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Tous les autres exemplaires originaux sont filmfo en cornmenpant par la premiere page qui comporte une empreinte d'impression ou d'illustration et en terminant par la derniAre page qui comporte une telle empreinte. Un des symboles suivants apparattra sur la derniire image de cheque microfiche, selon )e cas: le symbols ^^ signifie "A SUIVRE", le symbols V signifie "FIN". Les cartes, planches, tableaux, etc., peuvent Atre filmto A des taux de reduction diff6rents. Lorsque le document est trop grand pour dtre reproduit en un seul cliche, 11 est film6 A partir de I'angle supArieur gauche, de gauche A droite, et de haut en bas, en prenant le nombre d'images n^cessaire. Les diagrammes suivants illustrent la m^thode. 1 2 3 1 2 3 4 5 6 YOUNGER'S COUNTING-HOUSE GUIDE: A BOOK OF PRACTICAL INSTRUCTION AND REFERENCE FOR ALL CLASSES. CONTAINING ORIGINAL CONCISE TABLES FOR COMPUTING INTEREST AND EXCHANGE, ETC., ETC. BY E. E. YOUNGEE. ^"0 5 ' ) TORONTO: WILLIAM BRIOGS, 78 & 80 KING STREET EAST. /i'f^ F.Mteieil accoi-diiiu- to the Act of the Parliament of Canada, in the year one' thousand eigttt liundrcil and eighty-seven, by UoDEaT R. YousoER, in the Office of tlie Minister of Ag-ricultuee at Ottawa. CONTTh^nTS. PAOB. Book-keeping as a Study > 1 Book-keepers' Qualifications and Character 1 Leading Objects of Book-keeping 2 Form of Day Book for Retail Trade a Example of Double Entry Book-keeping — Day Book $ Representative Transactions 5 Invoice (Sales) Book & II (Purchase) Book 7 Cheque Book & Cash II 10 Bill 12 Journal 14 Ledger 16 Trial Balance before closing entries 21 .1 after h n 21 II Kotes on 22 It Discovery of Errors 23 II Summary of 22 Balance Sheet 22 Rendering Accounts 24 Averaging n 25 Joint Stock Company Book-keeping — Opening Entries i<^ 11 II II Division of Profits 27 Bills &nd Drafts 28 Forms 2* Jouit Notes 30' Place of Payment 30 Invalid Notes 30 ir CONTENTS. Bills and Drafts — ' paoi. Xotea bearing Interest .... 30 Endorsing Notes 31 Protesting Notes 31 Lost or Stolen Notes 31 Payment of h 32 Accommodation n 32 Foreign Bills of Exchange 32 Receipts— various forms 33 Banks and Banking 34 Interest Tables 36 Sterling Exchange Tables 38 Book-keeping for Farmers 39 Appendix — Business Terms and Abbreviations 42 Power of Attorney, Form of 44 Statutory Declaration, 44 Extended Multiplication Table 45 Interest Table— For ascertaining the number of Days from any one Day in the Year to aiy other 46 Another Table — For showing the number of Days from any one Day in the Month to the same Day in any other Month through- out the Year 47 YODNGER'S COUNTING-HOUSE GUIDE. Book-keeping as a theoretical study, in the manner usually taught, is seldom either inviting or profitable. The student may be led mechanically through a series of set forms, and may think he has become a proficient in the science of keeping books, but a very brief experience in actual business life is sufficient to show how seriously he has -^ver-esti mated his acquirements. To ensure some practical qualification to enter an office, with a fair prospect of mastering the details of the duties required, and becoming efficient therein, there should be a thorough understanding of the leading principles which underlie the proper record of all business transactions ; so that those which arise may be dealt with promptly and correctly. But even such a knowledge of principles, and a natural ability competent to apply them, are alone insufficient, unless accompanied by the careful cultivation of good business habits — steady application, system, accuracy, doing promptly and well all that is to be done. And then, beyond all this, no true success can be properly looked for unless there is a character which is beyond suspicion — an un- swerving integrity, and a conscientious performance of duty, which no consideration or temptation can influence. The old proverb, " Honesty is the best policy," is perhaps right enough, as far as it goes, but the principle should tal'e a higher stand. Let it rather read, " Honesty is the true principle of action." Such a rule is good not as a policy, but in itself as an undeviating guiding principle. younger's counting-house guide. p Ttie Leading Objects of Book:-k:eeping may be briefly stated — To record the amount and nature of the capital invested ; purchases and sales ; collections and payments ; and, finally, the summing up of results at stated intervals, and dis- position of profits or losses. This may be said of any ordinary business, whether purchases are made, as in the case of merchants, to sell again in the same shape as received, in large or small quantities ; or, as in the case of manufacturers, to change the character and value of the materiahi to sell again in new forms. The same general principle is always applicable, simply with such variation of detail as particular cases may render desirable. I?nt notwithstanding this unity of principle, we find two ruling methods of keeping books — Single and Double Entry, or, as some, with perhaps insufficient knowledge of both, are disposed to call them, ** Simple " and " Complicated." Under this impression, the former is presumably selected in most retail businesses, but in reality the plan usually followed, while including the defects of the system, taken as a pattern, has few of its good points, and may be classed as " Sin- gular" rather than "Single" Entry. In numbers of cases the object seems to be to keep a record of the simplest possible kind of daily credit sales and settlements, leaving other office details of business to receive irregular attention at convenience. A little examination of the methods of Single and Double Entry shows the superior merits of the latter for any business, not only on the ground of efficiency, but also in regard to the time and attention required. In the example which follows, the transactions are principally those arising in the business of wholesale merchants j but it will be apparent that, with some variations of detail, the system is equally applicable both to manufacturing and retail businesses. In the latter case, the only important change would be in dropping the " Invoice Sales Book," and if still fewer books were desirable, the " Journal " also might be excluded, by ruling the "Day Book" say in this way:— DAY BOOK. 8 Januaiiy, 1886. 2nd Thomas Dawson, Dr. 83 Renfrew Street. Per Mrs. Dawson. To 18 yds. Silk @ $1.50 M 10 yds. Cotton i. .10 M 10 lbs. Sugar n .10 3rd Richard Hawkins, 60 Kilborn Street. To 4 yds. Cloth @ $2.50 4th Thomas Dawson, 83 Renfrew Street. To 1 Hat Credit Sales a/c 127 1 1 00 00 00 Led. Fo. 50 40 50 20 929 10 2 . $41 00 00 00 By this arrangement the system of Double Entry is carried out in posting the individual amounts directly to the debit of the pur- chasers in the Ledger account, and the total amount to the a dit of the Sales account at the end of the month. As an illustration of the syst-em of Double Entry, we may suppose an agreement between two merchants — say Edward Smith and James Jackson — to close up their separate businesses, and form a co-partner- ship, to establish a wholesale house, under the firm name of " Smith 4& Jackson." They require the following account books : — Day Book, Invoice Sales Book, Invoice Purchase Book, Cash Book, Bill Book, Journal, and Ledger. Day Book. In all cases this book should begin with a description, in detail, of the nature of the capital of the new Firm ; and subsequently, the necessary details of all transactions which do not come within the range of any other account book. Its value varies with the character of the business in which it is Uded. In the retail trade it becomes a very important book, containing, in addition to other entries, a detailed statement of every credit sale, while in other lines of business it is entirely relieved of such entries by the use of a Copy Invoice Book. In the case of our^example the Day Book has the opening entries as follows : — •»r younceh's counting-house guide. Edward Smith contributes as his share :- r' Folios. B.R. 1 B.R.2 J. 14 M II II II II II C. B. 2 B.P. 1 B.P.2 J. U II II Billn Jiecfiii'uhle — One from H. Lennox, Addington— 3 months from 4th Oct., 1884 — payable at Suaaex Bank $2,000 00 One from L. King, (irenville— 2 months from 10th Nov., 1884-payable at Traders' Bank 2,000 00 Accounts Hecfivahle — John Thompson, Wellington 1,000 00 Jobson & Co., Cedarville 1,00 00 Harris & Haines, Knowlton Merchants' Bank Cash Subject to the following Liuhilities : — BilLt Payable — A. Latham, Racine — 4 months from 10th Dec, 1884— payable at Merchants' Bank $1,000 00 M. Cassels, Riverstown— 3 months from 27th Doc. —payable at Mer- chants' Bank 500 00 AccountH Payable — H. Harrison, Ripon 300 00 Stewart Brothers, Norwicli 200 00 500 00 400 00 100 00 7,000 00 2,000 00 Leaving a net capital of James Jackson contributes as his share : — $5,000 00 B.R.3 B.R.4 J. 14 II II II II B.P.3 B.P.4 J. 14 II II Bills Receivable — One from L. Luscomb, Liverpool— 4 months from 9th Oct., 1884— payable at People's Bank $1,600 00 One from R. Renton, Watertown— 4 months from 12th Dec, 1884— payable at Rankin's Bank 1,000 00 Accounts Receivable — Linwood Bros. & Co. , Yarmouth 1,000 00 S. Beaverton, Brandon 500 CO Bank of Norwood 1,000 00 Subject to the following Liuhilities : — Bills Payable— 5,000 00 R. Barclay, Hastings — 2 months from 20th Nov., 1884— payable at Bank of Norwood $500 00 T. Loudon, Trenton— 4 months from 4th Dec. , 1884— payable at Bank of Norwood 260 00 Accounts Payable — T. Harwood, Rainham 100 00 W. Shepherd, Linton 150 00 1,000 00 Leaving a net capital of $4,000 00 DAY BOOK. 5 From these items H will be apparent that all properties, whether in the nhape of notes, accounts, or cash, wliich are handed over by the Partners to the Finn, should go to the credit of the former, in their individual capacity, and to the dpbit of the latter, under appro- priate heads or account classification ; wliile the debts of the Partners, assumed l)y the Firm, would have the reverse treatment. Before dealing with any new business transactions, it may be well to notice in what way the foregoing entries are disposed of* First, we take the Jiill Book, see page 12, and enter the Bills Receivable and Payable. Next, the Journal, on page 1 4. and enter or journalize the amounts due and payable on open accounts ; and lastly, open the Cash Book, by charging Cash with the amount paid over by Edward Smith. When these entries have been made, it only remains to post them into the Ledger, as described, in the proper place. The posting can then be proved to this point, by making a list of Dr. and Cr. amounts, which, if the work has been correctly done, will show an exact agreement in the total amount of each footing. We are now in a position to take up a few representative trans- actions, forming part of the first month's business. These memoranda are not supposed to be written in any book, but are necessarily noted down here, for the purpose of showing the proper way to deal with such matters, as they occur. REPRESENTATIVE TRANSACTIONS. A purchase is made from B. Thompson & Co. of account books and stationery, and in- voice is received. Invoice, in duplicate, received from Fletcher & Co., Vernon, N.Y. Raih'oad advice received of ar- rival of goods from Fletcher & Co. — marked " In Bond." Stock insured. Premium, $10. Goods shipped to Phillips & Co. . Richards & Co. , and Graylock &Co. Invoice received from Rogers & Co. Railroad advice received of arri- val of goods from Rogers & Cu. Place invoice on "Suspense " file. On ar- rival of iroodii compare them with in- voice, and check priceti and calculationa. 2 i File, 08 No. \. Before the goods can be obtained from the Railroad Co. an "Entry" must be made at the Custom HouRe on special forms, and duty paid. For Cheque to pay Duty see paj^e 8. See Cheque No. 3, page 8. See Invoice Sales Book, page 7. File, as No. 1. Hand Advice Note and amount of freight to teamster. See Freight Entry in Cash Book, page 11. Il 6 YOUNQERS COUNTING-HOUSE GUIDE. 9 10 11 12 13 14 15 16 17 Cash paid for pootage stamp, and $10 each to Edward Smith and James Jackson. Bill Receivable No. 1, deposited in Bank for collection. Bank draft purchased in favor of Fletcher & Co., for $975. Promissory note received from Phillips & Co. Bill Receivable No. 4, deposited in Bank for discount. The Bank presents for accept- ance a sight draft for $4S7.50, made by Rogers & Co. The purchase of the office and warehouse building from Jas. Best & Co. ip arranged. Price, $1,000 net cash. This building is insured for the usual two-thirds value. Note drawn in favor of H. Har- rison for $300. The Bank presents for accept- ance a draft at 2 months, from 5th January, for $100 ; made by T. Harwood. 10 11 12 13 14 lb 16 17 Sse Entries in Cash Book, paKO 11. All Bills and Drafts oollecteble ai a dii- tance should be deposited in Bank, two or more days before maturity, to ensure presentation on the due date. In the case of good customers of the Bank, such deposits are accepted as cash, less n the day following, to check over, before en- tering in Cash Book. As this is correct, it is accepted in the way described at page 20, and a memo- randum made in Diary— see page 30-for the fhird day thereafter, when acheque — see No. 7, page 9- is handed to the Bank, Payment is made by Cheque No. 8, on page 9. Premium paid by Cheque No. 9, page 9. Enter in Bills Payable Book. See No. 6, page 12. Accept this, as shown at page 29, and en- ter in Bills Payable Book, as No. 0, page 12. Invoice (Sales) Book:, which in many businesses largely takes the place of the Day Book, is simply an crdiuary large-sized copying book, in which, by means of the copying press, an exact copy is kept o. every invoice ; thus serving not oidy the purpose of a Day Book as regards credit sales, without the time and labor involved in writing out the items a second time, but by phowiag a /ac simile of the document sent to customer, mistakes, which might otherwise be made, are rendered impossible ; while such a copy is always available for reference in the event of dispute or misunderstanding. INVOICE (sales) book. In the memorandum of transactions given at page 5 there are three shipments of goods, for which there should be copied invoices, thus : — Rising City, 10th January, 1885. Messrs. Phillips & Co., Newhaven. Boughi; of Smith & Jackson. (Details of goods and prices.) J. 14 $600. Messrs. Richards & Co., Merton. Rising City, 12th January, 188d. (Details. ) Bought of Smith &; Jackson. '.y.'i'i": $100. Rising City., 13th January, 1886. Messrs. Graylock, Penning & Co., Wallingham. Bought of Smith & Jackson. (Details.) \.'^:}*.\ ^00. Which are entered in the Journal, and the folio (14) marked as shown. Invoice (Ptarctiase) Boole. At the '■- r, and all those which are certified correct are permanently tiled in the above book, as shown below. The invoices are neatly folded, so that the name only is visiblfj, and the blank space, made available by the last fold, used for the necessary meiiioranda. In the memorandum of transactions there are three invoices, which would be filed thus : — Debit Expense a/c— Led. fo. 17. Credit Thomson & Co. n 19. January, 1885. Bought of B. Thompson & Co. Date, 4 Jp.n./85. $25 00 NoTM ON Invoice Purcii-asr Book.— If preferred, the invoices may be journalized, as in the fiue of " Sales," and ttiey would tiien read ttius:— Led. fo. I Expense a/c Dr. |t5 00 To B. Thompson * Co I. P. Bit. Goods a/c Dr. to Sundries Fletcher A Co I. P. Bk. Rogers &Co „ 1600 00 126 1000 600 00 00 00 8 YOUNGERS COUNTING-HOUSE GUIDE. ■p . ■; 111 : Debit Goods a/c. Credit Fletcher & Co. Bought of Fl^ETCHER &, Co. (See collective amount below. ) Led. fo. 18. 4 Jan./85. Debit Goods a/c. Credit Rogers & Co. Bought of RoGKRS & Co. (See collective amount below.) Led. fo. 19, 15 Jan./85. 91,000 00 500 00 Debit Goods a/c. Led. fo. 17 $1,500 00 Ctieqiae Boole. Counterfoil. Back of Counterfoil. No. 1. 9th Jan., 1885. Freight a/c. ]rf:}*} Goods from Fletcher & Co ^09 No, 2. 9th Jan., 1885. Duty a/c. ]J!:}*[\ On goods from Fletcher. Cheque to J. Watson, Collector. . . $25 00 No. 3. 9th Jan., 1885. Insurance a/c. : J. 14 : Cheque to Fenham & Fry, Pre- mium on Policy No. 2598 on Stock $10 00 Memo, of Bank a/c — Balance transferred from E. Smith's a/c $400 00 Deposit 1000 00 1998 00 Discount 990 00 Deposit 194 50 H 97 25 $4679 75 But the former method, which is the one adopted in these examples, will be found more satis- factory and expeditious. Observe that in the case of the flrst invoice, as there is only one to be debited to Expense Account, the single amount of $26 is posted to the Ledfcer Account, as shown ; but the second and third, tteing both chargeable to Ooodn Account, can be grouped together, and while, on the one hand, eacn invoice is credited individually, a single debit u made of the total amount. NoTis ON Chiqub Book.— The ntries on counterfoil of Cheque Book are Journalised at the fid of each month (see Journal, p e 14), and ths Journal folio marked on each. The Bank Account should be carefully water \, to avoid overdrafts, and there is no better plan than to kpop a memorandum on biick of counterfoil, as shown. At the top a list of deposits and dis- counts, and below a list of cheques. In this way the exact balance to credit at the Bank can be daily ascertained. Another method is to have the Bank Book written up daily, but this is an unsafe guide, as only cheques presented are actually charged up, and an apparent credit balance may be in reality insufficient to meet outstanding cheques. t CHEQUE BOOK. Counterfoil. tj,„„ ^ ijack of cocnterfoil. No. 4. 17th Jan., 1885. Renewal a/c. : J. 14 • Cheque f!5 00 Paid L. King's sight draft! $1000 00 ?o 00 1000 00 500 00 No. 5. 23rd Jan., 1885. 487 5^ Bill Payable, No. 3, :J.' ii": 1000 00 duethisday ;;;;;;; ^^f^QQ — l^ $4012 00 No. 6. 25th Jan., 1885. ^, . Fletcher & Co. riiii.: ^'^ °'^ "" ^°^ «667 75 To purchase draft, to remit E,X.-:::::;;;;;;;;;:;.*''1S» $977 50 No. 7. 26th Jan., 1885. Rogers & Co. :"Jri4:' Paid their sight draft $487 50 ^°-^- 27th Jan., 1885. Real Estate a/c. ':'j.'u: ^'^a^;!rw° \^'" * ^'°- 'f^'" Office and Warehouse liuilding $1000 00 ^°-^' 27th Jan., 1885. Insurance a/c. : j.w": Cheque to Fenham & Fry Pre «l"iS>''" 1""^^ 215.933. fo; «i.OOO. on Building .$7 00 9 10 younger's counting-house guide. January, 1885. Cash ll U I Jan, 1 2 4 15 30 31 To Smith, Edward, Capital a/c II Bank of Norwood II Bill Receivable, No. 1, deposited for collection II 11 II 4, discounted II Graylock, Penning & Co., Sight Draft, $200 00 Less, see contra 5 00 II Richards, T., & Co., Cheque from them for $97.50 (or, $100 less 2§ %), see contra II Bills Receivable for month Led. Fo. 16 20 V V 20 20 V 19 Bills Re- ceivable. 2000 1000 00 00 Sun- dries. 100 00 1000 00 I 200 100 3000 4400 00 00 00 00 Notes on Cash Book.— The'flrst item charges Cash with «100, being the amount paid in cash by Edward Smith, as part of his share of the capital. See Day Book, pave 4 On the 2nd inst., the cash deposit standing to the credit of James Jaclcson, in the Banlc of Norwood, is drawn out in cash, and deposited to the credit of the new Firm, in the Merchants' Banl(. On the 4th, Bill Receivable No. 1, which falls due on 7th January, is charged to Cash, and credited on the contra side, under twc heads- -the Bank, for the net worth, and Exchange for collection charges. The usual plan in such a case is to make a Journal entry thus ■— Sundries. Dr. to Bills Receivable Merchants' Bank, No. 3, deposited for collection 2000 00 Less collection 2 00 Exchange Account— Collection charges 1998 00 2 00 2000 00 but the former plan has superior advi>.atages, besides saving two postings. CASH BOOK. 11 Book:. • January, 1885. 00 00 00 00 00 00 I in o! nta' and for Jan. 2 4 10 15 20 31 30 31 By Postage Stamps II Bank Deposit It II II Smith, Ed., Cash paid him II Discount, Bill Receiv- able No. 4 II Jackson, Jas., Cash pnid him II Freight on Goods from Rogers & Co II Paid Murphy's Teaming a/c II Bank Deposit and Ex- change II 2i % allowed Graylock & Co. for Cash II 2^ % allowed Richards & Co. for Cash 11 Bank Deposit and Ex- change II Bank Debits for month , . II Interest and Exchange for month II Freight and Teaming for month II Expenses for month .... II Balance forward Led Fo. Ex- penses. Freiftht ' and 1 Teaming 1 Interest and Exch'ge. Mer- chants' Bank. V 5 00 200 1 1000 00 1998 00 18 V 10 00 990 00 18 / 2 00 V 6 00 V 50 194 50 V 5 00 V 2 50 V 19 26 97 75 17 — 16 17 V 1 — — 'i Sun- dries. 10 10 00 00 4279 75 20 25 7^00 30 00 4300 I 4400 00 On the 30th, a sight draft ie made on Orayloclc JC Co. for the amount due by them, less a cash discount of 2^ %. In this case also a Journal entry would be made— Sundries, Dr. to Graylock & Co ; or, Cash would be charged with the net amount, and a Journal entry made for the discount — Interest account, Dr. to Graylock & Co. for 'i\ % on #200. The same remark applies to cheque from Richards & Co. * The great advanta^'e of ruling the Cash Book as above will be obvious. All the items which occur with any frequency are allotted separate columns, in which the amounts are entered during the month, and extended for posting in one sum, as shown. 12 younger's counting-house guide. When Reed. i 1 1 1 1 Jan. 1 2 H 1 3 .. 1 4 M 1 5 ,. 13 6 ,. 2i? -1 Bills Receiv On WH08B Account. Name. Address. Lennox, H , . . , King, L Luscombe, L . . , Addington Grenville . Liverpool . Renton, R ,Watertown King, L, (Renewal) Phillips & Co ... . Grenville . Newhaven Date of Note. 1884. Oct. 4 Nov. 10 Oct. 9 Dec. 12 18S5. Jan. 13 .1 10 By whom Drawn. H. L. L. K. L. L. R. R. L. K. P. & Co. To whom Payable. Edward Smith II II James Jackson M II S. & J. Bills Pay When Given. On whosb Account. Date of Note. By whom Drawn. To who'n 6 Name. Address. Payable. 1 2 3 4 5 6 Jan. 1 II 1 .. 1 .. 1 .. 25 .1 30 Latham, R . . . . Cassels, M Barclay, R Loudon, T Harrison, H Harwood, T Racine Riverstown . Hastings Trenton Ripou Rainham . . 1884. Dec. 10 1. 27 Nov. 20 Dec 4 1885. Jan. 14 11 5 Edward Smith . . II II . . James Jackson . . II ti . . S. & J R. L. M. C. R. B. T. L. H. H. T. H. BILL BOOK. 18 able Boole. Bank where Payable. Sussex . . . Traders' . People's . Rankin's . Traders' . Western . li c Terma. ^ 1 ja «■ t s J 1 i 1 1 1 S? S "3 •-s < 1 1 9S 3 mos. 7 2 ,. 13 4 .. 12 4 ., 15 1 .. 16 4 ,. 13 I Amount 200000 2000 00 1500,00 1 1 1000 00 100800 600,00 1608 00 Led. Fo. How Disposed of. 16 Deposited 4th Jan. 19 16 19 Discounted 15th Jan. able Book. Bank where . g; < 1 si J i 1 Led. How Payable. Termn. 1 3 1 1 i ti B 1 1 1 Amount i Fo. Disposed of. Merchants' 4 mos. 13 1 1 1000 00 1 ^® ti 3 .. 30 500 00 Jl7 Norwood . 2 .. 23 600 00 1 ^^ Paid by Cheque No. 6- II 4 1. 7 25000 )yj Merchants' 2 1. 17 30000 W8 1) 2 „ 8 10000 r 40000 2 ■; 1 . * t IvKDOBR. Index to Ledger. ' PAOI. Bank of Norwich 20 Beaverton, S 20 Billa Payable 17 •I Receivable 19 Duty, Freight and Teaming a/o . . 16 Expense a/c 17 Fletcher & Co 18 Goods a/c 17 Graylock, Fenning & Co. . 20 Harris & Haines 20 Harrison, H 18 Harwood, T 18 Insurance a/c 16 Interest and Exchange a/c 17 Jackson, J. (Capital a/c) 16 II (Personal a/c) 18 PAOI. Jobson & Co 20 Linwood Bros. & Co 20 Merchants' Bank 19 Phillips & Co 20 Profit and Loss a/c 16 Real Estate a/c 17 Renewal a/c , 19 Richards* Co 20 Rogers & Co 19 Sales a/c 17 Shepherd, M 18 Smith, E. (Capital a/c) 16 II (Personal a/c) 18 Stewart Bros 18 Thompson & Co., B 19 II John 19 LEDQEB. 16 Ledger. Smith, Edward— Capital Acioount. 1885 Jau. To Sundries J .1 Bills Payable. BB II Balance down . . 14 13 600 1500 5000 00 00 00 7000 00 1886 Jan. Jan. 1 By Sundries J I. Bills Rec'bIe..BB H Cash CB By Balance v/ 290000 400000 10000 7000 5000 00 00 Jackson, James — Capital Aocgunt. 1886 Jan. To Sundries J 14 .1 Bills Payable. BB 13 v' II Balance down . . 250 75() 4000 5000 00 0(» 00 00 1885 Jan Jan. By Sundries J 14 11 Bills Rec'ble..BB 13 r By Balance / 2500 2600 5000 4000 00 00 00 00 Profit and Loss Account. 1885 Feb. 1 To Sundries J 15 II Balance Jy' 72 160 222 00 75 75 1885 Feb. Feb. 1 By Interest a/o . . . . J M Goods a/c II By Balemce }/ 22 200 222 150 76 00 76 76 Duty, Freight and Teaming. 1885 Jan. 31 To Bank II Cash . 1 1885 ..J 14 30'00 Feb. 1 CB 11 700 3700 By Goods a/c J 15 37 00 Insurance Account. 1886 Jon. 31 To Bank J 14 17 00 11885 Feb. 1 By P. & L, a/o . 15 17 00 17 younoer'8 counting-house guide. INTBRB8T AND EXOHANOB ACOOCNT. 1880 Jan. Feb. To Bank Jll4 „ Cash CBll II P. and L. a/o . . J 1885 14 2 50 Jan. 31 11 20 25 15 22 45 75 50 By Sundriea J 14 45 50 ExpBNHB Account. 1885 Jan 31 To Cash CB II Thompson k Co. IPB 11 30 00 1885 Feb. 1 7 25 55 00 00 By P. &L. a/o....J 15 65 00 Rbal Estatk Account. 1885 Jan. 31 To Bank J 14 1000 00 Goods Accodnt. 1885 Jan Feb. Feb. To Sundries... IPB II Duty, F. & T..J II P. & L. a/c liTo Balance 8 15 II 1500 37 200 1737 00 00 00 00 1885 Feb. 1 V 837 00 By Sales a/c J Balance (or Stock on hand) .... 15 900 837 1737 00 00 00 Sales Account. 1885 1 I Feb.! To Goods a/c J 15 90000 11885 Jan. 31 By Sundries J 14 900 00 Bills Payable Account. 1885 Jan 31 To Bank J II Balance down 1885 14 600 00 Jan. 1 / 2150 2650 CO 00 II 31 I Feb. 1 ByE. Smith.... BB It J. Jackson . . « II Sundries .... u By Balance 13 II II V 1600 750 400 2650 12160 00 00 00 00 00 LEDOBR. Smith, Edward- -Pbrsomal Account. 18 Jackson, James— Personal Accodnt. 1886 Jan. 15 To Cash CB 11 10 00 Harrison, H., Ripon. 1885 Jan 25 To Bills Payable, No Due 17/3 300 00 1885 Jan 1 ByE. Smith J 14 300 00 Stewart Bros., Norwich. 11885 Jan, ByE. Smith J Due 7/4 14 200 00 Harwood, T., Rainham. 1885 Jan, 30 To Bills Payable, No Due 8/3 100 00 J885 Jan. By Jas. Jackson . . J 14 100 CO Shepherd, M., Linton. 1885 Jan. 1 By Jas. Jackson . .J,14 150 00 Fletcher & Co., Vernon, N.Y. 1885 Jan, 31 To Bank J I Discount a/c m 1 1885 14 976'00 Jan. 4 II 25 00 By Goods IPB 1000 00 19 YOUNGER S COUNTINQ-HOUSE GUIDE. RoGBBS k Co., Riverstown. 1885 Jan. 31 To Bank J II Discount a/c. . . . 1 1885 14 487 60 Jan. 15 II 12 50 1 By Goods IPB 600 00 B. Thompson ft Co., Rising City. 1885 Jan. 1 By Expense a/c. IPB 26 00 Renewal Account. 1885 Jan. 17 To Bank J II Interest 11885 1 14 1000 00 {Jan. 17 II 8 00 By Bills R'ble (King) Due 16/2, No. 1008 00 Bills Receivable. 1885 Jan. Feb. 1 To E. Smith, Capital a/c BB II J Jackson, n h II Sundries n 31 To Balance jl885 Jan. 31 13 4000 00 II 2500 00 II 1608 00 8108 00 V 5108 00 By Cash CB II Balance 3000 5108 8108 00 00 00 Merchants' Bank. 1885 Jan. 1 31 Feb. 1 To E.Smith, Capital a/c J I, Cash CB To Balance 14 11 400 4279 4679 00 75 75 1885 Jan. 31 V 667 75 By Sundries J II Balance 401200 667176 4676 76 Thompson, John, Wellington. 1885 Jan 1 To E. Smith, Capital a/o J 14 I I 1000 00 LEDGER. JOBSON & Co., Cedarville. Harris & Haines, Knowlton, LiKWooD Bros. & Co., Yarmouth. Be^verton, S., Edinburgh. 1885 Jan. To J. Jackson, Capi- tal a/c J 14 500 00 Bal.k op Norwood. 1886 Jan. To J. Jackson, Capi- tal a/c J 14 1000 00 1885 Jan, 20 By Cash CB 10 1000 00 Phillips & Co., Newhaven, 1885 Jan. 10 To Sales J 14 600 00 1885 Jan. 25 ByBillsR'ble..No. 600 00 Richards & Co., Cannington. 1885 Jan 12 To Sales J 14 100 00 1885 Jan. 31 I By Cash CB 10 lOU 00 Graylock, Fennino & Co., Wallingham. 1885 Jan. 12 To Sales J 14 200 00 18851 Jan. 30 By Cash CB 10 200 00 younger's counting-house guide. TRIAL BALANCE. IBT FEBRUARY.— BEFORE CLOSING ENTRIES. P;; Led. Ko. 16 II 17 II 18 M 19 17 . II 16 17 II 19 II 18 II 19 20 II II II Smith, Edward, Capital Account Jackson, James, n n Sales Bills Payable Stewart Bros Shepherd, M Thompson, B. , & Co, . Real Estate Goods Duty, Freight and Teaming Insurance Interest and Exchange Expense Bills Receivable Bank Cash (as per Cash Book, 31 Jan.) Smith, Edward, Personal Account Jackson, James, n n Thompson, John Jobson & Co Harris & Haines Linwood Bros. & Co Beavtiton, S 5000 4000 900 2150 200 150 25 1000 00 1500 00 37 00 17 00 22 55 00 5108 00 667 75 43 00 10 00 10 00 1000 00 1000 00 500 00 1000 00 500 00 75 12447 12447 00 00 00 00 00 00 00 75 75 AFTER CLOSING ENTRIES. Led. Fo. 16 17 18 II 19 18 II 17 II 19 II 19 20 It II II Smith, Edward, Capital Account Jackson, James, n n Profit and Loss Bills Payable Stewart Bros Shepherd, M Thompson, B. , & Co Smith, E. , Personal Account Jackson, J., h n Real Estate Goods Bills Receivable Bank Cash (as per Cash Book, 31 Jan.) Thompson, John Jobson & Co Harris &, Haines Linwood Bros. & Co Beaverton, S I 5000 4000 160 2150 200 150 25 10 00 10 00 1000 00 837 00 5108 00 667 75 43 00 1000 00 1000 00 500 00 1000 00 500 00 76 11675 11676 00 00 75 00 00 00 00 76 TRIAL BAT ANCE, t SUMMARY OF ABOVE TRIAL BALANCE. 22 Capital Current Liabilities : — Bills Payable 2150 00 Accounts Payable 375 OO Profit and Loss a/c 150 75 Available Assets : — Bills Receivable 5108 Bank Balance 667 Cash 11 43 Accounts Receivable 4020 00 75 00 00 Real Estate Account Goods Account 9000 9838 1000 837 11675 75 00 00 75 00 2675 11675 76 75 BALANCE SHEET. 18T FEBRUARY, 1886. Assets. Real Estate Bill Receivable , Cash in Bank and in hand Accounts Rec'ble Stock on hand . . . 5108 710 4020 00 75 00 1 1000 9838 837 1 00 75 00 75 11675 Liabilities, Capital Bills Payable . . . Accounts II Balance— Profit* 2160 00 375 00 9000 00 2525 00 160 76 s 11676 76 K«* * "^^It *""»""' s**""!? ^""ee with 'he balance of Profit and Loss Account, and is divided between the partners of the Firm, pro rata, by a Journal entry, thus :-* aiviaea Profit and Loss. Dr. to Sundries 1 150 Ed. Smith ;.' ' J. Jackson 76 83 67 76 00 Trial Balance. No consideration should override the importance and advantage of a monthly Trial Balance. Such a balance consists simply of a list of Dr. and Cr. amounts as they stand in the Ledger at any given date ; or, preferably, the Dr. and Cr. balances of accounts. As in Double Entry, every amount is necessarily posted both on the Dr. and Or. sides of the Ledger, it follows, that any difference in the 23 YOUNGER S COUNTING-HOUSE GUIDE. footings of the total amount of these balances implies an error ; and the discrepancy should be discovered before adding unnecessary com- plication, by any new postings. In seeking for an error the following suggestions will be found useful : — 1. Go over the balance, and note if the balances of those distinc- tive accounts, which always appear on the same side, have been correctly entered, e.g., Bills Payable, Capital, and Sales accounts should invariaVily be found in the Credit or right-hand column ; and the accounts of Bills Receivable, Bank, Cash, Estate, Goods, Indi- vidual Capital accounts (Joint Stock) when capital not fully paid up, and Disbursements of all kinds, should be entered on the Debit or left- hand column. 2. Examine the entries in Journal, and other auxiliary books, to find if any posting has been overlooked ; also see that the total footings of Dr. and Cr. columns in these books are equal in amount — taking each book by itself. 3. Compare the Bank balance in Ledger and Pass Book. The latter should agree with the former, after deducting any outstanding cheques (those which are not returned as vouchers by the Bank.) If any difference is shown, compare the deposits and discounts with these items in Cash Book; and the Bank debits with the Cheque Book counterfoil. ' • 4. Make list of Bills Receivable on hand, and current Bills Pay- able. The amounts should agree with the Ledger balances in these accounts. In any case such list may be usefully drawn out, and kept for reference. 5. If the difference is 10, or nnltiples of 10, a mistake in the footings is probable. If the difference extends to more than one figure, and is divisible by two, it may possibly arise from an entry ir the wrong column. If divisible by nine, look for a transposition of figures. 6. Errors in addition may be detected by adding each column of figures separately. Thus, 2598 4235 6674 and the same amount when checked aa above, ' 1 1 addition of left-hand column. 13 .. 2nd .. 19 •! 3rd M 17 I. 4th II gives 12507 gives V 12507 RENDERING ACCOUNTS. 24 7. If the above, or similar methods, prove unsuccessful, the Ledger, and, if necessary, the posting also, must be gone over again. In checking the balances of the accounts, a very good plan is to take the balance of the previous month, and add or deduct the subsequent debits or credits. When the Trial Balance for the last month of the business year is complete, it forms the basis for the general Balance Sheet, but is more especially useful when it is summarized, as on page 22. It is sometimes desirable to ascertain in a general way when the open accounts fall due, and the Trial Balance affords a good oppor- tunity for so doing. Simply rule as many columns as are necessary, and enter the amount under the heading applicable to it, thus — Debit Columns. ■ _^_ Crkdit COLVHN. Fennel], Geo. Bennett, R. . Falls, J Tennant, L. . Dun IN Jan. Feb. March. April. 100 00 50 00 40 00 60 00 1 Rendering Accouints. In most business houses it will be found desirable to send a State- ment of Account to every customer at the beginning of each month. This statement need not necessarily imply settlement. In many cases such a demand would be unwise ; but an opportunity afforded to compare and examine, at short intervals, the items of account, is found satisfactory, and tends to avoid the possibility of disputes and misunderstandings when the time for final settlement has arrjv c' In the majority of cases, however, the monthly state nent should l»e followed by an early settlement, by cash or note, as the case may be ; and a rule to this effect should be made as general ::.a possible in its application. 25 YOUNGER S COUNTING-HOUSE GUIDE. I i When sales are made at different dates, or the terms of credit are dissimilar, it is necessary to find the " average " date, so as to place the buyer and seller on an equality by one settlement, thus avoiding, on the one hand, undue advantage on either side, and on the other, a multiplicity of payments. Averaging Accounts. Goods are sold on 7th April, to the amount of $35.40, payable in two months ; on 26th April, $49.90, payable in four months ; and on 27th April, $40.10, payable in three months. To find the average, or equal date, select the debt having the earliest due date, and multiply the remaining amounts separately by the number of days intervening between the date on which they become due, and the primary due date. Divide the total product by the sum of the debts, and the quotient wilt be the number of days to be added to the first due date, thus — Date of Invoice. 7 April 26 .. 27 M Term of Credit. 2 months 4 ,. 3 n Due. 7 June 26 Aug. 27 July No. of Days. 80 50 Amount. $35 50 = 4000 40=2000 125 )6000(48 days. 500 1000 1000 1 i 48 days added to the 7th June, gives 25th July, which is the " average " or equated time. It will be observed that, in making the calculation, the dollars only have been taken into account, and the cents counted as a dollar or disregarded, when over or under fifty cents respectively. This involves a slight inaccuracy in the result, although it is sufficiently near for all practical purposes. When perfect accuracy is required, multiply the whole amount, instead of the dollars only. Thus, instead of multiplying 50 dollars by 80 days, make the multiplicand the exact amount of the invoice, viz., $49.90. JOINT STOCK COMPANIES. 26 Joint Stock: Companies. OPENING ENTRIES. When a Joint Stock Company is formed, the • ubscribed or nominal capital must be inserted in the charter of incorporation. The actual amount of working capital to be paid in by the shareholders is a matter of subsequent decision, and is known as the "paid-up" capital. This must not exceed, and is usually very much less than, the author- ized nominal capital; and is collected, as required, by "calls" on the shareholders. In the case of a company organized to commence a new business, and when all the shares are allotted, the opening entries would be journalized thus — Sundries. Dr. to Capital a/c $50,000 00 Letham, Edward, 150 shares at $100 $15,000 00 Laird, Charles, 150 i, 100 15,000 00 Richards, John, 100 „ 100 10,000 00 Robinson, Henry, 50 „ 100 5,000 00 Fleming, David, 50 „ 100 6,000 00 which make the shareholders debtcn-s to Capital account for the amount of the stock allotted to each, and the whole of which is liable^ to be demanded in the way of calls, as decided by the Board of Directors. Generally, however, a very much smaller amount is called hi, and the calls vary in frequency and amount, in accordance with the requirements of the business. When calls are paid, the amounts are credited to the shareholders in the Cash Book, and consequently appear to the credit of the indi- vidual Capital accounts; so that the debit balance in the Ledger represents the amount of unpaid capital in each case, while the total amount on the credit side is the sum entitled to share in the profits pro rata. In other respects the entries and accounts do not difier from those of a private firm in the same line of business. When an established business is purchased by a Joint Stock Com- pany, the first entry would be of exactly the same form as in the previous case, and we may again take it as an example. laundries. Dr. to Capital a/c $50 000 00 Letham, Edward, 150 shares at $100. . $15,000 66 ' Laird, Charles, 150 ,. 100 16,000 00 Richards, John, 100 „ 100 10,000 00 Robinson, Henry, 50 „ 100 5,000 00 Fleming, David, 50 „ 100 6.000 00 3 27 younger's counting-house guide. But in this case the first two names are the partners in the firm, selling the business, and as they agree to take paid-up shares in the new company in full of their claim, the following entries become necessary : — First, to charge the new Company, and credit the old Firm (of Letham & Laird) with the amount of the purchase, thus — Sundries. Dr. to Letham & Laird $30,000 00 Machinery a/c, for Machinery, as per valuation $20,000 00 Estate a/c, Buildings, " „ . . 7,000 00 Accounts would be opened in the Company's Ledger for " Machin- ery," "Estate," "Bills Receivable," and for each of the individual accounts ; and the total amount credited to Letham &, Laird. The next entry would be — Letham & Laird. Dr. to Sundries $30,000 00 Letham, Edward, Capital a/c $15,000 00 Laird, Charles, „ 15,000 00 which would close the Firm account, and place to the credit of each of partner's Capital account the amount necessary to pay for stock in full. Division of Profits. PRO RATA. Say the Profit and Loss account shows a credit balance (and, therefore, a profit) of $4,450, which is to be paid to the shareholders pro rata, on their paid-up capital, which stands as follows : — Edward Letham $15,000 00 Charles Laird 15,000 00 John Richards 7,500 00 Henry Robinson 3,750 00 David Fleming 3,750 00 Rule. — Multiply each amount of individual stock by the total amount of profit, and divide by the total paid-up capital, thus — BILLS AND DRAFTS. mm m First individual stock. 446M n Total profits. 7500 6000 6000 Paid-up capital, 4500^)6675^0(1483 33i 450 ^ 2175 1800 3750 3600 1500 1350 1500 1360 1500 1350 150 or ^ of 450 cKLatdT '' '^T ""' "^^ P'^"'*^ "°"^^ *^-«f-« be $1483 33* John Richards' " " • • 1483 33^ Henry Robinson's „ " " • " JJ 1 66§ David Fleming's .. I ^ ;;J^ $4450 00 Bills and Drafts. In the settlement of accounts, Bills of Exchange play a very important part, and every business man should be well informed as to their character and value. Those made and payable in the same country, are known as Inmnd bills of exchange. Those made in one country and payable in another, as Foreign bills of exchange A Bill or Note is simply a written promise to pay a specified amount The wording is not confined to any particular form, but should be such as to convey clearly and definitely the nature of the promise made. There is, however, a customary form, as follows which it is well to adopt as far as possible :— ' w 29 younger's counting-house guide. $100-^Ti% London, lat January, 1885. Three months after date we promise to pay S. Blank, or order, at the National Bank here, the sum of One Hundred i^i^ Dollars, for value received. T. Campbell da Co. No. 10.— Dae 4(h April. The words in italica are of course varied. In this, or similar form of promissory note, the drawers are the makers (being the debtors), and is made in favor of tlie payee (being the creditor). In other cases, usually V)ut not necessarily, by previous advico or arrangement, a demand is made by the creditor (who is then the drawer) on the debtor (or drawee) thus — $100^ No, iO— Due 4th April. Lincoln, 1st January, 1885. Three months after date pay to ourselves, or order, the sum of One Hundred xVir Dollars, for value received, and charge to the account of C, Reynolds ds Co, To Messrs. A. Rawlins db Co., Edmonton. This draft is usually sent through the drawer's bank for accept- ance, in which case it is personally presented by the bank agent, and promptly protested for non-acceptance, when necessary, in tlie absence of any instructions to the contrary. Acceptance is given by writing across the face of th 3 draft, thuB — ' Accepted 3rd January, 1885. Payable at Switzer's Bank, Edmonton. A. Rawlins & Co. or, by simply writing the word " accepted " over the signature. The date of acceptance is only necessary in case of sight drafts, as the time for payment is governed by the date on which they are " sighted," viz., at the expiration of the three days of grace after such acceptance. There ar? also what are known as " Demand " Drafts, which are payable immediately on presentation. There are thus — Three varieties op Drafts — Demand, Sight and Time. — The first are practically cheques on individuals or firms, of the same nature as cheques on banks. The second differ from this simply in the fact that they are subject to three days of grace after presenta- BILLS AND DRAFTS. 30 tion, in case of drafts at aiyht ; or in addition to any time for which they may be drawn when payable after sight. The third, or Time Drafts, are on a different footing. In the case of these, the date of presentation for acceptance is not regarded. The time is calculated from the date of the draft, which is not necessarily, or usually, the date on which it is drawn, but is selected so that the date of maturity will agree with that on which the amount is actually payable. Joint Notes. — When it is desired to provide for individual, as well as collective, liability, use the words, " We jointly and severally promise to pay," and sign two or more names, thus — John Herriman. Joseph Fenton. Or, if the note is simply worded " I promise to pay," and signed as above, the liability is now held to be in every respect the same. When it is not intended to incur or impose such personal liability for the whole amount, insert the word not before " severally," thus — " We jointly and 7iot severally promise to pay," and sign as in the previous case. Place of Payment. — Notes and drafts are now usually made pay- able at the bank of the maker or acceptor, unless there is some understanding or stipulation to the contrary. In some instances, when the "office" of such maker or acceptor, or that of the payee, is named ; or when the former is irregularly left to be understood, in the absence of any designation, the suspicion is not unnaturally aroused that a need of assistance at maturity is anticipated. But although customary, there is not, according to the strict letter of the law, any obligation to demand payment at the place designated. To make this legally binding, there must be a specific limitation, by inserting the words, " and not otherwise or elsewhere," but as the failure to comply with the requirements of the note releases the endorsers from their liability, there is little inducement to neglect to do so. Invalid Notes. — Any note obtained by fraud or intimidation, from a person in a state of intoxication, or from a minor, or when dated on Sunday, cannot be collected. Notes hearing Interest. — Notes carry interest during the running term only by special stipulation, thus — "one hundred dollars with interest at seven per cent.," or whatever the amount or rate may be. n YDUNQERS COUNTING-HOUSE GUIDE. The amount of this interest is made up at the maturity of the note, and is collected with the principal. In the absence of a special agreement of this kind, interest on the debt can only be charged after the due date, if the note is not then paid, and at the legal rate of six per cent. Endorsing Notes. — Before payment of a note, payable to order, can be demanded by the payee, he must first endorse it, by writing his name across the back. This is known as a blank endorsement. But if instead of holding the note for maturity, it sliould be paid away to another party (or negotiated), tliere must be what is known as a. full endorsement, thus — Pay to the order of Thomas Cotton. (Signed) James Thompson. Thomas Cotton thus becomes the holder of the note, and may similarly transfer it to a third party, who may again pay it away, and so on, as often as desired. Protesting Notes. — When a note is not paid at maturity it is held as dishonored, and is at once protested for non-payment by a Notary Public, and notices should be mailed by him the same day to the maker and endorsers. In this way the liability of the latter is continued, while the ner ect to give such formal notification, within twenty-four hours, legally cancels their obligations. The liability of the maker or acceptor is not, however, affected in any way. Against such the holder of the dishonored paper can take imme- diate proceedings by ordinary process of law. Protests are also made in the case of non-acceptance of Drafts, as a prot3ction to endorsers, who may have given value therefor. It is now customary in many cases to waive protest by attaching a slip, "No protest for non-acceptance," in which case the responsi- bility of so doing rests with the party giving such instructions. Lost or Stolen Notes. — The fact of notes passing into the keeping of those who are not entitled to possess them, will not relieve the makv^r of liability to pay them at maturity, providing that the then holders can prove that they gave value for them in good faith. But should they be unable to make good such claim, or if it can be shown that they were aware of any irregularity in connection with it, pay- ment can be resisted. When the note becomes due, the maker is liable to the then holder. BILLS AND DRAFTS. 32 Payment of Notes. — In the event of default on tlie part of the maker, each endorser becomes responsible for the amount of the note, in the order of endorsement, and if compelled to pay, must look for a refund to the maker, and any previous defaulting endorsers, if any. When a case arises in which the endorser is unwilling to assume the responsibility of an ordinary endorsement, he may arrange to avoid it by a " limited " endorsement, thus — Pay to the ortlor of Thomas Chuinbcrs (witlioiit recourse to me). (Signed) Pliilip Moorhouso. Accommodation Notes, or notes for which there has been no "value received," are drawn more frequently than they should be. In some cases, when their true character is known, and a sufficient guarantee for their payment is given, so tliat the interests of those wlio endorse, a? an "accommodation," are guarded, tliere may be justification. But, as a rule, accommodation notes should be avoided as much as possible. The best rule is, neither to take nor give a note, unless there has been value given or received. Neither friendship nor relationship should be considered a ground for asking another to assume an obligation which, if enforced, may, and has very frequently led to embarrassment and ruin. As an example of accommodation notes which are less objection- able, we may take those which are accepted and discounted, as such, by a bank for a responsible customer, and covered by such approved security as may be deemed sufficient. Foreign Bills of Exchange differ from Inland Bills principally in the fact that they are drawn in sets of three or more, to provide against the increased risk in transmission to foreign countries ; thus, if a firm in Canada is indebted to parties in Liverpool, England, and has debtors in London, a draft would be made in this way — £100 Sterling. Glasnevin, 1st February, 1885. Sixty days after sight pay this First of Exchange (second and third of same tenor and date being unpaid) to the order of Kent & Carling, Liverpool, Eng., the sum of One Hundred Pounds Sterling, for value received, and charge, with or without advice, to the account of McArthur Bros. & Co. To Messrs. Turner & Son, 101 Threadneedle Street, London, Eng. ii 33 younger's counting-house guide. This draft is paid to Kent & Carling in settlement of a debt due to them, and may be endorsed and transferred many times before it is presented for acceptance in London. The second bill is forwarded by a ditferent mail, and the third retained for use in the event of the first and second going astray ; or, exchange may be purchased from any Bank for the desired amount, at the current rate, payable at the office of the Bank's correspondents in London. W: Receipts. Ordinary Form of Receipt for Money. London, lOtli January, 1885. Received from John Thompson, the sum of Ten jVt Dollars. $10^^ (Signed) T. Fernham. If the money is received in liquidation of any particular debt or claim, a statement of the fact is added to the above, thus — For Bent. — Add " being in full for rent of premises, situated at for the month (or other term) ending " For Settlement of Account. — " In full of accoun* to date." Partial Payment of A ccount. — Add ' ' on account. " A receipt for money is not, however, in every case sufficient p oof -of actual payment. For instance, an insurance agent may hand in a receipt for a renewal pre'^">ium without receiving the amount ; should a tire occur, and proof be furnished that no actual payment had been made, the insurance company could successfully resist a claim for compensation. But when a payment is made by cheque, payable to order, and the purpose for which given is stated thereon, such as " in full of account to date," or with any other statement of specific application, it becomes in itself, as soon as endorsed and paid, a conclusive receipt. BANKS AND BANKING. 34 Ba.nk:s and Bank:ing. Banks are now an essential part of the machinery of commerce. Highly profitable as a business, when well conducted, they are indis- pensable to aln^ost every man of business. To Open an Account certain formalities must be gone through. No banker is willing to accept a stranger as a customer till first satisfied as to his character and responsibility, and it is, therefore) necessary to secure an introduction by a party of good standing and repute ; or give sucU references as will prove satisfactory. When an understanding has been arrived at, and a deposit made, the new customer is furnished with a Pass Book, in which all deposits and payments are entered, either daily or at the end of the month, as may be desired. In any case, this book should be left at the bank a day or two before the close of each month, to be written up or com- pared and balanced off. It is then returned, in a few days, with a vouclier for every debit, the customer or his agent giving his receipt therefor in a book kept for that purpose. As it is important that the Teller be familiar with the signatures of customers, another special book is kept in which the signature of each is required, as soon as the account is opened, to which reference can be made when necessary. Care should be taken, wlien giving such specimen signature, to write it in such a way that, on tlie one hand, it will agree with the style of signature afterwards used, and, on the other, avoid the too common practice of adopting one that is unde- cipherable to all not familiar with it. In every case, whether in the signing of cheques or letters, care should be taken that they are so written as to be readable by a person of ordinary intelligence. Bank accounts should be very carefully watched, so that no cheque is drawn, under any circumstances, for a larger amount than that known to be standing to the credit of the drawer. When an over-draft is made, the banker is placed in the unpleasant position of refusing to make the payment demanded, or of taking an unjustifiable risk in making a disbursement without any security that the amount will be repaid. The law of good banking must rule that the payment of all cheques be 36 YOUNGER S COUNTING-HOUSE GUIDE. invariably deferred, and means taken to inform the customer of the state of his account, so as to afford the opportunity to make the necessary deposit. Discount. — When good commercial notes are presented at the bank by a customer, they are discounted or bought at the face value, less the ruling discount rate for the class of paper offered. Thia discount is simply the interest on the amount for the unexpired term on note from day of deposit till the last day of grace, both day» inclusive ; and the usual collection charges. Remitting Money. — When it is necessary to pay money in another part of the country, the usual plan is to purchase a bank draft, other- wise a marked cheque, with exchange added, is sent. That is, Sr cheque marked "good" by the Bank Manager, over his initials or signature. Such a cheque is at once charged to the drawer's account as if paid, and the responsibility of payment assumed by the bank. INTEREST TABLES. Interest Tables. AT SIX PER CENT. nn Tl^r' w^'^o.^f ^"*''"'' ^^ ^^ ^•^ '^^^^^ «^ ^« fi«d the interest on $1 for 1 to 365 days. rJr^TfV''^''.^''^ ^^' ''''''''' °° »^^ ^«^ 200 -ays, tm-n to 160 in Tables, and find opposite n^ aJ^ w lov m Which multiply by 24.660 200 ($4.93) which is the correct amount. Or, taking the other plan, say $200 for 150 days— We get the figures opposite 200 Which multiply by Giving $4.93,2000 32.880 150 Giving $4.93,2000 This result being thus easily obtained, any other rate is shown by simply adding or deducting say, ^ or ^ as the case may be. i 9 4 6 6 ■ 7 8 9 10 II 12 13 14 16 16 17 18 19 c. dec. 1644 829 493 668 822 936 151 316 480 644 808 1 978 2 2 2 2 2 2 3 187 802 466 630 796 060 124 9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 c. I dec. 3 3 3 3 3 4 4 4 4 4 4 5 5 5 6 6 5 288 462 617 781 946 110 274 430 603 768 932 096 261 4^5 690 754 018 6 083 6 247 f 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 64 55 56 57 I c. dee. 6 412 6 6 6 7 7 7 7 7 7 8 8 8 8 8 8 9 9 o. 576 740 905 069 234 308 662 727 891 066 220 384 540 713 878 042 206 371 8 58 59 60 61 62 c. 9 9 9 10 10 63 I 10 64 65 66 67 68 69 70 71 72 73 74 75 10 10 10 11 11 11 11 11 11 12 12 12 76 I 12 dec, 635 700 864 028 193 367 622 686 850 015 177 844 608 «?2 837 001 166 830 494 8 77 78 79 80 81 82 83 84 85 86 c. 12 12 12 13 13 13 13 13 13 14 87 14 88 I 14 89 90 91 92 93 94 95 14 14 14 16 15 15 dec. 669 828 988 152 310 481 646 810 974 188 308 467 632 790 960 126 289 464 16 I «18 t ! 37 I i: YOUNGER S COUNTING-HOUSE GUIDE. INTEREST TABLES, AT SIX PER CENT. 1 c. dec. $ 0. dec. » 0. dec. • c. dec. « 0. dec. 96 15 782 150 24 660 204 33 538 258 42 416 312 51 29S 97 15 947 151 24 824 205 33 702 259 42 580 313 51 467 98 16 HI 152 24 989 206 33 866 260 42 744 314 51 622 99 16 276 153 25 153 207 34 031 261 42 908 315 51 780 100 16 440 154 25 318 208 34 195 262 43 073 316 51 950 101 16 604 155 25 482 209 34 360 263 43 237 317 52 116 102 16 769 156 25 646 210 34 624 264 43 402 318 52 279 103 16 933 157 25 811 211 34 688 265 43 666 319 52 444 104 17 098 158 25 975 212 34 863 266 43 7S0 320 52 608 105 17 26-2 l.'>9 26 140 213 35 017 267 43 895 321 52 772 106 17 426 160 26 304 214 35 182 268 44 069 322 52 937 107 17 691 161 26 468 215 35 346 269 44 224 323 53 101 108 17 755 162 26 633 216 35 510 270 44 388 324 63 266 109 17 920 163 26 797 217 35 675 271 44 552 325 53 430 110 18 084 164 26 962 218 35 839 272 44 717 326 63 694 111 18 248 165 27 126 219 36 004 273 44 881 327 63 769 112 18 413 166 27 290 220 36 168 274 45 046 328 53 928 113 18 677 167 27 ib5 221 36 332 275 45 210 329 64 OSS 114 18 742 168 27 619 222 36 497 276 45 374 330 64 262 115 18 906 i 169 27 784 223 36 661 277 45 639 331 54 216 116 19 070 ! 170 27 948 224 36 826 278 45 703 332 54 681 117 19 235 ; 171 28 112 225 36 990 279 45 868 333 54 746 118 19 399 ' 172 28 277 226 37 154 280 46 032 334 54 910 119 19 664 ' 173 28 441 227 37 319 281 46 196 335 55 074 120 19 728 ^ 174 28 606 228 37 483 282 46 361 336 55 238 121 19 892 : 175 28 770 229 37 648 283 46 525 337 65 403 122 20 057 176 28 934 230 37 812 284 46 690 338 55 667 123 20 221 177 29 009 231 37 976 285 46 854 3b9 56 732 124 20 386 i 178 29 263 232 38 141 286 47 018 340 55 896 125 20 550 \ 179 29 428 233 38 30) 287 47 183 341 56 060 126 20 714' 1 180 29 592 234 38 470 288 47 347 342 56 226 127 20 879 i 181 29 756 235 38 1 1 88 6 26 66 64 41 182 22 04 76 337 77 44 2 3 70 7 31 11 08; 42 186 66 48 77 342 21 88 3 6 55 8 35 65 62 1 43 191 10 92 78 346 66 32 4 7 40 9 39 99 06 44 195 55 36 79 361 10 76 5 9 25 10 44 44 40 i 45 199 99 80 80 366 55 20 6 11 11 11 48 88 84 46 204 44 24 81 369 99 64 7 12 06 1 12 63 33 28 47 208 88 68 82 364 44 08 8 14 81 ' 13 58 77 72 48 213 33 12 83 368 88 52 9 16 66 i 14 62 22 16 49 217 77 56 84 373 32 0« 10 18 51 1 15 66 66 60 60 222 22 00 85 377 77 40 11 20 36 ! 16 71 11 • 14 51 226 66 44 86 382 21 84 1 22 22 17 76 66 48 62 231 10 88 87 386 66 28 2 44 45 18 79 99 92 63 235 55 32 88 391 10 72 3 66 67 19 84 44 36! 54 239 99 76 89 395 65 16 4 88 90 20 88 88 8« 66 244 44 20 90 399 99 60 5 1 11 12 21 93 33 241 56 248 88 64 91 404 44 04 6 1 33 35 22 97 77 68 67 253 33 08 92 408 88 48 7 1 fl5 66 23 102 22 12 68 257 77 52 93 413 32 92 8 1 77 80 24 106 66 56 69 262 21 96 94 417 77 86 9 2 00 02 25 111 11 00 60 266 C6 40 96 422 21 80 10 2 22 24 26 115 65 44! 61 271 10 84 96 426 66 24 11 2 44 46 27 119 99 88 62 276 56 28 97 431 10 68 12 2 66 ;e7 28 124 44 32 63 279 99 72 98 435 55 12 13 2 88 80 29 128 88 76 64 284 44 16 99 439 99 66 14 3 11 n 30 133 33 • nt Debit " General Expense " ac- count and Credit " Capital " account 670 300 26 30 40 60 600 200 00 00 00 00 00 00 00 00 BOOK-KEEPINO FOR FARMERS. 40 These represent the opening entries, showing the value of the property, and the debts due to and from other parties at the date of the open'ng of the Ledger. This will be more clear by turning up the " Capital " account in Ledger, which should stand as below. Date. To A. Hopkins .... „ R. Watt II Albion Loan Co II Balance down... $ 4000 50 00 500 00 4635 00 5225 00 Date. By Real Estate Live Stock . . . . Implements R. Hutchins . . . . John Markham . Wages to Credit. 4ooo;oo 67000 300 00 25 00 30 00 By Balance (or net worth) 200 52'25 00 00 4635 00 I The books are now ready for the e^itry of the daily transactions of the farm. Enter all charges, so that they will be posted into the Ledger under the proper headings. For instance, if it is proposed to grow wheat, barley, potatoes, corn, and leave a portion for meadow land and grazing, enter in Waste Book the cost of labor, purchases, etc., so that they will be entered in the Ledger in the account to which they belong. Thus, under the heading of "Wheat" in Ledger, enter the charges from the Waste Book on the debit, or left-hand side of the account ; and the amounts received for the crop when sold, on the credit, or right-hand side, thus — Wheat Account, Date. 00 00 00 loo To Labor, Plor ghing . . It iSeed , II Labor, Sowing I II Weeding .... II II Reaping .... II Teaming to barn . . . II Threshing II Storing II Marketing 11 Proportion of General Expense a/c for season Date. By Cash, for 50 bush., at 90c. 100 11 95o. 100 II 96c. So that at the end of the year, by adding up the amounts on each side of the account, and allowing for any produce unsold, the surplus of the credits over the expenses will be the profit on this crop ; or, if mmmmm 41 YOUNGER S COUNTING-HOUSE GUIDE. the expenses are greater than the credits, the account will show a loss. In the case of the " Live Stock " account, if any purchase is made, charge the amount on the debit side, or if there is a sale, credit the account wiiuh the amount ; also charge the account with the cost of feed, bedding, etc., and credit with work done. " General Expense " will be charged with all house and other expenses not included in the other accounts. In this way, with very little trouble, the profits or losses on each part of the farm can be closely watched, and certain crops extended or discontinued accordingly. Then by adding the debits in each account, on the one hand, and the credits, on the other, the net profits on the whole farm can be ascertained. K ' 'W, APPENDIX. 42 Appendix. BUSINESS TERMS AND ABBREVIATIONS. ,..,«nwTr Sales -An account furnished of goods sold on commission, giving agents disbursements and charges; and showing net amount payable to owner. Ad valorem.— See Custom House. a B^?^^L^%T-^^T^T^^l i^; ^•)' ^*y ^«°^ ^^' B). Invoice Book LB). Invoice Sales Book (I. S. B.), Invoice Purchase Book (I. P. B.). Journal (J.), Liedger (Led.). " regufar'iS^s^'^"*^^*^'"^''*'' but sometimes applied to payments at any ent^t'trlehUrZi:;^!'"'"^ P'^'"*^ P°"""'^' ''^''^'' ^° *^« «^*P« °^ ''''^ Assets.— JVc<— The property possessed after deducting liabilities. Bankrupt.— Any one whose assets are exceeded by his liabilities. «.*^^^"**^r^"fL°^°/^8''^**°'"^^^^®'^5 but sometimes taken to include specie or these metals m the form of coin. *"t,iuue specie asseS'SJIiy time?^""*^ specifically invested in business, or strictly, the net aW^^/^o^^^ Note -A bank draft of given amount issued to travellers, pay- able at one of several places named. "^^ rr,.^P°^^^7^^^''. SECtJRiTY.-Any description of secondary security, given to make good any failure or insufficiency of primary security. ^ «ia«£nf 'l''r'7'^°y T^r*° ^}°"' ^°,''^^ ^'^^ Consigned (sent on sale), as a con- signment, to be disposed of as directed. /, ■> » »-«ii C. 0. D. — Collect on delivery. coUeSn'of Mes."^ Government agency at every port of entry for the Terms.— Ad valorem duty.— According to value; say 10 % on $100=$10. Specific duty.— A fixed amount on specified articles without regard to value. Bond, Goods in.— Dutiable goods held for entry and payment of dues. BUI 0/ Entry. —List of goods in bond, with memorandum of duty payable and customary declaration. of bu^'slnei tot'TtilrdT ""^ 'P'" ''' ^"^^ '*y ^° *^^ y«^^' ''' '"«™-- DEMURRAOE.-Expense incurred for the undue detention of a vessel or rail- road car by failure to unload within the specified time. Dividend.— Generally used to signify the proportio of profits payable to shareholders of a Joint Stock Company. '' ^ ^ *" """" l«*yaoie to E. G. — For example. 4 ! II li m younoer's counting-house guide. E. ft O. E. — Errors and omiuions excepted. Garnishee. — A legal injunction applying certain portions of a debtor's property or wages in the hands of another to the liquidation of liabilities, pay> ment of which has been demanded through the Court. Guarantee. — An engagement to indemnify for loss or failure in any direc- tion specified. I. E.— That is. Liabilities. — Total amount of debts. Liquidation. — Collection and payment of debts due to and by the estate in process of settlement. Mortgage. — A conveyance of property giving the mortgagee the rieht to foreclose or dispose of such property in the event of the mortgagor faiung to make good the engagement ; but becoming void when the undertaking is carried out. Net Worth. — Balance of assets over liabilities. Per Cent. — Contraction of the Latin words per centum, meaning per hundred. Power of Attorney. — A legal formula deputing authority to act for the giver thereof, either generally or in any given direction. — See Form, at page 40. Pro Forma. — For the sake of form. Pro Rata. — A proportionate dividend. Premium. — In case of stock, any increased value which it may command over par, or nominal value. In the case of insurance, the rate charged, e.g., $1 would be the premium on $100 at 1 %. Primage. — An allowance paid to the master of a vessel, over and above his freight, for stowage, etc. Rebate. — The amount returned in adjustment for changed conditions, or for overcharge. Salvage — Proportion allowed for saving goods from destruction or damage by fire or water. Solvent. — Possession of sufficient assets to discharge all liabilities. In contradistinction to Insolvent, when the liabilities are in excess. Underwriters. — Those who make a business of marine insurance. Viz. — Namely. Warranty. — A guarantee that the article or articles sold are as stated by the seller to the purchaser. APPENDIX. 44 Form 1.— POWER OF ATTORNEY. Know all mek by these Presents, that Thomas Ledyard db Co. have made, ordained, deputed, constituted and appointed, and in their place and stead put, and by these presents do make, ordain, depute, constitute and appoint, and in tJieir place and stead put Robert Oreaham to be their true and lawful Attorney, for them and in their name to make, draw, accept, transfer and endorse in favor of all parties whomsoever, all Promissory Notes, Bills of Exchange, Drafts, Cheques, and orders for payment of money ; to pay and receive all moneys, to give acquittances for the same ; to arrange balance and settle all books, accounts, and dealings ; and further to manage and transact all manner of business what- soever ; the whole as amply and effectually to all intents and purposes as they the said constituents could do or have done in their own proper persons if these presents had not been made (save and except that nothing therein contained shall extend or be construed to extend to authorize the said Robert O'reaham — here fill in any special exceptions if so desired), the said Thomas Ledyard da Co. hereby ratifying and confirming and promising to ratify and confirm all and whatsoever the said Robert Gresham shall lawfully do or cause to be done in and about the premises aforesaid by virtue hereof. This Letter of Attorney shall be and remain in full force and effect until they shall have duly revoked the same. In Witness Whereof We have hereunto set our hands and seals this Jirst day of January, one thousand eight hundred and eighty/our. (Signature.) Signed, sealed and delivered in^j presence of \ (Signature.) Form 2.— STATUTORY DECLARATION. In the Matter of Estate of James Tinning. I, Thomas Drummond, of Famham, in the County of Tottenham, Do SOLEMNLY DECLARE THAT James Tinning is justly and truly indebted to me, Thomas Drummond, in the sum of One Hundred xVu Dollars, being the amount of the account hereunto annexed (or, being the amount of acceptance hereunto annexed and notarial charges thereon). And I MAKE this solemn declaration conscientiously believing the same to be true, and by virtue of the Act passed in the Thirty -seventh year of Her Majesty's reign, intituled "An Act for the suppression of voluntary and extra judicial oaths." Declared before me at theN f5 ^ -f i3 * ' i»o S'>fS I© l-« ft 2S "^ i«2 U 'ft 3 ft (?1 S 5. ft i—" -i IN C 1- ss n «5 S|5 -M rt ri » ^nt 3 00 © o CO , ^ IN to t^ •>* ^^^ CO »» » 'N » »o O CO N lO ■* i«o (N CO N «5 e» ^ N -"J" I- 00 CO t-- s^ [^'^ « 00 '«o ss s^ C^ N g§^ ft 38 00 S N ri N CI S 3! «c 3 CO CO CO CO 'w I— ir ft 00 'i->. 'It ?ff 92 ^ ^^ CQ CO CO , €0 I rs i ^ j ^ 30 '5 IJ^ 05 rt ifi I- 00 ri N fJ 2 !3 o N ifl I 8 2i|;i -N CI I CI ! CI CI 1(5 1 00 -^ 't X ft O N CO -< -H iN CI CI 00 l«> :2; CO w 1^ fr^ CI CI CO N l- ft CO CO N N 50 1^ -I iN 8 ^ «0 'CO lO Ui i«0 jl-' 2S «3 8 !>■ 00 00 ■* :© 50 X SO d CO ,1^ in © >o .© Tfi ,35 «5 i© CO : ^ ' ^ r- © IN CO X o -H CI ft I© CO CO CO 'CO X © 'CI CO 00 ift ?o •* i« !<0 ■^ >fi CO I'- 5i3:s —I id M l5 S 2 © X N CI —I X ft ft s CI CO s ft N CO ■>* CO m ic^ © 1-1 ft « X — < d CI « 8 SS 8 8 X ■'t* © —I '« Is 1-^ '00 128 "^ ft 3 N ■* 'CO CI Si -< |C» CO i:ii§ ft X X ft SCO ,8 X d CO © ICO i^ t- X in IX m -1 Tf( t- - 'x I ^ S r>. ,co § d U ^ d lofi '■^ ^ iCO I ^ in X ;d X ;ft s 8 SCO 'CO (ft ,d CO CO iCO t^ Cil^ d id d ^ Si ^ ^ ^ APPENDIX. 46 INTEREST TABLE— For ascertaining the number qf Days from any one Day in the Year to any other. Jan. Feb. Mar. ^Pf- May. June. July. Aug. Sept. Oct. Nov. Dec. 1 32 60 91 121 152 182 213 244 274 .305 335 2 33 61 92 122 153 183 214 245 2-5 ,306 ,336 3 34 62 93 123 154 184 : 215 246 276 307 337 4 35 63 91 124 155 185 216 247 277 308 338 5 36 64 95 125 156 186 217 248 278 309 3.39 6 37 65 96 126 157 187 218 249 279 310 .340 7 38 66 97 127 \L6 188 219 2o0 280 311 ,341 8 39 67 98 128 159 189 220 251 281 312 342 9 40 68 99 129 160 190 221 252 282 313 343 10 41 69 100 130 161 191 222 253 283 314 344 11 42 70 101 131 162 192 223 254 284 315 345 12 43 71 102 132 163 193 224 255 285 316 .346 13 44 72 103 133 164 194 225 256 286 317 .347 14 45 73 104 134 165 195 220 257 287 318 .348 15 46 74 105 135 166 196 J27 258 288 319 349 16 47 75 106 136 167 197 228 259 289 320 350 17 48 76 107 137 168 198 229 260 290 321 351 18 49 77 108 138 169 199 230 261 291 322 352 19 50 78 109 139 170 200 231 2r.2 292 323 353 20 51 79 110 140 171 201 232 263 293 324 .354 21 52 80 111 141 172 202 233 264 294 325 355 22 53 81 112 142 173 203 234 265 295 326 3r)6 23 54 82 113 143 174 204 235 266 296 327 ,357 24 55 83 114 144 175 205 ! 236 267 297 328 358 25 56 84 115 145 176 206 i 237 268 , 298 329 359 26 57 85 116 146 177 207 ! 238 269 299 330 360 27 58 86 117 147 178 208 239 270 300 331 .361 28 59 87 118 148 179 209 240 271 .301 3.32 362 29 88 119 149 180 210 241 272 302 333 363 30 89 120 150 181 211 [ 242 273 ,303 334 364 31 90 151 212 1 1 243 .304 365 To use the foregoing Interest Table.— ShonXA you deaire to know the number of days from January 1 to August 5, look to figure 5 under January, and trace the line aiong to under the head August, this you will find to be 217, which is the number of days. Rut should you desire to know how many days from April 11 to August 13, look first to figure U on the first column, trace along to the column April, and you will find 101 ; next look to 13 on the first column, trace this line along to August, and you find 225 ; deduct then 101, the April figures, from 225, the Augurft figures, and the balance, 124, is the time required. In Leap-years add one after 28th February. From " Mackemnes Tables." I 47 YOUNGEB'S COaNTINO-HOUSE GUIDE. ANOTHER TABLE— For showing the number of Days from any one Day in the Month to the same Day in any other Month throughout the Year. To iii % h January . . . , Febi'uary . . , March April , May , June , July August September . . October . . . , November . , ^December . Jan. Feb. Mar Apr May Jun Jul. Aug Sep. Oct. Nov 365 31 59 90 120 151 181 212 243 73 304 334 365 28 59 89 120 150 181 212 242 273 306 asT 365 31 61 92 122 153 184 214 245 275 306 334 365 30 61 91 122 153 183 214 245 276 304 335 365 31 61 92 123 153 184 214 245 273 304 334 365 30 61 91 122 153 184 215 243 274 304 335 365 31 62 92 123 153 184 212 243 273 »04 334 365 31 61 92 122 153 181 212 242 273 303 334 365 30 61 92 123 151 182 212 243 273 305 335 365 31 61 92 120 151 181 212 242 273 304 334 365 31 62 90 121 151 182 212 243 274 304 335 Dec. 334 303 275 244 214 183 153 122 91 61 30 365 From "Maekemia'i Tableg." ^ay 'ec. 34 03 75 44 14 B3 53 22 »1 M) id