-' (( " '• " 6 goshings " 60 c. 3 60 'Nov. 1 " at the market 10 sheep " $4 40 (1 " " " 2 fat cows " $24 48 ■ (( " " 250 lbs butter " 15 c. 37!50 1 30 " W. M. trader, 190 bus. potatoes ^"^'^ t 25 c. 47 50 Dec. 1 Reed, of L. Corkery \ yearly int. on $700 2^ 4 Sold 83 bus. wheat " " 95 c. 1 78 85 15 " 30 " peas " 95 c. 28 50 1888 1 Feb. 10 " S. Thompkins, 25 bus. ryo ' *' " 60 c. 15 Mar. 29 " P. M., trader, 800 lbs maple sugar '* 6 c. 48 30 " T. B., " 500 " " " " 6ic. 32 50 '973 6'2 1888 • May 1 Amount on hand 23 52 m CASH. 40 90 40 12 35 1 ■ 1 3 5 24 6 8 36 14 80 4 28 12 20 9 5 100 1 15 50 82 30 3 40 48 37 50 47 50 21 28 62 75 50 20 60 78 28 15 48 32 85 50 50 973 62 23 52 CASH. {disbursed) 1887 May June July Aug. Sept. Oct. Nov. Dec. 1888 Apr. 6 (( It 15 19 25 30 3 20 30 1 12 1 2 5 15 30 4 10 12 a u 15 i( 30 10 14 1 17 25 20 30 (( (( (( Bo't of .r. Murray, mere, 30 yds yellow cotton @ 10 c. " 4 spools thread, 32c. ; 1 lb. tea, 70c. ; pock, knife, 60c. " 5 bu3,.peas @ 95 c. Paid for weeding garden Bo't 1 lamp Paid $12 for school taxes, $10.50, municipal taxes " for sundry articles for kitchen " Fred. Jones, $25 : int. on same, 1 mo. 2 ds @ 6*^2(5 Bo't 9 bus. rye for seed @ $1 Paid harnessmaksr, on a|c for weaving 12 yds flannel " 30 c. the poor col. $1.20 ; hiredman, 2 mos wages @ $15 for weeding turnip field 32 days' work in garden @ 50 c. church pew, ^ year, $4.50 ; the poor, 25 for toys for children 2 workmen, 25 and 18ds.,@$l and 80c, $25, 814.40 3 pigs $3 John Landry on a|c interest on same for 4 mos. the merchant, balance of his ace. 2 e:^tra hiredmen, 16 days @ 80 c. 5 days' work, ditching in pasture field " $1 " thrashing the wheat with horse mill, 2 ds 1 quarter tuition of my son at college servant girl. 5^ mos' wages @ $5 for plowinir, 10 acres pasture " $2.50 Spent 36 lbs butter , "16 c. Lent my neighbor, without int. Paid for 3 cows of John Busby " 817 Paid John Landry, on a|c, $120 ; int. for 7 mos. (1 t( u l( (< <( <( (( (( (( (( (( (( u (I l( (( ii haruessmaker in full blacksmith in full $12.35; woman, serv., 6 mos. $30 2 men's wages for making sugar F. Jones interest on $525 for 1 year hiredman balanae due for his wages John Landry int. on $435 for 1 year On hand 191 11 Cr. 3 1 4 3 22 4 10 3 31 7 16 4 1 39 9 90 1 24 12 5 11 25 27 25 5 100 51 124 62 75 60 60 50 35 13 60 20 50 75 20 40 80 31 80 50 76 20 I 2288 42 35 40 31 86 26 _23 973 50 70 10 52 62 1', '- 'i'i i m i ■< I II I 11: "11 ril >:.i I* Ih 1 ■| 192' 12 Dr. JOIAIRY. 1888 Apr. 30 ZiOM d: Gain i-jHijO «•:•» vi J J i; at- r-ynjiUjij' aiiJ : i30,aa.< to.t.)jt;.■•■ 02 ,ilJi.tiyoB{(J " 8 I-'.' V. ' '-■ . 'i i ,;.a M " •• i"wi ArrMma iti ' i" ■ iuA ■u • ■ 3 81 -*» • ' . " Oi). / ••'' \ut i: 3 51 ■'*■' :;i£| <., ')St • ^ ittiJud edi <1 .oi« o^, t^'feriai-Jia y/iJ iiio . i 1.. ^\itfi. ', •) «r " "0 */' .ea-jijfinujg^ " Gil ;. y iU ■'* '* ^'' 0; / jWflsqxa !)8JJo] 08' ; A.» •'■ r.r • "■ ., / -.«'j lot io'i:ji5fn 1* Mo r I. •oVl. i ... / ■8=!8£ .0 dZ '' y/ ^OIJB 'flO ,8HTI j;(\f(.i) Dr • a • 1888 ".",." ">()?,<'■' Apr. 30 Interest 17 23 Wheat field 139 35 Oats 137 20 Barley "'* ,, 29 98 Turnip " .. ' \l 12 95 Peas " 'V>?iiV [J 12 65 %e " .,,,, ti, ;; i^.! : i' ■ , 11 40 Potatoe " , . ■ -'; .. 58 35 Meadow t - 76 85 Pasture, etc. .^p 42 40 Maple Grove 56 78 Expense 560 21 Home labor 29 52 " Farming utensils 84 55 Cattle 15310 Dairy 130 23 Cash 23 52 My net profit on these accounts are 228 84 902 23 902 23 imxjCLtmt of tlxe 3rea>zr. 1888 May 1 Net profit on Loss & Gain accounts Increase of property from May 1, 1887 228 60 84 72 <( Total profit - 289 56 which is nearly 4°2o let profit Cr. 25 27 7 25 525 25 435 80 271 52^ 1072 52 — -~- — Cr. 139 137 29 12 12 58 76 42 56 29 153 35 20 98 95 65 35 85 40 78 52 10 130123 23 52 902 23 • i 228 60 84 72 289 66 195 May 1, 1S87. May 1, 1888. • Cult, land, 68 acres @ $50 Maple Grove, woodland, 12 acres @ 840 Dwelling house, barn, etc. 3400 3400 480 480 1580 ■ '1600 250 House furniture 250 120 130 150 1 hor.ec carriage, 4 years 2 work horses 150 3 young oxen 40 1 yoke o^en | 70 7 cows 175 6cow8 K"''^x(-)V:^ 1 150 4 calves 5 50 3 calves ; 4 5(* 15 pigs . . 451 4 hogs 1 24 10 sheep 25 20 sheep mjnro03. ! 40 44 chickens 8 80 25 chickens 5 5 geese 3 50 6 geese ^-'-rr„-. 4 Farming utensils 330 Farming utensils 280 75 75 1 61) 1 family carriage 1 heavy wagon .. ! 55 31 bus. wheat \ 27 90 50 bus. wheat ' . 60 111" oats 49 95 80 " oats : 35 1 39 " credited, in ace. 68 " potatoes ' • 26 36 " potatoes | 14 7 " barley ; 5 60 2 " peas 2 2 J tons hay ' ' 18 6i tons hay 52 350 bundles straw 10 50 9 " " credited in ace. Sundry articles 17 500 bundles straw 16 Cash on hand 35 7f bus. bailey 6 9;) " lent Louis Corkery 800 200 lbs maple sugar 12 Increase of property 60 72 Sundry potty articles 13 Cash on hand 23 52 9 Louis Corkery owes 700 Daniel O'Donnell 100 1^5 7775 32 7775 32 t 1 A shorter method of keeping farmers' accounts would be to open an account for every person the ^'aruier deeds with ; and a cash book. Of course, this would not be has satisfactory, in many things, as the above method, but it would have, together with the inventory taken up at the end of the season, the advantage of showing whether the past year has bo prosperous or adverse, which is, in the end, what every man should have in view, that is, to arrive at practical results. m t ; li :■«■• I \"v- m m Pi iff»i >^ \{ h m M m m ■ V ■ I ^ 'Ml j ! i» ■■ ^ M ■ i ii 1 Ev. 196 TO FiiSMMms' F&SM* m. iJH.1 i A. B. Barley field 5 C. ' Conroy Delphis, shoemaker.... 2 Coote MrB Jane, seamstress — 3 Corkery Louis, farmer 3 Cattle 9 Cash 11 D. * ..^ ....,,..,. ;i Doherty Patrick, hiredman .... 2 Dairy 12 B. Expenses 10 Farming utensils 8 G. H. Home labor 8 Interest 4 Jones, Frederick 3 K. Kelly Paul, harnessmaker Landry John, trader 4 M. N. • Murray James, merchant 1 Meadow 7 Maple Grove 7 t. 67'^ ■■"■-■■'■'" O'Donnell Daniel, neighbor.... 3 Oats field........ 5 f ^> ^mthini- P. it 'iinifpt^ ff Peas field 6 Potatoes 6 Pasture, straw 7 Rye field .iiv*.^;. € S. T. Turnip field 5 U. W. White Jacob, blacksmith., 1 Wheat field 4 X. Y. Z. mhmmmim^mm'mm^ :t' ? ? »;)' j " 11^ rx li^ T tiU.i'tf's 7 , 7 .1- hbor.... 3 5 ••••••••a I ;h. 1 4 ■iHi*\- ,,,,,(! '. : ' | '? >y>" ■ '^fri'f^WM ^ WSI'li-n-PSTOT^V ?-?* 1 What is a Contract ? *f "s^ri'T-' vWw-.'^'-'f* -^ef^iM} ft-jt''^^ Ans. — A Contract is an agreement between two or more parties, competent j^ to contract, based on a sufficient consideration, each promissiug to do I or not to do a particular thing possible to be done, the same being legal. 2 How many parties are there to a Contract ? Ans. — There must be, at least, two parties to a Contract, and may be many more. These parties must be legally competent to bind theqi- selves to the fulfilment. ' x: k\ u What are the considerations ? Ans. — The considerations in a legal contract must be sufficient to induce ;' each of the parties to enter into it. ,• ,, > 'V r ' 4 Name some of these considerations ? «¥ , ! Ans. — These considerations may be financial gain, affection, family pride, a sense of duty, or any reasonable and adequate expectation or impulse. II ,ff .i» 5 Must a Contract always be written ? Ans. — A Contract may be either written or verbal, or may be simply implied by action. There are certain kinds of Contracts, however, that must be written to have legal effect. '6 May it be partly written and partly verbal ? Ans. — A written Contract is presumed to express on its face all the ne- cessary tacts and conditions, and no concurrent verbal agreement can be held to change or vary its effects. 7 Who are competent to make a legal Contract ? uins.-^ Persons competent to contract must be, 1, of legal age, and 2, of sound mind ; corporations having statutary powers can also make bmding Contracts. 26 ■ ,'V 'I A. m m m If if M sill 'W !i : 198 8 What is the U8ual ago of competency, as find by statute ? ^ ■' ' y Ans. — In most countries the legal age is fixed at twenty one for both sexes, but in fonie cases f'cujales attain majority at 18. 9 May a person under age make a legal Contract of any kind ? . *t Ans. — Persons under age — technically infants — may make binding Con tracts for the necessaries of live, but not in the general affairs of ^ trade. 10 What other disabling qualities are there aside from minority and Ans. — Insanity, idiocy, and even drunkeness are held as disqualifying conditions. There are, however, many special considerations which . vary the legal effect of a contract made under general conditions of i incompetency. Nota. — Interdicted persons, and persons civilly dead are also unabled to contract. mem o,.il -41 \i I 11 What is a corporation ? Ans.-^A corporation is an association of individuals with power to act as one person in the prosecution of a certain interpriso. 12 Has a corporation power to make a contract, and if go, what are its *• limits? ' '■■Muriu^ii Ans, — A corporation has power to make all the necessary contracts for the furtherance of its legitimate ends ; but not for other purpose. Its powers are prescribed by the law under which it acts, which may be either special or general. 13 What good reason is there a minor should not be able to make a contract ? .4n«.— Before the age of majority the faculties are presumed to be undis- ciplined and inadequate to guard against the duplicity and artifice of the world ; for this reason the law throws its protection around the infant, declaring void the contract made previous to its majority, unless after majority he shall choose to confirm thorn. 14 Is a contract u)ade with a minor absolutely void ? Ans. — Whether a contract made with a minor is absolutely void will depend, first upon the character of the contract, and next upon the decision of the person when he shall have attained his majority. Contracts to furnish the necessaries of life can always be inforced. )C for both lading Con al affairs of linority and K-O A'?J Ol isqualifying tions which ionditioDs of ) unabled to fer to act as what arc its contracts for ler purpose. which may to make a to be undis- aud artifice :tion around its majority, ,...,: a. ; .T-ibpjt n.)'i'^- 15 If a legally competent party makes a contract with a minor, can he take advantasc of the fact, should the minor, or his representatives insist upon the conditions ? Ans. — If a competent party contract with a minor, he can have no defence against its execution on account of the minor's age. lU Is a contract made by an infant or minor for the necessaries of life binding upon him; and if so, for what reason ? Am. — The reasons given for the validity of such contracts are, that infants " An infant must live as well as a man. " No person has a legal or moral right to put a human being in jeopardy — even his own — so, (??ery effort to preserve life must receive the fullest and most unrestricted legal sanction. . ].^^,.^;^^tv, 17 By the common law, can a mariied woman make a legal contract ? Ans. — By tho common law, a married woman cannot make a legal con- tract. , . - 18 Why is she considered incompetent ? . . „, a| Ans, — She is considered incompetent, because her legal existence is merged in that of her husband. , \ ■ ■■ .' Nota. — This law however, has been materially changed in all civilized countries, and constant change is going on securing to woman, whether married or single, more and more her natural rights. Already the right of her own property is gnaranteed to the married woman in some instances in this country, and in no wise subject to her husband's control or liable for his debts. She may also sell and trans- fer her property, sue and bo sued in her own name, &c. But she has no power to bind her husband's by her separate contracts. 19 What is meant by an alien enemy ? Ans. — An alien enemy is one who living in a country in time of war, owes allegiance to the adverse belligerent. 20 Has an alien enemy power to make a legal contract ? Ans. — An alien enemy cannot, without express permission, make a legal contract, for the reason that, were he unrestricted in this regard, he might withdraw from the country his means of defence, and contribute directly to the interests of its enemies. ,<.'l ''I :v! •■r. i PI i-'J ■ •'. I '^^ ( - I! 'hi'' 200 21 Can an alien enemy enforce the termes of a contract made by Wm^ self ? An». — Ab he bus no lej-al power to make a contract without permission, he cunuot, of course, enforce the terms thus made. iZ Is a contract valid when obtained through duress or compulsioii of any kind ? Ans. — No contract is valid which is obtaiaed through ilureis or ai^y kiod of compulsion. IvKfn ni rn'M-Kih-iun h^.jnitjr-.ifjjfi fo nrijijjjtj) oif; 'to 2tf Why should such a constraint invalidate a contract ? r ,. r-^ J? Am. — It invalidates it, bccau.oe the fundamental element of all contracts being a meeting of minds by voluntary action, constraints of all kinds is fatal to it. ._ .'4''' iu:i'^4 ifVi'Uoimii Hi 'nV/f Q hi vvjilT Jhi ,»i; .•i-nJ3'ioJiirK;TT7r~r*T~r~:TT^^;<. ■jhuj kJp >;f .•;.>!/ r/j'..fl--/*»vjti. •OKj i>ib oi 3Jd'ju:''iT Moijoin&va^tofi! '^o chcA on ,il tl Considerations for tlie validity of Contracts. 1 How many kinds of ccnsiderations are recognized as valid in con^ tracts ? Ans. — The law of contracts recognizes two kinds of considerations as '" ^ valid, viz: Good & Valuable. — -- -- ......... u,uo..i,iJ-i ■ 10 >".j'-.r/>aj.'lr mo'il •).itUff*-.js.'.« . : 2i What is a valuable consideration ? ,. Ans. — A valuable consideration is something having commercial or pri- mary value ; or that may be converted into money, or measurable V. ., by money. , , ' ,/ -:-•.• ..:\.!x 3 In case of a valuable consideration, must the amount of consideration bear any adequate relation to the value of the, thing promised ? , , |t* Ans. — If absolute and free from fr^ud, a valuable considera,tion need not bear any adequate relation in value to the thing P^'^'^i^ed, . 4 What then is sufficient ? -- H^-:.,"J- -r ^-^-^^:-^^'^i^ Ans. — It is sufficient to establish the good faith of the parties in the trans^ action. " .dV/~~.^«> i» . , . . 'iiuaoo &di d What is good consideration ? Ans. — A good consideration is that which is founded in love, gratitu-ie, or sense of duty, and is valid in executed contracts. I le by Wm- )ermlHRlon, ipulsicii of i< a).y kind si UrfW 8 I odntraota }f all kinds ,Ji tsi Its. rf id in COD' rations as .,«M cial or pn- iieasurable .1 1. *i ~-,Ai\h. asideration 3ed ?^, «»j 1 need not I the traos- gratitude, <: 201 6 Will a good consideration hold in a contract which is to be executed ia the future ? .* - Ann. — No: for this kind of consideration demands the present holding or possession of the thing granted, in order to hold the grantor . 7 Is a good consideration valid as against a creditor of the grantor of subsequent purchases in good faith ? ^n«.— Neither is a good consideration valid as against hnnafidc creditors of the grantor or subsequent purchasers in good faith, O What is an insufficient consideration ? i^.n u.c, » il);j? Mjicif^ jiCU ii%. Ann. — Insufficient consideration is of various kinds, viz : I, Gratitude ; 2, Illegal; 3, Impossible; 4. Moral; 5, Executed. . .'i "t Intd'l ■'I 9 Why is gratuitous promise not legally binding ? Ans. — Because, as its title signifies, it is "o consideration at all. There is in it, no loss or inconvenience to the promisor, no benefit to the pro- misee, and therefore no good reason why it should be recognized as a heathful motive in a bargain.; 'i||^ '\{i\ >iloOH1'i'>S^i?0 < 10 Under what circumstances may one collect, pay for services gratuitous- ly rendered ? ^718. — The law of salvage, however, vei-y properly regards the claims of those who render actual services in rescuing property in jeopardy at sea, either from shipwreck or pirates. '.--' *' 1 1 If a man works for you with your knowledge of the fact, can he collect compensation if you do not engage him to do the work ? ■"• i ' Ans. — Labor done for another with his knowledge and implied consent, though there may be no express understanding, can demand its fair remuneration. |j 12 Can a contract be enforced which has an illegal consideration ? Ans, — The laT^, to be wholesome, must be self sustained ; consequsntly, a promise to do an illegal act can never be enforced, neither can a promise which is based on an illegal consideration. , ,,,, x 13 Is such a contract valid as against either party ? ♦,>v.,^,'»,.v ■,; >y ,* ^,: t- Ans. — When a promise or consideration is illegal, either party may void the contract. , „ ' i 14 What is an impossible contract ? ,/i. ,, ' ,. * . .. ' . Ans. — An impossible contract is one containing conditions impractible. ill I I I &<' « il I' ¥ • :-■, i i^ j 1 ■ t It \- \ 1 '^ ,7:. 202 *; )■■ 15 Can a contract containing an impossible consideration be enforced ? Am.—^o, such contract ca-.DOt be enforced. "'^'*^''-" '''^^-'•''*«^ lu What is moral eoiisideratioQ ? Arts. — A uoral consideration is that which depends upon moral sentiment, or a sense of propriety or duty. 17 Is a moral consideration sufficient to hold either party to a contract ? An^. — A contract based upon such consideration alone is not valid and cannot be enforced. Nota. — " A debt of honor " is considered sacred and binding, because it has nothing but. the moral sense to sustain it " Honor among thieves " is a saying which, in its very expression, acknowledges the impotency of law to enforce a moral consideration. ' 'p ' * ■s#. 1«> What is an executed consideration ? '.• • i"' Ans. — An executed consideration is something which has already been done, and hence cannot legally stand as a valid consideration for a subsequent promise. ^**"' ' 19 Is such a consideration valid, and if so, under what circumstances ? Ans. — It is valid, only when it has been t ..we\^u+ed at the request of the i promisor. ' ' ' " '■ ' " ' "" 20 If a contract is immoral in its requirements or subject-matter, can it be executed ? - •• - v , . -, • Ans. — A contract which is immoral either in its considcratiob or Its sub- ject-matter, cannot be enforced. 21 Why? ^;jk:3.^:^--{m. c;,.i.cr>^vtro;^o15^' ' Ans. — Because its execution would be against public policy, and hence a public evil. . ^ . ,. i 22 Is a contract valid which restrains either party from doing Ibusiness anywhere ? Ans. — The public good demands that every citizen should be in some way useful to the community as well as to himself; and hence, it is not in the power of any man to legally bind himself, not to conduct a certain business anywhere. 23 May a legal contract be made containing a limited restraint of trade ? Ans. — In as much as community would not suffer, and might be benefited by a limited restraint of trade, it is competent to bind one's self to a seasonable liaitation. \ iforccd ? : 'XBUr! f AlWa. sentiment, - J- i«i . :f 1 contract ? )t valid and because it aor among knowledjres ready been ration for a umstances ? Kuest of the tter, can it or its sub- ud hence a [ig business e in some lence, it is to conduct ; of trade ? c benefited s's self to a 2* Give an exampK; ? Ans. — For instance, in selling a pjood will, the purchaser would reonire some guarantee of possession ; and if the seller should continue his same business across the street, or on the next block or even in the same city, he would naturally take the good-will with him. 25 To what extent then can one l^g.'illy bind h'mself not to conduct a ligitimate busincfcs ? Ans. — Under the above circumstances, he might bind himself not to do the same kind of business within a certain distance, or in the same city, and the contract would be valid, as no public injury could result therefrom. _- *'!,.■ Vwf;/ 1-.* n>iV'.« 'liiltiilt. iu If a fraudulent contract is executed, can the party committing the fraud rescint the contract ? Ans. — The person committing the fraud cannot profit by his own wrong, doing by recovery or recantation after the contract is executed. 27 If both parties are guilty of fraud, can either obtain Tclief on the contract? ',>i. in-u,^ .--ido* A71S, — If both parties are guilty of fraud, neither can obtain, either relief or equity. , ^ ■ 28 If a contract be immoral or criminal, has either party any remedy against the other ? , . ,^ a/» Ans. - In a contract which is essentially immoral or criminal, neither party has any remedy against the other. . 3>a'eSO"tJla»'fc>10 T^dJ^GTT, l^ 1 Why is a negotiable Instrument ?'. '-U'^vn; !> —.x'^l. Ans. — To negotiate is to sell or transfer ; and any instrument which may be legally transferred is called negotiable. -ii (jive an example ? >' •■ ',' " . Ans. — For instance a draft or not;; may be made payable to the holder or original payee only, and is on that account non-negotiable ; or it may be made payable to th j holder or order, or merely to bearer, and thereby becomes negotiable. O Who are the original parties to a ne^otlalle instrument ? ..4ns.- The original parties to a negotiable instrument are thofie who were interested in it when it was made. r.A :■■ V II $ I I M ;5i I 1 4 What subsequent parties may there be ? "V"^ •" '"'''•''**l X**^^^ ^^'^^ ^^ A31S.— The subsequent parties are all who become connected with it there- 1'*' 'after cither as endorsers, owners, or payees. ' ' ' » ' '-' ' '^-'i^' 5 In what sense may a negotiable instrument be considered a contract ? -4««. — A uegociable instrument is, in its very nature, a contract, havinig nearly, if not all the requisites. ,,^,,j,„.. ^^^^^ ,.^,,, ^^^^^^^ *>4f»^.,mk 6 How so ? ^ ^^,,,,,,^ ...,„ . „..;/,.^. ,,,.. f./,,,,. ,,.,,.,,,»^^ ^1 Ans. — It is a meeting of minds, an agreement or promise, for a sufficient consideration, to do certain thing, at a certain time. . . . .-.v.-w ti 7 Must the parties possess the same legal competency as in a contract ? Ans. — Yes, the parties to a negotiable instrument must possess the same legal competency as in a contract. • v-,; " ' -^ '' -'« O In what particular does it differ from a contract ? ,.. . .•■... /lA' Ans. — It differ from Si contract in that but one of the parties makes fhe promise. :. . ;;: .. -J.,. ,;_,.:. . .„ „. , ,, ..^•,.„. ^,: i ..,,.,,. ,^ if Must the consideration f n a riegotiame instrument be ftxp'res'sed ? Ans.— The consideration in a negotiable paper need not be expressed, though it is customary to express it. 10 If not expressed, is it always implied ? ■ ^ ""'^ '■'' ' " *'' ^^i^--.*^i- Ans. — Yes, when it is not expressed, it is always implied. 'V- ik4W »% 11 Are the words '' Value received " a necessary part of a negotiable note or draft ? Ans. — The words " Value received " are uhifoirnily inserted in a nego- tiable note, but are not essential to its integrity. 12 Wherein does a note differ from a draft ? ,.« ,;,,.., v^f ^h'i;!^^ 'M-^' %% Afis. — A note differs from a draft only in form ; the differeoee growing out of the circumstances under which they come into existence. 13 Explain further this dii^ercnce ? ''^ '''•' Ans. — A note is a voluntary promise to pay, apparently originating with the maker or promisor, and a draft, when perfected by pcceptance, is a response to a request, or a promise in compliance with a request. •Their legal status is the same. „, j,^ 14 How many parties are there to a note, and what are they ? 'Ans. — A note has necessarily but two parties, the promisor and the pro- misee ) technically, the maker and the payee. nth it there- contract ? ract, ha^^% r a sufficient soutract ? !ss the same !8 makes ^G e expressed, 1 negotiable [ m a nego- snce growing sstence. inating with cceptancc, is th a request. and the {)ro- 205 15 How many parties to a draft, and what are they ? Ans. — A draft has necessarily three parties, the drawer, or the one who makes the re juest ; -the drawee, or the one on whom it is made, and who accepts or responds- to the request ; and the payee, or the one "5 If to whom the payment is to be made. 16 What does the maker«of a note engage to do '/ ' * ' * ? " • ^ A718. — The maker of a note engages to pay it according to its terms. 17 Where should the maker's name appear ? ^ '^'h *roii IF Ans. — His signature appears at the bottom right hand corner. tT- ,«ft:K 18 What is payee's relation to the note ? Ans. — The payee is he to whom the payment is to be made • V it 19 Where does the payee's name appear ? «s,»,jiiKW \ii^ni Ans. — His name appears in the body of the instrument, , !-.' 20 What does the drawer of a draft undertake to do ? ^ ^., ^ " Ans. — The drawer of a draft not only requests the drawee to pay it at maturity, but by the very act of drawing, (signing his name,) he endorses it, or engages to pay it if the drawee does not, £tl Where does the drawer s name appear c ,.,v. , ^, tJTA^^M.T Ans. — His naaie appears at the lower right-hand corner. ■>■» .H '»a;.«»j' or 22 What relation to a draft does the drawee sustain ? ^-^^j. 4k-h'i-'-i^i: Ans. — The drawee is the one upon whom the draft is drawn, or who is requested to pay it. 23 Where does the drawee's name appear ? Ans. — His name and address appear at the lower left-hand comer. 24 How does the drawee accept a draft, :*nd does he write his name ?! Ana. — The drawee accepts a draft by writing his name accross its face, with the date of acceptance ; then he becomes, in reality the payer or maker. 2« What is the legal distinction between a note and a draft ? ^In«.— Their legal status is the same, (answered above). 26 What party sustains the same legal relation to a draft that the matter does to a note ? Am, — The drawee of » draft sustains the same relation thereto, as does the matter to a note« 27 i .[■„! 't'A i m ill il !ii ■ 'II ill i 'III 'if ii;'^ 206 '.' '.' " '>."''■-,,.■' ■,'■, ' '■ . - ■''''.'.■'■'"■'-■■. ■' • ■•'■ '*■■ ■ 27 What party to a draft f^ustaiDS the same relation as docs the endorii^ \^}- ' ''-iiJ y'jidi aldii/jcq ,7881 .52 vii!Ufu:(, jb!>j£l> stoa A—- w'K Ana. — Tfa(^ drawer of a draft sustains the same relation thereto, «ii does the endorser to a note. ., _ -u, jm. .u jui; * 28 What party to a draft corresponds to Itie pavee b'^a'^JBi^T'. ''"^ Ana. — The payee of a draft is equivalent to the payee of a note* t& A 8^ 29 What is an endorsement in full ? < Ans.-^An endorsement in full leaves the note or draft io the same condi- tions as before, merely changing the payee, .io^^^ii ^ai ni doidv 30 Explain this ? j^ ^,^ ,. ,^.j^.,^^, ^j,^^^ ^. ,,^j,j,^ ^^,,f^ ^.^^^^^ ^ ^. ^^^^,j^ gg Ant. — For intance, if the document is made payable to A, or order^ A endorses it. Pay to B, or order, so that it cannot legally be pai5 until B has ordered it to be paid, or put his name on the back. M What is an endorsement in blank ? ' ■^■- ''^ '^^"^ '^■-^ ^ ^^ "^'^^ 01- * Ang:-^Au endorsement in blank is unlimited and consists of mferely^signfibjl the name, so that after no other signature or order will be necessary to its payment. ^ „. ,, ' . .^ ^» 32 How may a payee so endorse a note or draft as not to be held in payment? ' ;• ^ vhj.db An8. — Should the payee deeires merely to make the document negotiable • "' "without at the same time rendering himself liable for its paymeo<^ he £houl4 prefix to his signature the words " without recour:^. ",^-,^^ 33 What are the words which ordinarily constitute the negotiability of a bill? ■ ■ ^*w.— The words which ordinarily cpn^titot*? .th^ ,vegctiftbility pf n t)ill are " or order, or bearer. vv3| If a note or draft is made payable to bearer, need it be endorsed in lux order to become negotiable ? '.".•nqt'} xil^u^u liid fiM^iJoiiQa A—-.it-K Ans. — ^If made payable to bearer, it requires no endorsementi , '^ ^T 35 If made payable to order, must it be endorsed ? - 'r ;■ ,, .,{• a| ... Ang.—lf made payable to order, it must be endorgfed^ or ordered to be :iii.,^^r - ■■■ a;' r-o-iniifi hun'Tiht'rrn Vr'S-Jvt'Jrjr' m "rft.vT ^W^'>T■■^•}^;^ 11- - ii-.l. . 36 Is it customary to add some days to the expressed time of a bill ? Ant. — It is customary to add to the full expressed time q£ a biJl4hrt4 days, in which to pay it, called " Days of Crrace, " - /.r \ i.*J c endpr8€(j: 0, «# aoen Joil 4 i oab inb A 8w iim condi- i'j'uiv order^ A ly be pai3 tick. slysignmg necessary behelij^i^ egoti^b|fi, payment rae. ",^uL nlity of I if of a t>iil idorsed in jrcd'to be bill? bilHhUii 87 EldBtrate this by an example? f^ ^fui^mi^ tfi^ih ? .-.t -,1*8.7 ??/{'// "? ^rw. — A note dated January 25, 188Y, payable three months after date, . would lie due April 28, or in three calendar months and three days ; a note of the same date payable in ninety days after date, would be due in ninety-three, or April 28. , r «« 38 A draft is drawn April 1, 1887, at sixty days' sight, when will it mature ? Ans. — A draft which is drawn April 1, at sixty 5ay» sight will mature in flirty-threo days ftom the time the drawee sees it; the evidence of which is his signature and date across its face.(« .notsii a« anoi* 39 When is a note due which is made payable " on demand ? " ^^ '' ' - JLtuZ-^'X note made payable " on demand,^' is due the moment thb^ demai^d is made. " ■'" 40 When is a note due which is made payable '■' one day from date ? » j> Aiisr-^1{ made payable " one day from date " the payer is entitled tp ihree d^ys pf grace beaidea. ^ . .„, ,. ... , . . ,. ,,v,j .. 41 When is a note due which specifies no time of payment; ? firt Jlh*.— If no time of payment is specified in a bill, it is payable imme-^ diately. 14 Must a note to be negotiable specify some definite amount to be paid 7 ^. Ana. — A negotiable note must specify the exact amount to be paid;*' 43 Why is not an order for a certain quantity of goods negotiable ? ^n».*^An order or promise for a certain quantity of eoodSj is not nego- ■■"" liable, because it is not for a sum certain. '" -^'^ f '^^ ;>iii • .i^.fe. 44 How should the amount be expressed in a negotiable bill ? - ,v • \h' ' Ana. — A negotiable bill usually expresses the amount both in figures and words, and this is desirable as guarding against misconception or dispute. ' ' . sT " J- . . V r..--.^r,«. ^,.r ,: ,.„ .. ;.?. i .-.r-f.. ...... \.rh;; -at r^ 4D If expressed in written words, and in figures, which would hold gooa 'Ai 0, St case of discrepancy ? ^;.^■i /'r/j-i Ji Avi., -47W.— If expressed both in written words and figures, in case of ^oubt, the words take precedence. ...... .. .m.,-. , 4Ci^<:W1k)'eEare the figures nstially^ placed? --•« 0^ iritfcohm si ;! .ir^^ Ana. — The figures are listially placed in f fie tapper leu-han J nial'gtn.'^ !■ ■ -■; I- ill m ^^ r 1 I t ill I i if I J i 2d8 47 Where the written words ? fv)rtMfSfi< ffp.p'i .IffwwA^rt fvH^i /, — ftJoK ^f^^^TrTklQ Wf Hteft WQt;dp 511*? Wsert*^ |^ % ^ody pf t|ie in8tr^tMiw»|t,, 4o In case a vrora or words expre«^dive of amount aire oiniited froina a bill, may the holder insert them afterwards ? Ans. — Any words which have been evidently omitted from a bill may be inserted aflerwaids. Nota. — The question as to their beiag the proper words to express the intent of the parties, is a question for the jury to decide in case of dispute. . " - ' • 49 Will the misspelling of a word or words, in a negotiable note iav^- X- lidate it ?'jijr>eyiq ^to .t.vU/*) oj^jj/ai; bnA .luvbhlbai a& to iajtd Ans. — The misspelling of a word will, in no case invalidate the instru- oiJ89!Bol» ito ba&ial — .jrK 1 i .«3a« ai afraib 1 How many kinds of Bills of Exchange are there ? '. ^a,V/ ^ Ana. — There are two kinds of bills exchange, viz;. Inland aa^ Ibje^n. A What is an inland bill of exchange ? f^o ');f) ,{),«»iodoj? ijoiod ih'idw Ans. — An inland bill of exchange, is a bill, the parties of which, viz: drawer and drawee, reside in the same country. What is a foreign bill of exchange ? ,. n „i ^ , ^ Ans. — A foreign bill of exchange, is one the parties to which reride in diflferent countries, that is, it is drawn in one country upon a person in another country. {■ } ■ " ■■■■'■ I ' .':.■ .-'•. , . -.- V Why fe if safer 10 remit a bill of exchange ths[h to' temit m'onfey ? Ans. — For purposes of remittances, bills are not only more convenient, but in every way safer ; for, being made payable to the receiver only iu on his order, the amount cannot be obtained withoujt his. signature ; so, if lost or stolen before they come to hand, no one is injured. 9 In which particular does a letter of credit differ from a bill pf ex- ^■( change? ,,.^ Ans. — A letter of credit differs from a bill of exchange in that it is not specific as to the exact amount to be paid on presentation. • A — &i»iVl frotd a bin, bill may be express the e ia c^se of p pQte iav(i- to iaad ) the instru- jioio^ 9i'A \ flufiil — -ink f ih'idv vrhioh, viz: !\ ^ — ,»<»K. ch resttde in on a person convenient, eceiver only I. signature ; ijured. bill of ex- hat it is not P : 209 Nota. — A letter of credit is an informed document authorizing the person tc who'.a it is addressed to pay the holder or his order any sum or sums not exceeding a given amount. It is particularly convenient to .. a traveller in a foreign land, who wishes to use money in small sums, ' ^cithout the burden 0' carrying it about his person. It is nsual fbr bankers in the large cities of Europe to establish branches in the various cities of Great Britain and the continent so that a letter of credit address'^d to the principal house, and properly certified, can be used at ai.y of the various brr* aches. , • ''■'* "ottawp 3dt^ — .BJo>T O Wherein does a check differ from a bill of exchan go? ■"fl io ^aoj al Ant.: — -A. check is a simple order on a bank for the immediate payment of a sum named ; while a bill of exchange is a more formal order on a bank or an individual, and payable either on presentation or at any .specified time thereafter. jj-^ ^^,,^ ^ ^,^ .^uUooKMm ^H1>~-.»nK 7 Are foreign bills of exchange ordinarily drawn singly or in sets f^ Ans. — Inland or domestic bills are singly, but foreign bills are usually drawn in sets. O Why are they drawn in sets, and how many make a setT Ana.— They are drawn in sets to guard against the contingency of TossMn the conveyance, the different bills of a set being sent by different routes, or at different times. Three generally make a set, one of which being honored, the others are void. ' "•'-* huaHit us exuatiii lH 9 Should foreign bills ,l)e,,4»;ftw,fl i:n ,t^e .cj;i]^r.epc|, qf^the, j^^unt^^ drawn ? Ans. — A foreign bill of exchange should always express the currency of ii« vhthe country where it is payable. i;nji:d'j>:<> K* Uld js^isiol A—'.iwL J A . » iiwialiib, . . ,. Iv How does a check, drawn to order, serve as a receipt ?>,!;. ,0 >•( Ans. — ^A check drawn to order serves an excellent purpose as a receipt, because it cannot be paid without the signature or endorsement of the payetii''' V"'-' •"^'^ '^*''^- «'''« rS'jyojijjira'Ji io Koaoqiyg wd— .fcivt. If How soon must a check be presented at a bank in order to hold an endorser ? -""o on Mad 0$ oiuoa \i)di nwi&d nrUoJa to iaoiTi ,o« Ans. — In order to hold an endorser, a check should be presented to the bank v^ithin a reasonable time, which will depend somewhat on the loij ^'pircumstances of the case, but the drawer of a check is responsible for its payment, whatever may be the delay in presentment. > !i i 11 il I .1 1^ I " 2 to ^ .», 12 Why is a certified check safer to hold than one not certfftedt "^ "S Ans. — If one wishes to hold a check rather than the money for wliich it calls, the safer plan is to get the bank to certify it, as it then bccom^a *•**" absolute debt of tte bank. . , , , 18 Can a bank be holden for certifying a fraudulfent clieclc ? ^^ '*' Ana. — The bank having guaranteed its genuiness is bound to pay it, ev4o should the check prove to be fraudulent. " '^ ■ •■ t ■ -.■,::,': -■'•■- vfiisiT --.tnK 14 Wherein do bank notes differ from other negotiable papers ?i'>')a/i •' Ans. — Th \ main point of difference between bank notes and other kinds of negotiable paper are, that the bank being a public institution esta- blished upon certain prerequisites, guarantees for the redemption of its "^ issues, its promises to pay are considered safer and next, the bank- note is always payable to bearer instead of to order, and requires no y,,. endorsement, tjaroo m b;«'i>i} -i-xfon nv/o aic ianaoat iaed Ail fi£ ^ (. __, , , , , '^yn o(i abifiwutMlfi ovhr 19 Why are bank notes acceptable as money 7 7 '.•;;.} ; ■ 'tid a II ..■f^ Ans. — Its general acceptance by the public as oabh gives U a emteDcy which other kinds of negotiable paper, however good, cannot possess, and renders it, for all practical purposes, the same as cash. : 16 What is meant by legal tender ? . 'if'^^fJCIf*'^ ;'!')fl!f fdftM Ans. — Legal tender is that kind of money or currency which must be accepted in payment of ordinary debt ; that is, if payment is tendered '' in such currency and refused, the damages resulting from its refusal ■^: must be borne by the person refusing. ^^^^ ^^^^^^^ ^^ ^,^^.^ 17 What class of notes are a legal tender in this country T' ' ' -'',.ti^„ Ans. — Dominion notes, for instance, issued by authority of £9^^e|^% - are a legal tender for all debt, public or private. '' , r a- k i% Under what circumstances arc ordinary bank bills » legal tender t Ans. — Ordinary bank bills are good legal teiidfirt for deibi, tltilessol^jfected to by the partv to whom offered as not beine money. , , , .^ 19 If bank notes are received in payment of debt, and become Worthless m the hands of the person receiving, is the debt extinguished ? Aha: — If banknotes are accepted in payment of debt, tbe debt n t|[iereby J'"^-' extinguished even though the notes should thereafter become Worth- less. ,::'3:^'n: - " ..;■.-■^ ■ U z^* :.v);^-:i t ^u/ ui^lT 211 a? m3 0^ for yrhioh it \ea becomes isq orft pav iLBvett Other HnAa itutioa esta- DptioD of its , the bank- requirea qo £ oiflar a cnrreDoy knot possess, 1. ich muHt ^ is tcDdere^ 1 its refusal i»V£(1 ;overaineatf tender t :-t;f esB objected : .-.it, te worthless ihedi? itf -[-.{> . t is ihV^by <^:|[prth- 20 Suppose they prove to have been worthless, by virtue of the han^ suspending before they were received, under what circumHtanoes will the party holding bo able to recover ? iJlni.— Should it appear that they were really worthless before being re- ceived, and they are duly presented to the bank and refused payment, the person to whom paid can recover the amount. ,,^ iiaad a aaj Ct ^1 If bank-notes which arc stolen get into the hands of one innocent person, can they be recovcd by the owner ? ,^^j ^.^..^j^ .,^,^ ^jj,,,^^ An$.~- Bank notes which have been stolen cannot be recovered from an uu nocent holder, though they may be perfectly indentified. *' 22 If a «febt is paid in forged bank notes, and a receipt given therefore, may their value be recovered ? ^MfJT^P: W^i^'^io^^^'i^-H ^' t'^^p'^^ .^a^lf.-^Pte? 9^ft he. held.as.suffi- 23 If a bank receives its own notes forged or counterfeited, can their value afterwards be recovered ? a. , , ,,„ 51 Ans. — If a bank receives what purports to be its own notes, and they V prove to be not genuine, no remedy can be had. - ..;.;, : - ^ - l-:z^--^^ . :.:^:;-: . -. hwA VmII} thlil'ff _ Liabilities connected with i\egottablc Paper;^^ Or r. . '. ■ What do you understand by an Innocent Holder ? An$. — An innocent holder is a person who, in good fuilh, for a valuable consideration, receives Bank notes, checks, and other paper nego- tiable by delivery. Should the party from whom they were received have obtained them fraudulently, he, (the innocent holder) may le* gaily retain them. Ate Bank notes a good tender ? "' .'^''fr^*^''^ '^ -. vr r ^;rm..(T ...i. Ans. — Bank notes are a good tender, i^ not objected to at the time of payment, unless it should appear afterwards that they were, at thft time of payment, worthless, or of less value than represented, as i.ojoj^fhenjconterfeited, altered, spurious, broken or uncurrent. ;,iU- .**iJi\ What should be done when these notes are found to be conterfeit or Ans. — 'These notes should b^ relumed imtnediately,''aW aby ttarefasonable delay to return th^m after the discovery is made, whcrely the Payer ' ' Idifcs the 0ppdrtunity or means of indemnity would throw the loss ' uptfn the rayee or Holder on account of the neglect. ii t I s: i It' if. ^212 .,u »f ■*»' ■T? What is the duty of a person receiving a check on the Bank ? Ant. — His dtity is to present it for payment at the Bank, daring the •'^''' same or the next day, at furthest; otherwise he hold it at his own 81 07 j.ipj[^ t}jg loBB being his if the Bank fails in the moantime, provided that the funds were there to meet the check before the failaror If he lives at a distance from the Bank, what must bo done ? ^rfV/ "^'AtUli^lf the person lives at a distance, he must send it for collection by '''*'"I mail, during the same day. '-'C'-l i What, if the Check passes through the hands of several personh ? f Ant. — If the Check passes through the hand of soveral persons, each one is allowed one day, and his liability, so far as above described, ceases ■''"' with the succeeding day. . ,• .ahiv^Ai h'jni'i'Mn') s^i'hitq By whom may the collection of the check be made ? , ;. uiiM.—- Bank Drafts, or " Bankers' Exchange, " from their services in '""' making remittances to distant points, may be used to make the col- lection, but should not be allowed tr be still or circulate as money beyond the reasonable expectation of the Drawer. , ^ 'l^ltat follows when the Holder of , a check gets it certified as good by a .{'■>!■, Bank on which it is drawn ? • ; ( i Ant. — Drawer is released though the Bank fails to pay. "* *" f*'^^''^> What does a Bill of Exchange involve in direct liability ?- '^^^ **rf'' < Arit. — A Bill of Exchange involves a direct liability only wft^n peseiftid for acceptance. If acceptance is refused by the Drawee, what follows ? Ant. — If acceptance is refused, the Drawer immedrately Twioomes rrinoi- pal, and is bound to redeem the draft from the Holder without d«lay, though it be a Time Draft, and the time not yet expired. What if the bill is accepted ? Ant. — If the bill is accepted, the Acceptor becomes Principal, the same as the Maker of a Promissory note, in which caso the Drawer qiu tains practically the position of first Indorscr, in case of non payinent on the part of the Acceptor. .li^ wliax is the liahility of Indoreers on Bills e ' . ,,, Ant. — The liability of Indorsers on Bills is the same As of those m Pro* ]])is8(»7 noteSi T ff« d V- TT iiirhij} the at hiH own , provided Qre< iliectioo by L ilOU • hfi.- ? , each one bed, ceasca »i<«<| ! 11 services in ke the col- as money i '.; J All •'' good by a (UU'.b I presented toft'** 068 Frmci- lout delay, , the same 'rawer ^xifi D-paytoeiit 1 i^'^ 80 on Pro* 213 How is the Liability avoided in both cases ? > Ann.— The liability in avoided in both cases by the Indorsers writing over their indorsements " without rccourw;, " or their words of equivalent f"-!h(vr«ign> fixation, except no far as to warrant that the Bill or note is When af^ain are indorsers released from liability ? pti,iii ^ i* x-vtU '♦rf IT An4. — The indorsers are released from liability if not duly notifiod of non accoptancc or non payment, the paper having been duly pre- sented. ..f«-\^'in^4 1 o ttf)«A.& ''4'/% jK/i.vi-f r^rl 1 JMr*..«j/« ^.jv^k.^^ J,^,^.i'i ^«/l*^^* h^.^^JT How does a diKchargc to the acceptor affect the other parties ooDCcrned in Ant. — A discharge to the acceptor affect also a discharge to all the other parties concerned therein. How does a discharge to an Indorscr affect the other parties concerned ? Ans. — A discharge to an Indorscr does not discharge prior Indorsers, but only ((h!^jmb£^9,¥^'Qt lQ lu LMU J) ti,> ffjaii:}ti\yjijxi — fjuvxi sin oi -^niinijtKiM ih4 ■ j4n«.— If no person or agent is found, it may be treated as dishbiioted: -■"-■ *' What should be done with the Paper in case of non-payment or non- acceptance ? ^ , ;. ' w ., Ans. — Such a Paper should be protested, and the Drawer and Indorsers notified. ,. - ^ - --- What is a Protest ? ^.^.j., ,5^-%, ,^?tbf^^tMUJ>~-3j0jioo Ans. — It is a formal declaration on behalf of the Holder, drawn np by a Notary Public, against any losg to be gua^ained hgjhf non-acceptance or non payment of a bill. ,.-.-»- . - •' The failure to protest a note on the third day of grace releases tha ••'' Indorsers from all obligation to pay it. ,. , ;' ; - ' Upon non-acceptance 01 a bul, 11 due notice thereof has been given to ■/^^ the antecedent parties, the Holder can insist upon immediate pay- ■ ment of the bill from them, -i-^^ 4 iwiW ^^wujmiw t.iXyjiiuqti van ^mi , .. ^ .<»- &i>i> «o;i^Ji!>.f\i3k>\»V— irtiOifi^ti 10 ,89fliw When is a note outlawed ? ^' ^ .,. ,, • .- tA Ans. — A note is outlawed five years from the time it becomes due. The . statutes require that all actions, founded upon any instrument or ■ contract not under seal, must be commenced within five years next after the cause of action occured, and not after. t or of the ' maturity, Uc. ezaot day I nafUTi^ allv to the it IS made may it be onored. it or non- rn np by a acceptance eleases the - ., .^ :.'/. -^ -J J; * if. •fffp ''fs*'. n given to idiate pay* due. The rument or years next oqml "isdac *rfj ^o :io Jctftftrtnyam odJ "b slab oil \nd b«tt vroJiaiV/L "ji ^mn 0'l\i:-)fj^ Tab .)o«a.'» r,u> U'- ..» i^t'-^j OP THE .»V>| / , ^'IIJ • .'U I-' ,..n UdW ^^^oipd Meroozi-bile terxaaa an.d phirases WITH THEIR Abatement, — diminution, remise, — discount allowed on damaged goods, or for the payment of money before due, — Abateneut of price,— diminution de prix. Acceptance, — acceptation. — the formal agreement to pay a draft or bill according to its terms — Acceptance of a bill of exchange — acceptation dune lettre de change, -jn ou y^jiwi j- ,ouuO: ai iii/^b lu iwny.-^^ •■^a. ii— /»iTK Accommodation, — pret gratuit, argent qri'on prite pour rendre service — the loan of money, or one's own name upon which money may be raised. An aCQOipipodation bill — billet de complaisance, d accommodation. Account, — compte — a systematic arrangement of debits and credits under the name of a person, species of property, or cause. — To settle ac- counts — assuriment, riglement des comptcs ; make out my account— /a{^ cj-j i.<'ij*a«ii>;.»,' UiiuMu .*;»;* >i — .jffr. Account Cumnti,— -compfe courant — a running, or unsettled account. Accountant, — comptable, chiffreur, teneur de livres — one skiled in mer- cantile accounts, or engaged in keeping books. — He is clever accountant.— c^ent nn habile chiffreur, teneur de livres. ,',*■■ '*-• .^,,.- Adulteration,— /aZ«\^cafrio», altiration — the act of debacing by mix- ing any spurious commodity with a genuine article. — The adulteration of wines, or liquors — la falsification des vins, des liqueurs. Ad valorem, — sur la valeur, suivant la va?e«r --according to I Tolae ; a term used in fixing the rates of duties on imports. Adventure, — aventure — a speculation; usually applied to the ship- tient of goods on account of the shipper. Advance, — avance — increase in price ; money paid on goods before they are delivered. — To be in advance — itre en avance. Advice, — avis — information given with reference to a shipment or other important matter. — A letter of advice — une lettre d'avia. AgLO,—agio — the difference between bank-notes and current coin. -m i If } 1 '1 n. i J 2l6 ;^i' Allowance,— r^dwciion, reroiafr— reductiou iQiide iroift jsreigbta,- etc. (see Tare) '/i-: ai^si' A — .-Un ii, ,'jc:M\:nm uif; m f);>viov at a uiroic* *iii i-o ArbitratioDi,— -art/i^ra^*", compromis — the determination of a cause by persons mutually chosen by the parties. — To put a thing in arbitration — mettre une chose en arbitrage, en compromis. .tj^asi <.c ^J ojui'viciij \,flwuq Assets, — avoir, actif — ressources of any kind, opposed to liabilities. Assignee,—- iprocwreur, substitut — a person deputed by another to manage the subject of a bankrupt, or to do anything in his ste?,^. ,^ ^ , Assortment, — assortiment — a variety of sorts or kinds, adapted to various wants, — Complete assortment — assortimtnt com/plet. ■ ■ ,\\ Auction, — vente puhlique aux encJUres, encan — a public sale of pro- perty to the heighest bidder. — To sell by auction — vendre d F encan. ^ Auditor, — auditeur — a person appointed and authorized to. examine accounts. — An auditor of accounts - auditeur des comptes. .....Average, — terme moyen, ripartition, avarii — a contribution made for losses at sea., which falls upon the proprietors, or insurers in a jijst proportion ; the mean time for the payment of several items due at di&- rent times. Upon an average — Vmi dans V autre \ average time, tempi moyen. -r -^a? ^ Balance, — balance — an expression used to signify the difference between two op])osite amounts, or between the two sides of an account ; the name given to a Ledger account, showing the resources and liabilities. — ^Balance of an account- — balance ou solde d'un compte ; balaaoe of trade •—balance du commerce. Banking, — qui se rapporte d, des affaires de ftangwc— connected with bank business. — He is well acquainted with the bank basi:.ess — il miend rh bien la banque, , , , ; , .abiBankrupt. — be.noueroutier, /ailli,—Si,n individual unable to pay his debts; an insolvent trader. — He has been twice a bankrupt— tJ a /atJ de^jgis baTiqueroiite, r Board of trade, — conseH'ou chambfe du, cbrrtwicrce— ah ai^oclalTdn OT business men, for the general advancement of commercial interest*. , Bond, — billet obligatoire, contrat — a written obligation to' pay a sum' or perform a contract. — Give me your single bond— cfonncis -wot seulement votre billet. '' ■ni>m to MuomA (iWo&lim sif J aeta Broker, — wnrtier — a general agent buyer and seller; a trader in stocks, moneys, or other commodities. — Stock-broker, exchange-broker — coMvtier, agent de change. (• ghta, etc. I cause by itration — wocaa ■^fl«'! liabilities. nother to dapted to lie of pro- can. ; .nir,>— - o examine ion made ; in a j<}8t le at dife- ne, temps difference accottnt-; iabiHtiea. le of trade cfced with -il mtend )o pay his •il a fait ciation of St. ,;,.,- )ay a sum se}ileinent trader in (broker — ■J. :.: .IS:- ' Krok6rage,-—cottrttijfe— brokers' compensation; usually a percentage ott the amount inTolved in the purchase, or sale. — A broker's fee or com*, mission — droit de courtage. , . , ' . . , :€UkpitaI, — capital — investment in business. — The capital of the com-j pany amounts to so much — Ze capital de la socidti s'ileve a tant. jv y^iisjw Oargo, — cargaison — the lading of a ship, charge d'un vaisseau. "< Cashier, — caissier — one who has charge of the cash ; the financial' officer of a bank, or mercantile house. — To be cashier— tenir la caiaat^t'^ OJ ■Checking, — pointage. — To check the Ledger — pointer le Grand Livre. "'^'tfdin^r^com, ai-gent monnayi — pieces of gold or silver used as money, • — Currency, or current money — monnaie courante. ' ' .. ' ' ■ ■' '-^ l -'-J Commerce, — comr^erce — the ewhange of commodities. — Home or inland commerce — commerce int^rieur. ^ ...y^a Commission, — commission — a percentage for the sales ol"" ptutcSasea ^ of goods or other service. — Commission of a stock-broker — courtage. ^ Company, — compagnie — an association of persons for a common , entreprise. ,j Compound, — composer, accomm^der — to settle with a creditor by paying a part only of the debt. , / ' ^ ^ ' . ' . j - r-jCbnsignee, — consignataire — one to whom goods are consigned to ba-J sold on account. — A consignment of goods — marchandises d, consigna- tion. — Consignor,— ce/tti qui consigne~-Qn& who consignes goods, j-;injc?,T Contra,--on the opposite side. --'->"■-; />o(»r'd ^-nid Contraband, — contrehande -an unlawful exportation or importation of goods, smuggling. — Contraband goods — marchandises de contrehande. 'Contract, — contrat, convention — an agreement between two or mofiS? parties upon sufficient consideration, to do, or not to do a certain thing. * To contract for grain-passer, /aire un marcM pour du grain,, j^^^^^^ji , " Credit, — cridit — trust given to one who owes. — To give, or sell on"' credit — donner a cridit. Currency, — circulation, cours, argent courant — a term used to exi-.; press the collective amount of money used in the business. — Paper cur« • rency— pajaier monnaie. » . • • ' > . * i Oustom-House, — douane — the office where the business connected' V. with customs is transacted. — Custom-House office — bureau de la dotianet \ i 2i8 ' Customs, — drottg de dSowanc— duties imposed by law on gooda iw- fibrted or exported. — To pay the duty at the custom house — ^ayer. Ut droits d'entrie, de sortie. "" Days of grace, — jours de grdcc — the time allowed for the payment ^9f a note or bill after it beco>Mes due. . ;,<-, « * • Debenture, — ddbenture — a custom house certificate entitling an ex- porter of imported goods to a drawback paid on their importation. It is also applied to deeds of mortgage given by incorporated companies for borrowed money ; also to municipal and other bonds and securities for money loaned. — Debentured goods — marchandises pour lesquelles la douane accorde une remise, ou Men une prime. ",' '"^S^^ < " "'i-^ Debt, — dette — an amount owing from one party to another. — To run into debts — /aire des dettes ; to settle a debt — acquitter une dette. "^l_^ Deed, — un contrat, un acte — a written contr. ^ sealed and delivered- — A deed of sales — un contrat de vente ; the deeds are not in my posses • sion — -je n'aipas les titres chez moi. Defalcation, — diminution, (Z^c^mc^ioti— diminution, deducted from. Discount, —escowijife — a deduction made for interest in advancing money upon a bill or note not due. — What is the discount — quel est le tavx de V escompte. '• ". ."tij^uoV . Dividend, — dividende — division of profits amount stockholders. ' Defrauder, — concussiomiaire — one who fails to account for money or values intrusted to his care. 4..,..,., ,,,'.\/„l.5. ,.,l^■V. r,l,»..Y'>\« ' .lf.-«^»HV»..— ' r^TT^'r '( Delivery, — livraiso7i — the passing of goods or money from one to another. — To be paid on delivery — payable lors de la livraison. Draft; — mandat, traite, ordre, hon — an order for the payment^. pf!^ money. — A draft on the treasury — un mandat sur le trisor, ' *- Iv " Drawback, — rahais pour prompt paiement, dicompte — an Amount remitted which has been previously paid as duties at the custom house-^- prime d exportation.^^ ^ ^^^^^ ^^ ^^^^^ ^.^A^^\,^t^ ,^\,m\~fih^u\ Drawee, — celui sur lequel tine leitre de clia\ige est ttrie, le tir^-'the person on whom a draft is drawn. Drawer, — le tireur — the person who draws a draft. ' ' Duty, — droit, entrle — a government tax. — Custom-House duties — • droits d octroi, de douane. Endorse (to), — endosser — to subscribe to any thing ; to write ooe's URme on the back of a note. '<»&Qm iyt-r-Mti^ * to 8c*o^£f-59 adi Endorser, — endosseur — ono who endorses, ^ocls im- rif. W .4 ayment of 9 to 3on*i ig an ex- ion. It is )anie8' for aritieg for melhs la — To run delivered, ny posses • i from. advancing quel est h^ [ ;^->\ .ers.^ money or m one \& lyment of n Amount 1 hoose^- . i.u.xv'iiCiv! Exports, — eccportations — goods or produce carried abroad, from country to country. — Export-trade — commerce d' exportation. Face (of a note), — montant imprimi d'un billet — the amount ex- pressed on a note or draft. . ,, Factor, — -/acteur, agent, comm.issionnaire — an agent employed to transact business for another. :• ■ • v , \- -'^ Failure,— /aiifZtVe— becoming insolvent.:«^^^^"»^^«;"^^-'-t"«>^:*^^'*^^'-^ • ^p^'F&\OT,--/aveur — the polite term for a letter received ; a note or draft lis m favor of the person to whom it is to be paid. — Your favor — votre faveur. _ . ,,\,L;y,u;„.; iii7;^ boiiiuw? Funds, — -fonds, capital — a stock or capital ; a sum of money appro- priated to some special entreprise. — That Insurance company has a fund or capital of some millions — cette compagnie d assurance a un fonds de quelques millions. ivSlt' ii ati hM) •jii''.' •.ivK .* 'V ii , Gain, — proAt, gain — increase in wealth. — Clear or net gam— ^eue- nant bon. Gauging (pronounce gaging), — jaugeage — the art of measuring the contents of a cask — To measure with the gauge — memrer avec la jauge. 1 ; 220 Guarantee, — garant, caution — an engagement by a third person that the agreement between the parties shall be observe ; a surety, — To become guarantee for a debt or bond — etre garant dune dette, dune obligation. Honor, — honneur — to accept or pay when due, to favor. — To honor a bill of exchange — -/aire honneur a une Icttre de change, la payer. ,j -t^ Impor,'^, — importations — merchandise brought from foreign coun" tries. — Our imports exceed, or fall short of our exports— ?to« importationt 80nt plus ou moins considirahles que nos exportatiom. » Indemnity, — indcmniti — a writing or pledge by which a person is secured against future loss, reimbursement — dddommagement. Index or Alphabet, — ripertoire — table of contents, — Tableau iiibdica'. txf des folios de tous les comptes au grand livre. : * Insolvency, — insolvabiliti — the condition of bankrupcy, — en hcinque- Instalment, — versement — part of a sum of money paid, or to be paid, at a certain time. — You can pay me by instalments — vous pouvez prendre des termes pour me payer. .< • -f Insurance, — assurance — indemnity for loss ; the rate paid for in- demnity. — The insurance of a ship, or cargo — Vassurance dun vaisseau, dune cargaison. Interest, — inthet — the use of money, commonly defined as a per- centage allowed by the borrower to the lender. — To lay out money on interest— ^Zacer de V argent a intirit. Inventory, — inventaire — a list of goods enumerated iu detail. — To make or draw up an inventory— /«ire l'inventaire^^^S><\0'. ,.>«i?:^l**>iM Investment,— pZacemeni— the laying out of money in the purchase of property. ''■**■ '^^^*'f'^^'% ^i*f--i^^i'c>^'^f^:'i>'^<^ , Invoice,~/ac Monopoly,— mo?iopoZe— the exclusive privilege of selling anything,^,. Monopoly price — prix priviliyii. ' ^ ' Mortgage, hypotheque—a. pawn of land or other property ; Vengage- ment d'un hien meuhle ou immeuhle. • . ., . . Mortgagee,— cr^anaer ^ypo«/i^caiVe —the person to whom the trans- fer is made. , «, , •. '• Mortgager, — celui ou celle qui hypotMque — the person who makes the transfer. -•;,,i'r,v. ; ■ •. . " ■ ' . '^^ i ..-.",;.;/. -5 ■■■-. Net, — ne<— beyond all charges or outlay ; clear of all deductions. — ' Net profit - benefice ne<. Note, - billet ~ a written obligation to pay money pr goods, ^"^xovdm- BOT J note— biUet promissoire. . .^ Par,— ^arV— equal in valae; equivalence without discount or pre- mium. — The exchange is at par— r^cAas^c e»< ttw^aiV. . 29 ^•''^'Pawnbroker,— ^g^ewr sur ^a^e-«K)ne Who lends upon pledge; "'^ Partnership, ~ socUti, association, compagnie — an agreement between two or more persons to share in the profits and losses of any enterprise.— To enter into partnership with one — entrer en sociiti avec quelqu'un. ■«?>'' Payee, — prenefur—iXxQ person named in a bill, to whom the amount is directed to be paid. .llaftKilf! //H i.fot.>nv?- afr«-c5a yt'ilr. .jwi ,?!.•> '.i|i-. .'.^viumv. iCTtril^. Policy of Insurance, -police d^ assurance — contract between the insu- rer and the insured. Premium, — prime, la prime — something given to invite a loan or bargain ; the sum paid for insurance ; the excess of value above par. Price current,— pri» coMrant-r-a Uftt.of jaerchandise with jnarket value. A ^ ^-inii* ,, •».{..',(..-, ,^..;.\;j.,? ,. ■ Principal, — principal, capital -an employer; the head of a commercial house ; a capital sum of money borrowed or placed out at interest . Procuration, -procuration -the instrument by which a person ia empowered to transact the affairs of another. Protest, — protet -a formal notice to the securities of a note or draft, etating that same was not paid at maturity ; or to the drawer of a draft, stating that the same was not accepted upon presentment. —To protest a bill of exchange - protester une lettre de change, faire un protit. Kate, —prix, taux —the amount above or below par. - The rate of in- terest is 6 per cent —le taux de VintirU est de 6 pour cent, ^'^pEteil Estate^^iwmeui^ ^^movable property! " "^^^^ " ;^^^^, '-^'■'^llebate, — remise, escompte -reduction for prompt' paytadftfe''!^? u &dils Receipt,— rejM, recette, riception^Si written acknowledgement of ha- ving received money or other value. — Givfe me a receipt -donnez-mjoi uit r€g¥r ' I{esiiWr(5es~-¥^sf<^A««, dc . ,.;;o:* Transfer, — transfert, ^ranapori! —to convey from one W ail'oilibi^.'— To transf»' a business to another rrr^^^ret^Tte. affg.ire entre Us fMtint d^wn antrt, cojrnovai onduii yilT— ..coiiisn & \6 bf»ja3il<>;> ,'di ^h^Siiub ,«flia Trustee, — citrateur, commissaire, syndic -6^6 i6 whom^^la' ipefliif bosuEieBs or iirteresi is conmittod. -r^Be is^h^ tr,(^!te<;.upf i^ prpp^y— il est mon cwatettr. ' ;^'^^X;%sxi^■^^% 224 Usance, — ««anc«— interest paid for money ; the space of one month. UBury,—?f»«re-- illegal, or exhorbitant interest pay for the use of money.— lend upon usury —^rl/«?r a uswre. Voucher,— ^araTO<, Umoin one who gives witness to another or to anything. - I do not speak without suflBcient yo\xc\ic,r»- jene parte pas tans de bona garanta. Wages,- gages, appointements - compensation for services. — To pay the clerks their wages — payer aux comniis leurs gages. W ares,— mar chandises de toutes espices —merchandise of any kind. Warehouse, — magasin. Wharfage, — guai/age— money paid for the use of a wharf. Wreck, — naw/ra^e— destruction of a ship by winds or rocks. one ZQOQtb. the use of Qother or to %e parle pen 38.— To pay of any kind. •v ■'• ,■ ( . . «' •f. icks.