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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames as required. The following diagrams illustrate the method: Les cartes, planches, tableaux, etc., peuvent §tre film6s d des taux de reduction diffdrents. Lorsque le document est trop grand pour dtre reproduit en un seul cliche, il est fiim6 d partir de Tangle sup6rieur gauche, de gauche d droite, et de haut en bas, en prenant le nombre d'images ndcessaire. Les diagrammes suivants illustrent la mdthode. 1 2 3 1 2 3 4 5 6 • I ■T» €mmimn tmmUxni J A PRACTICAL SYSTEM OF BOOK-KEEPING, other valuable information, ' DESIGNED FOR USE IN ONTARIO COMMERCIAL COLLEGE, AND ADAPTED TO PUBLIC SCHOOLS. By S. G. BEATTY, Principal. BEFVLEVILLE- PUBLI3HEO BY THE COLLEGE J ONTA.UO PUBLISHmo COMPANT PRINTERS. p ' lo74. I HFS(>35 V -rrfft \l Entered according to Act of Parliament of Canada, in the year One Thousand Eight Hundred and Seventy-Four, by S. G. Beatty, in the office of the Minister of Agriculture. •;;-i TO THE STUDENT. The course upon wliicli you tire about to enter is of the most useful and practical nature, it is not ilesignecl simply for the mer- chant, but so arranged as to be of incalculable advantage to all classes of the community — the fanner as well as the merchant, the mechanic as -well as the professional man. As you commence these studies, rememl)cr they are worthy of your best energies, and require persevering application to thoroughly mas- ter them. You have come here for the purpose of acquiring an education that will tit you for the duties of a business career. You have brought with you such heart and brain as it pleased the Almighty to give you. You expect to put forth your best efforts, lioping to achieve the best .attainable results. The implied compact between you and your teachers pledges both parties to a faithful jierformance of duty. It is therefore of the first importjince that you should enter upon your labors with a thorough aj)preciation of your privileges and obligations. In the first place, you require to apply yourself systematically and faithfully, or the best of instruction will avail you but little. Your teacher is merely your guide. He can locate your difticulty, and point out the i)ath you are to pursue. But learning is the result of thinking, and no teacher can either think for you or endow you with thought. • • •'■'' -" Although you are not to despise the counsels of those who have gone over the same work many times, and should understand it, you will gain strength and confidence by using your own powera and test- ing your own judgment. Some will not ask for aid, lest their teachers imagiiie they are not possessed of extraordinary ability ; but they only cheat themselves, and do not deceive others, especially their teachers. \i \\i Do not bo ashamed to confess your ignorance, or pretend to under- stand that which you do not, for assumption of knowledge is tlio greatest stumbling-block to progress ; it becijmes a perpetual rock of offenco to those who v/^ould gladly aid you, if the way were clear. Do not ask for aid until you need it, which will be, when after faithful trial you have failed in the r.ttainment of the desired result. A teacher who will aid you sooner than this, m.'iy mean to he kind, but is unthinking, and in fiict doing you an injury. This book contiiins oidy the work assigned for the Theoretical Course, and is calculated to impress ujjun your mind the principles of the science of ajcuunts, and to prepare you for work of a more difficult and varied natmo which will be presented hereafter. Your success in the more advanced departments will depend to a gi'eat ex- tent upon the thoroughness of your understanding of the work you are now about to commence ; therefore, do not measure your attjiin- ment from time to time, by the number of pages over which you pass, but by the perfectness of your mastery over them. Do not under any consideration pass from one set to another, without fully under- standing the subject both in its general and special application. Your labor will not be purely and only intellectual. The account- ant requires a neat, legible, rapid style of penmanship. The intrin- sic value of this accomplishment is beyond computation, and should receive the attention its imi)ortance demands. A good expeditious hand-writing is one of the strongest elements of promotion and suc- cess, and carries with it an indisputable reference. The collateral studies of Arithmetic, Correspondence, «fec., which you will pursue in connection herewith, are essential to a fair under- standing of your duties, as well as to the symmetry of your course of training, and should not be underrated. Make yourself familiar with the most concise and business like forms of expression, in recording your transactions, and in your cor- respondence. Spell all words correctly. Pay the sti-ictest attention to punctual- ity, neatness, accuracy and order. Make up your mind at the beginning that you will complete the B accounc- conrso upon wliicli you aro entering, and carry away the Diploma awarded to all faithful graduattor. Amer. American. Dray. Di-ayage. Am't Amount. D'ys Days. -A ^8. An.swer. Apr. April. Ea. Each. Ass'Dor As' D Assorted E. E. !<]rrors Excepted. Aua. August. E. & 0. E. Errors & Omissions excepted. Bal. Balance. [Book. Eng. English. B.-B. Bill-Book, Bank- Ent. Entry. Bbl. Barrel. Ex. Example. Bills Pay. Bills Payable. Excii. Exchange. Bills Reo. Bills Receivable. Exp's Expenses. B'k. Bank. Fav. Favor. Bl'k. Elack. Feb. I'^ebruai'y. Bo't Bought. Fio'd Ij'igured. ' , Bro't Brought. FoL. Forw'd Folio. Forward. Cap. Capital, Fr. From. C.-B. Cash-Book. Fr't Freight. Co. Company. Col'd Colored. Gal. Gallon. Com. Commission, merce. » Com- Guar. Guarantee. Consg't Consigimient , HlID Hogshead. . Cb. Creditor. I.-B. Invoice-Book. D.-B. Day-Bcok. I. e. (Id est.) That is- Dec. December. Ins. Insurance. Dep. Deposited. Insol. Insolvency. D'ft Draft. Inst. (Instant.) The pres- Dis. Discount. ent month. Do. (Ditto.) The same. Int. Interest. Inv't Inventory. 1 1 Jan. January. Beo'd Receivwl. 1 I JOUK. Journal. R.-R. Rail-road. "S ' J. F. Journal Folio. S.-B. Sales-Book. Lab. liabor. Sept. September. lillS. Poimds. Sh. Share. erms. Le(i. Ledger. Siiip't Shipment. L. F. L(Hlg(!r Folio. St'ij't Steamboat. ^ L. & G. 1 Lo.ss and Gain. Stor. Sund's Storage. SundiieH. Mar. March. SuPERorS.F Suiterfine. Mdse. Merchandise. M. or Mo. Month. Ult. (Ultimo.) The last i MOLS. Molasses. month. .5 MuT. Mutual. i 1 Viz. (Videlicet.) To wit- copted. |t Amissions j| N. B. No. (Nota Bene) Take notice. Number. Vs. namely. (Versus.) Against. 1 Nov. Oct. November. October. ' Weigh. Weighing. ^ . 1 O.-L-B. Outward-Invoice Y'ds. , Yards. 1 Book. Yr. Year. P. Page. @ Mi . ! ' Pay't Payment. % . (Per centum.) By ' P.-C.-B. Petty-Cash-Book. 1 1 the hundred. 1^ P'd Paid. 1 ; ' i ■ + Sign of Addition. 1 P'k'g's Packages. — " Subtraction. i Per. Per.sonal. X '* Multiplication. * Pr. (per.) By. T " Division. Pr. ct. (Per centum) By the = ,M. : Equality. ' hundred. (< (Ditto.) The same. ■ Prem. Premium. 1» ' One & one quarter. Prof. Profit. V One & one half. 1 Prox. (Proximo. ) The next V One & three qu'ters. lok. month. . ^ ' '' , ' i lat is- ', ■ . ^ ;: ,' •' - ' ,.. ..; !':;i The pres- th. Ps. Pices. I'^:i Abatement- payment MERCANTILE TERMS. -A deduction of discount for damages on goods, or for of demands before due, etc. I. I Acceptance — Ut. The recoivinj? of a. draft or order, in such a way as to bind the acceptor to payment. It consists in the accoptoi's writin;^ iiorusa the face of the bill "Accepted," and si;rnir.<( his niimo. If drawn payable at a certain number of days' Hi<,'ht, the date of accept- au'-o should also bo given. 2d. A draft accepted. Accommodation — A loan of money. When applied to bills of exchange, it is whore the drawee londs his name for the use of the drawer. Account-Current — An exhibit in detail of a running account between two or more parties. Account-Sales — An exhibit of the sales of goods disposed of on commis- sion, with the charges incurred thereon. Ad valorem — AccordinL' to value. An ad valorem duty is a certain per- centage on the firs* cost, or invoice price. Advance — Additional price ; profit; premium. Money paid on property or goods expected, or on goods held in possession for security. Adventure — Goods sent to a distance to be sold on commission. Advice — Mercantile intelligence. Annuity — A sum of money payable periodically, usually yearly. Ante-date — To date belore the prescHt time ; to date bfiforehaud. Arbitration — The hearing and determination of a cause betv.-oen parties in controversy, by a person or persons chosen for the purpose. A hearing before arbitrators, though they make no award. Assets— Available means for payment of debts; goods, estate, and indebt- edness of others. Assignee— One to whom an assignment is made. Quo appointed or deputed tor some specific purpose. Assignment— Conditional transfer of property to another. The property so transferred. Assignor — One who makes an assignment. Attachment — A claim on property legally executed. Aune — A French cloth measure, one yard and a quarter. Average— Sums allowed for losses at sea. A medium time found by equation. account in the Ledger. Difference between the An account in the Ledger, into which all balances Balance— To close an debits and credits, are closed. Bankrupt — Insolvent. Bill, or Bill of Parcels One unable to pay his debts. -A statement in detail of goods bought or sold. Bills — A term applied to drafts, notes, Ac. Bill of Entry— A list of goods entered at the Custom-house. Bill of Exchange— An order for the payment of money ; usually applied to drafts on persons in another country from the drawer. Bill of Lading— A written account of goods shipped, having the signature of the master of the vessel on which shipped. » , Bill of Sale— A contract, under seal, for the sale of goods. Bill of Store— A Custom-house License for carrying to sea ship-stores and provisions free of duty. Blank Credit— Permission granted by one house to another to draw on it at pleasure to a specified amount. 9 way as to '8 writing niimo. It' of accept- oxchaii;^o, ver. tween two n commia- jrtain per- n'oporty or J. . purtioa in A hearing ind indobt- or deputed property found by ;ween the I balances or sold. . , .1 applied to e sif^nature •stores and draw on it Bona lule — In t^ood faith. Uoiid — A riotn. An ol»li;,'iUi(iii or deed liy wliicli n |n'rst)ri hinds hirn.si'If. hin luiii'b, oxuciitoiH, and adnuiilHtiatoiti, to pay a curtain sum un ur ht'fon! u certain diiy. iionJcd (roods— Those for the duties on wliich IjouiU are ^ivon at thu Custom house. 4 liottonny Ho?id— A niort;,'nr;e or lien up >n a vosscl iSrace — A nicasuie of jj of a yard. iJroker -A niont^y or stock trader. l''actor ; a;^t'nt. l{rokora;,'c — A percontaj^c for the purchase and sahi of money and stocks. Capital — Stock in trade. Carj,'o — The lading' or frcij,'ht of a vcMsel. Cutty — A Chinese wi>ii,'ht of I![ llm. Avoirdupois. Carryin.( Trade — The transportation of ;,'oods by a vessel from country to country. Charter Party — A written aj^reement 1)otween the owner of a voseel and the i)erson to whom she is chartered. Circular Letter — A printed notice issued by a house, relative to its business. Clearuj;,' a vosscsl — Ee.terinjif at the Customhouse all particulars relating to her when she is ready to sail, and payinj^ clearance char;^e8. Clearance — A certilicate from a Cuatom-houae that a vessel has been cleared. Closin;^ an account — Makinj.,' an entry to balance it, and drawing linos underneath to indicate that it is closed. Cocket — A Customhouse warrant to show that goods have been entered . Commission — A percentage allowed for the sale of goods. Compound— to settle with a creditor by agreement, and discharge a debt by paying part of its amount. Compromise — An adjustment of differences by mutual concessions. Consignee — One to whom goods or wares are consigned. j. ;i Consignment — Goods sent to an agent to be sold for the consignor. Consignor — The person making a consignment. Contraband Goods — Articles prohibited by law to bo imported or e.vimrted. Contra — On the other side ; opposite. Convoy — Ships of war sailing with other vessels as a protection. Copartnership — The union of two or more persons for purposes of trade. Counter order — A revocation of a former order. :i;r; ';..:n •I Credit— That side of the account which shows the amount due to the per- son or thing represented. The amount of contidence reposed in another. ^ . i Custom-house — The house where vessels are entered and cleared, and where the duties on goods are paid. Days of Grace — The days allowed for the payment of a bill after it be- comes due. In the United States, and in Great Uritain and her dependencies, the number of days of grace is three ; but it varies very much in other commercial states, reaching tWrty days in Genoa, there being none allowed at Leghori). 'Jills drawn at sight are usually paid when presented, withjut grace. ill M\ m ill' n III!"' l' ! i: 10 . Debentaro — Drawback of duties on goods imported, whea afterward ex- ported according to law. Debit — ^That si'*'^ of an account which shows the indebtedness of the per- son or thing represented. Defalcation — Deduction ; diminution. That which is deducted or out off. Demurrage — Forfeit money for detaining a vessel beyond the time specified in her Charter-party. Depot — A place where goods are deposited ; a depository ; a magazine. Deviation — The voluntary departure of a vessel, without necessity, from the regular and usual course of the specific voyage insured, which frees the underwriters from obligation. Discount — Any deduction from the stipulated price of goods, or from a sum due or to be due at a future time. Dividend — Gains on stock, shares in trade, etc. Dock — A place to build, repair, or lodge vessels. Draft — An order from one person on another for the payment of money ; a bill of exchange. Drawer — The one who draws a bill or draft on another. The maker of a note. Drawee — The person on whom a bill is drawn. Drawback — Amount paid back. Any loss of advantage, or deduction from profit. Duplicate— A copy. Duty — A government tax on exported or imported goods. Effects — Money, property on hand, and debts due. El Flemish (E. Fl.)— A measure of ^ of a yard. Embargo — A restraint on ships by government; or prohibition of sailing, either out of port, or into port, or both. Emporium — A mart. A town or city of trade ; particularly a commerciel city. . Endorse — To write one's name on the back of a bill ; to become obligated for its payment. Entry — A record made m an account book. The depositing of a ship's papers at the Custoia-house, to procure license to land goods. Engross — To monopolize ; to purchase the whole or large quantities of commodities in market, so as to enhance the price. Equity of Redemption — The advantage allowed to a mortgager, of a rea- soHable time to redeem lands mortgag'^d. Exchange — The giving of one commodity for another. The place where the merchants, bunkers, and brokers meet, at certain hours, to transact business. Discount and premium arismg from the purchase and sale of bills and money. Face — The amount for which a bill is drawn. Fac-simile — An exact copy. " \ . Factor — An agent emplojred by merchants to buy and sell, or transact busi- ness ou their account. Failure— A breaking or becoming insolvent. ' *>■ ' lM*:f ■■«._.' "B n ward ex- ■ the per- or cut off. e specified [azine. f, from tho vhich frees or from a ' money ; a maker of a ction from of sailing, sommercial obligated |of a ship's lantiiies of [ace where hours, to purchase isact busi- Favor — A bill is said to bo drawn in favor of the person to whom It is pay- able. Finance, or Finances — Revenue; funds in the public treasury. The re- sources or income of individuals. Financier — One skilled in money matters. A revenue ofTicer. Firm — The name or title under which a company transacts business; a part- nership, or house. Flat — Low, (as to the prices of goods) ; or dull (as to sales). Foreclose — To foreclose a niortgnge, is to cut a mortgager off fiom his equity of redemption. Folio— Page of an account book ; both the right and left hand pages ex- pressed by the same figure. Freight — Lading ; that which is carried by carriers. Sum charged by a ves- sel for the transportation of goi ds. Guarantee, OT liuaranty — Indemnity or security against loss ; a pledjje for the fulfilment of stipulations ; one who binds himself to see tlie stipula- tions of another performed. Grace — See * Days of Grace.' Honor — As applied to drafts, means to accept and pay when due. Hypothecate— To pled}re, to give as security. Hypothecated — Pledged, as security for money borrowed. Importation — The bringing of goods from another country to one's own country. The commodities imported. Insurance — Security against loss. The premium paid for insuring property or life. Insolvent — Not having money, goods, or estate sufficient to pay all debts. A debtor unable to pay his debts. Instalment — A i>art of a sum of money paid, or to be paid, at a particular period. Interest — A percentage paid for tho use of money. ' International — Relating to the mutual intercourse between different nations. Inventory — An account in detail of property. Invoice, See inventory — Inveetory is generally applied to a catalogue of goods on hand ; Invoice, to goods purcha.sed, received from abroad, or about to be shipped. Land Waiter — A Custom-house oHicer whose duty it is to wait or attend on the landing of goods. Lease — A contract granting possession of property for a stipulated time. Letter of Attorney — A writing by which one person authorizes another to act in his stead. liCtter of Credit — A letter authorizing one person to receive funds on the credit of another. Letter of License — A written permission for a person under embarrassment to conduct his business for a tim'> without molestation. Letter of Marque — A written commission or authority given by government to private vessels, to make reprisals on the vessels of anotner nation. Liabilities — Debts of an individual, or claims against him. i4ieense — A legal permit to sell cert«in articles of merchandise. ' ' KJI ui m I >^ iJti 12 Jiien — \ikign\ oluim, as a lion upon land, honsps, Ac. s ' Lighter — A craft used to ligliton vessels in slioul wutiT. Lighterage — A charge for carrying goods to and from a vessel in a lighter. Liquidation — The act of adjusting and paying debts. Manifest — An exhibit of a vessel's cargo. Mart — A place of puljlic sale and tratllc. Maturity — The lime when a bill falls due. Maximum — The highest price of an article. Merchandise — The usual articles of trade. ' , , Metre — A measure of 1 1-12 yards. Minimum — The lowest price of an article. j^int — A place whore money is coined. Mortgage— The grant of an estate in fee, as security for the payment of money. Mort<'ager— The person who grants or pledges property ror security of debt. Mort"a"ee — The person to whom an estate is mortgaged. Net proceeds— The remainder after deducting a!l charges from the amount of gross sales . Net Weight— The weight of a commodity after deducting tare and all other allowances. Non-Claim- A failure to claim within the time limited by law. Omission of claim. Notary, or Notary Public— A uerson legally authorized to attest contracts i or writings of any kind ; also to take note of the non-payment of bills, promissory notes, etc., which is called protesting. Note— A written obligation to pay money ; a memorandum. Obli<'ation— Indebtedness. A bond, with a cousideration annexed, and a penalty for non-fulKlment. Obligee— The person to whom another is bound. Obligor — The person who binds himself, or gives his bond to another. Order — A request to deliver or pay to a person certain moneys or goods. Any request made of another in writing. Par of Exchange— The intrinsic value of money, when compared with that of other countries, both in weight and fineness. Partnership — See Co-partnership. Payee— The person to whom money is to be paid. Per Annum By the year. Picul- A Chinese weight ef I33g lbs. Avoirdupois. Policy, or Policy of Insurance— The writinjr, or instrument, by which a contract of indemnity to the insured is etrocted between him and the insurer. Portage -The incidental sums paid by a Captain in running his vessel. Postdate— To date after the real time. Posting— Transferring the Journal entries into the Ledger. Power of Attorney — Authorit given to a person to act for another. -^k.: i'fl 13 ed with that Price Current— A list of various nrliclos of merchandise, with their market values. Principiil-Thc chief of a commercial hoMse or firm. Capital sum due, lent, or owed, in contradistinction to interest. Primaj^'c A pcrcentuj,'e allowed to the master of a vessel on the amount of froijjht transported. Procuration-- The act of procuring. The instrument by which a person is empowered to transact business for another. Pro Forma— Accordinj; to form. Thus a jiro fovma Account-Sales is an imajfinar-y Account-Sales, made out in form of a nial one, to send to ])arhes abroad, to give information of prices, charges, commission, etc. Promissory Note— A writing which contains a promise for the payment of m oney unconditionally. Protest— A Notary's document, declaring that a bill was not accepted when ])rcsented, or was not jiiyd wlutn it fell duo. Quarantine— Restraint of intercourse to which a ship is subjected, for a limited term, on the presumption that she may be infected with a ma- lignant contagious disease. Kate of Exchange— The jjorcentage above or below the par value of a bill of exchange. Rebate, or Rebatement- Abatement of price; deduction for prompt pay- ment. Receipt— A writing acknowledging the receipt of money or goods. .„^ Remittance— Bills c^ money sent from one house to another. The act of sending the same. Renewal of a bill- Prolonging the time of payment. Resources -Funds, money, or that which may be converted into supplies. See Assets. Salvage— A reward allowed for saving property from loss at sea. Schedule— A piece of paper or parchment containing an inventory of goods. Sea-worthy— Fitted in every respect for a voyage. Seize To take possession by virtue of a warrant, or legal authority. Set of Exchange -A number of Bills of Exchange (usually three), drawn of the same tenor and date. Euch bill is forwarded by a different con- veyance, to prevent failures, and on« of them being paid the remainder are of no value. Shipment— The act of putting goods on board a vessel. The goods shipped. Sight, or ^.t Sight -The time when a bill is presented to the drawee. Signature— The name of a person written or subscribed by himself. Sine die— Without fixing the day. Sine qua non— Without which a thing cannot be ; hence an indispensable ' condition. Smugghng— Passing goods into a country clandestinely, without paying duties. jolidity -The estimate a mercantile house bears as to property. Solvent— Able to pay all debts. Staple Goods -The principal produce of a country. Goods not liable to perish. r ■!Vf^ 14 liitock- Capital invested in trade. Goods oii hnnd. The name of a person in business. Surety -Security a<;ain»t loss or damage. One Ijound for the payment of another's debts ; bondsman; bail. Tare— An allowance for the weight of boxes, barrels. Ac, in which mer- chandise is put up. Tariff — A list or table of duties or customs on Mdse., imported or exported. Teller— An officer of a bank, employed to receive deposits or pay money on checks. Tide-waiters— Officers who watch the lading and unlading of a vessel, to secure duties, as a check qn contraband trade, &c. Tonnage -The weight or measurement of goods carried in a vessel, or the capacity of a vessel. Transfer— To carry 'from one account to another. To make over; to convey from one 'to another. Trustee— A person to whom any thing, or business, is committed. Underwriters —Persons who insure property against loss. Usury Formerly interest; in present usage, illegal interest. Voucher — A book, paper, or document, which serves to vouch the truth of accounts. Wharfage— Money paid for the use of a wharf. Wreckers -Persons employed in saving property from shipwreck. ■ n 'liii M ■■V. M ■ ' !i' H- .Jr-^>* ■si u CHAPTER I. BOOK-KEEPING. Book-ke(5ping is the science of recording transactions in business in such a manner tliat a clear and accurate statement of affairs is always shown. Every person should keep a book of some kind in which to record his business transactions. The farmer, the mechanic and the day laborer, as well as the merchant, should keep an account with every person with whom they deal, and not trust transactions of a pecuniary nature to memory alone. There are two methoils of Book-keeping, the one is termetl Sinyle Entry and the other Double Entry. In Single Entry each transaction is entered but once in the Ledger, to the debit or credit side of an account ; while in Double Entry each transaction is entered twice in the Ledger, to the debit side of one account and the credit side of some other account, that is. Single Entry consists of but one debit or one credit ; while DoublQi Entry contains both a debit and a credit. > . . • ^'^ DOUBLE ENTRY. a. - The origin of the science of Double entry Book-keeping has been A a matter of much speculation by different writers on the subject, but nothing d'^finite can be ascertained respecting it. It is said to have been first pracised in Venice, Genoa, and other towns of Italy, wliere trade was conducted on an extensive scale at a much earlier date than in England, France, or other ])arts of Europe. To whom- soever the credit belongs, the Italians have pretty generally received it, and the system shown in the explanatory set given here, is usually denominated the Italian method. The system of keejiing books by Double Entry is much to l)e preferred, on account of its greater accuracy. It not only aff^oitls a proof of its OM I correctness, but in addition to showing the condition of business, gives also, with mathematical exactness, an indication of !• 1 16 the particular channels through which gains and Ioshoh accrue. In Double Entry, all the results, including resources, liabilities, gains, and bosses, are shown in the Ijedgcr ; while in Single Kntry the par- tial results, attjiinable, are gathered froui various auxiliary books, « including the Le .2 o a 1 o X 17 owe. Afterward record in detail every tmnsaction that occui's in the courae of business, making the entry in as few words as [)o.ssible ; but having it complete. The Journal, is used for arranging under Ledger titles the entiies //;,^ ^ ; of the Day Bo ok, and for affixiiig to each Letlger title the correct amount of debit or credit, which is called jouriuilizing. This is done that the accounts may with ease be collected under their proper hejids in the Ledger. .-> • -. : / ■'<■■>' The Ledger may be ap[)ropriately termed the (jraml reservoir of accounts, into which all records in the other books flow as natiirally as streams to the ocean. Its princij)al u.se is to collect under one head all sums belonging to the same account. The following examples of these sei)arate books, showing their characteristic recoixls of the same transaction, will indicate their use : — 1.— Day Book. / s Dr. 18 3.— Ledger. Merchandise. Cr. 1874 Jan. 1 i 'i Tu James Smith. For what debited. 1 .1874 1 4000 Jan. 1 % a P* "S 2 JS £ «e ♦* *» o •— 1 <^ 5 '^ & By Cash % For what credited. 860 1 Dr. James Smith. 2 Cr. 1874 Jan. 1 By Moruhandiw . 4000 Dr. Cash. 3 Cr. 1874 Jan. To Mcrehandisc.... 1 850 The transferring of accounts from the Journal to the Ledger is called posting. The advantages of having the items of accounts thus collected are, that, by looking at any person's account in the Ledger, you can see at a glance your whole dealings with that person, and also the bal- ance which is due him or you, which you could not find without much troxible and great liability to error if the amounts of debit and credit were all left standing scattered through the Day Book. Bills Receivable. — By this title is meant all written obligations of whatever form in your possession, for which a certain specified amount is to be receiW/. , ' , They may be : • . 1st. A note in your possession, drawn by another pei-son, payable to you or order. 'Si 19 1 860 9> ^ 0. 1 1 2 1 c 2 Cr. 4000 8 Ob. (■m 2,„ t ■■/' '.'firm .•fei-ujt.i- ,« "!in : I '■i.i 20 An Hcconnt is a collection of itoiii.s under a distinct title, ho ar- ranged as, hy conijiarist)n, to .show Honu^ specific n^Hult of tranHactions. KORM OK AN ACCOUNT. Bkllkville, .)nne 20, 1H74. Mr. Robert J. Wilson, To Henry P. Johnson, Dr. 1874 Jan. 1 (( 24 i< 29 Mar. 2 Apr. 10 May 4 (t 7 1874 Feb. 4 Mar 1 ^pr, 1 May 2 it 16 To bal. due on old account *• 1 broadcloth Coat , " Paid your order favor J. Jones " 18 yds. Summer Tweed, at $1 r>0 " 10 yd.s. F. Cotton " 10 " If) « Prints " 1.') " 1 Vest Pattern Cr By .3 cords wood at $5 1.*) 00 •' 6 bush. Potatoes at .'iOc 3 00 " 10 cords Woodat$') 50 00 " 2 tons Hay at $15.75 .31 .50 " My order on you, favor J. Sherry 50 00 ' Balance due H. P.Johnson 125 20 100 27 1 2 3 278 149 129 30 25 40 95 50 45 NoTK. -Accounts current arc drawn from tho Ledger, referring to the Day Hook when pai- ticulars are wanted. Sec that the account and the Ledtjer balance ahko, afid as soon as Wil- Bon admits the eorrectiioss of the account, you should close his account on tlie Ledgor, and brinjjr the balance down, requestiuj; him to make his bwtks conform to the settlement. Many iiersons keep their hooks in such a slovenly pinnner (hat they never show their settlementa ; in conseciuencc of which they arc perpetually peHtorin^ their nei),')ibor8 in business for stat- ments of old settled accounts. Attention to the above directions In this matter will save trouble to bjith parties. ' LEDGER ACCOUNTS. .\ND EXERCISES THEREON. The purpose of the exercises, in connection with the following ex- j)lanation of the various accounts which occur in the most simple business operations, is to elucidate the initial difficulties of the science. We have found by experience that it is almost impossible to make a pupil, who has no knowledge of the subject, understand the Journal until he is made acquainted with the nature and disposition of the accounts iix the Ledger. How, for instance, can we explain to a "21 tie, HO iir- iiHactioiiH. \ 1874. 125 30 20 100 27 1 2 25 3 40 278 95 149 50 12i) 45 k when imr- !()on as Wil- Ledtfor, and nent. Many Hcttlements ; s.s for stat- will save l)(>^i)iiirr s\U'li an oxprossiou as *' Cash Dr. to Stock," Imt by taking.' Iiiiii to t)i(! litHl^'ov aiul tliiire exi>luiiiiug to liiiii tho C'aHli aiul Stock AccouiitH and the manner and object for keeping them 1 Until he has th<' Jicdger exj)hiined to him in Homo way, the language of the Journal muHt remain unintelligible to him ; and to thin may Im ascribed the ill-HUcc(!HS in ti'aching Book-keeping from some of the most popular tretttiseH in use in our public hcIiooIh ; in which, aft<'r bewildering the [)upil with niles and lectui'eH upon joumali/ing, they conclude with what ought to l)e fimt explained, — the Le 1000 1500 2.50 300 Bal.on hand 7750 9800 9800 t.-V:l t.!-:; .M kVing ex- simple of the to make Journal of the in to a Cash. — This account is kept to show the amount of casli received, the amount paid out and the balance on hand at any time. All amounts of cash received are placed on the debit side of this account, and all amounts paid out on the credit side ; consequently, the del/it side shows the amount received, and the cre■■• ":•,. p;',,:: The Balance on Hand is ascertained by deducting tlie total cred- it from the total debit. The debit side is always the larger as long as there is ahy cash on hand, since cash must be received before it can be paid out This account is closed •' By Balance." 22 i ! KxKiuisK.— CaRh invcstod $12000. Paid for rent fJOO. Horrowod of Goorj{« Sltorry $175. Paid for inerchaiuiiHc $r»,')00. itecoivod for incri'liun- disfi $"100. Keceived from (leorgo Sherry $100. F'liid on our iioto $2'»0. Received on B. CannifTs note 400. I^nt W. Hohh $200. i'aid Geor),'e Sherry $275. Lost $100. Received from W. Roan $100. Found $250. Paid for coal $40. Required the amount of cash on hand ? Merchandihk and other Si'EcuLATivK AccoiNTs. — MercluuuliHO account is kupt to show tlu! cost and jh-ocihhIh of merehaiulisu, and us a coUKC'(iutnice, the gains or losses tlufreon. Merchandise is debited witli the amount on hand at conumnieing business and witii the cost of all purchases. It is credited with all sales of merchan- dise, consequently, the debit side shows its coat, and the credit side its pi'oceedn. When all is sold the ditterence l)etween the two sides will be a gain or loss. If a jjortiou of goods remain unsold, the account must Ite credit, in full of account, $4r)0. H. (iordou \my» cash for his note $740. Sold W. iiarbur nierchiuulise, and received in |myuient his draft on A. Fos- terforflOO. S. O. Beatty redeems his note for $0r)0. Had A. Wilson's note discounted at the Meichant'H Bank, face of note $')H0. Bought mer* chanUise and <^ave in payment J. Dixon's note $800. Jfequired the amount of notes on hand ? FiiLt.H Payaulk.- This account in kept that you may know the amount of ycmr notes issued, the amount taken up or redeemed, and th(! balance still outstandinj^ a<,'iiinst you. On the credit side are entered all n(»t«'s issued, and on the t/ehi't side all notes redeemed ; hence the crt'i/lt fo(»tinj^ shows the amount of notes issued and the iM)tt footing the amount of notes redeemed. The credit side is al- ways the larger, if either, and the excess shows the Iwlancc; of notes outstjuiding unpaid. When all the nottis issued are jiaid, this ac- count chases itself, but if any remain unpaid, it is closed " To Balance." ExKRciSE. — Have the following notes outstanding; one in favor H. Card for $425. One in favor of P. Grass for $500. An accepted draft, favor 1^. Pay for $'J50. ]3ought on our note merchandise amounting to $750. Sold merchandise and received in payment cui note favor of H. Card $425. Paid cash for our note favor of P. Grass $500. Gave Peter Munn our note in settlement of account, $375. Required the amount of our outstanding Bills ? Bonds and MoRxciAOES Receivable are a class of Bills Rec. and miglit be kept under that head, but a sejiarate account is often opened for them which is treated precisely like Bills Receivable. Bonds and Moktoaoes Payable are a o'ass of Bills Payable, and [treated precisely like them. 1. ■..• i. Bank. — V7hen a Bank account is kept it is similar in its treat- 'iiiciit to Cash !'.nd Bills Receivable, the debit side showing the ^ amount of value deposited in bank and the cret/ii side the amount gcluicked out ; consequently the diflPerence is a balance in bank; it is j|closed " By Balance." Expense, Insurance, Charges, Interest and Discount, and similar accounts are kejrt to ascertain what they cost you, what they produce you, and as a cousequ ^ ice whether you gain 01 lose thereon. Excess of debit shows a larger amount of cost than proceeds, and a 24 91 i I: ii consequent loss upon the account ; while excess of credit shows a larger uniuiint of pi-oceeds than cost, ami a constHjueut gain. These accounts are closed " To" or " By Loss and Gain." Exercise— V&xA for clerk hire, |425. Paid gas bill, $30. Paid rent $200. Paid for postage, $5 ; revenue stainpa, $2. Paid for stationery $40. Paid freight, $15. . Required^ The loss on incidental expenses? Personal Ac^counts. — Accounts are kent with persons to show your business dealings with them. A iiei-son is tlebite• " ' • • Debts at starting; sums dniwn out during the ocnitinuance of business, and net loss at olosing, ai-e placed upon the debit side of Stock. Eftects invested at starting, sums invested during the busi- ness, and net gain at closing, ii'-e placed upon tlie crctlit side. After 90 receiving the gains or losses, if the cretUt side of this account is the largest, the diffei-ence or excess is your net capital. If the debit siro- "^(rietor is shown in the same man.ner under his pro|)er name. Investment— Single Pkoprietorship.— Invested in business $9,000. As- suroed to pay from the business a private debt of $450. Drew out for private expenses $675. The gains during the year amount to $8,000, w>iich are retained in the business. Required, The proprietor's net worth at the end of the year? Investment — Partnership.— A. and B. are partners. A. invests in cash $6,000. B., in stock, fixtures, etc., $8,500. A. draws out for private pur- poses, $475. The concern agrees to pay a personal debt of B.'s of $800. A. adds to his investment $1,000. The net loss during the year amounts to $1,200, each partner sharing equally. ^ ' ','>-. » " Required, The standing of each partner at the end of the year? . , ■ i QUESTIONS FOR REVIEW— CHAPTER 1. A . / What is Book -Keeping? How many distinct methods of keeping ac- counts are there ? What is the distinction between Single and Double jjntry? Why is the Double Entry system to be preferred? What great jfeature of Double Entry particularly commends it to business men? What Id the terras " debtor " and '"creditor" signify? What does an entry on he Dr. side of an account signify? What does an entry on the Cr. side of in account signify ? What are the main books used in Double Entry ? )escribe the Day Book. What is the object of the Journal ? What is the Bdger and what is its principal use? What is posting ? What is the ob- lect of keeping personal ai:counts in the Ledger ? Define Bills Receivable. )f what may Bills Receivable consist? Define Bills Payable. Of what lay Bills Payable consist ? What is an Account ? What shouk'. bo observed when an account is rawii from the Ledger? What is the object of keeping a Cash account in lie Ledger? When are entries made on the Dr. and when on the Cr. side this account ? How io Cash accouut closed ? How are merchandise lid other speculative accounts conducted and closed? How is the Bills jceivable account kept? How is the Bills Payable -account conducted [nd closed in the Ledger? How are accounts of Bonds and Mortgages Bated? How is a Bank account kept? F'or what purpose are accounts Expense, Insurance Charges and Interest kept, and how are they closed? Bscribe the object and manner of keeping Personal Accounts. Define lock as a Ledgui title. 1 I >' How is Slock accouut conducted and closed? m a ! ,f . '0 ,*•> It V ' "l /'■■t ./li ■:-!♦ M #'■■'■-- .,/,!' ■ CHAPTKRJI. DOUBLE KNTRY. 4. 1 if'* Wo introduco tlio loariior, at oiico, to DouMti Kiitry Hook kcopiii^, omitting any special inHtnu^tioiiH in Singh; Entiy until tiir Htudinit lias Imicouk! familiar witi: tlu! j)vincij)l(W of tlio fornmr Mysttnii, for tlio rciaHon.s, tir.st, that wv dvH\vv not to distract tho mind from the nioro imi)ortant conHidoratious hoariug upon tho ncit;nc(; of ucctanitH ; and, socondly, lu^caAiao a student who has mast business. Accounts kei)t with persons n'[)resent y«)ur business relations with those j)ersous ; ac- Ci)uuts kept with the diiferent species of property in which you deal, re}»rosent yt)ur business i-elations with those ditt'enMit kinds of prop- erty, and accounts with the varioiis branches of your gains and losses, repivseut i/ou as gaining or losing in btisiness. The distinguishing featiin; of Double Kntry consists in carrying out a mathematical principle of etpiilibrium, und(!r the titles of (lebto)' and creJ'dor. The variations introiluced in tlui manner of working the following, sets are merely })eculiarities. The particular method or form in which books a,i*e kept is not essential, as long as tlv3y conform to the principle of ecjiial debit and credit. ^ ; >- t' 1 ,,;:.,...:..,..'..-.. :.. BOOKS us KD.- .!,',.' J;,J'. '''?'" The j)rinoipal books used wrv the Day Book, Journal, and Ledger, The auxiliary Books vary according to the natm-e of the business, and are the Cash Book, Bill Book^ Invoice Book, Sales Book, liott^'r Book, Receipt Book, Account sales Book, etc. NoTP. -Knowinur, frmn experieiuv, tlio advantsjro to be derived from fido)itimc tliu direct ail- dress ill t^rtchinu;, the author has nmde use of proiiouin of tlie first and seeoiid person, in^itciiil of the third, ami Is eonfideiit t)iat those who peruse with a desire to obtain inforniatioii, will be pleased that all fornialitv has liceii laid aside, and the eoiiversatioiml stylo ftarticidars:" 1st, the date ; 2d, the person or account ; ;id, what you have iMtught or sold, paid or receivftd ; 4th, tho t! r{-. LEDGER. The Ledger is a book into which all stims entered into the Day Book are transferred, an account being opened with each different peraon, with the different kinds of i)rop(,'rty you deal in, and with tho different brauchcH of your gains and Iohhj^h, into wliich eveiy w i: I !• 28 debit and credit made to thase accounts is collected. The transfer- ring of accounts to the Ledger is called posting. The advantages of having the item's of accounts thus collected are, that, by looking at any account in the Ledger, you can see at a ghmce your whole deal- ings with that peraon, or thing, and if it be a personal account the balance whiclj is due him or you, which you could not find without much trouble and great liability to error if the amounts of debit and ci"edit were all left standing scattei-ed through the Day Book. DIRECTIONS FOR JOURNALIZING. :, Journalizing is ascertaining the proper I)rs. and Crs. of business transactions recorded in tlie Day Book, and writing them in the Journal. This requires thought and study. Whoiever a transac- tion occurs, the book-keei)er should reflect for a moment, and see what part of the property is aftected by that transaction, and then the accounts that represent that i)roi)erty are the accounts to be made Br. and Or. Every l)r. must have a corresponding Cr. of equal amount, and every Cr. must have a corresponding Dr. of equal amount. If the transaction takes from one part of your property and atlds to another, the amount from which it is taken is made Cr., and the one to which it is added is made I)r. Whenever you buy proi)erty, the account representing that property is made JJr. to what you give in payment for it ; or, if you buy it on trust, it is Dr. to the person that trusted you ; and when you sell that i)roi)ei-ty, it is made Cr. by what you receive in payment for it ; or, if it is sold on credit, it is Cr. by the person trusted. For example, if you buy merchandise of A. Brown, on account, $500, Merchandise would be Dr. to A. Brown, $500, and A, Brown Cr. by Merchandise, $500. If you jiay him cash for it, Cash would be Cr.; if your note. Bills Payable would be Cr, Or if you sell merchandise on account to J, Meudell, he would be made Dr. to Merchandise, and Mei-chandise Cr. by J. Meudell. If he paid you cash. Cash would be Dr., or gave you his note. Bills Receivable would be Dr. If you gave your note to A. Brown on account, he would be mad3 Dr. to Bills Payable, and Bills Payable Cr. by A. Brown. When you redeem that note with cash. Bills Payable would be Dr. to Cash, and Cash Cr. by Bills Payable.- If J, Meudell gives you his note oix account, Bills Receivable would Ite made Dr. 29 e tmnsfcr- antages of looking at vhole deal- ccoiint the 11(1 without its of debit ly Book. of business lein in the • a tJ*Hnsac- nt, and see 1, and then ounts to be ding Cr. of Vr. of equal ir property s made Cr., r you buy \l)r. to what t is Dr. to >erty, it is t is sold on on account, A. Brown Cash would if you sell lade Dr. to le paid you Receivable account, he Cr. by A. 8 Payable J. Meudell made Dr. to J. Meudell, and J. Meudell Cr. by Bills Receivable, When he redeems that note with cash. Cash would be Dr. to Bills Receivable, and Bills Reccnvable Cr. by Cash. Journalizing is considered the most scientific part of Book-keep- ing, but will not Ije found difficult if you only learn thoroughly the following Rule for Journ/.lizino. — ^^Deht iv/mt costs vahie or the thiny if received." ^'^ Credit what j/roduces value or tite thing varted vnth." 1^ The above rule is the Key to the principle of Double Entry Book- M k(i((ping, and a good understanding of it at the commencement will ■ W sjive time and many vexjitious nutments as you become further ad- p vanced. 1' Those pei*sons are Debtors who owe us. '' • ' ] -■. -■, ,,• Those persons are Creditors whom we owe. ' ' " " ' ' ■"■ '*'" There is no value to any transaction that does not give rise to a Debit iim\ Credit. ' ' ,■■ - EXERCISES IN JOURNALIZING. !;.,;, Every I)r. must have a Cr. of equal amount, and every Cr. a Dr. lof equal amount. ,,. . i , , ( Transactions. 1 — Bought of S. G. Heat y, on acc't, mdse. amountin , ! rr RECORD OF TRANSACTIONS. A Business Transaction consists nominally in an excJmnyn of values ; and each complete record of a transaction is based upon tlie theory that something is received and something given. This theory, however, is not always literally, though it may be constructively, true. One unvarying condition of a transaction is that its complete record requires at least two entries — one to the debit of some ac- count, and one to the credit of some other account. Frequently, however, the record may involve moi'e than two "accounts ; but under any circumstances, the sum of the debit and credit entries must be equal. r ..;,.<, .^ IMl • C-y^'U: 500 300 800 1 1,000 1,000 ^ :>oo 300 7,000 1,500 4,000 2,000 750 750 ;hat an entry nnecessary — ihange for a transactions merchandise he amount ot nouut of your $169 $169 m 400 100 50o him credit tor • to close his nd Gain with excharigc of M 5ed upon the J This theory, nstiuctively, its complete of some ac- Frequeutly, joiints ; but d edit entries 31 Preserving the eqiudity of debits and credits, the records of a transaction may req\iire any one of the following four forms : 1. One debit and one credit. 2. One debit and two or more credits. ^ ; 3. Two or more debits and one credit. 4. Two or more debits and two or more credits. The main object of business record is to show at any time the con- dltioit of the himuess ; in other words, what the concern is worth. Inasmuch, moreover, as the real or net worth of a concern is the (JlfercHce between its irroperty ami debts, it follows that any ade(iuate .system of business record must secure the ready means of ascertain- ing these nec(?ssary items. The following set is worked out in full, in order to show the pupil the i)r<>per form of carrying the transactions through the dif- ferent books, and should be thoroughly understotKl in every particu- lar l>efore proceeding further. The transactions are first taken from the " Record," which is sup- posed to be a memorandum of the merchant's business transjictioiis in the date and order of their occurrence, and arranged properly in the Day Book, after which they are journalized and posted. A faithful adherence to the foregoing instructions ixnd appliaitions will enable the pupil to record, readily and correctly, the fol- lowing exercise, which should be first written on Skeleton })aper prepared for that purpose, or on blank pai)er ruled up by the stu- dent himself. ACCOUNTS TO BE OPENED IN LEDGER, WITH NUMBER OF LINES REQUIRED FOR EACH. For the benefit of the student, and in behalf of economy in the use of Ledger paper, we give below the number of lines required for each account in the four following sets. This apportionment, it will be borne in mind, provides for the Ledger heading, and also for the necessary space to close up the accounts in due form. Set L— Stock 5, Cash 13, Flour 8, Wheat 13. Bills Payable 9, Bills Receiv- able 7, James Rimmer 8, W. Lin^rham 5, Robert Thompson 6, H. C^ rby 7. Jamps Miller 4. Kxp(Mi.st> 6, Loss and Gain 6. Balance 9. Set 11. — Stock 6, Cash 15, Merchandise 17, W. L. Hamilton 7, Sanderson A Co. 6, A. H. Skinner 6, B. M. Cabman 7, 11. S. Thompson 5, Expense 8, Loss and Gain G, Balance 9. Set 111.— Stock 6; Cash 14, Merchandise 13, Bills Payable 7, Bills Receiv- able 8, Muir 8c Co. 6, Geo. Sherry 6, S. G. Beatty 6, H. Warren 5, Thos. Moore 7, Expense 9, Loss and Gain 7, Balance 9. . I i:. & 32 Set IV.— Stock 6, Cash 12, Merchandise 12, Bills Receivable 8, Bills Pay- able 8, G. S. Tickell 5, Jakes & Hayes 6, G. W. Maybee 5, U. Corby 5, Expense 8, Interest 5, Lusa and Gain 8, Balance 7. SET I— PRODUCE BUSINESS. It is cxiMJcted that the stutlont will not merely copy the oxeicises in connection with this set, but that he will work them out for him- self according to the forms given. ... RECORD OF TRANSACTIONS. ' ' '. ' ' ' Bkli,evu,i,e, January 1. 1874,— Commenced business, in vestin? as follows: Cash, |4,000 50 500 bbls. p:xtra Flour, at $6,00, 3,000 00 HOO bush . Fall Wheat, at $1,25 1,000 00 2 — Bought of W. Lingham, for cash, 50 bbls. Superfine Flour, at $6,00 300 00 •< Sold James Riramor, on acc't, 100 bush. Fall Wheat at $1,50, 150 00 Bought of H. Corby, on my note, 200 bush. Spring Wheat, at $1.00 200 00 3— Sold Robt, Thompson, on acc't, 400 bu. Fall Wheat, at $1,50 600 00 " Bought of W, Lmgham, on my note, 100 bbls. Superfine Flour, at $6,50, 650 00 " Bought of Jas. Wilson, for cash. 200 bu. Fall Wheat, at $1,50 300 00 4— Sold Johr> Smith, for his note, I'OO bush. Fall Wheat, at $1,75 175 00 " Received of James Rimmer. on acc't. cash, 100 00 .5- Jought for cash, 400 bush Fall Wheat, at $1,10, 560 00 " Sold James .Johnson, for note, 100 bu. Spring Wheat at $1,20 120 00 6— Bought of H. Corby, on aoc't, .500 bbls. Extra Flour, at $6,00 .3,000 00 '• Sold James Miller, on acc't, 200 bbls. Extra Flour, at $6,50, 1,300 00 " Sold for cash 100 bush. Spring Wheat, at $1,2,5 125 00 8— Sold James Rimmer, on acc't.200 bush. Fall Wheat, at $1,40 280 00 " Received of James Miller his note in full of acc't. 1,300 00 9 — Paid cash for sundry items of expense, 25 50 •* Sold Robt. Thompson on acct. 250 bush. Fall Wheat at $1.50 375 GO 10 — Bought of W. Lingham, on acc't, 450 bush. Spring Wheat, at $1.00, 450 00 *' Paid H. Corbv, cash on acc't, 1,000 00 11— Sold Robert Brown 200 bush. Spring Wheat, at $1,25, 250 00 100 bush. Fall Wheat at $1,30, 130 00 Received in payment his note for $150, cash tor bal.. $230 12 — Bought of W. Lingham, on my note, 50 bbls. Extra Flour, at $6,30 315 00 " Paid cash for my note of the 3d inst , favor of W. Lingham, 650 00 13— Sold J. Rimmer, on acc't, 200 bbls. Extra Flour, at $7,00,... 1,400 00 15 — Paid cash in full for my note, favor H. Corby, 200 00 ** Received of R, Thompson, cash in full of acc't, 975 00 " Receivod cash in full for J. Smith's note of the 4th instant, 175 00 16— Gave H. Corby my note on acc't, 1,000 00 17 — Bought of W. Lingham, on acc't, 550 bush.- Spring Wheat, at $1,00 550 00 " Sold J. Rimmer, on acc't, 150 bbls. Superfine Flour, at $8,00, 1,200 00 •* Received cash, in full for J. Johnson's note of the 5th inst., 120 00 18 — Paid sundry expenses in cash, 140 00 33 Bills Pny- rbeti 5, U. e 7. oxci'cises t for him- n.'' •*** ^fjKUaul ,» i it-M :.«ih 14,000 50 3,000 00 1,000 00 300 00 150 00 200 00 600 00 650 00 300 00 175 00 100 00 560 00 120 00 3,000 00 1,300 00 125 00 280 00 1,300 00 25 50 375 00 450 00 1,000 00 250 00 130 00 315 00 650 00 1,400 00 200 00 975 00 175 00 1,000 00 550 00 1,200 00 120 00 140 00 SPECIMEN DAY BOOK. TO THE STUDENT. After l)ecomiiig familiar with the pi-eceding instructions, and tracing through the exami)le8 on journalizing, given on l)age 29, you may write up the Day Book according to the following form, then lay aside the printed book and on a sheet of waste paper journalize the entries of the Day Book, after which compare with the printed journal to see , if you have journalized con'ectly ; then post to the Ledger as directed in explanations on posting, independent of the printed book, and make out your Trial Balance and statements : — Bem.evii.le, January Ist, 1874. tExtra Fall. Super. Fall. Spring Fall. Juper. iFall. rFall. 36 36 36 36 36 36 36 36 • this day commences the Produce Business at No. 128 Front Street, rent- ing store from F. Johnson, and investing as follows: — M .''t,"ii ■ -i ■ «. Jl»^v. , .-, Cash .500 bbls. Flour V' 6 00 800 bush. Wheat f • 1 25 2 Bought of W. Lingham for cash, 50 bbls Flour _____ u ______ Sold James Rimmer on acct., '-•■''■■'^ 100 bush. Wheat i-' '|i u Bought of H. Corby on my note, 200 bush Wheat 3 Sold Robt. Thompson on acct., 400 bush. Wheat Bought of W. Lingham on my note, 100 bbls. Flour Bought of James Wilson for cash, 200 bush. Wheat ooll John Smith for his note, 100 bush. Wheat ""Student to use his own iittiiie. Amt. forwards 6 00 I 50 1 00 1 50 6 50 1 60 1 7/ 4000 3000 1000 50 00 00 8000 300 160 200 600 650 300 176 10375 50 00 00 00 00 00 00 00 50 • t The inaivin to the left is for the description or mark of the articles, in order that they |tuay bo readily referred to. [\ .NoTB.— The figures in the narrow column to the left refer to the tMceit of the Juunial upon tirhich th* tnniactions h»^m been JourntUwd. m w ¥■' ^. mt'i' ■ '34 Bellevilli, January 4th, 1874. Fall. Spring Extra. Extra Spring B^all. Fall. Spring Spring Fall. Extra. Extra. U'hl 36 36 37 37 3Y 37 37 37 37 37 37 37 37 37 37 37 37 37 Carried over Received of James Rimmcr on account, Cash Bought for cash, 400 bush. Wheat j i:n.' ' I. ''4; 'V ■f-.J» Sold James Johnson for his note, 100 bush. Wheat 6 Bought of H. Corby on acct., 500 bbls. Flour Sold James Miller on acct., 200 bbls. Flour __^__ « _______ Sold for cash, 100 bush. Wheat Sold James Rimmer on acct., 200 bush. Wheat K 1 40 1 20 6 00 6 50 1 25 1 40 Received of James Miller his note, in full of acct. Paid cash for sundry expenses in Sold Robt. Thompson on acct., : i V ' 250 bush. Wheat •, . 1 50 10 Bought of W. Linghan. on acct., 450 bush. Wheat , 1 00 Paid H. Corby cash on account 11 Sold Robert Brown 200 bush. Wheat 1 25 100 bush Wheat 1 30 Received in payment his note 150 Cash for tne balance 230 12 Bought of W. Lingham on my note, 50 bbls. Flour i( ^___ Paid cash for my note of the 3rd inst. 13 Sold J. Rimmer on acct., .. '1 r^ 200 bbls. Flour 15 250 130 6 30 7 00 Paid cash in full for my note favor H. Corby . i :.nivj>M».> jM Ami. forward 00 00 10375 100 560 120 3000 1300 125 280 1300 25 375 450 1000 380 315 650 1400 200 21956 50 00 00 00 00 00 00 00 00 50 00 00 00 00 00 00 00 00 00 :■ V : ' ' -t'ti i • ': : ' ':i'2 1 : • '■ iill 35 1. 1874. Bgm.evh.i.k, Jani'ary, 15, 1874. 10375 100 50 00 560100 120 3000 00 1300 00 00 125 00 280 00 1300 00 25 50 376 00 450 00 1000 00 00 380 00 315 00 65000 1400 200 21966>00 00 00 Spring Super. 38 38 38 38 38 38 38 Carried over Received of R. Thompson, cuali in lull of acct.. Received cash in full for Jno. Smith's note of the 4th inst. Gave H. Corby my note on acct. Bought of W. Lingham on acct., 550 bush. Wheat t( _____ Sold James Himmer on acct., 150 bbls. Flour •ii' 1 00 8 00 Received cash in full for J. Johnson's note of the 5th inst. 18 Paid cash for sundry expenses • Inventory of goods unsold : 600 bbls. Extra Flour, at |6 00 $3600 50 " " " 6 .30 315 200 bush. Fall Wheat, at 1 25 250 5» « " " 1 40 70 800 " Spring " 1 00 800 Total, $5035 21956 • 975 i. ' 1 175 ■><■ 1000 550 1300 12(1 140 26116 00 00 00 00 oo 00 00 00 00 * The value ol unsold property is not necessarily measured by its cost nor its Hellinif prlcce, : although in ordinary cases the uost standard is adopted in talciny ''account of stock. The : profier standard of value is the coHt of the goods in the purcliasiiig market ; or what it would cost to replenish them. < J !!(■ -.,,,,1', ■ I ■•,•;.. ..V.I * >V .- ni. li (!•,; I •HIiM'-f >}[! I', "I '<* f.,v. '. I. a JiW'i I ! ■,.,.•..»• i ... TPr I: SPKCIMKN JOURNAL. '!' Some buHineHH men require their Journal t<> enibmly li rie f exidaua- H tiuuH uf their tranMactions ; but we do not introduce tliiH plan now, J^ ■''; because, in his incij)ient Htops, everything that takes his attention off J ]•■ the LEIXJER TITLKS lias a tendency to j>eri)lex and embarratw ; 1 ' the learner. Familiarity with the following form will prepare the ,'i student for using any other without difticulty : ,i 1 Bku.kvilmb, January 1, 1874. i . 'CH 41 41 41 41 Cash Dr. Flour " Wheat « To Stock, 2 Flour Dr. To Cash. ._ ' •' „ _ 33 $4,000 3,000 1,000 50 go: 00 $8,000 '^ 1 50 J I 1 '!'! ■ i i i ,' ■ ; 1 41 41 42 41 41 42 33 33 33 300 150 200 00 00 00 300 150 200 00 m James Rimmer Dr. To Wheat, it , . 00 H Wheat Dr. To Bills Payable, 3 - Robert Thompson Dr. To Wheat, . " 00 1 i i' .' ! 42 41 41 42 33 33 600 650 00 00 600 650 00 i Flour Dr. To Bills Payable, « ., 00 1 ill . 1 i 41 41 Wheat Dr. To Cash, Bills Receivable Dr. To Wheat. , ,, '< ., . 33 300 00 300 00 1 1 ill 42 41 41 42 33 33 175 100 00 00 175 100 00 m Cash Dr. To James Rimmer, 5 Wheat Dr. To Cash, ^Am'ts forward, 00 M i ! (' 1 41 41 33 560 00 560 00 ■■jm $11,035 50 $11,035 50 "fl Note.— The flKures in the iiaKw columns are the pages of the Day Book and Ledger ; r^H those to the Mt are Ledger folios, and those to the right Day Rook folios. ^ ''^M illll 1: -•-'Vi Jit ■• ■•'■'■. ^■' V I 37 ■ I f-.t 1 Brm.evii.m:, January fith, 1R74. Carried over. 42 41 41 43 43 41 41 41 42 41 42 43 43 41 42 41 41 42 43 41 42 41 41 41 42 42 41 42 41 42 41 41 42 fiilla Receivable Dr. To Wheat, Flour Dr. To H. Corby, JameH Miller Dr. To Flour, Ca«h Dr. To Wheat, 8 -. James llimmer Dr. To Wheat, Hills Receivable Dr. To James Miller, 9 Expense Dr. To Cash, Robert Thompson Dr. To Wheat. -10 — Wheat Dr. To W, Lingham, H. Corby Dr. To Cash, 11 Bills Rec. Dr. Cash " To Wheat, ,12 Flour Dr, To Bills Payable, Bills Payable Dr. To Caah, 13 J. Rimmer Dr. To Flour, Bills Payable Dr. To Cash, 15 bk and Ledger ; Cjish Dr. To R. Thompson, Amts. forward, . $11,035 50 $11,035 : 1 M " 120 00 120 .-'1 .' 1 34 3,000 00 3,000 34 1,300 00 1,.S00 84 125 00 125 • • 1 1 m 280 1 • 00 280 34 1,300 00 1,300 84 25 50 25 84 375 00 375 84 450 00 450 34 1,000 00 1,000 84 150 230 00 00 380 34 315 00 315 34 650 00 650 34 1.400 00 1,400 34 200 00 200 36 975 00 975 $22,931 00 $22,931 50 00 00 00 00 00 00 50 00 00 00 00 00 00 00 00 00 00 fpp :w Hki.lkvii.i.k, Januarj 15, 1874. riiiriod over, 1 1 $22,5»31 00 $22,931 i 0(4 A\ Cash Dr. 35 1 75 Olt 1 • n To Bills Kecoivftblo, Iti 175 00 43 H. Corby Dr. 35 1,000 00 43 To Hills Payable, 1,00000 ■ - 1?- 17 41 Wheat Dr. ' 35 .')50 00 42 To W. Lmj^ham, 1 1 ! 550 00 n 42 J. liiiumer Dr. 35 i 1,200,00 41 To Flour, . . . " __. 1,200 00 41 Cosh Dr. 35 120 CO 43 , To Bills ReoeivRble, IS Expense Dr. 1 1 130 00 43 35 uolooi 41 To Cash, 1 1 00 140 00 00 $26,1 1(» t26,ll«v i\, r. i f*, n ^,s V 'i . V .1 , i,« • S9 LEDGER Yon luvvo now tinwluHl tho n\i>st. dittionlt jmrt o{ y»»nr t4>sk. tho |v.vl)loni having Ihmmi solvinl, .uul fi>r oach Dobit tlu>n> liaving Ih<«m» foniul a a.rniHiH>nding ('itnlits This, in tho n»ain, is tho si-ionw of Ponl.U; Kntiy HiM>k k.vping. tho nMnaining put Innng ron.siaoiv»l as a nuK'hanioal oiM'mtion. Tho.lonvnal iUMns liaving Ihhmi pivivutn!, you will now carry them tt» tho ljCHlg»>r, or ^xw/ thfni. PosftHg-hM'h iliir»M-ont aivonnt found in tho ,K>urnal must havo a plaoo in tJu> InnlgiM-. anil tho larrying to that aooount fnMu tho .I.nnnal. all tor whioli it is Dohit^nl .ir (^tHlit«>»lv is oallod /hWi»7. Tho U'tlgiM- is usually .hmmuhI by placing St«H'k,* or tho Partnors' nanu's at th»> Wginnuig, in a olear t*'xt luuul. followwl by tho nu>st pronunont aco>unts. suoh as Cash. Moivhandiso. l>:Us Payablo, lUUs R^HvivabhN oU\. as shown in Mtnlol l/>tlg»»r. Insort tho abbivvia- tions 1)1-. aatl t'r. at tho top of tho pago only. In oxjuvswing tho outry upon tho b'llgor, it will bo soon that a ilobit is always " To" that aiv»>unt whirh rtroivos o«v«lit fi>r tho sum. ami tho t'r. aivoutit oxim>ssos tho sjuuo ontry *' %" tho aoiMUUit that was nuulo Dr. for tho .samo sum. Now. un.h>r t!uh aooount. you place all the ity iu»t, ami on tlio l>r. side place tlu' won Is "To Stock." This signities that Cash «u- tho (\ush AcoiMint «)w«x Stock ftu" tlH» amotint of invojitnuMit. In the tirst rulo«l (>)lumn. called the folii> column, you place tlu' pagi' of the dournal, and in the next cohunns th anunint. You next tiirn t«» the C\\ .side of the St(K'k Atvount and place the woitls *' By Tiush," signifying that Stock is civditt>d by (^».sh, and carry the dournal pag»». or foliv>, to tii*st cohnun ami aniount t«) next trohnnns. and thus pnHvtnl carrying all the .loural «'ntries to their nwjHvtive places \n the l^tnlgiM". Then tyou will tind in the l,ed,gisponding eriMlit. The learner will aopujv the pn>eess of p«>sting mon* n'adily by Booing it done on printtnl litnigv^-r than by any other nu>a>»s. • Th*' SJof k .\o\-t . Is Mmort univcrsAriy us»h1 hj .\ivouiitni«t-< mstvint of th«« pn>prlotor'ii name; hul H it> n»llii>i' .111 lll-ohumn tlilv. lui .vouiig U»»kkct>|H>ni am »\\l t.> ii.iif.iutul it with the .MxivhitiHliiM) Aii't 'rh«> usnii Oapital or Bonw oUicr UlK> ih*t wouM lM>tU'r oxprvM th» ii« tun> of tho \c«t. woiiUI Iw i«oi\' MipntfirlMo. Wu wlU u»i, bo^-uvur. M>^alki wiUi «mUI>U«Ii- •d uwi(fM ^y clMD^ug Um till* ot ilite MoeuMi. *=" |J.^I^I|IIIU 40 /' i. 'i-jl lil i ;■ !' INDEX TO THE LEDGER. This \h a small book, or space ruled in the account book, in which are armnged, in alphabetical oi-der, the names of all accounts in the Ledger, together with the pages on which such accounts are entered. The object of keei)ing it is to enable us to refer readily to accounts in the Ledger. Whenever we ojien an account in the I^edger, we enter the name of the account and the number of the page in the Index. If an account should be transferred to another page, a red line should be ruled through the figures of the old page, and the number of the new page placed in the Index. In real business the Index generally has a page allotted to each letter. The following illustration will be sufficient to exj)lain how it is kei)t : A . . Page. 42 42 43 . 41 43 It: \ 43 41 ( K Page. B Bills Receivable. Bills Payable. Balance. L Linjirham, W. Loss and Gain. 42 43 G Cash. Corby, H. M D N .1 , ' E Expense. ,' . O 1 F Flour. ■ f ; P • • 1 G * ■ Q • ' H R Rimnier, James. 42 I ■-■if ■,•;';'..'•• .-fill. v'. ■ ■ •' S T Stock. 41 J U V w Wheat. 41 Ijrfr. CAUTION.— Always Index at) account before enterliijj it in tlie Ledger. Without this pre- ^^^cnnMon It may ho fbi^otton and a second account oponnnMrlth the same individual; aud uii- " important aa. this may appear, it often leads to wry troublesome mistakes. ^m Dr. SPECIMEN LEDGER. (AmounU wlthdniwnV QTAr^lT /inTeiitnieiitM aii(]\ and Loss, If any. / i3J.UV^JV. ^ ^(.^^n jf |,„y. ; Cr 11874 Jan. 1 J (( 20 By Sundries, 36 i 8,000 50 VRocelved./ I t*^ CASH. '^'^ (paid out.) — - Page. 42 43 42 41 41 Jan. 1 u 4 >( 6 u 11 u 15 u u u 17 Stock, 1 361 4,000 50 Jan. 2 J. Rimmer, .36' 100 00 (( 3 Wheat, .371 125 00 « 5 « .3?! 230 00 (1 9 R. Thompson 37i 975 00 « 10 Bills Rec, 38| 175 00 <> '2 « 38i 120 00 t( 15 y i [' i K 18 By Flour, « Wheat, Expense, H. Corby, Bills Pay.. u Expense, 300 00 300 00 560 00 25 50 1,000 00 650 00 200 00 14000 ( Cost. ) FLOUR. \ Proceeds. / an. 1 (t 2 « 3 « 6 (. 12 To Stock, " Cash, « Bills Pay., « H. Corby, •' Bills Pay., (cost.) 36 .3,000,00 Jal). 6 36 300 00 « 13 36 650 00 « 17 37 3,C00 00 37 315 00 By J. Miller, " J. Riramer, it tt 1.37 37 h8 1,. 300! 00 1,400:00 1,200 00 a WHEAT. V Proceeds. / 1874 Jan. «( (. (I « huut this pr«- luiU; Kud uu- To s;.u-ii P^y. " W. LinKham H (t ' 36 1 1000 00 Jan. 2' 36 200 00 3 36 300001 4 36 i 560 OOi 5: 37 460 00 6 38 550 00 8 9; 111 By J. Rimmer '• R. Thompson « Bills Rec. u (t " Cash " J. Rimmer " R. Thompson " Sundries 36 150 36 600 36 175 37 120 37 125 37 280 37 375 37 380 00 00 00 00 00 00 00 00 /' >7 Dr. / My Notes \ \ reueomed, / 42 BILLS PAYABLE. /My Note«\ ^ isaued. / Cr. 1874 Jan. u To Gash 1874 1 37 650 00 Jan. 2 37 200 0" it u « 3 12 16 By Wheat ''' Flour " H. Corby 361 36 37 38 200 00 650 00 31&'00 lOOv.00 ("'SvT') BILLS RECEIVABLE. C^^^^^^t^^:^-) Jan. (i u it 4 To Wheat " J. Mil jr " Wheat 0\ 1 36 175 00 Jan. 15 '36 120 00 u 17 37: 1300,001 37 150 00 15'By Cash (( it I 38 38: 17500 i2o;oo /My Acct. againstx V liim. ) JAMES RIMMER. (Hl»Acct.agai„«t) Jan. 2 « 8 u 13 u 17 To Wheat (< (( ♦' Flour ti u 36' 150 oo' Jan. 4 37 280 00' 37 1400,00 1200 00 38 By Cash 36 100 00 '■•m (ilU < W. LINGHAM. /Hii Acct. against \ Jan. By Wheat 371 38 450 00 550 00 ROBT. THOMPSON. ("Ib Acct. against) 36 37 600 375 00 00 Jan. 15 By Cash 37 975 00 Cr. 200 00 650 00 31»00 lOOu 00 )0»-' 38 38 17500 120,00 Dr. / My Arct. \ ViiKnliiKt him./ 43 H. CORBY. / His ACPt. \ VaKitiiiHt iiif./ Cr. 1874 1 J1874 1 Jan. 10 To Cash, 37' 1,000 00 Jan. 6 By Flour. 37 .3,000 00 a 16 « Bills Pay., 38 1,000 00, / My Acct, \ Vaaaiiifit him:/ JAMES MILLER. / HisAnt. \ \aguiiiiit me./ Jan. 6 To Flour, .37 | 1,300 00 Jan. I 8 By Bills Rec. 37ll l,.30o|oO (W.-) EXPENSE. Jan. To Cash, '' ll.C J- 1 38 38 • 25 140 1 50 00 n8t\ 36 100 00 lnst\ 37! 38' 45000 550 00 ,t) |37 975 00 TEST OF THE LEDGER. ' ' The first thing to be don(>, after the transactions of a set have Ix^en posted, is to test the correctness of your work, by comparing the amounts of the two sides of tlie Ledger and seeing that the sum of the Dr. side of all Ijedger siccounts equals the sum of the Cr. side. This is accomplished by making out a * ' ' TRIAL BALANCE. 1 LF. Dr. Cr. 1 41 Stock .. 8000 50 41 Cash 5725 50 317550 ^ 41 Flour . . 7265 00 390000 1 41 Wheat 3060 00 2205 00 ^ 42 Bills Payable . . 850 00 2165,00 t 42 Bills Receivable 1745J00 295'00 42 James Rimmer . . 3030 'OO 100 00 42 W. Lin?ham 1000! 00 42 Robert Thompson 975 00 975,00 43 H.^wSy . 2000 00' .3000 00 43 Jamw Miller 1.300:00; 1300 00 43 Expense 165 50 ' V;:15 ; • , 1 26116 00' 26116 00 An explanation ot the process of taking off a Trial Biilanue, is)fUeii on |ia;;e 47. 44 ! . r ^^ ■ f si ;.h •>■'■ ' J: . ■ * / .^ CHAPTER III. CLASSIFICATION OP ACCOUNTS. The science of Double Entry Book-Keeping is by far more subtle and philosophical, in its theories and ap})lications, than would appear from any of the fallible or " infallible" rules which various aivthora have claimed as compassing it. The mere fact of the balance or equilibrium of debits and credits, which is the inevitable condition of each com})lete record of a tmnsaction — and so, of course, of the sum of any number of tra;isactions — is interesting and important only as it points to other and more vital truths. The Science of Equations, which so aptly applies in each distinct entry, has a broader application to the entire subject of Wealth, which lies at the very foundation not only of business record, but of business itself. , ' . It has been cleai-ly shown, in the jireceding exercises, that the residts of transactions may be readily grouped or classified so as to exhibit distinct facts, each important in showing the condition of the business ; as, for instance, the amount of cash on hand, as shown in the Cash account ; other peoples' notes on hand, as shown in the Bills Receivable account ; our outstanding notes, as shown in the Bills Payable account ; the gain or loss from dealing in goods, as shown in the Merchandise account, etc., etc. It only remains to gather iip these sei)ai-ate facts, and, by a proper combination and comparison of them, to attain the grand results which lie at the end of all faithful record, viz., the exvict j^-eservt condition of the business or its net worth, and the current condition of the business, or its net gain or loss between any two given periotls. -,,,,, The accounts comprising the complete transactions of any business are susceptible of an arrangement or classification which will show at a glance, not only the existing condition of the business, but its exact nieasure of prosiKjrity or adveraity during any stated period. 4!'!^ 45 ire subtle Id appear s aivthoi-8 alcntce or condition se, of the important Science of ry, has a ich lies at ■ business that the i so as to ion of the shown in vn in the ^n in the goods, as (mains to ation and t the end business or its net '^i A thorough coniitrohension of the nature and purpose of each jiccount will at once suggest its position in the statement or classifi- cation. . . ) .■; : •!i!'- ir'!!!».l ^>i? •■:'*' '?■ ■'" ■ 'I''*'.-' •) r ;—'■.' •'V-' Accounts are divided into two classes : Jif (d nwd Eejyresentathe. '' Real accounts are tliose tliat show in the difference between theii- sides a resource or UiMlity. They are Cash, Bills Receivable, Bills Pavable and Pei-sonal Accounts. Representative Accounts are those that exhibit, in the difference between their sides, either a gain or a loss, and are usually subdivid- ed into Si)ec\dative and Incidental. Speculative Accounts ai-e those kept with any species of property that has a fluctuating value; as Merchandise, Real EstJite, Live Stock, Movable Property, «fec. Incidental Accounts are those to which particular names are given in order to treat them separately ; such as Expense, Rent, Salary, Shipments, Inteiest, »tc. A good understiiuding of the above division of accounts will enable the student to discern at a glance, under what head an account should be arranged in a bal.^ice sheet, and how it should be closed in the Le A Resource, in business language, is any species of proj)erty lielonging to you, to which a financial value may be attiiched. All Resources having & fixed value may be continually shown in the Ledger accounts i-epi-esenting them. These are Cash, Notes, and Personal accounts. All Resources having a Jtuchuitiruj or variable value must be esthaated by a cash standaixl, whenever it become^ necessaiy to know their value. Of such resources are merchandise of all kinds, real estate, fixture.s, »fec.* " ' > - ' A Liability, is any debt owing by you. 'Assume what is pructically true, tbat Cash, which is the measure of all values, must be competent to measure itself. Hence, we call its value flxod. Personal indebtedness, whether in the shape of notes or personal accounts, being only cash deferred, is, uf course, subject to the same restrictions. r m ..\v ! M, I'l !i li Ik ii ' \ |1 i I lii! I 46 LiAiUMTiES being (lohta owing, thoy can not vary mncli in form. Tlioy am reprcHcntiMl on the Ix'dger tather by Peixonal accountH or Bills Payable acccmiit ; the (listinction Uung only an between what we owe without having given a written obligation, and what we owe on written obligations. The tliffei-ence l>etween the ResoiirceH uiul liiabilities of a ImsinesH is its Hft itmrth. One marked i)eculiarity of R*>8ource8 and Liabilities, as shown in the Ledger, should iu»t escape the learner's attention, viz. : Resources are invariably shown by an excess of the debit, and Liabilities by an excess of the credit side. , Losses and Gains. — A loss in business occurs when less value is rectiived than given in exchange ; and when i)roi)erty deprecifiten in vahie. J ,. ^ , , A Gain occui-s when more value is received than given in exchange and when |)roj)erty iiicreaseA in value. Nkt Worth, ok Net Insolvency. — The Net Worth of a concern is found by subtracting the sum of its liahiltties from the sum of ita rfisourees. * The Net Insolvency of a concern is found by subtracting the sum of its reHonrces from the sum of its liabilities. Ac.AiN. — The Net woi-t^i of a concern is found by adding the vM f/din to, or subtracting tlu! net lotis from the original capital or investment, aind the net Insolvency by subtracting the original ca}>ital from the net loss. Inasmuch as net worth or absolute wealth is measured by the excess of Resources over Liabilities, the increase in wealth must be the residt either of increase of resources ov decrease of liabilities ; and decrease in wealth the result of decrease of resources or increase of liabilities. Net Gain, or Net Loss. — The Net Gain during any period is found by subti*acting the net worth at the commencement from the net worth at the close of such periotl. The Net Loss during any period is found by subtiiicting the net worth at the close fi-om the net worth at the coinmencermnt of such period. t I 47 AoAiN. — Thn Net Gain during any period is found by subtmcting th« Huni «)f tin? ineri(Kl is found >)y subtracting the stim of the hidwidwd yahiH from the sum of the indimdmd lotfsett. TRIAL BALANCE. A Trial Balance is tak«in to ji>',cei'tiun if the Debits and Credits, on the Ledger are e«mal, or bahince. As soon as you finisli posting all the transactions to the Ledger, according to the principle of ecpial debits and credits, you take off a Trial Balance. This is done by first footing the items of the different accomits, jtlacing the amounts in light pencil marks which shouhl be erased after the coniph^tion of the work. The totals of the accoimts ai"«5 carried to the Trial Balance, as ])er model form, leaving out such accounts as close themselves. By adding to the footings of the Trial Balance given, the footings of accounts that clo.se themselves you will find that they exactly correspond with those of the Journal, which would not be the case if any of the Journal entries were not posted ; and as the footings of the Journal columns also tally with those of the Day Btx)k, it is almost conclusive that all the original entries have found their way into the Ledger. There will remain but two chances of error in the accoimts, viz.: from improjier Journal entries, or from posting to the wrong accounts in the Ledger. It will ))e observed from the foregoing remarks, that the Trial Balance is not always a strict proof of the c 1315 00 1450 00 1V45 00 4'/ Bills Receivable... ... | 295 00!! 2930 00 3030 00 U9. James Rimmer 100 00' 42 W. Lingham 1000 00| 1000 00 2000 00 43 H.Corby 3000 00 1000 00 165 50 50 165 50j 43 Expense ! 11315 23841 ooj 23841 00J<11316i50 NoTK, — The Lu(l)for from which tho (oret;oiiig Trial Balanuo was taken docs not contain all the rcHult.s u( the buxiness, Ucnue, in getting at the data from which to ascertain the net wotth, or the net gain or loss, it will be necessary to go beyutid the Ledger, and estimate the value of unsold merchandise or other similar prupci'ty. In each of tho statements which follow, an Inventory uf unsold pro^iorty is supposed tu have been taken, the results being given. CLASSIFIED STATEMENTS. The "Stiitement, or Trial Balance," on i)age — , is supposed to show i\\G foutimjs and bakmces of tlie Ledger accounts growing oiit of the ti-ansactions indicated in the " Exercise" just preceding ; and, as far as the oi)en Ledger is concerned, affords as completely as possible the exact condition of the business at the thue the Statement purjioiifi to have been rendered. The form of this Statement, how- ever, is not suftici(mtly compact, nor the specific results of the business so d istinctly given as to present at a glance, the general result which constitutes the objective point of all business record. To accomplish this, it becomes necessary to re-arrange or classify the sepaiute results as shown on the Ledger. , ,, ,., : « The Trial Balance Ijeing a simple abstract of the Ltidger accounts, and these accounts showing only the cost and proceeds from sales of property having a variable value, it follows that the rea^ value of such property remaining on hand can be ascertained only by actual enum- eration and valuation ; a process known in business as " taking tu'count of stock," or *' taking an inventory." The value of property which does not vary, viz.. Cash, Notes, and Personal indebtedness, is readily ascertained from the accounts themselves. m 'IP> Cr. Bal. 50 8000 60 50 00 00 00 1315 00 00 00 00 1000 00 00 1000 00 00 !ll316i50 . ... _■ not contain all certain the net d estimate the l>i)a od tu h ave lupposed to •owing out preceding ; npletely as Statement ncut, how- le business esult which accomplish i-ate results . ^0 In classifying accounts, or Hpecific results, two grand results are hjul in view, which are, 1, The net y;iv at the end of the Day Book, jwige 35. The process of working it is so simple that it does ,iot require an explanation. * Italics indicate rod ink. i^^^ r accounts, )ni sales of lue of s\ich tual emxm- is *' taking of property btedness, i« r •»•, Ml;l ff 30 1 m ! n 2— 8TATEMKNT OF RESOURCES AND LIABILITIES. AvuIi/hIh of AccountH that show RvHomrcH and jmr/xme of ascertoitihiij the Net Worth or Jiiisriietis. Liahiiitieg, for the l)iHoht'Hcy of tlte 1. — KHOM 1NVKNT0KIE8. Fi.orn, unsold, as per Inventory Wheat, " " •* ., ,, 2. — from ledoer accol'nts. Cahh. Dr. Amount received. . " Cr. " paid out " Difference Amount on hand . . Bills Payaulk Cr. My notes isnued .$6725 3176 60 60 $2106 . 850 Kcwtiiruex, 391600 1120 00 Liabilities Dr. " redeemed Difference my outstanding notes Bills Receivable Dr. Other people's notes received... .. $1745 " •* Cr. other neoj)le'8 notes dis- posed of... ... 295 " " Difference other's notes on hand James Rimmer Dr. My Acct. against him ...$3030 " " Cr. His " " me 100 " " Difference, he owes me W. Lin<;hamCr. His Acct. against me — I owe him H. Corby " " •' « ...$3000 " Dr. My Acct. against him 2000 Difference, I owe him * Stock'' s net investment... " '* Gain pa' statement " " Worth $8000 . 649 50 60 2660 00, 1460 00 2930 00 Proof 11965 00 1316 00 1000 1000 8660 11965 00 00 Red Ink. The student will test his familiar ity with the foregoing lessons by rendering analyses or statements of Louses and Gains, and of Be' sources and Liabilities from the following exercises, before proceeding to close the Ledger. [See Btatemonts on pages 49 and 50.] i ! 41 3.— TRIAL IJALANCK. , Dr. B«l. 1044 27 15*2:17 .lOO 1000 71) 26 lOtil 375 45 300 Ur.KtMit'tfo 150 417017 5750129 500 7000, 150u 40!)l i:>'tj25 I2OO1 375 1400 120| 300 1 2 3 4 5 6 7 H, .2: 12 13 14 15 Stock Mdae. (unsold |i2,000.) CaMh, Kob«'rt linker, Ufiil Kntato, (unsold |C,900.) Hilltt Kecoivuble, Bills Payable, (ieo. Ritchie & Co., 1 ', Warner Mroa., Kxpensc, N Jones. Hunt & Co., .. Interest and Discount, W. P. Graham, Loss and Gain, , ,,, -EquilibHum. 12631 «S) 2301 y|7l| Net capital at commencing $7.5.)0. Xet gain $450.73. Net capital at closing I7H0O. 73. Cr.riiot'g*! 7500 3125 00' 421H12 315 500 1200 75 13U 2100 170 75 3601 69 Or. Bftl 7350 HOO 700 170 .1601 69 23019.71' 12621 69 4.— TRIAL BALANCE. LF 6 7 8 9 10 11 12 13 14 15 S. G'. Beatty, ( Partner^) • W, B. Robinson (Partner,) * Cash, Merchandise, ( Value L'nuold, $5159.50.) Railroad Stock, ( Value Unsold, $12,000.) Bills Receivable, Bills Payable, Real Estate ( Value Unsold, $8,0 0.) Robertson & Henry, G. C. Holton & Co., Expense, '" Interest, ■;-../-.\ ■•i. , .. •'(. ■.- ' '1 W. W. Jones, \^ , John Cook, • ''• ' Conger Bros., '( -■ a t ■ tr Dr. 3000 973210 7350| 12000 7000 3180 7600 1150 125 28 1795 1290 Or. Hi863l3 12000 4719 22 3719 50 5000 6180 150 920 1500 1325 795 840 1450 54150 10 54150 10 -•■/ S. G. Realty's net capital at commencing $13863.13. W. B. Robinson's net capital at commencing $12000. Total net gain $20.19.25, each partners share of gain $1019. 62i S. G. Beatty's net worth at closing $14882.75. W. B. Robinson's net worth at closing $13019.6.3. * Partners' .tccounts are treated precluely the »aine as tha Stock account ; the net amount owing to the partners Iwlng tlie net worth or net investment of the concern. In this "n. •tance, divide the gfuin equally. 52 H; BALANCING ACCOUNTS, As all gains in busiiie.<8 must appear, either in an increase o( resources, or a decrease of liabilities, and jvs all losses must apj>ear, either in a decrease of resources or an increase of liabilities, it will \te plain that the two classes of accounts. Real and Representative must always run parallel. . , i . : • i » Balancing accounts is placing a sufficient sum on the least side of an account to make it equal to the greatest, and is done. by atldv.ig the two sides of the .4cct>unt and subtriicting the smaller from the gi-eater and entering the difference on the side that is least. Heal accounts close, " To" or " By Balance." Before closing a tij)ectiliitwe account whatever proi^erty, belonging to it remains unsold, must be entered on the ci*edit side, thus : " By Balance Inventory" as an off-set against its cost, which has already been i)laced on the debit side, after which, the account closes into " Loss and Gain. Inchlental accounts close, " To" or '* By Loss and Gain." The object of closing the Ledger is to })resent in a proper manner both tl»e jyreMnt condition of our business and its jrrogre^is. Its jireseut condition , can be showii by a list of its resources and liabilities ; and its progress by a 'ist of its gains and losses. Books are \isually closed once a year, and in some establishments every six months, thus making an em in the business. ' ' As resources are shown by an excess of the debit side of Real accounts, and Uohilities Ity an excess of the credit side ; and as losses are shown by an excess of the debit side of the Rej/resentatioe accounts; and yarns by an excess of the credit side of Represeutailm accounts it will be necessjiry to open tv/o accounts for^hese genei-al results : one to contain the resources and liabilities, and the other the gains and losses. You will, therefore, o|)en these accounts uiidor the titles of " Loss ami (rain" and " Balatice," the former to contaiii the i-esults of the Jiejnesentative, and the latter of the ^wt^ accounts. You will do well to observe particularly and follow out in practice the following 53 ORDER OF (LOSING ACCOUNTS. lav. — Take off a trial bnlaiwe aiul stiitenients. , 2nd. — 0|)en an account with " Ijoss and Gain" (if not alreiuly ()j)eneil), and anotiier with " Bahvnce," the former to conttiin the lo8ne.« and yaiu^, and the latter the resmircen and liabUitiex, 3rd. — Ascertain by taking .stock the cost value of any proiMU-ty remaining unsolil ; and enter this value on the credit side of its account, making the entry in red ink, " By Balance; Inventory" and tmn.sferring the amount dir<'ctly to the debit side of '' Balance Account," making the «uitry in bh'ick ink, " To Mercliandise," or the name of the account from which the transfer is miuh\ The Ix^lger accounts will each show, now, one of the four following results, viz : a Resource, a Liability, a Gain or ii Loss, and are in a condition for closing. ,., , . 4th. — Omitting Stock (or the Partners' accounts), commence with the next uccoimt in the Ledger. First a.scertaiii'wheth(!r it shows a resource if a liability, loss or a gain, and make the closing entry accordingly. If the dift'ei-ence show a resource or a liability, enter upcm the smaller side, in red Ink, "To," or " By Bahuice," as the case may be, and transfer the amount in bluck ink, to the opposite side ',;f the "Balance Account." If the difference i'ej)resent a gain or loss, ent<*r on the smalha* side in red ink, " To," or " By Losh and Gain," and transfer the amount in the same manner to Loss and Gain acco\iixt. Close all the accounts (except Stock or Partners'), and tnmsfer the balances as directed. The Li»ss and Gain account will now show, on the debit side all the l(»sses, and on the ci'etUt side all the gains, the difference being the net loss or net gain. The " Balance Account" will show on the debit lide all the resources, and on the credit side all the liabilities, the difference being the real inttn'est or present investment of tlu^ proprietor or proprietors. TjTH. — Close Loss and Gain account int Stock, or, if it be a partnership business, int, and the unsold Wheat $1120, which amounts, we enter on the credit side of these accounts in red ink, " By Jialance Inventori/," and tmusfer the same immediately to the c(mtraiy or Dr. side of Balance Account, making the entry in black ink, " To Flour $3915," and " To Wheat $1120." The accounts are now in a condition to close ; and we will take them in their order. The tirat account (after Stock) is Cash. This account represents a resource consisting of cash in hand $2550. .!,,,:*.<• :;■!;.. v .sij We clone the account by entering the difference, in red hik, " By Balance" on the credit side, and footing up the sides, di-awing double rerf lines underneath. --^ ■-- ■'«'■.-'•■• .-.>, , The red ink entry or balance, is transferred immediately to the debit side of Balance account. The next account. Flour, shows a yain, the Cr. or proceeds from sales together with the vahie of unsold, being gi-eater than the Dr. or cost, and the difference is entered in red ink, on the debit side of the account, " To Loss and Gain $.5.50," and transferred to the credit side of Loss and Gain account. Tlie next account. Wheat, is closed in the same way. The next. Bills Payable, shows a liability, consisting of our unredeemed notes, and is closed " To Balance $1315," This balance is transferred to the credit side of Balance account. Bills Receivable account, is closed in the same manner as Cash, the balance being transferred as a resource to Balance account. The next account, James Rimmer, is closed in the same way. The next, W. Lingham, shows a liability, and is transferred to the credit of Balance. Robert Thompson's account, already balances, and we close it by simply footing and ruling it. H. Corby's account, shows a liability and the balance is transfen'ed to the credit side of Balance. The next account, James Miller, already Vmlances, and as there is but one entry on each side we close it by simply ruling the double red lines. Expense account sjhows a loss, and is closed " By Loss and Gain," $165.50, and transferred to the debit side of Loss and Gain. -■ . • . . .-...a .^^ • ,^ - v- -■;», We have now tiie result of all the accounts exhibited under the heads of Loss and Gain and Balance, and if the balances have been properly transfen-ed, those accounts, togetlier with the (unclosed) Stock account, must l)e in ecjuilibrium. To test this, we next take a Trial Balance of the.se three accounts, which we call the SECOND TRIAL BALANCE. Dii. Cr. Stock Loss and Gain Balance . . • • t • • • • • • • • • • • • • 16.5 50 119B5 00 12130 60 8000 60 815|00 .')316 00 12130 60 i h ^^\ 56 After proving by this test, that the Imhiuces have l)een properly tmnsf(!rred, we proceed to accomplish the gi*and object of closing the LedgcT, by carrying the difference between the two sides of the Loss and Gain Jiccount, or, in this case, net gain of $649.50 to the Stock account. , ,.•.,. Th«i Stock account iiow contains the capital invested increased by the gain, which must equal the jji'enent worth, as 8lu>wn by the Balance account. We now close Stock siccount- into Balance, which must pi'oduce an equilibrium of the Balance account, and complete, in that account, the record of resources and liabilities. The Balance account is used for its convenience in collecting, imder one title, all the resources and liabilities. The same effect may be produced by bringing down the balances under the Real accounts. The latter method is adopted in business, pai"ticularly where the record is continued in the same Ledger. "t The student should remember that in no one thing does the pro- ficiency of a piiictical accountjint more plainly man' Test itself than in the matter of neatness in arrangement and execution. He should observe particularly the form adopted in ruling aftd Ije careful to enter all Balances, Inventories, Folios, and nding, with red ink, and alt Transfera with black ink. >•;-. - - The fonn adopted in closing the Ledger on the following ))agei: is submitted as a model to guide you hereafter. (r. ,..i ,-', I ■:)( ■■•1 -■-. (• •. .".1 ='<:..{, ■: ,; Mil'i (i/* !l .■„ -'^r V; , - ; t .- '-w. (^-•i' •; » ^^'. kali I -■■■'■»»<•*■!; ■> " Or. 5r SPP:CIMEN LEFXiER, Cr>()SED. Sre Exiihtwttloii, I'tuje '>.L STOCK. -y Cr. .lull 20 To I'alrtiKo S.»i;10 00 8f)50l00 1874! Jan.! 1 " 20 By Sundries,* 36 | 8,000 aO " Loss 4; Gain. G-lUuO i '\ \ 1 11 8650 00 CASH. •fan. 1 To Stock, 36 4,000 50 Jan. 2 By Flour, ,%! ki 4 " J. Rimmer, .S6- 100 00 « 3 " Wheat, 36' •» G " Wheat, 37; 125 00 " 5 « .i 36 i( 11 « X 37! 230 00 1 " 9 " Expense, 37 •' 15 " RThoinpson 37i 975 00 n 10 " H. Corby. 37 • ( (( « Bills llec, 381 175 00 •i 12 « Bills Pay.. 37 «i 17 « « 38| 120 00 1 >( 1 i " 1. 15 18 2n " Expense, •• I'.alaiKc 37 38 • 5725 50 J 300; 00 300 00 .>60!00 25150 1,000 00 650 00 200 00 i4o;oo 2r..jO|00 5725 .50 hu\ Jan. C^A To Stock, " Cash, « Bills Pay., " H. Corby, •• Bills Pay., " IjOPr tV (lain FLOUR. J 7 C<~'i-t A-i* 36 .3,000,00 Jan. 6 36 300! 00 « 13 36 650 00 « 17 37 3,roo 00 201 37 315 OOj 1 :..'-.o no 1 7815 00 By J. Miller, i.37 " J. Rimmer, .37 liiii IllV f V 1,300 00 1,400 00 1,200 no 15 ; 7815 00 00 00 WHEAT. 1874i Jan. To Stock " Bills Pay. " Cash it (1 " W. Lin^ham ii .. •■ Loss iV (I'aiii 36 1 1 i 1000 00 Jan. 36' 200 00 36, 300 001 36' 560 00 37 450 00 ! ^' 38 550 00 (• 2;;5 m i 3325 00 u 1 1 *' 1 1 2 By J. Rimmer 3 '• R. Thompson 4 5 6 8 9, HI 1 20 Bills Rec. ii « " Cash '' J. Rimmei " R. Thompson " Sundries iuw W. LINGHAM. inon 1000 ooi i I 00 Jan. By Wheat 4( <( 450 00 550,00 1000 00 ROBT. THOMPSON. A'- Jan. iilam'i? I 1118741 .17" 1,000 00 Jan.! 6 38 1.000 00 I 1,000 00 1 3000 00 My P'lotir, KM 3,000 00 .'{000 00 Jan, JAMES MILLKR. To Flour, 37|! 1,300|00 iJan.l 8) By Hills Rec. |37il l,:{0(l0(i Jan. To Cash, EXPENSE. 38 2Cy 50 •iidi. LM) 38 140 165 00 50 » Itv I.«i8?« k (irtili IfM^O VUllHfll. / .LOSS AND GAIN. ( Italiiit. ) Jan. 20 To Expense, 165 50 Jan. 20 a 20 " Stock ()4!l 815 5( 00 « »* To Flour, " Wheat. 550{0(> 265 00 .- i 815 00 \Ilein>nn:i!H. / BALANCE. (. liihilltUs. Jan. (1 20 u K u .( « « To Cash, « Flour, " Wheat, '• Bills Rec, " Jas.Rimmer, 2,250 00 Jan. 20 3,915;00 « tl 1,120 00 (( « l,450j00 « t( 2,930 00 11,965 GO By Bills Pay.. " W. Lineman " H. Corby. " Stock, 1,315'00 l,OOOjOi) 1,000 00 8,650 00 ll,965l00 NoTB.— It will be observed that all those accounts thai have be^n closed " By itulauce" or " Balance Inventory," ap|)ear on the Dr. side ci' above f.i count, while those that close " To Balance," a)>pear on the Credit side. You will also soe that Stock makes ti|i the deflcieiicy *ietween the two sides, it helng the concern's not capital, and also a^frec.s with the bulanct: (if .Stock account, after the losses and {rains have i)een transftri-eii to It. , I _ IP J m hK'I'KrrinN AND (OinMXTloN <)K KIIHOUS. 'Pile 'I'lial Uiiliuu'f in flic hcst short test of cornvtuoKs in posting' vet (lisotv('r«'stinjj to the wionij lUTouiil, althoiii^h on tin' rijfht sitlf ; omittinj^ pttst II III hit mil a iTci lit of ( I'liiial amount, \'o. Ihit if tiu' 'Priiil Ualam-r is not in «M|uilihnnm, tli«Mt> is o«M'ti>inIy an ciTor, which must lie souj^ht iUiil I'oi rrcd'd. !>KTK!•»» hi^thiT tlic |)(Mum1 footinreis still an iindiscovered erior, exaniiue each |iost si'jiaj'utcly, checkinj^ tin' entries in both tloui'mil and Ledger us vou jiroceed, until you have Iteeu ove" the whole ; luul then look tlirovioh aji^ain, to se(> if any amiMint remains ^^nchecked, and, if so, investigate the cause of the omissitm. III this manner, yon can scaively fail to discover the mistake, proviih^l the .lournal is correct ; but gi*eat caiv shoidd be trtken U^ see that the .Ionn\al is in ciiuilibrium l)efore posting, as any dis- crepancy then* will give you much trouble in the J^edger. ( V)KKK<"TioN. In the Day Hook, (or any other book of original eii- try,) erasures aiv not admiKHal)le, siuca this book is taken as evidence in courts of jiistice. and anything obliterated oi- erased looks suspicious, a,ud would probably render invalid the entry with which it is connect- ed, and in some i-ases might «'ven throw the whole book out of Court, as eviileuce unfit to receive. Eri-ors in it should then^fore be correct- ed by making other entries explaining them : or the erroneous entry, if it has not l>een journalized, may 1k> marked " void," and remain without further alteration, a new and correct entry being made of the tiiuisaction. .•..!' In thk JoiKNAL. erasuivs ai"e sonu times admissable, although it is geiiei-ally advisjible to treat ei-rors as directed for the Day Book. !>' TMF, liKixiKH, if any entry ••«• iMmtrd to the wronj^ imcount, or to tlu« wron^ Hi(!(^ of tlm acconnt, niiikc ciplicrH of tlio fi^nres, and h-ave tlm nuniiindor 8(» an not to ddfaoi* tlio li(!(l;^tir ; tlicn post fcli*< «'ntry to its iii-opor platm. If a wron^' amount W' poHt^nl, altfr it to tli(^ I'i^lit. And if a dupliratc poHt Ih) niiulr, niak«^ ci|thoi-H of tlio fi^- ui'oH in the nronoons onn. If two iKrountH Im o)K'n<«l with tli«' Maine jHTHon, cIoHJ' the ono into the other, "To" or " liy" name of iiC(;oiint, page- footin;f and I'ulinj^ off the closi^d aeconnt, aw a nettUfd aoconnt ; htiiting the particidars ofc^aoh transfer in the ojmmi aceoiiiit. QTTKHTroNS FOR IlKVIKW. (JflAPTKHS fl ANF) ITT. / U^ . 1^^ , CHAI'TKH II. What (Urt'oroirt kintls of uecoiintH are kept in the Double Kntry Lodgor ? What do ucuoiinlH k(>|)t with jmrHOMH rcprestMit? In what docH the distiii- guiHiiiiii^ foalure of I)oiil)Ie Kriliy ooiiniHt? Name the principal Books used? Name Home of th(; auxiliary iJookH? Upon what do the auxiliary hooks used, in a huHineHs depend ? Define tlio Day Hook ? What particulars should every Day Hook entry embrace ? Dcfme the Journal? Define the Ledger? Whot are the advantages of keeping the Ledger? What is Jour- nalizing? What is tlie rule for Journalizinjj ? Define Debtors? Define Creditors? If you purchase Mdse. and pay it in other Mdse. from your store; what would he your Journal entry? Of what does a husineHS transaction consist? Upon what is each complete record of a tronsaction based? Mention one unvarying condition uf a transaction? Mention four forms, one of which, the record of every transaction requires ? What is the main object of a business record ? How should the Day Hook be written up ? In what order should the accounts be opened in the Ledger ? Explain the use of " 'I'o",and " By," in expressing entries upon the Ledger ? Define the Index? Whi.t is the first tiling to be done after the transactions of a set are all posted? CIIAI'TKU III. Into what classes are accounts divided ? What is a Real account ? Name the Real accoimts? What is a Representative account ? How are Repre- sentative accounts subdivided ? Define Speculative and Incidental accounts ? Give examples of each ? What is a Resource ? Define the term Liability ? What is the measure of all value in l)usiness ? By what accounts are Liabilities represented on the Ledger? What will the difference oetween the Resources and Liabilities of a business show? How are Resources and Liabilities invariably shown in the Ledger? When do Losses and Gains occur m business ? How may the net worth or net uisolvency of a concern be found ? Uuw may the net gain or not loss during any puriod be fuuud ? i ( (J2 For whut purpose is h Trial Halance tnkoii ? How Hhuuld you pruuoed to take off a Triiil Balance? lu what way may the ibotiuKS of the Trial Balance be mado to correnpond with the footin^j^s of the Day Hook and Journal? Is the Trial Halanco alwayH a strict proof of the correctness of the work ? In what way may an error occur and the Trial Halanco stand in 0(]uilibrium ? What is necessary after takin^^ a Trial Hulunon, before wo can Kct at the data from which to ascertain the net worth, or net )(ain or loss? In classifying accounts, what two <^rand results are had in view? Deiiuo the term balancing an account? How do Real accounts close? How do Speculative and Incidental accounts close ? What is the object of closing the Ledger? What two accounts are opened to receive the results of all the other accounts? For what purpose is the Halanco account used ? When should red ink be used ? How would you proceed to detect an error in the work, if the Trial Halancc does not come right ? How should cor- rections be made, in books of original entry ? If an entry bo passed to the wrong account in the Ledger, how should the correction Bo made ? How should the correction be made when two accounts have been opened for the same person? •■■♦ • ' r.'t.i // i ,.<,■. i ^ i 1 . ■, I ij . 4 .1- ..*-■- 1 ,'--• iat' BUSINESS SERIES. / • ^^ Tlu* foi't'^dhig oxjirciHt's ami «^\|ll)lllHti(Mlrt iii-c Hiilli<-i«'iil, if thoroiijiflily utidcPHtoiMl to familiiirizn you with the tla-ory of r)oultl<« Kntry Itook ki]ilt>s iii'h'liltiy on your uiiixl liy the ri^;;uhir procewH «»f Hook- keepii^ which, ut the Haiiif tiiiu' will Norv*' to ^iv«^ you |»tiu'tio«' in iMiNiiieNH r(U!(»r(l, which is csHtMitial to real progrcHs. The K'ftM which follow, while servinj^ as a synthetical nnfol(lin;{ of the Hcieiic«s ai'«^ inU;n(l(Hl, each in its turn, to pnw-nt Home speciality of husinesH, and some radical featiire which distintttly chanicterizeH its puqtose. J n presenting the transac^tions, can? has Im'cu tak(ui to avoid, as far as possible, any properya/'w/ of entry ; lait, at the same time, t^» present the /f«*y^ as clearly and unmistnkaMy as pf)SHiblc, They are int(?n(hMl to cover a wid«! field of practice, and t(» present sutticient variety of tr-aiisactions and enforcement of theory t<< give the student an excellent iniderstaiiding of the. science. Kacli set is complete within itself, and spticial in its purpose and teaching. fts characteristics are briefly aanounced at the start, and jih its results only, with more or less detail are given at its close, the student is obliged to accomplish the work of the set in order to arrive at the proper result. ,„ •' , * ..^s .^ This mode of arrangement is calcidate adopted, oxccpf whpie it iH oHHtMitiiil to know the >;iiiuH and Iohsos on ««nh |(iiitifuhir kind of projinrty, Mki.i.kvii.i.k, Jiuumry I,lK7t. - Invested in huMin»*(iH, Vmh, $')000. 2- Houpht of W. L. Hamilton, on aoct., mondmndisc amounting; by invoion fo $n7o.7:). " Bonjrht of Sandf iHon A Co. on acct., an invoice of mcrchandiHO amount- in<; to $1250. 3 — Paid for repairiiii; and c-loanin sheets waddm^, at "ic, I doz buttons 2.''>c., I skeins silk, at oe., 1 vest pattern $-1.2;'), .') yds. red flannel, at tOc. Total |2H.9r». Cash .saku ihitt day fll5.1(». .') — Sold n. M. Curman, on acct., 1 pair kid jrloves #1.2."). 12 yds. MtM-inoat GOc, "> linen handkerchiels at 2.')C., Il> yds. calico at l')C. — Total, !|i5.50, 1 pair kid gloves .^1.2.}, 5 spools thread at 5c., G yds. edging at 20c.— Total .'i!!28. Cash sales this day f ri.HO. 9 — Received from A. H. Skinner, cash on acct., $25.00. . , « Paid clerk hire :;rl0.50, for wood $18.50.— Total $29. 5' Sold B. M. Carman, on acct , 15 yds. shirting at 20c., 4 yds. black cas- simere at $1.75, 4 yds. green baize at 50c. — Total $12. Cash sales this day *225..30. 10 — Received from B. M. Carman, cash, on acct., ii\a. ,, " Paid VV. L. Hamdton, on acct., 4:350. ' ''' " Paid sundry items of expense .?15.40. " Bought of W. L. Hamilton, on acct., invoice of merchandise WS.oO. " Paid Sanderson & Co., in full of acct., cash i'400. Inventory of goods remaining unsold: Merchandise {6950/ Net Capital at comnuming k^Hm ; A^eHo** §190.20; Net worth H^mM. Of) ONAF, At' SKT III. lUIV (J(M)|)S AND (llfOCKIIV IllSINKSS. rilAKACTbHIhTICS. Ill YINU AND NKI.I.INO KOIl CAHil, AND ON rKllSONAI. AI.'COl'M', -HI'rilNKHH I'KOHI'KUOI'h. liKM.kivii.i.t:, Kobriinry 1, 1H74.— Invented in businoHS Ca<«li f(>,riUO ; Mur- oliiiii(ii/u $:!,()iX). 2 -nought of (it'o. Wullbridxt>, on my noto, '»<» Hhdn MolaHHOH, n'»0() >ral«. nt 40c., $1400. 3 — Hoii^fht of Miiir tt (/O., Montreiil, on .'! monthH credit, 4 uaMHH, 6200 ydv. MuHlinal 20o., $1040. 4 — Sold Oeo. J. Sherry, on account. 34 llhdi) MuIuhhoh, 2100 f(ulH. nt .'i5c., !5-7;i'). f)— Sold S. G. Ufiitty, on iiucnuiit, 1 cuhc MiimHh, 1;U)0 ydB. at 2ric., $:J2') ; 12 poH. Twpi'd, 420 yds. at $1.25, $r.2r.. Total $81)0. (J — Mouxht of Walk«r & Son, Toronto, for Cash, .'{ ca»es FriiitH, .T210 ydn. at lOc, $:i2I ; and 4 caHcii du., :('>00 ydii. at loc, $52.0. Total $H4(>. H— Sold C. P. Holtoii, for Cash, II Hhds MohiHses, 700 gnh. at 45c., $.115. i)— Sold H. Wanuii, (.n account. 6 pes. Tweed, 210 yds. at $1.25, $2(i2..50. 10— nought of S. (}. Hcatty, on account, 1« Hlf. ChestH Y. H Tea, 370 lbs. at $1 .l»0, $:i70. II— Sold VV. H. KobihHon, frir Canh, 11 HhdH MoIasHeH, 700 ^alff. nt 40c„ $2H0. 12— Paid (.'aHh for I (juarteiH rent of utore, $200; Urn bill, $15. Total $215. l.'t — K(!ceiv(;d from S. (}. Heatty, his note for $4K0, in full of account. 15 — Paid Cash in full for my note of the 2nd inst., !i>i400. IG— Sold 11. P. Dunninj,', on his note, 10 Hlf. Chests « Y. H." Tea, 200 lbs. at.'i;1.25,$250. 17 — Gave Muir & ('o., my note at It months in part payment of account, $500. 18 — liou^^ht of Wttiker & Son, Toronto, on my note, 4 cases Prints, IIIOO yds. at lOc. $^i:{0. 19— Paid Cash for Clerk hire, i;175. 20- Received from S. G. Beatty, cash in fnll for his note of i:Uh inst., $480. 22- Paid for sundry items of o^pensc, #180. 2:t"Sold (}. J. Sherry, on account, 4 pes. Tweed, IGO yds. at $1.50, 6240 ; 1 case Muslin, 1,200 yds. at 25c., $300. Total #.540. 24— Sold Thomas Moore, on account, 11 Hhds Molasses, 700 gals, at 40c., Jr280. 25 -Received from G.J. Sherry, cash on account, *100 and his note for *?125. 26— Redeemed my note of the IHih inst., favor cf Walker & Son, $430, for which I xave Cash $305, and G. J. Sherry's note for balance, $12.5. 27 -Received from Thomas Moore, cash on account, $150. 28— Paid cash for wood, *24 ; Cleaning store, .^.50. i ■ ' •' Received from Thomas Moore, cash in full of account, $1.30. '■ ii " Paid cash for Clerk hire, «75. Inventory of goods remaining unsold : Merchandise $5500 ; Net Capital at commencing s9500; Net gain !!?I253j Net worth at closing , $10753. ... .,, , , ,,.,,, ,., 66 ■■■'r'V \ REM AUKS ON NOTES AND BIUX A iw!w lisiituit! in cor.iu^ctioii with the w<»rk of th«^ foUowing set is tha coin|mting of inteivst '>ii nottts and bills. As )M'ginnei*s oftni ex}H'neuc(' «lit!iculty in deterniininj? the day uikhi which not<'s and jiocej)tjinces fall due, we shall (Midcavor, in thr following diivctions, to make the matter plain. » - . . In all conjputjitionH in i-eference to notes or hills, in the following sets, three days' grace are included. When the term of a note is expressed on January 1st. at 15 days, will fall due, January IDth,- inchnling three day's gi"ace. A bill dmwn or accepted on the 21>th Septeniljei-, at 00 days, has to run In September In October In November In December . I day 31 daji 'M) days 1 day 63 days, Dae Dec. 1. Again a bill, dr.wn or accepted 30th Sepfendx'r, at 90 days, haH to run In October In November In December , In January 31 days 30 days 31 days 1 day 1)3 days, Duo Jan. 1. It will l>e observeil in the last example, tliat no -.ime is allowwl fur Bepteml>er, although the date i:: on the last day of that month, jis, acconling to the rule, the day following the date is the fii-st r. 2, " " " Aug. 4. «* 4 » " Sept. 2, " " " Sept. 4. " G " " Nov. 2, ' " " Nov. 4. •' H " •' Jan. 2, " « " Jan. t. «' !» " •' Feb. 2, •• *• •* Feb. 4. "11 " " Ami! 2, « " " April 4. April 2, « " Tlie above illustrations are sutticient to impress upon th<.'>se having anything to d<» with bills, the fact that an error of one day in re- eni'ding th(^ maturity of a note or aceeptjince may <'hus<* the holder to lose his remedy against the endoj-ser ; and perhaps cmiih*' him to lose the amount of the not4> altogether. When the t>Mt day • .1 • August 81, at 6 months. These notes, although of difterent (hit hixt ihui of Fe.br uav if, mith a rKuni.in/ thm, in montlm, mill advance tfte ikiij oj' paijuwtd thrnr a ml four days, by daiimj fornmrd otic rtth if. run- niny tina; in months, expirimj in Fe.hraary, will beeoine due on, the name day. ' ■-•*-' +. — Xote.s draajn or bills accepted mi f^ta lost two days of fhirty-on<' day montfui, with- n rivnuiny tiitw, in nwntlis. 'txpiritfj in a thirty-day month, will fall due on the. same day. r II I m SET IV.— FURNITURE HT^STNRSS. C'HAHArTKUISTKia. BLYINtJ AND SKI.MNC; FOR CASH, ON l'EHS<^tXAL ACCOUNT, AND oN NOTP:.S. - 1NTKHK8T TAKKX INTO CON81DKHA- TION. — COMMENCIN(i WITH A XKT CAIMTAK, SCSTAIXINU A LOS« GRKATKH THAN CAIMTAL. AND CI.OHI\(! INHOLVKNT. iioOKS UHKD. — DAY JIOOK, .lOlRXAl,, MCIXiKR, AND BILLHOOK. St'i- j'dilll of Bill /iiK)/i, (if till- I'liil mf Hi't. Ottawa, March J, 1H74,— Jjoased a store of T. IJ. Dean, at $600 \wv an- num, and coinmiMiced the Furnituri! Inisiness, investing; as I'ollowi^ : Cash, ^IHOO. Stock of iMirnituie on hand .«1 ")()0. Note a^^ainst A. Ovtrel! for >7')0, dated January 17th, 1S74. at 2 monthfl. Total investment S32r)(». IJouv'ht of (t. S. 'rickcll, Hellevillo, on one month's credit 15 Carved Rose- wood Centre Tahles, at $.jO, )> doz. do. arm chairs at i(A). Total .-liilllO. 2 — Sold W. 11. Barber, on his note ;it 1.') days. 1(1 Carved Uosewood chairs. at $H. I do. centre table, .*7."). ! ^rothic hall stand ?2:). Total i^lHO. 3 -15ou;^ht of Jak<'3 and Hav s, T" 'a. on ucet., 10 siits enamelled fur- niture at $7'), (> do. black walnut $l.")(t. 10 extension dining tables at«2J. Total If 1!)00. •1 — Sold W. H. Shermu'i, for cash, 1 sot enamelled furniture f 100, I exten- siou diniri^' table, ^ U), s carved ros»-wood chairs at §S. Total $204. 5 — Sold VV. W. Jones, on his note, at one month, with interest at (! per cent. 1 set enamelled furniture $100, 1 extension table .*40, 1 dressing,' bureau $.T), 1 rosewood tetca-tete f.'iO, 1 Lrothic hall stand •*2S, 1 card table iBi'), 1 french bedstead .'*22, 1 cottage bedstead,!*!.'). Total lc!29.>. ti Settled with Jakes la Hayes, by giving theiii iiy note at 1 month, with interest at '.) per cent, in full of acct. ^'IDIIO. y — IJought of J. li. Ashley, on my note at 10 days, l.'i black walnut book cases at .■*(•(), 2 do/,, do. arm chairs, at !?r)0. 20 curled hair mattresses at .':'20, 20 double-leaf secretaries at l?3.j, 25 music racks at $.'). Total $221."). 10 Sold (i. VV. Maybee, on acct., 1 carved rosewood centre table .'JliO, 2 do/., do. arm chairs at $.)0. 1 set enamelled furniture $H0, I black wal- mit sofa bedstead at lp')0, 2 extension tables at $;{0, 2 i^othic chairs, B. W. stuffed, ut j!l5, 1 easy rockei $12. Total t-Wl. 11 — Mought of Jakes & Hayes, on .'? n tilths" credit, an assortment of fuini- ture iiinountiuL', per invoice, to s;.;.')00. *' Paid cash for insurance $12."). 1,') Sold S. CJ. Beatty, for cash. 2 black walnut buM-aus at $."{0, 1 rosewood parlor set ?400, 1 eiuinn'llcd bed room suit "-200, I sitiifle liflslrad $h. 1 ipiartette table $'J, 1 iiulies arm chair .^TJ, 1 black walnut library book case $7'). f7(;i. Id— Sold \V. McKeown, for lasli, 1 carved r-wwood .secr«;tary %>I2(), lipiitent spring bi'ds at ^(JO, 1 walimt c< ntre tablf $;'»((. 2 rosewood l)ureaus at $40. 2 arm chairs at $10, 2 "'sleepy hollow' (chairs at iJ2.'), 1 black wal- nut jiarior suit $300, 1 side whatnot §1). Total .->0!>. 17— Paid cash for th.x'e nionthe' rent .*!ir)0. Advertising .■^2.j. " Honght ...f .Fakes «'c Haves, on a'ct., furniture aniountiiig. per invoice, to $21.»0. 1: |!- I m 17 — Bought of H. W. Huflfmau, on my into at 3 months, furniture amount- ing to $550. J 8— Received from G. W. Maybee, cash on acct., S150. " Sold W. Johnston on his note at 3 months, 1 hall stand $5, 6 parlor chairs at $3.50, 1 R. W. tete-a-tete $30, 1 black walnut sofa f30, 1 large dining table il'l, 1 piano stool $8. 1 music rack $5. Total 113. 19--Sold Warner Bros., for cosh, 2 bed room suits at $50.60, 2 rosewood parlor suits at $200. TotaU501.20. 20 — Received from G. W. Maybee, cash in full of acct., $242. " Received from A. Overell, cash in full for his note of Jan. 17th, $750 24— Sold H. Corby, on acct., 20 doz. kitchen chairs at $S, 10 doz. rush bot- tom chairs at »18. Total J340. 28 — Bought of Smith & Co., Kingston, on note at 3 months, assortment of furniture amounting, as per invoice, to $1500. April 1st.— Paid G. S. Tickell cash on acct., $500. 8— Received from W. W. Jones cash iu full for his note of 5th inst. and interest thereon to date at 6 per cent. Face ot note $295. Interest $1.62. 9 — Paid my note of 9th inst., favor of J. B. Ashley, with interest at 6 per cent for time overdue, 18 days. Face of note $2245, Interest $6.74.* 12 -Paid salaries $180. Sundry expenses $25. 16 — Paid my note 6th inst., favor of Jakes & Hayes, with interest to date. Face of note $1900. Interest $19. ^'ventoru of merchandise unsold •'?5336.34. JSet capital at commencement $4050; Net loss $6049 58; Net insolvent i/ at closing $1999.58. NoTK— The student is expected to work out tlio interest on all notes bearing' interest. •In business uulculations, it is not customary to enter fnu'tions of iv cent uiMtn the ar- connt books, ccnscciuently in nil coni|)ut i Ml* 4> it> !(■ 4> ' ^ 1 Jan. \Vi\>. 1 I""- f Apr. 1 May 1 •iT, 1 JlllV < \»«. j ft«l.. 1 Ovl 1 Nov. 1 liecT CO 21 Sy.!l5 ! r i 1 ^ > > 1 2 » bd ^ td *• l« 1 *•«!*►-! 1 V... 1 ;5i 00 to 1 P Is- — "1 • 5 .» 5 • ?3 3 if '0- ■ » .C.I lo- ?3; 1 |i c ss SSKS" 1 _ -I'V-l'S s i-t (-id 4- lt> M 1-1 >-• l« 5 2 els 1 «k 4- •Ck' •&* M^ tf ' .Inn. 1 K .ii'ii. 1 Oct. 1 Nov. 1 Due. *"* ! .- Ot M ►- * X U' U O (X. ' W Ui o o ! t J .1 ? . S ;: re S5 !e ^5 3.": ■ Hli! M-|5l '.=■ *.=■ \ o •4 td M IP 72 RRMARKR OX THK lUIJ, IIOOK. ■The lliii r.i>ok sIkhiM nrviir Itc oinittiMl in smy hiislurfif; (lealiiigH with iioU^s, 'it'or imyiihlc or rtrciviilth'. It is ho siinph', that tlu' Ktuefore commen(;ing th<* work of Set V. : A Draft is an ordtn- in the form of a retpiest, usually payable at sight, or a specified time then'aftiM". A Di'aft at sight is considered the same as Cash by the ))ayee and drawee. _ There are three pei-sons concerned, though ofttMi tlm sauu* person acts both as draw(M' and payee ; the drawer, or makta* ; the payt^e, or the one in whose favor it is drawn ; the drawee, or the one who is obliged to pay it, or, in <»ther words, the one who accepts it by writing his name and the ihiU' across the face. Drafts are generally used to mak»' remittiinces. Kl'LKS KOK JOlUNALIZlNii DRAFTS.* CwKDlTthe person or bank you draw on, becau.se that j)ei"son or bank pays an amount on your account. Dkiut the jH'rson who draws on you, because you i)ay a cei-taiu amount on his acc<»unt. Si(iHT DiiAKT. Drawer's entry, " Payee Dr. to Drawee." Payee's entry. " Cash Dr. toiidL'iit nitiMt ajipear in <>nu or othur of thv Hill accouiitH. [Sea forms of drafts, in a Hubse(|uent pait of the work, under " Forma of Busine.ss Pajjers."] IJil 73 SIIIPMKNTS AND ('()XS[(JNMKNTS. ,, .Ucrc/uinfn hui'itnj i/oods whirh thry fumiot t>e of to atfrttutiitjt' at /loitie, o/tfii »>')itf them to mine ftersoii doiiuj hiimupxH in, aiKttlier pldtcp, hy this incnv^ jWr/itentfy Jint/iiiy a hetter iiuirke.t. . ^ , ThcHO tj'iinsiic'tions j^ive riw to tlit* ivhovc iiecounts. Cim.sijjjiior, ih a iiaiin' {^ivcu to the slii|)|>(*r of j^oods or otlicr ](roj»«rtv. Consi;j:nPf', is tlic jjorfton to wlioin tlic u^oods an' s]ii|)]H'<]. Sliipnwfiit, as a Icdi^'cr title, is a lictibious name «,'ivoii to inorcliaii- (lise, or otlicr |»ro|)<'rtv, slii))|t(Ml to Im- sold on at'couiit and risk of the Consignor. It is nuulci L)i'. wlitin tlie goods are shipped for their full value and for all costs; it is cr(Mlitere shipped or whatever he has i emitted you iji payment for it Dr. t<» the shipment. After j)osting tothe ledger it is closed "To" or "Uy Ijokh auil (Jilin" if an account of sales has lunm rec(Mved ; if not, it is closed IJy lialance liiv«'ntory, for what it was invoiced at when the shipnuMit was made. " (vonsignmiMit," as a lodger title, is a name hy which you keep an accf»unt of goods or othcu" property rticeived hy you to sttll on iiccoinxt and risk of the; consignor. It is (h'hited for all charges paid hy yctu when received, or for all costs accriiing on the sjime whih^ in y<»ur )»ossession, and crediti'd for all its incomes and sales. It is closed hy making'it Dr. to your commissi«>n and tothe consignor for his nest j)rocoeds, or to whatever you may remit him. . > Tn either case the account hulances when posted in the ledger. The term " Shipment," when used as a ledger title, should have the c(tusignee's nana* oi- place of resid<'nc«! attached, and each one should he ninnhered, in ord(fi- that you may distinguish Inttweeu different shi]>ments to tin* same )>erson or place. '* " Consignment," when used a« a ledger title, should have the consignor's name prefixed, and each one should he nundiered. Thus, — if you shij) go ACCOLNTS i:SED IN TlIK FIVE FOLLOWING SETS, WITH NUMBER OF LINES KEQLIKED FOR EACH. ... '»i i This apjHJii.ionment provides for the J jeilger heading, and the neces- sary space to close the accountw in due form. -, ,/, Set v.— Stock 5. Cash 22, Hills Receivable 7, Hills Payable 6. Mer- chandise 20, J. W. Campion 6, L. VV. Yeonians (J, Ames, Holdeu & Co. 7, F. M. Clark 5, W. T. Tilley 5, Shipment to Tillcy 5. Interest & Disiount 7, Expense 9, LossJk Gain 7, Balance 10. Sets VI. and VIF. (under same hoadinr/s) — Student, 9; Jambs Fenwick, 6; Cash, 23; Merchandise, 14; Bills lieceivable, 9 ; Bills Payable, 10; Furniture. 6 ; Expense, 7 ; Rent, 9 ; Insurance, 9 ; Montreal r>ank, 23 ; Jones & Co.'s Consj^'t., No. 1, 6 ; W. H. Robinson, (5 : Jones & Co.'s Con- sii^nment No. 2, G ; Charges, II; Commission. II; Jones Jc Co., 11; W. West's consg't. No. 1, 6; Jones tt Co.'s consg t. No. 3, G; H. Holden, 5; W. West's consg't. No. 2, 6 ; Jones & Co.'s consgn't. No. 4, G ; Interest & Discount 10; W. West, 6; Solomon Johns, 5; Uood will, 5; Loss & Gain 15: Balance 8. Set VIII. — (Single Entry) and Set IX. under same headings. J. S. Mil- ler, G; F. Lane, G; J. R. Marvin, ii; W. McKay, 9; Robert Carey, 10; James Goodwin, 10; H. Simmons, 10. Additional accounts after opening Set IX. Cash, G; Merchandise, 10; Hills Receivable, 9 ; Bills Payaule, 6 ; Real Estate, 5; Expense, 6; Interest & Discount,5; Shipment to B. Way, G ; Loss & Gain, G ; Balance, 8. SET v.— BOOT AND SHOE BUSINESS. The Ca«h Book should be used in iR'rfcn-ming the work of this sot. See Konn at the end of set. ChARACTEKISTICS. — BUYING ANU SELLING FOR CA.SH, ON NOTES AND ON PER- SONAL ACCOl'NT. SHll'l'ING TO BE SOLD OX ACCOUNT OF THE SUI1>1>£R. COMMENCING WITH A NET CAIMTAL. EFFECTING A NET GAIN AND CLOS- ING WITH INCREASED CAl'ITAL. . , Kingston, April 1, 1874. " , this day commences business with the followin? resources and liabilities. Resources ; cash as per C. B. $.'i850 ; Thomas Holdeu's note for $500, dated Dec. 9th 1K73, at 4 months ; an accepted draft for $400, drawn by A. M, Foster on John Templeton. dated Feb. 1, at GO day's sight, and ac- cepted leb. 4; A. L. Bogart's note for $25<>, dated Jan. 14, at 3 months with in .erest at 8 per cent. Interest accrued on above note $4.33 ; J. W. Campitn owes on acct. #450; L. W. Yeomaus owes on acct. $376. — Total resources $5829.33. Liabilities. — Am owing, on note, favor of F. Lockett $325, dated Dec. 9, 1873, at 4 months ; Ames, Holden & Co., Montreal, on ace;., $175 ; F. M. Clark on acct. $220. Total liabilities $720. •student's Name. 75 a— Bou},'ht of Hainei A Lockett, on my notes, for equal amounts, at 1, 2 and 3 monthH, menOiandiso as per invoice fSliU) " Boujjht of Ames, Holden & Co.. on acct,, merchandise as per invoice $:<500. " Paid earth for a set of books, for store, $12.50. For freight |8.25. Total $20.75. Cash sales this day $51.50. 4— Sold L. W. Yeomniis, on arct. 1 pr. calf stitched boots $6.50; 1 pr. Misses' jroat lace boots $2,t'J; 1 pr. kid slippers $1.25. Total $10.15. Ca^h sales this day $70.80. 6— Paid F. M. Clark, cash on acct., $150. Paid for advertising $15.75. Accepted Amos, Holden A Co.'s draft at 10 days sight, favor Thomas Smith, for $4"0. Received from J. W. Campion, cash on acct., $250. Cash sales this day $S5.tO 8— Received cash for J. Tcmplcton's draft of Feb. 4, $400. tash sales this day $95. a — Sold J. W. Campion, Belleville, on acct. r 1- . » 5 casej (iO pairs men's stout boots at $2.20 v '^ (i (( 72 n 8 « 90 u 4 i< 240 u 4 « 240 t( 2 •< 120 (t 2 « 120 (1 Cash sales this day $115.40. " lasting gaiters at youth's stout boots at *' " brogans at women's split boots at " congress gaiters at pebbled buft. bals. at 1.75 1.80 .(50 1.10 1.25 1.25. Total $1138.80. 11— Shipped persteanier Passport, and consigned to W. T. Tilley, Port Hope Ont., to be sold on my acct. and risk ; 10 sides No. 1 Sole Leather, •JHemlock Spanish," 240 lbs at 2.5c. ; 1 roll No. 1 Buffalo Sole. 300 lbs at 22c. ; 2 Rolls Pebbled Cow, 2H0 teet at 15c. Total $168. Paid in- snrance on same in cash $10.50. " Received cash for 'J'hos. Uolden's note of Dec. 9, $500. Cash sales this day $UnQ. 13— Sold L. W. Yeomans. on acct., 1 pr. Misses' Calf Stitched Boots at $2.75; 1 pr. do. Lasting Gaiter Boots, $1.75. Total $450. " Redeemed my note of Dec. 9, favor of F. Lockett by giving him draft at 30 days on J. W. Campion $.12.').* Cash sales$l'H. 14 — Sold John Mansard, Brockville. 10 cases 120 pra. Men's Calf Stitched Boots at $5. " ~ " " Sowed Women's " Ijace " Goat Buskins " " Lace Boots " Colored Gaiters " Prunella Bals. Received in payment, his notes, 0P(^ at .30 days for $-475. " " 60 " " 544. « " 90 " " 700. :■ Cash mln- this day $Vl'}1fi. 17— Received from A. L. Boi'Jirt, cash in full for his nolo of .Tan. 14, and interest thereon to date. Face of note, $250. Interest for 3 months and 3 days, at 8 per cent, $5.17. Caxh sales $118.25. 5 CO <( 6 360 K 1 60 (( 1 60 (. 2 120 U 2 120 n ^^ at 4. « at 1.25 at 1.20 ts at 1 .25 •s at 1.10 at 1.25 Total $1719 "It will l)c olwcrvcil that the not*) ruilfiitiiMl on tho l:tth, ami tho ilitxftoii the 20th, CiHiie line (Ml biiiuLiv, iiiukDiiwquciitl.v |wyiiiciit wm ibftrroil iiiilil the iit.xt il;'y. both mi ]' 76 IM— Paid Ames, Iloldeu &. Co., cush on inct., $[AW. I'liid tho followin;,' MciiiK of (!xpenso. I'aiiititi;; shop $',\.'). Repairiiijj windows !f 1 40. CIPHninj,' Htoic $4.r>(). Totur$17'.t.0(). Cash sales thin dn>j 1125.50. 20 — I'md Ames, Uoldon & ('o.'s dral't ol' tlio ftth, inst., fttvt)i- Thomas Smith, * too. Cash sales ■K^VMy.'H). 22 — i{oii<;ht of'Jno. M<'Ku()wn, for cush, morchiindiiM! as per invoice #1200' " Heccived from L. VV. Yeomans, si-'ht drull on Joiin Smith lor amount of ucct. !?«.{•». 15. " Jlou^'ht of Thomas frown foi John Mansard's note of April 14th., mer- chandise $70 ». Cask sales $17.").5(». 2;{— llei'uivcd from W. T. Tillcy, Port Hone, an Acconnt of Sales of the leather shipped iiim the Ilth iiist. The net proceeds, which hav«; been entered to niv credit, amount to $211.50. Paid F. M. Clark cash in full of acct. ^70. 'J4 — Paid Ames, Holden & Co. cash on acct. $200. Paid sundry expenses $15. .')(). :{0— Paid rent $100. $Clerk hire $140. Gave .\me.s, Holden & Co. draft at:Uldiiys , Net capital at a>inmencinij%')Wi.\\'A; Net yaiti $3002.34; Net irorth at f/(/.v% $8171.07. Ttt TllK STIDKNT, Kiiim t]i(> jihovo Day Book y(m are requirod to iniiko out tho fol- Ittwins^ Inisiiu'.ss pajHsrs, using for tlio saiiiu sudi names and atnounts H.S would ))o rcfpiirod in a Ixjiui Mv, I)UsiuoHS. Not(!S and drafts ro- (luirinjf a rovennt; stamp must receive it. Draw the three notes received on the 1 Uli, draft pnid on the 20th, and the draft received on the 2L'nd. All niree.ssaiT forms of notes, di-iifts, etc., may ho found in the hack ]»art of this l»iH)k, under tlie title of "forms of business ta- Piiiis." See mode of tiling husiu'^ss papers, page 71). , ■ ' • THE CAHlt BOOK. This hook is kept f(»r the purpose of recording all cash received and paid. Th'-i-e are various ways of keeping the Oash Book, hut the fidlowiiig form is perhaps as simple as auj^ and as little liable tomi.s- lak(w, for|tersons whose cash tiansactions ai'e not vi-ry numerous, and who are not scientific accountants. It contains (wo columns for (lullais .ind cents.* Whenever money is received from any souive whatever it must be entered in this hook "To," (describing for what,) and the jimoimt be ext((nded into the left hand dollar and ciiut ndumn, which is called the (/ihif c'ljumn ; and wheucA-er money is paid out for any purjmse whatever, it must bo entered in this book '• By," (telling what for,) Tlu- sliidt'iit «itl iiliscrvc t)i;it, in MpiMkiii';- of tin: HKiticv cuhuiiiis, wi: ilcsijjitalu t!ii' spiici, ui° diillarii and iUv ^pace for ctut6. iiiiilnd, a« but oik; column. 77 aiul the amount extended into the right hand dollar nnd cent column, called the credit column. Thus, if the acc<>\int is kept correctly the difference Ix'tween these two columnH will hIiovs at :ill timcH the 6rtr//f-/iy discrepancy must arise from ern>r, which must l>e sought out and rectitietl l)efore tlie account is balanced. The cn>dit column can never l)e the larger, since it is imjxissible to jiay out more numey than you receive. The Cash Book should Ik; balanced at the end «f each wrek ; (or daily, when much businj'ss is done) by entering the balance of cash on hand, in the crese figures should only be entered with pencil at the tinui of bal- ancing the book and emaed as soon as the difference or cash on hand is obtained. • The exi)lanations to the entries should In^gin, as in form, on ajK-r- IMJudicular line, and should be written one-thirk8,«12.&0, Fruiyht, «8.2fi. 20 75 :•" 54 50 « 4 " Merohandiae, !!«ult)S thlH dttV '■«' " 70 80 ' . 'Balance in hand, *^o 3954 3975 56 3975 3954 30 « G Bnlniiw brought down, 55 «( « ByF, M.01ark, Paid <»u Acet., 150 (( (1 " Expense. I'ald foriulvt'rtisiiig 15 76 (( (1 To J. W. Campion. Ucctived (in Aixcauit, 250 «t *^.llcH tl)iM I'liy, 95 <> (i " Merchandise. Hocetvud fnr thlM dH,T*M haIcm, 115 40 X 9 ByShip'tto Tilley. I'aid iuHuruncu, 10 60 «( 11 To Bills Booeivable. licucivud for Holdeii'H note, B.K 600 «( (i " Merchandise, Rctuix ed for ilay'n wdeH. v-u in 114 70 'Balance in hand, lialanco brought down, _____ 6514 05 53;{7 80 5514 05 <( 13 5337 HO « M = 150 15 75 10 50 5a:}7 80 55I-l'0.) 500 179 50 5406 77 — FIUNCI mTHINRSS PAPKTJS. Tim fMllowiiijf lunns n^in'csciit HusilirHS Phim-i-s, properly foMtnl uiul fihwl. As tlio fuMin;( mid liliii;^ of <»tli('r piipftrs, not repn'Ht'iit(>il lier«!, hIioiiM 1m< iift<'r tin* smnc j^t'iicral forin,.w« dcLfiii it uiiU(>c<'H.siiry tu give tliviii. Fold all pupei-H tho huiuu width. 8 e l5 .. a Trial Bala Set I. < Thos. Smith, Invoice, 14th Jan., 1874. 1874. 'Invoic for January, -"■'i '.'T atty, Sales, 1874. 8 rf *• ,(-■■- ^^ i "■■ '■■■;.- ' ( ■ ) ' ' 6 i^^ .1 ■' '.''..' ?'^i •' s. Ace 18th .^ 1 1 .' ^ • . Jenning ofMdse. May, 187 '..(1. -2 g* r ' y, ■- , ^i'. .. '., ■:< R.P Bill 4 th ? ^ , • . . '! .^, r ! L . ..\ ..: .. ,1 ■ -:.., ll. .'» j ■ ! A . .1., '. >.. . « -* "2 i~- .• 2" « *Jieceipts for May, 1874 cs a. •• ■ i.#. . •. : ^ S ___i • Repreaent wrapper* for different classts of business paper. 80 SKT VI. PUODl'CK AND COMMISSION WlNlil.p: PHOPKIKTOK. ursiNKss.— Books XJaKV.— Dnt/ Hook, Jottrnaf, Ledyer, Hiil Hook ntid Canh Hook. CHAUACT£KI8Tl(;d — TlIlS, AM> TIIK SrCTKKIMXU SkT, AKK INTEUEI) TO IM.1'8- TKATK THE IMUNCII'I.KS AND PKArriCE «)K A HIlilM.E roMlilSSlON, IN' ('OK- NICrTIUN WITH A (iENERAI, MKRrHAN'DIHE Rl'SINESH; AS ALSO, TO HOME EXTENT THE on IXrj ANI> KKCEIVINO OK NOTES. l)KAWIN(i AXO A<"<'KrTIX« DKAKTS, WITH ALLOWANCE OK INTEItEHT AND DIHCOlXT ; KEEI'INU A BANK ACX'Ol'NT IN THE LEIXiEK, DKAWINO AND HKCEIVINO CHECKS, ETC., ETC. THIS SET ILLISTRATES THE Bl'SINESS OK A S1N(5LE I'KOPKIETOR, CI.OSIXO WITH A NET LOSS, AM) ARRANOINd TO ADMIT A VARTN'EK KOR THE CONTIXrANCE OK THE HI'HINESS, IN SET VII. Itellcvillc, January let, 1871. Student invests in Cash, i5UU0. Paid Cash tor (JIHco Kurniture, $350; and for Books and Stationery, $50; Total, $400. ^ 2 -Deposited in Montreal Hank, $4000. .3 -Bought of W. Lin|;hnin, on my acceptance at 10 days, ')0 Bbis Extra Flour. $i:<..''.0, $«7r); 100 do. Superline Flour, at $«.2'>, $H25; Total $1500. 4 — Paid for three months' rent, in advance, por check, $l{7.». Received from Jones & Co., Hamilton, to be sold on their account and risk, 100 Jiblb. Extra Flour : Paid Freight and Draya^e on same, per check, $2i:{.r.o. .5 — Sold for Cash, from Jones & ('o.'s Consi^riunent No. 1, 50 Hbls Flour, at $11.40, $570- Sold W. B. Robinson, on ucct., 75 Bbls. Superfine Flour, at $!>, $075. G— Took out open Policy of Insurance on Warehouse and contents tor $30,000 at J 7 ; Pttitl Premium, per Check, $225. Sold for Cash, 25 Bbls. Extra Flour, ot $14, $350: 25 do. Superline Flour, at $0, $225; Total, $575, Deposited in Bank. $1000. H — Received from Joiiei< ft Co., Hamilton, their second Consignment, con- sisting of 100 Bblw. New Mess Pork: Paid i'reight and Drayage on same, t>er check, $247.50. Sold J. Cummiugs on his note, at 30 days, froni Jones ft Co.'s Consignment No. 1, 50 Bbls. Flour, at $11.50, $575. y— R«Mid('red Jones ft Co. Account of Sales of Flour, represented in " Con- signment No. 1," my charges on name are as iollows: Storage, Insu- rance, ("oopcrage, etc., $21.43; 'Commission 2^ , on Sales $28.ti2 ; Jones ft Co.'s net prooeeds, 881.45; Total debit to Jones ft Co.'s con- signment No. 1, $031.50. 10— Sold from Jones ft Co.'s Consignment No. 2, 75 Bbls, Pork, at $20, $1500, Received in payment sight draft on James Wilson ft Co., for $800; t CaHh $700. Deposited in Bank. $2000. 11— Accepted Jones ft Co.'s draft, at 10 days, sight, favor of W. H. Davj; for $500. i *K veiientl "oharKi*H" liccsiuiit it* HiiHtclent to rupruMent the ratuniit from all charyen exvupt your CoiddiImiIoii, whiuh rt><|ulrcii a HuiNtratv luvoiint. tThu only iSiHthiutluii botwuvii u Sitflu hru/t uiid u Check \» that tliu (orinur ImlraMrii on an inillvlilual, ami thi- lattur on u bank, Koth \M.>\n\( itayablo ii|M>n prencntniunt uru conHldured thu Huniv an CuMh. A* thUdratt will bu |tlAuoU in the iMiik (or (JulltMition, we nhall ntckon it aH caHh at once, . - 12— Itopoivod Iroin W. \V«'st, Toronto, to br sold on his iiPft. and rink, 1000 liiish. Whfttt. Paid Freight and L)riiya;j«, p(!r check, ^17r». 13-Sold, from W. West's Consignment No. 1, for Cash, r)00 Hush. Wheat, at $.\.2i), $l(i2r>. It — Iloceived from Jones & Co.. Hamilton, their third Consignment, con- sisting of 500 Hush, llye; ;»00 JJush. Oats, Paid Freight and Drayage, per check, $180. 15— Sold, from Jones &, Co.'s ConsignmentNo. 2, to II. Holden, on acct., 2;') Hbis. Pork, at $21, f '.25. 16 — Closed Jones & Co.'a Consignment No. 2. and rrndersd Account Sales of same, my charges for Storage, Coopemgv. et«., $!!>.7H; Comuiisaion, 2i / on Sales, $:A).62 ; Jones &, Co's Net Proceeds, 11707.10 ; Total debit to Jones & Co.'s consignment No. 2, $1777.50. 17— Received from W. West, Toronto, his second Consignment, coRsisting of 2000 Hush. Canadian Club Wheat; Paid Freight and Drayage, per check, $:125. 18--Sold W. B. Hobinson, on acct., from Jones & Co.'s Consignment No. Ih 500 Bush. Hye, at 1.40, $700. Bought of John Downing, on my noto at :iO days, 100 Hush. Timothy Seed, at $.{, $1200. 20 -lieceived from Jones A Co., Hamilton, their fourth Consignment, con sieting of 200 Hbls. Kxtra Flour; Paid Freight and Drayajje, per check $425. Deposited in Hank, $1000. 21 — Paid mj- acceptance favor of W. Lingham, due the 16th, per check; Face ot Acceptance, ^I.'jOO; Interest on same, 5 dajrs', .■J2.46 ; Amount Paid, •::1 ')02.'4(!. Also, discounted my Note favor ol John Downing , for $1200, due February 20th, Discount off, .'10 days, -^7. fNet Amount paid per check, *:11!K{. 2;J— Received of W. H. Robiiison, Ca.sh in full of acct., $-■■ • * *24— Paid my Acceptance! favor W. U. Davy, due this day, per check, $500. Deposited in Hank, $1H75. . t Invkntory ok RKMOi'KCEd NOT sHow.v ON Lkdoek. — Merchandise; 25 Hbls. E.\tra Flour, at «13.50, :j-3:{7. 50; 400 Hush. Timothy Seed, at $2.75, $1100; Total, $1437.50. lient, 2 months paid in advance, $250; Insurance- 11 monttis unexpired policy, $206.25; FurnPure, valued at $350. Net Loss, «81. '26. * Ituavu tills ainnuiit bluiik until yiiii hnve |mi»Um| thuH fa> , then rufer to t<> thu liul^cer for ainiiiiiit. t An iiittiri'Mt uikI l)i«0(miit are tho mme In natiiro ami ('fTtrt, both reprenviitiiit,' tliu itau of money, and iHtth liulicutinK iho amount I'uld vir Kucolvuil fur thu uku, wu do nut dueni It ne- I'tiRKar.v to kuup two rktiNirutu iict'uuntH. ? Anionif the o|>t>n I^dtf-.T ntcountn arc W. WuhI'h Coniv't No. I, .loncK ft Vi>.'n ConBii't No. a, Wi'Ht'H ConKK:'t No. 2. and .lonoH j( Co.'h ConH^'t No. 4 ; thu (ornuT two of whii'h (thow an excuim ol thu tTfilit Hide, and tlii' lattor two an uxi!f»s of tho dflii t hide. An the huHinuHM for which the*- utvonntN wurn oiiuneil is not eonchidud. thu) *. treated in tliiw stuteniont preciNely like |ierHonal aeiounlH, waiving our iuitnaturu elainis f^.r eharKeii and eoinudiwion. Thu vainuof uiiexiilrud runt, andinHurance, haiiod u|Min advaneus nia«k', Hhuuld uniiuestlon- »l)iy liu reekonod anions oin rewmreeH. 82 T(» TIIK SI TDK NT. IFiiviiii^ j()Ui'iiiiliz»'il iiutl |t.»st.t'(l tl'is .>«ft, tiikft a Trial RilaiU'*' and Stateiaonts, ami prove; your work to Jw cornirl. Voii will then (^losc thu accounts, open a Loss and (>aiu accMiiit >iu*l transtor tii't n(!l loss to tho proprietor's account. TIidu briiijj down all fuuiudor;/ lialnni'fH ** To Balance." and balances (»f Rml AccihuUh, kucK as Cash, Bills Receivable, Pei-sonal Accounts, etc., either "To" or "By Balance," as the standing of tins accounts may sJiow. making no trauHferH to the balance acct. If any account is closed "To Mahiucu," you will bring dowa the balance on the credit si(h; of the same,, "By Balance," and th« re- vei'S(% dating the balances br(»»ight down. Wlien all the )>alauce* are thus brought down the remmrccH and UahtUtieH will i«» correctly lo- cated in the Ledger, ready for tho c<^mmencemeut and continuation of Set St^'en. Befoi-e posting Set Seven, t»ik(! a Trial Balance of thos** accounts that hav(i been brought down in the fiodgor, to asc^irtain if tlu« trans- fers have been pniperly miule. STATKMENT Shrr Vl. Instead of making out the Trial Balance and Statements of Tjosscs and Gains and Resources and liiabilities sepai'ately, you may now write them all in one. COMBINKI) STATKMKNT. I^mves* UaliiH. iDr.Koofjt. !'• 38 10015 38 1250: 2700 •AH 575 39 500 .39 525 39 9S75 40 350 40 125 375 40 50 50 41 18 75 41 21 225 41 41 79 241 42 175 42 180 42 325 43 425 43 4 54 2 4G 43 HI 'ill 200 25 20625! 2692746 ' tiVtlifi-'r AinouiitN. Stock, Cash, MHrclmiuliHC, I5ill8 Receivable, Jonea k Co., H. Holden. Montreal Hank, Furniture, Kent, B.xpcnse, Inaurance, Char^^ea, Commission, \V.'8C0UHj,''tN0. 1. J'&Co'8C'n9g'tNo3 W.'sConsg'tNo. 2. J'&Co'8C'n8g'tNo4 Interest, •STOtKHlii't IllVatlANKI (Nl " IMIU, Ml 'Ml - Worlli •Ited inlT I 5000 '10275 1250 2588 5.361 41 79 1625 700 26927 'K-i KUHOII rc'B LiHbilil's 1 370 1 1437 50 1 575 55' 2088 55 !i , 'js 46 4ol3 54 350 250 206 25 21 24; 325 425 1450 520 4 9 IH 7 t 46 8977 29, !8977 29 83 SKT VIT.— PRODnrE AND COMMISHfON BUHJNEHS, (H)NTTNUKI). Two Piti'tiiprH. CnAKACTBIllSTIOS.— TUIrt IS A COSTINM'ATION OK THK BI'SINKSS RKI'REHENTKU IN HKT VI. INDKB A NKW ritUI'RIICTOKSHIt' ', THK nt'SINESH TO HK roNKI'CT- Kit I'BKOISBl.V AH IN THK I'HEVIOCS SKT. THE NEW I'AKTNKH, JaMES FeN- ^YlCK, INVESTS CASH Eyi'AI. TO THE NET INVESTMENT OK THK KOIIMEK I'UO- PBIETOH, WIIIfH IS SHOWN IN UIS ACCOIXT AKTKU CABKVINO TO IT TUK I.OHM OK TlIK I'BEVIOI'S Ul'SINBdS. Belleville, FchiUHry Ist, 1874. Tho Proprietor admits as ii partner in the business, James Fenwick, who is to make a cash inveatnient ci^ual to the present net worth, the business to be eondurtei! under the firm, name of* k Co. — each partner to jrivo his time to the bnsi* resB, and the losses and grains to be divided equally. James Fenwick investH Cash. $ . Deposited in ISank, fiOOO. 3 — Sold Ciuorjfo \Vallbrid;,'e, on his aeeeptance at 10 days, from \V. West's Consignment No. 1. 'tOO Hush. Wheat, at $.'{.10, fl700. Closed W' West's Consitjninenf, No. 1, and rendered him an Account of Sales of the same. Our charges for Stora;ie, Insurance, etc.. $'21*.!U ; Commis- sion, $H;M 2 ; W. West's Not Proceeds, §:J0 JIM)? ; Total debit to W. West's Consignment No. I, $.'4.2.'). Paid them our sight draft on H. Holdeii, for amount of his acct. f .t Check for balance, §! . u — Paid Jones k Co.'s draft on ue, per check, fl.'iOO. 7— Sold James Jennings, on his note at 'iO davs, 4 Hhds. Muscavado Sugar HltaOlbs., at 11 c, $7fi2.:iO. H-Sold for cash, 2.'> Bbls. Extra Flour, at |15, %[\Vo. Paid Cash for Postage and Ilevenue Stamps, %\[). 10— Received Cash in full for J. Cuminin^'s note of January Hth, due this day, $ . Deposited in Bank, Cash, $900. la Sold for Cash, 400 Bush. Timothy Seed, at $:i 50, |1400. 15— Sold for Cash, from Jones k Co.'s Consignment No, .'I, .'{00 Bush. Oat«» at i>5c., f li).'). (/losed Jones k ('o.'s Consignment No. % and rendered « an account of the same. Our charges for Storage, Insurance, etc., amount to $13.87 ; Commission, $22.. "17 ; Jones & Co.'s Net Proceeds, $(17H.7«i. Total debit to Jones k Co 's Consignnwiit No. 3, J?!.*). 16— Paid W. West's Hitfht draft on us, f-ivor Muntroul Llaiik, pur che«ik $2500. *8tiiil«'ii»'N Nfttiif. fMe« txtlaiu'r o( HnUlen'H an t. iu L«fdi(i i 84 18— Sold Solomon Johns on acct., from W. WoHt's CouHignmcnt No. 2 loOO HuhIi. Caniidian (Muh Wheat, at $2. It.*), ^'.M't'i^) ; also, from Jones & Co.'s Consignment No. 4, 200 Hbls. Flour, at $11. Sj, $2270; Total $571»5. 19 — Closed JonoM & Co.'s ConHi;^nnu»nt No. 4, and rendered an Account Sales of the 8iim«. Our cliurjres for Storage, Coopenyije, etc' $21.59 ,• our ComraiHHion, $5»5.7.5 ; Jones & Co.'s Net Proceeds, $176.3.66. Total doliit to Jones A Co.'s Cr.ii»i;^nment No. 4. $184.'). 20 - Sold for Cash, from W West's Consi:,'iiraent No. 2, 500 Bush. Canadian Club Wheat, iit $2. 10, $1200. 21— Closed W. West's Consijrnment No. 2, and rendered acct. of the same ; our charges for Storage, Insurance, etc., $2.'{. 17; Commission, at 2^ >', $1 18.12 ; W. West's Net Proceeds, $4258.71. Total debit to W. West's Consignment, $1400. 24 — Received Cjish in full, for fieorge Wallbridge's Acceptance of the 3rd inst.. Face of Accephince $1700. Interest on san.e, 8 days, $2.64; Amount received, $1702.(14. 25 — Received Cash, less discount, for James Jennings note of the 7th inst., due March 10th. Face of note, $7(52. iJO ; Discount, $2.22 ; Net amount received, $7(>0.08. Deposited in Hank, $4,500. 27- Received of Solomon Johns, check in full of his acct., $ .* De- posited in Hank, :^ugar, (i!t20 lbs., at Tic, $H30.40. Paid Jones & Co.'s sight draft, per check, for balance of their acct., Deposited in Bank, $2711.R(». Total Net Gain, $4512.52. •Uefor to Ltttl;(er fur ainount of tluiso ttvoountii. Th»! foilowinj^ Imsiiiess papers aro reijuirtdl to \h' maih; (Hit, l»y tho stmUuit, fntiii Skts VI., and VII. From Hkt VI. — Rt^coipt for rout, paid Jan. 4tli. Note, vjcoivtMl from J. Cummiii/>H, Jan. Sth. Account of salos, nMidorwl Jouoh it Co., Jan. 9tl». FiioM Skt VII. — Goo Wallbiitlgo's accoptanco of Fob. .'^rcl. Sight draft r»'c far do you encroach up«m the pecidiar province of Double Entry. The princi|Nil Inioks of entry ai-e a Day Hook and Le«lger. Besides these we intnxluce the Cash Book and Bill Book, as they are very imjmrtant books and should never V)e ilis])ensed with in a business where there are any eonsidenible dealings in cash or not^-s. These auxiliary l)Ooks are kept in the same manner us in Double Entry. All tmnsactions are entered in the Day Book, which require a debit or credit to any pm-sou with whom yon liave dealings, and as this is the only l)0(>k from which you post, every entry which you wish to bring into any account in the Tjasted in a book so that yon can refer to it at anv time; but in entering mtles on acct, the tVcww should always Ih) mentioned in the entry, whether your Ixioks are kept by Single or Doubie Entry, as this is your legal evidence of the trans- action ; and in order to l)e taken as (evidence, each article must be disflnctly namwl. See form of Single Entry Day Book, at tlie end of this Set. 86 in! ." til I .Yy\r>i3 r-TjD SET VIII.- DRY (}()<)I)S BUHINKH8. Two Partners. The work of tliis net is to be done by Single Entry ac'c«»nling to form on page 88. Montreal, March 1st., 1874. J. S. Miller and F. Lnne this day commence the Dry OoodI businesfl, at No. Ill St. James Street ; a'.)5. 23 -Sold Robt. Carey, on acct., 10 Summer Coats, at $2.50 ; 40 yards R«d Flannel at 55c. 24 -Gave W. McKay our draft at 10 days sight, on James Goodwin, for $100. Sold II. Simmons, on acct., 10 yunls Broadcloth at $2.25; 6 doz. Fn-nch YokeShirl.s. at $1S |)er doz. Hoiiijhl io/ CaHh Mdse, as per bill, amounting to $.300. Sold .lames (ioodwiii, on acct., 10 doz. Undershirts, at $7 per doz., H doz. prs. Knit Drawers at $8 per doz. 25 - Accepted W. McKay's sight draft on us, favor \V. Barnes, for $500. Received from Robt. Carey, sight draft on James (loodwin for $125. 26 — Sold II. Simmons, on account, 1 piece French Cassimerc, 50 yards at $1.25. 29- Sold James Goodwin, 15 complete ITniforms at $14 ; received in pay- ment sight draft on Moiitrt'al Hank. $50; balance to ronmin on acct. Had H. JiK'ksDii's note of Nov. 2»»th, 187:5, discounted at Merchant's Hank. Face of note $800; lMtpri\st. less disconni at 7 jter cent, for un- expired time, 2 months, $18., si. (v)ish received $818.81.* (Uve W. McKay our sight draft on H. Si;iimoiis .>75. Bought for Cash. Mdse., as per hill, amounting to $400. Iloceived ('ash, in full for S. Fowler's note January '2:>th. i'aid Cash for (las Hill, $20 ; Wood. $15; Rent, $50. 30 -Received Cash for I). Rohlin's draft of Januaiy 20th, less discount for unexpired time at 7 per cent. Paid Siio|) hands, cash in full for ser- vices to date, $120. Inrentory. — Merchandise unsold, $38J0 ,• Real Estate, $700. Net Gain, $425.00. 'It i^tlie ciiHtoiil <>( liiiiikrt, wliun ii iiotf buui'intr iiitiTuMl iu (linoounttiil, to coinpiiU) th« intcruMl (or the full tiiiiuoii thu fiwo of thu note, ami ailil il to tlu! priiiuipal, lliuii iliscoiiiil tliu uiiioiiiit III thlHCUHo, .lackAtoii'H iiotu l)uarN iiitoroHt at 7 I) T L'unt fur six inontliH ami ;t ilays, and tvill aiiioinit, wliuii palil, to ijisis 47. Thu dlHoouiit on this aniouiit for chu !j iniinth^ thu notehuHUi run buforuithuconiu.'* duo lit 7 |ior cent, i-i !<)l.i)i), and thU dmluflod from 412S.47 leaveH i^lS.Sl thu not itnicutidri ruuolvud fn>ni tho Kunk, oo / . * m EXAMPLE OF SINGLE ENTRY DAY BOOK. - . 1 . . . MoNTKKAi,, March 1, 1874. J. S. Miller and F. Lane thia day commence the Dry Qooda buaineHS, investiuj^ and a^^reein;^ to share gains and losseii according to article of co- partneriihip. Miller's investment. J. S. Miller, Cr. For the following investment : Cash as per Cash Book, Mdse. as per Inventory, Note and Draft as per liill Hook, Balance due from J. R. Marvin, Lane's investment. F. Lane, ^ Cr. For investment as follows : Cash as per Cash Hook, Mdse. as per Inventory, lieul Estate, Lot Mountain St., Notes us per Bill Hook, Interest on H. Jackson's note, J. R. Marvin, To Balance favor J. S. Miller, W. McKay, By Mddu. as per Invoice No. 1, Dr. Cr. Robert Carey, Dr. To r>0 yds. Bl'k Broadcloth at $2 25 " 12 Fancy Necties •« 1 00 '< 1 5 dux. prs. Lisle Th'd Stockings, at 3 25 Dr. $ GO • ■• •«. ... ... .1 lO • a. ••• ... 1 £0 James Goodwin, To oO yds. Flannel at ... •' 25 " Broadcloth at " Cti " Causiinero " Cii. By Dratt at 10 dys. on A. Benson, H. Simmons, By Merchandise as per Invoice No. 2, Dk. ■ • To our Note at 60 days for — 6 Cr. Robert Cary, By Draft at sit^ht on W. Johnson, Cr. 1500 BOO 1000 125 1500 1200 700 1000 14 112 12 48 30 93 82 94 3425 4414 125 1800 173 206 65 200 100 50 94 25 25 NoTB.— The trmiifciolloiis of thu 5th aid UUi, are iinrjly eutarodjlii the Cish Book and Bill Book, M theifoods wore (Mild torlii full at the thno of iJirohAsa, no purHoual acut. U affected and uonnoquently no entry it* riH|uired hi the Day Book. 89 CHANGING SINGLE TO DOUBLE ENTRY. Having tiiUHhtHl th« posting of thin not iicoonling to tlui priiiciploH of Single Entry, you will now provtiud to uhange the lM>okH to Double Entry. You have IcaintHl from the nets already worked out, that Double Entry conipriHes a perfect and continual recoiil of reHourctm and liabilitieH ; and by examining the liedgttr of the last Ht^t aB it now Htands yt)U will fiiul that Hiught Entry comprisiiH an imjfer/ect record of reHOurceR and liabilitioH, or, a r(!cord of only a |K)rtion of them. Whenever thiH deficiency is HUpplitnl the re«iuisitionH of l>ouble En- try ai-o met. Thei-efoitj TO CONVERT 8IN(n.K KNTRV HOOKS TO DOUBLK ENTRY. Carry t/ie tu-t tjalu or Ions of tkf Inmnestt to Stock, or tlw. Proprietor' a accouiitu, t/ieu ojteu Hiwh (ulditiotuil accouuta in t/u: Leilyer lu are tiecea- aarif to euJiibit tit*; entire resources aiul liabilities of tlie concern. It will be necessary, in onler tt) effect the dcHired change, to ascer- tain the net gt'.in or loss. TIuh is done by making out a Htatement of resouru!H and liabilities ; tlien by taking the net uapital at start- ing from the net worth at closing, you nmy .wcertjiin tlie gain ; or, in a losing )>asinesH ; by taking the net worth at closing, from the net capital at starting, you may ascertain the loss. The i-esoiirct's and liabilities ait; found, in Single Entry, by ascer- taining, from i\w Cash Book the amcnint of cash on hand ; from ^he Bill Book the i-esource of Bills Receivable and the liability of Bills Payable ; from the inventory the value of unsold mcu'chandise, and from the Leilger the stanilard of )>ei'somil accounts. Having nuuUt out the stivtemeut of I'esoui'ces and liabiliiies, o])eu cash. Merchandise, Bills Receivable and Bills Payable accounts in the Ledger and ])ost to etich pirtuer's account his share of the gain ; See that your Lodger is in et^uilibrium, then prixseetl with the ti*ans- actions of the next set by Double Entry, using the same Ledger, without disturbing any of the accounts already ojiened. SET IX.— DRY GOODS BUSINESS. To THK STI'DKNT. The buokti to bo UH(«l in working this m-.t by Double Entry, are Day Book and Juunuil coinbineil, Cash Book, Bill B(M»k and Ix'dger. The eight jireviojH Hets have all been conducttnl upon the oA^ Italian method. Another style of keeping accountH will now Im) in- troduced, wliich iH far more in uhb at the present time, and by which much useless writing may be saved. It will at first recpiiro more thought on your part than the previous sets have done, biit you are now HU)ipos(Hl to have nuistered the eleumntsiry principles of Book- keeping, and t(j be prepared for a higher step on the road to a thorough knowledge of accounts. The plan of doing this set is io entirely disjiensf with the Day Jiook in liintory form, and use instead a J)ai/ Jiook in Jmvnuil form denonnnattul the Janrtml Day Jiook, in which the entries are recorded in such a manner ns not only to p. esent a complete history of the business tmnsactions, but also to furnish debits and credits under the prope- Ltjdger titles, ready ftr posting; tlius rendering it useless to keep a Journal. The genenil rule for Journalizing now iKioomes a general rule for determining the pro|ier debits and ci-edits in making original entries. In writing u ) your Journal Day B<»ok remember thai no cash ti*ansacti(mB appeai* in it. The Cash Book used in connection with Sets V to VIII inclusive, was only for the purpose of preserving the cash account from error, and giving you an idea of how it should be kept ; but as used in this set it luis a still more impoi-tant oftic(^ It is the exclusive and only book of original entry for cash transactions, and these transactions are jiosted direotly from it to the Ii(. I'aid froi((ht on same, fti./iO. Caiih Sales fl'M.20. H— Hold Kciil p]Htute for $1250. Keceiv'>d in payment draft at lo dnyrt on ThomaA Davis for |Hr)0 Cash f'>r the balance |400. y— Oave W. McKay draft at M days on James Oorxlwin for I2H7.50. Cash Sales $l\irt. 10— Ut'coived from Robi. Carey cash on acct. $100. Sold A. Diamond, for check, 4 yds Hlack Unmdcluth at *').00, H yds Scotch Tweed at $2. 1 Vest Pattern $.'>. Cash Sales this day $230.ir). 12— Hou^'lit of Henry & Co., 20 pea. lied Flannel 40 yds fach. at ,'JOc., 10 j)C8. Wincey, .'tO vda e«cli. ut 2r>c. Oave in paynxMit Hi.'ht draft on H. JimnionH for $2(il>.r)0. CaHh for balanc. Cask Sales tim. s; Paid 0*1 iliil $14.50, Tax- Discount off at caflh for a bill of 14—1''. Lane withdrew on private account $150. es $45. 70. Cash Sales $ 1 70. l(i— Received from H. Way. Picton, acct. of Sales of Mdse, shipped him filh inst. The net proceed.s, remitted per check, amount to $70!).75. 17 — Sold S. Edsall, on his note at '^ months, 4 pea. Summer Tweed, 35 ydi each, at $1.50. Cash Sales $1«0. IH— Had S. Rdsall'a note discounted at Montreal Hank. 7 per cent $ . Cash received $ 1 I'aid Mdse. bou. '■'■ on Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, NY. 14SB0 (716) 872-4503 A V \ \ 'SSJ <^ d ^'\ c^ '1>'^. <^ ^^ ' ^/P i 1 ^ 1 ■f ^ c^ ■1 1 Ii:i il! i I HI.P Li r.-h 92 JOURNAL DAY BOOK— SET IX. Yoii are requested to observe particularly the following form, that you may be able to express, in this manner, any conceivable transaction, combining all the essential points of the separate Day Book and Joi. ual. Very few business houses a^opt the old method of first entering transactions in a historical Day Book, and journaliz- ing therefrom. Where more practical forms, for the puqjose of condensation, pre not in use, the Jouri;al Day Book meets with great favor, as being both plain and pi*actical. In writing up this book, make your journal entiy first, from the rec^ord of transactions ; then write the explanation immediately un- der it in a smaller hand, commencing about half way between the centre of the page and the date column, as illustrated in the follow- ing FORM OF JOURNAL DAY BOOK. Montreal, April 1, 1874. 32 34 31 33 Expense Dr., To J. R. Marvin, Bought on acct. 100 cords wood at $7.00, ti Mdse. Dr., To Bills Pay., Bought of Jones & Brown on our note, as per B. B., with interest at 9 per cent Mdse. as per invoice, .. 2 Robert Carey, Dr., To Mdse., Sold him on acc't as follows : 2 pes. Scotch Tweed. 70 yds., at $1 60 4 " Cassimere, 120 " " ... 2 00 6 — Shipment to Way Dr., * To Mdse., Shipped to B. Way, Picton, per steamer Alexander, to be sold on our account : 8 pes. Broadcloth, 160 yds., nt 4 00 Paid freight on ^ame as per Ci. B. - 8 Bills Rec, Dr., ' To Real Estate, Sold, Lot on Mountain Street for 1200. Re- ceiTsd above Draft as per B.B., and cash as per C B. for balance. - 9 W. McKay, Dr., To Jas. loodwin. Gave McKay a draft at 30 dys. on J. Goodwin for above amount. „ , „ .. , ,. 700 I 2500 345 640 850 287 50 5322 50 5322 50 700 2500 345 640 850 287 50 * Those transactioM being of a m'xed nature are entered in both Journal Day Book and Cash Book. m^ 'M k 93 50 60 ■ ' ! - THE CASH BOOK. The Cash Book is the most imixn-tjint of all the auxiliary books, for the cash account is found to be the most difficult to keep cor- rectly of the whole list of accounts, because cash is the basis of all trade, and is constantly passing out for purchases, ex})enses, tkc, and coming in for debts and sales. . In business the Cash B(X)k is genemlly balanced every night. We could not, in a work like this, introtluce a sufficient number of entries to carry this out ; M'e have therefore left it open until the end of the month. As the following Cash Book is the book of original entry for all such transactions as are entered upon it, great care is necessary in making these entries. They should be made in such a manner that any person may be able to determine what account was intended to be debited or credit- ed for the money paid or received. For this purpose accountants - adopt the following Rule. When money is receivetl, write the name of the account to be credited for it, next the folio or date column on the left side, and the words of explanation, on the same line a little to the right. When money is paid wiite the minie of the account to be debited for it, next the folio or date column on the right side, and the words of explana- tion on the same line a little to the right. '»«■*' *''• J^'fit'-xi" ;i •:•' The Ledger titles should be kept in a jierpendicular column, sep- arated by a slight space from the words of explanation. And it adds greatly to the appearance of the book to begin the woi'ds of explana- tion all on a perpendicular line, made by a light pencil mark, and write them one-half smaller than the Ledger titles. Post from the Cash Book and Journal Day Book in the same order, as regards the dates when the tmnsactions were entered. The following is a very convenient form for a Cash Book to ^t; kept in connection with a general merchandise business.! The fea- ture of special cohimns may be extended, if desirable, as will be shown in a subsequent part of the work. It will be seen that all cash entries, debit and credit, are taken directly to the Ledger from this book, together with all accounts prorlucing or costing cash. The amounts distinguished as " i)er Petty Cash Book," are entered here from a book contjiining sales too insignificant to be entered on the regular books. in ' ',1' i 1 1 - i; I'j ill 11 i' 1874 94 CASH. CASH BOOK, Db. Apr, Balance from last month, 83015.04 MdM. 1 Sundriflc. 1 4 l/ Merohandiie, Salc8 from Petty C. B. 1.14 75 6 j/ l( «i «i It «( 136 20 8 3 Beal Estate, Lot Mountain Street, D. B. 400 9 l/ Merchandise, Snlos M )H!r Petty C. B. 1S5 10 32 Robert Carey, on acct. 100 (( V Merohandise, A. Diamond's check. 31 it V f* Sales Petty C. B. 230 15 12 in (« II II II 200 16 Ship't to Way, Net proceeds per chock. i 760 75 17 t Merohandise. Sales from P. C. B. 180 18 Bills Beoeivable, Edsali's Note discounted. 210 21 V Merchandise, Sales from P. C. B. 245 50 22 V •1 .1 II II 725 23 v f« II II II 475 50 26 V tt ( this month in order to obtain the proper balance. Vvhcii you require to continue the Cash Book, after it has been closed, bring down the Balance on the Dr. side, without extending the amount ia the money columns, and continue it, the same as above, . , • . • * • 95 400 100 760 210 75 35 10 04 14 Sun- 8KT IX. . ' 1874 PAMTT Cb. Apr. v' Merchandise, Iiivoidc Cotton a« por D. B , HilHit. 1 Hiiu(lrli'». 4 60 6 37 Ship't to Way. Freight on same, 6 50 11? ,/ Merohandise. Iiivoioo from He.iry & Co., 45 50 14 30 F. Lane. Withdrew on Acc't.. 150 « 38 Expense. Gas Bill HUM, Taxes 84.'>.70, 60 20 18 h8 Discount, On S. E<>8all'8 Note, 3 76 « rs Merohandise. liouiirhtut Auction, 75 20' 20 Expense. Wai,'c.s 141), B< olilH.aO, 1 1.58 50 21 38 Merchaudise. T. .J. Clttxton iV: Co.'.s Invoice, 1200 1 « Expense. Cartat^e J150, Ucpaiting •'<0 159 22 ,/ Merchandise, Invoice, J. O. M„ D. B.. 250 >l 23 ,/ ti Invoice, J. McKay, 150 li 30 J. 8. MiUer, Withdrew on Acc't., 200 26 35 34 33 Bills Payable. Oruft lavor J. G. M. Total to Merchandise, Total to Cash, 550 1780 1780 70 70 .3068166 Balance • 4450 48 __,.— ^^^^ 7519 14 dries" column, on the Cr. side, to the debit of their respective accounts. The footing of the "Mdse." column, on the Dr. side, is posted at the end of the montli, to the credit of Mercliandise account, and the total footing of the "Mdse." coluian, on the Cr. side, to the debit of merchan- dise account. The cash received or amount of the Dr. side of the Cosh Book, is then posted to the debit of Cash account, and the total footing of the Cr. side, or cash disbursed, to the credit of cash accoiuit in the Ledger. As the debit sicje of the Ca.sh Book conttiins the credits of all ac- counts producing cash, and the credit side the debits of all accounts costing cash, it will be seen that when the al)ove posting is completed a double entry is effected. * Red ink. NoTB.— In nialcini; entries in your Cash Boolt, always ohsorre the above style o( arransfe- ment and XKVua ksikb tiik titlb cauh anywhere in this bi)ok except tlie hoadinx at the be- Ifiuninif of a page ; for you enter nothing In it but cash. It is unnecessary to use the wonis " receired " and "paid" in explaining an entry, as nothing is entered on the debit side of this account except CMh received and nothing but cash paid out on the credit side. In balancing the Cash Book, always rule that side first upon which appears the greatent number of entries, and have the footings of the two sides directly opposite one a-iother, m\ 06 «•' / iJi ij i,. P^ ■ QUESTIONS FOR RKVIEW.— BUSINESS SERIES. What are the three great qualities to be observed by an accountant? How many days are allowed for the payment of a bill, after the time men- tioned on its face expires ? When the term of a bill is expressed in days, when do you begin to count the time to run ? Give an example. When the term of a bill is expressed in months how do you determine when it falls due? Give an example of bills drawn on different dates and running the same time falling due on the same day. Explain how the term of payment may be extended three or four days, by advancing the date of bills one day. When the last day of grace of a bill falls on Sunday or a bank holiday when is it payable ? Give examples of bills dated on different days and having the same time to run, in mouths, falling due on the same day. Give rules to determine when to date bills in order to advance the day ot payment, and to tell the precise day upon which they become due. Describe the Bill Book. What is a draft? How many persons are in- terested in a draft? How is a draft at sight considered by the drawee and payee ? Give rules for making the Drawer's, Drawee's, and Payee's entries, in case oi' a, Sight Draft hi case of a, Time Draft. What gives rise to the ac- counts of Shipments and Consignments? Define the terms Consignor and Consignee. Define Shipment. How is "Shipment" account conducted and closed in the Ledger ? Define Consignment. How is "Consignment" ac- count conducted and closed ? Describe the Cash Book. How often should the Cash Book be balanced ? How may the Cash Book be tested at any time ? What are the principal books used in Single Entry ? What transactions are entered in the Single Entry Day Book ? What distinction is there between the mode of entering purchases and sales? Why is it .ecessary to mention the items of sales ? . . , How may the net gain or loss of a business be found when the books are kept by Single Entry ? Describe the method of changing a set of books from Single to Double Entry. ■^'^^^^^^^^^^ ■ 'iji,; • (. ».. M ' .!», :{-, THE CANADIAN ACCOUNTANT, 1 H'^inijTa :^aiT ot PART II. Containing the most Practical Forms of keeping Accounts adapted to the various departments of business, * INCI.rDWO K^P^^itriiu! ■h COMPLETE SETS OF BOOKS nr •'! s'.i ;:-:yfilt;:' ;,;^4 Wholesale and Retail Merchandising^ Manw facturipg, Settlement of Estates, Etc., Etc., •hi :■! ^ •<« .'■*l;>' l^.. •I m 11 '1!- ll i^R ri III! 1 i'l Hi Ml; III 15; i •if ■ill 98 ,jr i 1 \f,i srv'i f . ■ » ' / > * 1 ;i « / ^ ! l-i T TO THE STUDENT. You have now been presented with nine Sets of Books, eight by Double Entry and one by Single, representing you as carrying on difterent kinds of business, some of which have been prosjierously pursued and others attended with misfortune. The exercises ah-eady passed over are considered sufficient to illustrate the oj)ening and closing of books, both individual and partmei-ship, under the various positions of gains and losses, capital and insolvency. A good understanding of the preceding Sets will ground you thoroughly in the principles of the science of Book-keeping. We will next present you with some of the most approved methods and practical forms of keeping accounts, such avS are now in use in count- ing-houses in the various branches of business. The many changes in the form and use of the different books and the constant improvements made, so as the better to adapt them to any specific class of business required, are effected by px-actical ac- countants, and writers on the subject have by no means kept pace with the progress made. The want of practicability in the treatises on Book-keeping already in use, and the desire to keep pace with the age, occasioned us to publish this work. I 1; '■ l ll 99 BUSINESS STATEMENTS. Tliere iim many kinds of buwinesH stiitements now in use, each pos- Hcswing Home iK3cnliar merit, and all having the same gen»!ral purjione in view, viz. ; that of exhibiting the real and progressive condition of the business represented. The forms hitherto used in this work, part I., are both simple and comprehensive, and would probably be preferred by one not versed in Book-keeping as they are easily undei-stood ; but as it is necessary that yo\i should understand differ- ent modes of making out business stjvtements, and as wo know of no form that compasses so much within such limited space, as that givtsn on the following page, we recpiest you to make otit a similar BALANCE SHEET from eacli of the following Sets. A Trial Balance taken with Dr. and Cr. footings, similar to the following, will be sufficient to exhibit the necessary results of the Ledger from which to render a Balance Sheet. L.F. 12 12 1.3 14 14 15 16 17 18 Stock, Cash, Flour, Wheat, N.W.Phillips, -. Robert Brown, Bills Payable, .. Bills Receivable, Expense, DR GR. FOOTING. FOOTING. 8000 50 6850 50 2725 15 5080 2810 2420 1630 710 50 930 1000 1280 1380 620 450 155 '15 65 T8d45 65 18045 The following form taken from this Trial Balance will illustrate the process of making out a balance sheet. Full instructions for cases whei-e two or more partners are engaged in a business, are given on page 101. M Ill ■ 1 i 1 1 pi |; i 1 !;!■ 100 OS CQ u i^lJS? gs • T >o ^ •c o o "o -H fO o to li^ O >f3 00 CO \^ I 9> «£ OS at 0> u o o o • f5 M !>J X) lo •n Oi •(? 33 • • w oo o fc o CO irs - 5: • Q s:2 >n CO c4 C5 oinoooooo in .1 ui oi- CO « o rt >* t 9i QOWIM^ i-l-H CO 525 •< 1— I m o in in ^ ^ J rii o ^. 5* ">o' o ■< oooo o o in 4>4 O •ooos^J-^MQCMin 3 CO u Q0O'*t-0iC^50'-< ':2 H «o ift e>» — 00 1-^ rH M- 'I e^S m in in o « eo -.r (M r» «M J4 s^ eM(M • ^ tf 1 •>! Lj m * • > * ■ ■^ *^ ^ ■^ U h- iJ m ^ >J a» k ' *- I u n - ^i SJ H O ; , , U 's H an 1:1^ « * c _ « o ■a§3 5 « * •=eu V •J 3 I. ^^ • - *a s rt a §1. til feS n 3 «> 2 » p § If 5;^ (« C3 *^« 3-t5 . 13 §i iS£ 101' • BALANCE SHEET. ' In coimiuTcial lanj^uaj^e a "Balaiic Sliwt" Hignifitm the HyKtoniatic aiTanj,'«iiH!iit of faetH, for the imrjMwe of rxhihitiiig at a view the con- dition of husin«;HH. Thr foiiUH in uh«' vary, according to th«( iu'oeNHiti(!H of th« occaHion or the ingenuity of the acoonnttint. The following «>x]>lanation will be found serviceable in preparing tluH sheet for the »Mitri»^s. The method of enforcing the fjicts will be ap- parent to any diligent student. 1. Take a slieet of i»»per of proj)er size, and for a boi-der, rule double red lines an Mind the margin. 2. Rule parallel head-lines, leaving proper space for ilouble cap- tions, as in the example. 3. Asceilain the number of Ledg( r accounts to l)e I'epresente^l ; which will einbnice all the accounts in the Trial Balance that do not cancel. If the business is that of a single proprietor, usually called " Stock" business, rtUe in pencil as many lines as will contain all the accounts and ^ye additional. If it be a partner8hi}» business with two or more jjartnera, nile three additional lines for each partner ; thus, for "Stock" business, ^'ye lines more than all the accounts; fin- two partners, eiyht lines more than all the aocounta ; for three part- ners, ekvenMnea more, and so on. ' ,i . . ■ 4. Lay oif proj)er s})ace8 for debit and credit money columns ; • first for the footings of Ledgsr Accounts, second for Gains and Losses third for stock, or if partners, for each pai-tner — and fourth for Re- sources and Liabilities , also a single money column for Inventories, and for Ledger titles and their Ledger folios. The position of tliese columns will be seen in the example given. n :.'-,>,.. . 5. After denoting the proper space for each heading, which can best be done with pencil, commence to rule in red ink at the right hand and bring all the lines of the two cai)tion8, " Real Accounts" and " Stock" or one of the i)artners, down to the lower pencil line. For the other partnere drop two lines. For Losses and Gains drop two lines in "Stock" business, and one additional for each partner. 6. Rule the foot lines as shown, and the schedule will be ready to receive the accounts. , . in r 102 In 'I j:i:. \.'.::^ ill . I.I Im1 ll- ,,. 'I ih;: tiii! % HHIPMKNT CO.'S AND MKHCHANDISK CO.'S. "HhipiiH'iit ('oinpany" is a ttMiii iimid to n^pnwnt your int<>niHt in inerehandiHc or t)tlM'r property shippj'd by you to \ni Hold on joint account and risk of yourself and other i)artit!H ; or it may i'cpre.s»;nt your interest whent you receive intelligence that otlmr }>artieH Ir.vo .shiltped to a third party and that you are int«M'ested. It is made Dr. for yi)ur interest and share of the costs in the speculation when the shipment is made, and at the same tim»! dehit- iujL' tlu* parties int^'rested with you for their share of the uierehandiHt! and charges; it is credit«jd with all incomes, and aft<'r Innng posU'd to the ledger, closers "To" or "By" Loss and (tain. Hhould you wish to close the ledgc(»-|HU'tn('i-Hhi)>H (UHIt from tliiit of ii j^cncnil c(»-|>urtii«'i'Hliii) tmly ill thoir (lumtinii, imd the iiiimncr of tlicir HtiloH. Tho coiiHi^nce uctH as a •oiniiiiHHion iiiHrchniit, aiul in that cajMicity rjJceivcH and diwpoHt'H of tho |>ro|)*'ity an ho wouUl of a sinjph* conHignnMint ; the only (HHlircnc*' U'inj^ that he in intcn-Ht^'d in the ^'ainsand hmHCH. A Hecond niethotl oi' conHi(U'ring these tninHa.ctionH, iH to K'cognize the ])rincii>le tliat the hohh'r of the proiwrty \h i-enjionKilihi fitr it. ThuH, wlit^i you receive from O. 0. Holton »fc Co. an invoice to l)e sold on joint jicc«tunt, you de})it Aferchandise Comiwvny witli the in- voice and expeiiHeH, and credit thii consignors with the cost of the in- voice, thus malting youi-si'lf resjMtnsihle for tlie property as th(Migli it were all your own. The consignoi-s' J'utry, (recognizing the sanu'^ principle) will [te to dehit y(»u f(»r the entire cost of tl»e merchandise. Whei-e there are more than two parties intei*ested, if the accounts are kept hy this method, the consignee should debit the Merchandise Com])any with its entire cost— invoice and expenses — an«i credit the consigniu- with their (the consignee's and consignor's) joint share, and any other party or pai"ti(\s with his or their share. The consignor's entry in such a case would l)e, to (hibit the con- signee with their joint share, and each (»f the <»thei" parties with his or their share. The other parties would, if making an entry to cor- resjjond, debit the consignee and credit the consignor each for his own share. The foregoing illustmtions, it is ho|)ed, will l)e sutneient to fasten the principles of these accounts upon the mind of the learner. The only difference in the two methods, is a simple matter of time. By the first method the consignee is considered as responsible for the property w/ien lie has ilispoxed of it, and by the second, wlten he re- ceived it. The final result is the same in either case ; though, so far as right and responsibility are concerned, the first method is the cor- rect and ])hilosophical one — the jirinciple recognized being that the owner of the projierty is resjjonsible. We submit these sepanite methods because we consider that the more the learaer permits himself to dwell upon these principles, and the l)etter he comprehends them in all their bearings, the more thorough and available will V)e his knowledge. The Companies in their current condition are neither real nor i-e- presentative. For this rejison it is deemed best to close them by a journal entry, when the property they represent is disposed of. The exercises on the following pages will show the application of the foregoing principles. ill 1 ! 104 EXERCISES ON JOURNALIZING SHIPMENT CO.'S AND MERCHANDISE CO.'S. You should Ijiv a sheet of paper over the followin» solutions and not reffci to them while you ai-e writing out the Journal Entries. Tran*action«. '•" ' I — Jones ships Brown, to be sold on joint account and risk. Mdse. val- ued at $1200. And pays insur- ance on same $40. 2 — Brown on receipt of the goods pays freight and other charges aniountin>^ to $70.50. .3- Brown sells the goods for $1450. Receives in payment, a check tor $500, cash $500, and a note for the balance* 4 — Brown renders an account of sales, his charges are as follows ; Drav- age $4.50, Storage $5.00, Coop- erage ¥6.50, Commission 3\. The following form explains the manner of closing the Mdse Co. Total Sales, $1450 Charges already posted $70.50 " not " 1(5.00 Commission 43.50 130 Total Net proceeds Brown's one half (560.00 Cost of " " 620.00 1320 Brown s gain 40.00 5 — Jones' entry on receipt of above account of sales, 6 — Brown's entry on remittin? am't to balance Jones' acct. per check. 7 — Jones' entry on receipt of above remittance. 8 — Received trom Smith for sale on i'oint acct goods valued at 840 *aid freight on same $100, whar fage, storage, drayage, &c. $60. 9 — Having sold the goods for $850 I render an acct. of sales. Char- ges already posted $160, aftci' charges for drayage, etc, $10. Commission and guarantee 5 per cent. 10 — Suppose the above goods sold for S<1200 and I remit the amount due Smith with the acct. of sales. '; i' Joumalited. 1— Ship'tCo."A"Dr. ':;620. < Brown " 620. To Mdse. $1200. •* Cash 40. 2— Mdse. Co. "A" $690.50 To Jones $620. '* Cash 70.50 3— Ca.sh Dr. $1000 Bills Receivable " 450 ToMdseCo. "A"$1450. 4- Mdse Co. "A"' Dr. §759.50 To charges $16. •' com. 43.50 " Jones 660. To Loss & Gain 40. In closinjj a Mdse Co. and making the acct. ol sales entry, first find what all the sales amount U\ then the total charge's, then by deducting the total charges from the total sftfes you ob- tain the net procseda. The gain or loss is found oy taking the difference between the net proceeds and the amount you credited the shipper for when you received the goods. 5— Brown Dr. $660. To Ship't Co. "A" #660. 6— Jones Dr. $1280, To Bank $1280. 7 -Cash Dr. 1280. To Brown $1280. 8— Mdse Co. Dr. $580. To Smith §420. " Cash 160. 9— Mdse. Cc, D-. $270, Loss & Gain *' 101.25, To Smith $318.75 " Commission 42.50 '* Charges 10.00 10— Smith Dr. $420 Mdse Co. '• 620 To Caih $905. ' . " Commission 60. " Charges 10. " LosaftGain 6fi. 'jf i 'v .1 liii'> 105 11— Suppose the above goods were all 1 11— Loss & Gain Dr. ^00, destroyed by fire after coining Smith *• 80. into my possession. | To Mdse Co. $580. 12 — Suppose the goods per No. 8, were 12- -Loss & Gain Dr. $-425, Smith To Mdse. Co. $430. !.•?— Ship t Co. Dr.ftIO, West " 410, East '♦ 410. To Mdse. $1200. " Cash 30. Mdse. Dr. $1200, To West $420. .. " East 400. •' Ship' t Co. 380. 14 " »lup t 1.5-Mdao. Co. Dr. $3VJM, Loss & Gain" 13.7u, To Charges $ 16. " Com. 21. •' Jones 290.25 16 Mdse. Co. Dr. $1750. To S. G. Beatty $ 260. " Merchandise 1500. destroyed and the bal ance sold for S150. 13 — Shipped West to bo sold on joint account of East consigsee and myself each \; goods vaiued at $1200. Paid Insurance on same ¥30. 14 -West returns the whole of the above goods. Charges paid by him $60. 15— Suppose that, in example No. 4' Brown has only sold ^ the goods for S700, at the time of renui-ring an acct. of sales, and that the charges and Commission are the same ns in former case. 16— Suppose S. G. Beatty sends you $2000 worth of Mdse. for sale on joint acct., and you add goods to make up the joint property to $3500, what will your entry liie? 17— What will S. G. Beatty's entry be in the above case, when he re- ceives advice and invoice of ' goods added ? 18— Supposing the whole of the spec- ulation per >fo. 16 produce only $3000 and your charge for com- mission is 4 /, how would the ac- count close ? You slioulil now iiualyze ii imuilKM* of simihir ontrii's ami find tlie cori\>ct aniDinit.s to fonu the Journal entry, wliich, its ex|)laineil herotofoiH', wlien correct, will always close the account on the Ltnlger. It is very ilirticuH to understand the chtsing entry of eitlier a Mdse. Ct>. or a Couslgiinunit unless you have befoi'e ymi the })osition of the accoxiut upon the Leecial debit and credit columns are usetals at the close of each month. Kvery time these accounts are posted, it makes a pei-iod in the amounts brought fonvard on the Journal, and the new period com- mences with the heiwls of the colunms empty. Befoi-e commencing this set obsevve closely the form of Six-Column Journal given, sis an xuiderstanding of it, at the Iwiginniug, will git^atly facilit}it jim : >•;. 6 -Sold W. Williams for Note at 30 dayR, 2 ps. Blue Broadcloth, 45 vards each, at $1.75 : 90 yards French Merino, at 60c. Received fiom Robt. Carey, his draft at sight on W. Johnson, for $50. 8-Sold James Goodwin, on acct., 90 vards Scotch Tweed, at $1.25: 45 do. Red FIanni»l. at 5.5c Bought of W. Harding for our Note at 20 day«, 5 ps English Prints, 40 yards each at 2.'»c. Sold R. Manning for his draft at 10 days, 10 yards Broadcloth at $2.25; 15 yards Mixed Tweed at $1.50. 9— Received from James Goodwin, his night draft on J. James for $85. Bought of R. Watson, for Cash, Mdse . Invoiced, at $200. t ><'i y I iTrw 5|;l I •A 1 jl t - 1 I * 108 11— Sold H. Simmons 24 yards Brown Beaver, at $3.25; received Cash (40 balance on acct. Bought of W. McKay Mdse. Invoiced at $500 ; gave in payment, Cash :535j0 ; balance to remain on acct. 12— Sold Robt. Carey, on acct., 55 yards Blue Broadcloth, at $1.75. Re- ceived from James Goodwin, Cash, $50 ; check on Montreal Bank, $30. 13-Paid W. McKay, Cash, $1300. Sold John Johnson, for his sight dVaft on J. Wilson, 15 prs. pants at $3.75. Sold Robt. Carey, . Bought for Cash, Mdse. as per bill, amounting to $400. Received Cash, in full for S. Powler'g note January 25th. Paid Cash for Gas Bill, 130 : Wood, $15: Rent, $50. .10— Received Cash for D. Roblin's draft of January 20th, lesa discount for unexpired time at 7 per cent. Paid SIiop hands, cash in full for ser- vices to date. $120. Apiui, Iht— Boujrht of J. R. Marvin on acct., 100 Cords Wood at $7. Bought of Jones & Co. on our Note at 3 months with interest at 9 per cent, Mdse. as per invoice $2500. 2 — Sold Robt. Carey, on acct., 2 pes. Scotch Tweed .35 yds each at $1.50 4 pes. Cassimere, 30 yds each, at $2. 4 — Bought for cash 10 pes. Faciory Cotton, 60 yds each, at 10c. Sold C. A. Langford, for his note at 2 months with interest at 10 per cent, 2 Cases Prints, 1500 yds, at 15c, 3 Cases Irish Linen, 128'* yds, at 25c., 1 case Scotch Tweed, 450 yd«, at $1..50, 1 case Broadcloth,' 175 yds, at $4. Cash Sales this day, $IU.1 5. 6 — Shipped per steamer Alexandra, and consigned to B. Way, Picton, to be sold on our account, 8 pes. Broadcloth 20 yds each at $4. Paid freight on same, $6.50. Cash Sales $136.20. 8 — Sold Real Estate for $1250. Received in payment draft at 15 days on Thomas Davis for $850. Cash for the balance $400. 9— Gave W. McKay draft at 30 days on James Goodwin for $287.50. Cash Sales $195. 10— Received from Robt. Carey cash on acct. $10^. Sold A. Diamond, for check, 4 yds Black Broadcloth at $5.00, 3 yds Scotch Tweed at $2. 1 Vest Pattern $5. Cash Sales this day $230.15. 12— Boudit of Henry & Co., 20 pes. Red Flannel 40 yds each, at 30c., 10 DPS. wincey, .30 yds each, at 25c. Gave in payment sight draft on H. Simmons for $269.50. Cash for balance. Cash Sales $200. 14— F. Lane withdrew on private account $150. Paid Gas Bill $14.50, Tax- es $45.70. Cash Sales $110. 16 — Received from B. Way. Picton, acct. of Sales of Mdse, shipped him 6th inst. The net proceeds, remitted per check, amount to $76i).75. 17 — Sold S. Edsall, on his note at 3 months, 4 pes. Summer Tweed, 3.*^ yd* each, at $1.50. Cash Sales $180. 18 — Had S. Edsall's note discounted at Montreal Bank. Discount oflF at 7 per cent $ . Cash received $ . Paid cash for a bill of Mdse. bought at auction $75.20. 20— Paid clerk hire $140. For sundry expenses $18.50. ' " 21 — Bought for cash, from T. J. Claxton &; Co., Mdse. as per" ivoice,$1200. Paid for cartage $1.50, sundry expenses $9. Cash sales $245.50. 22 — Bought of J. G. Mackenzie & Co., Mdse., as per invoice, $800. Gave in payment my acceptance at 5 days $550. Cash tor balance $250. Cash sales $725. 23— Bought of J. McKay, for cash Mdse. $1.50. J. S. Miller withdrew on acct. $200. Josh sales this day :5475.50. 26 — Paid cash for my draft of 22nd inst., favor of J. G. Mackenzie A Co. ? . Cash sales §695.40. 30— Bought tor cash, of T. Anderson, Mdse. $100. Paid for insurance $14. 75. Cartage $3.20. Cash sales $iS0.25. INVENTORY OF RESOURCES AND LIABIUTIGS NOT SHOWN ON THE LEDGER. Resources —Merchandise remaining unsold $12300. Interest SeceivabU. Accrued to date on Lang^ford'snote $13.87. fjiABihiTY— Interest payable— Accumulated • 1 gss 1 S2S 3 i^ ■N W » i-< i-< » gS5g 3 s ■ .a • tl ■ ■s i «» ' * > ^^sl :S8 1 1 lit -9 1 i t i :M • -5 5 si ^ t-A ^^I •8 >■ •? SQ Oi u.a; 3; -MP -- I OQ U J5 n»^ 3 ^ S I i^ f ]i Ill p 1 |3C |l 1 3 i £ < i 1 1 h 1 'i I =2 11 1 1- » a < lis S U" ' -s 4t> »* T nM 1 = i • 1 • 8 i s •s ■> •5 . ^aj i -» ^:3 : 5^ o'2 II 3 s l^"l I .S ! ? I i"??^'' s •■* *- 15^ ••? I •2 -5 -^ 3 i3 I S «5 S^ - =^. I i I I I 3.i : : : a 1 S^ s « I I as 2? 3 milB 31 S H lis I G 112 w^B f ■ ■ n^^ I Hi ^'is \m p. \w iiii REMARKS ON SET XI. This set is iutemled to ilhistrate a very pnu'ticiil form of keeping Recounts ; also some of the most iu)]>ort4int clianjjes that take jilacf^ in a partnerahip business. For this purp«»8e it is continueil four months, each month representing, so far as the closing of the books and the agreements of the partners are concerneil, a year's business. At the end of the tij-st year (representetl by January,) the existing partners, " Student" and "S. G. Beatty," admit a new partner, who is to share in the gains and losses according to capital invested. It is a settled principle in Accounts, that whenever any change in the business occurs, the existing resources and liabilities of the concern should be made apparent ; and, consequently, the proprietors' ac- counts should represent their investment at the time of the change. It is evident that if the accounts are all left in their current condi- tion at the time of admitting a partner, he will unjustly become a joint-partner in the gains which accrued l>ef(»re he had anything to do with the business. Therefore, before admitting a new partner it becomes necessaiy to credit the original partners with their respect- ive gains during business. . - With this view we close the books, at the end of January, cretlit each partner with his net gain, and bring down the balances us in- structed on page 82. At the end of the second year (re}>reseut«d by February) another partner is admitted, and the business changed from that of a Rettvil Grocery, to a Wholesale Grocery and Shipping business. During the third year one of the partners disposes of his interest in the business to an outside party who is allowed to assume the position of the retiring partner. Through a disastrous tire at the end of the fourth year, the store and gtwds are entirely consumed ; nothing being saved but the books and valuable papers. The accountant is required to effect a settlement with the Insurance Company, collect all resources and pay off all liabilities, as the partnei-ship is to be dissolved and the busi- ness discontinued. m 113 •it '< < ' BOOKS USED. The books necessary for tliis set are Journal Day Book, Invoice Book, Cash Book, Bill Book and Ledger. A decided improvement in the Journal Day Book of this set re- lates to the keeping of a column exclusively for credit sales of mer- chandise, whereby the Journal and Sales Book are combined, and an opportunity affortled to post all sales of merchandise in total. The Invoice Book and Cash Book are used as Ixwks of original riitry. The transactions of the Invoice Book are journalized without apptar- ing in the Day Book, and the tmnsactions of the Cash Book are posted directly to the Ledger. See forms of Journal Day Book, Invoice Book and Cash Book- immediately after the transactions for Januarv. SET XI— RETAIL GROCERY BUSINESS. .; • ,. TWO PARTNERS. . Gains aiul Losses to he diinded in proportion to Capital invested. , . Haiiilton, January Ist, 1874. — — --* and S. G. Beatty, this day form a co-partnership for the purpose of conducting the Retail Grocery business, renting from Wm. Lottbridge, Store No. 62, Macnab streat, at $600 per year. Student invests cash $3800, merchandise per inventory $2500, George Stinson's note, at three months, from October 10th, 1873, with interest at 6 per cent per annum, $500, inter- est accumulated to date $ , A. Hamilton owes on account $250, John Smith owes on account $100. Liabilitiea— Note favor W.Brown $500, at 6 mos., from Oct. 1 2th, 1873, T. Durham on acct. $275. S. G. Beatty invests cash $5500, note against W. Flemming $1750. at 6 months, from October 1st, 1873. 2— Engaged A. Overell, Alex. Forin, S. Edsall and John Laird as clerks, at $3J0 each per year. Sold Wm. Drewry, on acct., 3 lbs. Japan Tea at 70c, 10 lbs. Soft Yellow Sugar at 9c, 1 lb. Cloves 60c. Sold R. D. Angiin on acct., 10 lbs Java Coffee at 40c, 2 boxes Layer Raisins at $3.25, 2 lbs. Pepper at 30c. Cash Sales |%. 3 — Bought of Rimmer Gunn & Co.. Montreal, on 4 months credit, 5 bags Java Coffee, 142, 1.35. 136, 117, 150 lbs, tare 15 lbs. each, at 33c. Sold Jas. Allen, on acct., 100 lbs. Dry Cod $6, 12 lbs. Crushed " A" Su^ar at lO^c. Paid freight on above $4.25. Deposited in Merchants' Bank $1500. Cash Sales $110. ''Student's name. NoTB. -Consider all sales effected on acct., unless pa>inent b« mentioned in the entry. m T 114 mm ']; liii IF ' 5— Bought of James Gunner & Co.. Montreal, 10 bbls. Canso Herrings at 13.50, r* bbls. Hound do. at *:{, 4 bhlg. White Fish at $:>. Paid freight fi. "lO. Paid E. Harrison for Het of books for une of nfore f 10..'>0. Sold S. Kdnnll, on ncct., 5 ^'als. Standard Syrup at 50c., 10 lbs. Sa^tkr at 10c. Sold U. Vandervoort, on acct., 2 bbls. Golden Syrup, 'M\ gals, each, at 4'>c, 2 bbls. Crushed Su^far at 925, 4 boxes Valentia Raisins at i^3.25. Sold W. Ponton on acct., 5 lbs. Ground Ginger at 30c, 1 lb. Pepper 25c, 12 lbs. Prunes at 20c, Received from A SIOO. Cash Sales $145 Hamilton on acct., his note at one month for 7— Bought of J. Carruthers & Co.. Kingston, at .10 days, 20 bbls. No. 2 Sugar, 220 lbs. gross, tare 15 lbs. each, at 9^c. Sold R. 1). Ani;Un 1 bhi. SMgar, 220 lbs. gross, tare 20 lbs., at 12c. Paid freight J54.60. Sold A. Overell 2 lbs. Tea at 95c. Sold VVm. Drewry 20 lbs. Dried Apples at 15c, 1 bbl. White Fish *7. Sold Alex. Forin 1 lb. Tea 90c, 1 lb. Candy .lOc. Caah Sales *18(j. 8 -Bought of S. E. Shibley, on our note at 60 tiavs, with interest at 7 per cent, per annum, 100 bush. Aoples at $1.25, 40 busn. Chili Potatoes at ."jOc, .50 bbls. Extra Flour at |l"6.10, 10 bbls. Mess Pork at $16.50. Ac- cepted J. Carruthers & Co.'s draft at 30 days from the 7th inst. for amount of invoice and ^ per cent, exchanijo. Sold Joseph Allen, 2 bush. .Apples at $1.50, 2 lbs. Rice at 25c. Paid lor repairing store iiii25. Remitted Rim- raer Gunn & Co. cash for their invoice of the .3d inst. less discount at 2^ per cent. Discount $ — ; cash remitted ij — . Received of A. Hamilton, on acct. $20. Sold John Laird, on acct., 25 lbs. Salmon at 12c, 10 lbs. Raisins at 25c. Sold T. B. Dean, on acct., 14 lbs. Sugar at 12c, 5 lbs. Dried Apples at 20c. Deposited in Merchants' Bank $1000. Cash Sales $250. 9— Bought of Pitceathley & Kelso, Belleville, 20 bbls. Mackerel at $5, 6 bbls. Trout at $8. Paid cash for freight $12.50. Received of 0. Vander- voort his note at 90 days, bearing interest at 7 per cent, for goods sold him the 5th inst. Bought of Sinclair Jack & Co., Montreal, 5 half chests " Uncolored Japan" Tea 75, ''Q. 78, 77, 79 lbs. gross, tare 11 lbs. each, at 56c, 4 half chests Young Hyson, 78, 86, 75, 73 lbs., tare 9 lbs. each, at 74c, 5 boxes Pr. of W. Tobacco, 120, 125, 130. 132, 13611)8., tare 16 lbs. each, at 30c. Paid freight in cash §'.^.60. Sold Joseph Allen 1 chest Tea, 130 lbs., at 90c. Sold Wm. Drewry 55 lbs. Pr. of W. Tobacco at 45c. Sold S. Edsall 3 lbs. Gunpowder Tea at 90c, 3 doz. Nutmegs at 15c, 1 bush. Onions at $1.75. Cash Sales $2'6S. 10 — Had 0. Vandervoort's note discounted at Merchants' Bank at 8 per cent, per annum. Discount $ — ; cash received ? — . Paid cash for sundry items of expense $22,40. Sold John Laird 12 lbs. Prunes at 2 c^ 5 lbs. Raisins at 25c. Sold T. B. Dean 1 bush. Apples 1.50. i:r2 lbs. Raisins at 2.5c. Sold Alex. Forin 2 lbs. Maccaroni at 20c, 5 jars Coffee at 80c. Cash Sales $IU. 11 — Remitted Pitceathley & Kelso our note at 3 mouths, with interest at 8 per cent, for their invoice of the 9th inst. Paid cash for Stationery and Stamps $4.80. Sold W. Ponton 15 gals. Syrup at 40c, 1 lb. Tobacco 50c. Sold A. Overell 4 lbs. Candy at 50c, 1 lb. S. S. Almonds 55c. Received of John Smith, in full of acct. cash $50, and his note at 30 days, with interest at 8 per cent, for balance, $ — * Cash Sales $276. *\h soon as an entry of this kind is pjsteJ, thi acsount sliould be ruled up in the Ledger, in order that it maynot-l»j briujht in th; Triil IJilvno^ at th3 tim? of clostng. 115 riniTB at t f'2.:)0. Kdnnl), Sold O. , 2bbl8. Ponton Prunes )nth for [8. No. 2 I I bbl. Sold A. at IHc, 1. Candy at 7 per 8 at 50c, 50. Ac- • amount 1. Apples ted liim- lunt at 2^ lamilton, c, 10 lb8. 2c, 5 lbs. ash Sales '1 at $5, 6 L Vander- Dcda sold ill" chests I. each, at at 74c, 5 :h, at 30c. JO lbs., at S. Edsall )nion8 at at 8 per jr sundry ! C; .5 lbs. laisins at )c. Cash ntereat at )nery and ceo 50c . ceivcd of h interest the Ledger, 12— Bouf,'ht of A. Ur(|uhart & Co., Montreal, on 4 mos., 11 oasks Bor- deaux Vinegar, ."iO jruls. each, at .'{5c, 5 ciisos Eleino Ki^H, 4:{0,:t2 ; 426,- 27 i 2I>8,81 ; 460,.'J0; HM<».:V2 lbs.', at IGc, 10 baijs .S. S. Aiinoiida l:)0,:.e»uh, at 21c, 100 boxPR Layer Uaisins at !p2.25, 5 bbla, Zante Curranf-s 25(5.:J1 ; 21)3,27 ; 2«i>,29; ?')(;.27; 21tH.3l lbs., at 5Jc. Paid freij^ht in cush $22.10. Sold T. B. Dean 4 Ibw. Tobacco at .'iOc, 2 doz nutnu'irH at 30c. i'aid A. Ovorell ca.sh $'>, John Laird $3.50, S. Edsall fl-oit, Alex. Forin |3. Caah Sales iTSii. 1 1— Received cash in full for Gcor<,'o Stiiison'H note of October 10th with interest. Sold VVm. Vickers, at 30 days, 10 boxes Layer Kaisius at $2.50, 1 bbl. /ante Currants 21»3,27 at tlic, 1 ba,' S. S. Almonds 130,5 at 24c. 1 box Pr, of VV. Tobacco 120,15 at 35c. Sold W. Ponton i case Elemu Fi;,'i, 210 lbs., at IHc. 1 bbl, Zante Currants, 233 lbs., at Uic. Sold A. Overell 20 lbs. Prunes at 20c. Canh Sale-i $24J». 15 — Receive-^ from W. Vickers his note at ;10 days from the 14th iiist. for amount of tjoods sulci him. •I5uu;,'ht for cash 10 reams Wrappinj; Paper at 9.')c. Sold T. B. Dean 4 lbs. Coffee at 30c. Received ol W. Ponton on acct. cash $20, VVm. Drewry .*15, R. D. An;,'Iin ^10. Paid S. Edsall $!). Paid sundry expenses $4.40. Had W. Flemmin;,''8 note of October 1st. dis- counted at Merchants' Bank at 7 per cent, per annum. Cash Safes $275. 16 — F^oujjht of J. H. R. Molson & Bros., Montreal, on 3 mos , 10 bbls. Crushed •' A" Sujrar, 240,1 0; 23(-V20; 21(5.21 ,• "232. lit ; 208,17; 202,17; 238,18; 2.58,17; 20;!,22 ; 246,19, at 124c, 5 bbls. Golden Syrup 43. 44, 45, 46, 4i)srals.,at61c. Paidfreitrht on above $5.60. Sold W. Ponton Ibbl. Syrup, 44 gals, at 70c. Sold S. Thompson 15 jials. Vinegar at '400. Discounted our note favor W. Brown at 7 per cent, for unexpired time. Paid T. Dur- ham on acct. $45. Cash Sales $268.40. 17— Sold R. D. Anglin, 1 bbl. White Fish ^12, 2 lbs. Tobacco at 50c. Cash Sales .?196. 18— Deposited m Merchants' Bank $850. Paid ca-.h for Tax Bill $15, Gaa $25, Coal $20. Sold John Laird 20 lbs. Sugar at 13c. Received from Jos. Allen, on acct., $50. Cash Sales $245. 19 -Discounted Sinclair Jack & Co.'s invoice of the 9th inst. at 3^ per cent., and remitted amount per draft on Bank of Montreal for which we paid cash. Received rom A. Hamilton cash in full of acct. Cash Sales $210.40. 21— Sold Wm. Drewry 40 lbs. Su^ar Cured Ham, at 1.5c, 20 lbs. Mes-s Pork at 12c. Deposited in Merchants* Bank .*400. Cash Sales $260. 22 -Paid John Laird cash S4.50, S. Edsall $2.40, Alex. Forin, S3.60, A. Overell $2. Remitted James Gunner & Co. draft on Bank of Montreal $400, for which we paid cash, exchange \ per cent. Cash Sales $174.60. 23— Received from Wm. Drewry, on acct., $10. bold R. D. Anglin 1 bbl. Sugar, 216 lbs., at 13^c. Sold Joseph Allen 1 bbl. Mess Pork «16. Sold T. B. Dean 10 bush. Apples at SI .40. Cash Salts $172. 24— Deposited in Merchant's Bank $386. Accepted T. Durham's draft on us at 30 days, favor J. W. Campion, for balance of his acct. Sold M. Lingham for note at 60 days, 1 cask Vineyrar, 40 jrals., at 40c, 10 bush. Apples at $1.45, 50 lbs. Sugar at 14c. Cash Sales ,^268. 25— Paid for repairing store $20 per check. Lent G. J. Sherry $120, for which he gave his note at 30 days with interest. Sold Wm. Drewry 5 lbs. Japan T«a at 95c. Cash Sales $164. *The large amounts are the number of Ibo. gross, and the SBiall aiuounta to the right sep- arated from them by commas are the n>s. tare allowed , 116 26 -Student drew on private acct. 1250. Deposited in Merchanti' Bank 1430. Sold K. D. Angliu .30 lbs. Suj^ar Cured Ham at 15c. Caah Sales $167. 28 -S. 0. Ueattydrewon private account $167, I lb. Tea 75c, 3 bush. Applies at $1.25. Cash Sales $146. 29— Hoiij^ht of Ross 4 Davies for ca«h 10 bbls. Herrinir at $6.50. Sold W. Ponton 25 lbs. Dried Cod at 12c. Caah Sales «100. Received of Joseph Allen, on acct., $75. Paid A. Overell $4. Cash Sales $176. 31— Paid Alex. Forin $.3. S. Edaall ?2. Caah Sales $260. Open a Salary Account, und pass the amount of clerks' wages, for the month, to their credit. Debit Kent Account with one month's rent of store. Allow a profit of 25% on sales, in order to twcertain the inven- tory of me: chandise.* JOURNAL DAY BOOK. '. i ■ 1U:I| MM The form f>f Jotinxal Day Book used in this Set is similiar to that of 8et IX, except that tlie outside column is used exclusively for credit sales of mercliandise. Tliis form is very practical and exten- sively used in large retail houses. It combines the Journal and Sales Book in one, and affords an opportunity of posting the sales of mer- chandise in monthly totals. The column containing credit sales is forwarded to the end of the month, and the cash sales, from the Cash Book, added to this amount gives the total sales, as illustrated in the following form. * In urder to ascertain the value of iiiisold merchandise, divide the credit side of Mer- chandise Account by 81. 2A, the amount realized for each dollar of the cost, and the quotient will be the cost price of all 'bieruhandise sold. The cost of all meruhaiidiiie sold substractod from the cotit of merchandise bought will leave the ost price of unsold merchandise. NOTE.- As an additional partner will be udniittd into the business at the beginning of the ensuing month, it becomes necessary to post all transactions up to the present time, talce off a Trial Balance and Balance Sheet, and close all accounts in the Ledger, but instead of trans- ferring balances to Balance Account, bring them down in the proper place under their respective accounts, writing "To" or " By Balance" in black ink. VI.'"' . '' '■■ ' ' ' i ' ,"■> -• ''"•■• . ■■ . >■!.;**? — "<: .>r ' ■■ -.'■ ;' : ' • ' ■ ■ ;.■':■ • ''■■>... ... ' f ' :^v . It I ' iiii 117 JOURNAL DAY BOOK SKT XT. ' "' :''•' '• Hamilton, January Ut, 1874. 112 , and S. 0. Heatty have this day tnitered into eo|)ni'tnerHliip, to carry on ihe Hetail (Jro- CBry l)UNiii«8B, bh pur Article of Agreement, rent- iun from Wm. Lottbrid;{ti Storu So. (>2, Macnah street, at ?()00 per year. Sundries \)t To Student For elFectH invested. ain't invested as perC. H..|:WOO 00 " •' •' inventory 2r)0() 00 Hills Rec., (}. Stinson's note as per U. B. 500 00 Interest accrued on above note to date... fi HH A. Hamilton owes on acc't 2.50 00 Cash ' Merch'dise' c. B. lU \U> llH 115 115; John Smith " 7156 100 00 112 15 120 113 C. B. 115 Student Dr. To Sundries... $775 00 For liabilities assumed by firm. Bill.s Pay., note favor W. Hrown for T. Durham, bal. of acc't assumed Sundries To S. G. Beatty For effects invested. Cash as per C. B 15500 00 Bills Receivable, W. Flomming's note as perB. B 1760 00 121 12.3 121 Engajred A. Overell, A. Forin, S. Edsall and John Laird as clerks, at $.300 each per year. .. 2 — Wm. Drewry, To 3 lbs. Japan Tea at 70c $2 10 " 10 " SoftYellowSu;,'arat9c 90 '• 1 " Cloves tiO R. D. Antilin, To 10 lbs. Java Coffee, at 40c... " 2 bxs Layer Raisins at $3.25 <' 2 lbs. Pepper, at 30c 3 $4 00 G 50 60 Joseph Allen, * To 100 lbs. Dry Cod, at 6c $6 00 '• 12 " Crusher "A" Sujrar, at lOic :.... 1 26 Amount forward 600 275 7260 83 Jas. Allen has been erroneously printed In the Day Book instead of Joseph. 11 60 10 26 2196 118 125 124 Brought forward S. Edsall, To 5 •rals. Standard Syrup, at 50c $2 50 " 10 lbs. Sugar, at 10c 1 00 O. Vandervoort, To 2 bbla. Golden Syrup, 72 f^als. at 45c $32 40 « 2 bbls. Crushed Sugar, at $25 50 00 « 4 boxes Val. Raisins, at $3.25 13 00 «_ 130 115 123 W. Ponton, To 5 lbs. Ground Ginger at 30c... " 1 « « Pepper, «• 12 " Prunes, at 20c $1 50' 25 2 40 Bills Receivable $100 00 To A. Hamilton Received his note as per B. B.^on acc't. 7 R D. Anglin, To 1 bbl. Sugar, 200 lbs. net, at 12c. 114 140 142 141 116 146 349 Merchandise To Sundries $1801.19 Invoices from the Invoice Book. To Rimmer Gunn & Co., invoice of Jan. 3, James Gunner & Co., " " 6, J. Carruthers & Co., " " 7, ' Bills Pavable, " '-8 ' Pitceathly & Kelso, " •' 9, ' Sinclair Jac k & Co., " « Merchandise Cr. By Sundries. 100 00 199 70 389 805 148 389 65 00 50 00 00 04 2196 3 50 95 40 15 24 00 14901 The foregoing form is considered sufficient to illiisti*ate the mode of entering transactions in this Journal. It will be observed that cash transactions and purchases of mei*chandise are not entered here, but carried into the Cash Book and Invoice Book. The last entry under the heading " Merchandise To Sundries," is obtained from the Invoice Book, and sliould not be entered here un- til the end of the month. -II* ,*^(t 'J- 119 , . INVOICE BOOK. This is a book in which to copy all bills of goods pui*chased, in order to have a book record of the det)iils of such trausiictious in case the original invoice should Ik; Itjst or desti'oyetl. This is the general practice among merchants, but it is as convenient and saves a gi'eat amount of writing, to pass the original invoices into a book made of some de8cri})tion of paper of a larger size than the invoices. By means of an index to this book, it will be fiMind more convenient to refer to the original invoices than by seeking them from tiles. . In some business houses, where the invoices ai*e long, they are tiled and numlieretl, and only an abstract of them entered in this liook with the number for reference. In whatever form the Invoice Book is kei)t, every entry affecting the debit side of Merchandise account should originate here ; when this is done, it becomes a direct and |)erfect check upon the Dr. side of the Merchandise ac- count in the Ledger. This book is journalizetl at the close of the month, under the heading "Merchandise to Sundries." Merchandise purcha,sed for cash is entered in this book, but poste■•■ 142 — 15 over 413 — 45 135 — 15 117 — 15 136 — 15 130 — 15 413 — 45 tiSO — 75=605 at ... 3.3c 3 months credit, or 2^ per cent off for cash. _ _ _ 6 .,..._ ._ .__ James (,'8 " 3.00 ... 15. 4 " White Fish " 5 00 ... 20. 4 months credit. J. Carruthers & Co., Kingston. 20 bbls. No. 2 Sugar, 4400 lbs. gross, ,- , , 300 " tare. 30 days credit. — 8 4100 net at . 9^0 r t 8. E. Shibiey, Belleville. 100 bu. Winter Apples at 11 .25 ... .^125. 40 " Chili Potatoes " .50 ... 20. 50 bbls. Extra Flour " 6.10... 30."). 10 '• Mess Pork •' 15.50 ... 155. Note at 60 days. . 9 _ — Pitceath!) & Kelso, Belleville. 20 hhls. Mackerel at $5 $100. 6 " Trout " 8 48. 3 months credit. Sinclair Jack & Co. Montreal. 5 h'lf chests Uncolored Japan Tea. • lbs. tare. 75 - II over 221) — 33 76-11 77 — II 7H — 11 7;> - 11 229 — 33 385 55=330 lbs. at 56c ... ;i;lS4 80 4 h'lf chests Young Hyson. 7S — 9 over 239 — 27 86 — 9 73 — 9 75 _ 9 _ — - 312 - 36=276 lbs. 239 — 27 at 74c ... $204.24 2 months credit. Total purchases, Journal page I IB. 199 65 70 00 389 605 148 389 50 00 00 2708 04 94 121 CASH BOOK. Tho (mly tlistiiicticm between the following form of Casli Book and that of Set IX, is the adopticni of a greivter nnnil)er of special columns. This form of Cjish Book will 1m> found a}>|)licable to almost ary kind «»f business. The columns which we use for Merchandise, Inteivst, Bills Re- ceivable, Expense and Freif,'ht, may b(^ used for an / other titles. Every business has particular accounts from which its princij>al in- conu> is derivetl, and for wliich its chief expenditin-e is paid. These accounts must always create a gr^jit numl>er of entries, and any nunle of jH)sting these entries in accumulated amounts, nujst mater- ially dinnnish the amount of writing in tho Ledger. The number of special columns nstnl, and the titles adopt^'d, tlepends upon the natiu'e of the business. The special columns on the Dr. side should be headed with accounts for which ea.sh is frequently received, and ihe special columns on the Cr. side with accounts for which cash is frecjuently paid. " : It will be found practical and very convenient to u.se a column »)n each sidt^ for the Bank account. The only objection to this is, that when checks are given it is neces.S4vry to make two entries, one on the debit side crediting the Bank. !us though ciush hiul been receiveil, and another on the credit side debiting the account for which the check was given, as tijough cash had been paid. The ditlerence between these coluums will show, at any tinu", the amount in Bank, and is usually ent^M'ed at the time of closing the Cash Book, immediately t:t ! CASH BOOK — CASH. . -1 ;.."r 1874. F. D.B. Jan. 1 « (( 96 u 2 « 3 (( 5 « 7 « 8 (( (( 98 « (< « 9 K 10 U « U 11 99 t> (. (t 12 « 14 (t « « « (i 15 94 « (( 90 « .( 87 u It It u u 16 « (t (t 17 « 18 88 (1 t< 52 58 54 51 Studenti Amount inYeated, S. Qt. Beatty, Mdse., Sales from Petty C. B, Interest. 2 1-2 per cent, from R. 0, & Co.'g .nv, A. Hamilton, On account, Mdse-, Sales from Petty C. B. II K tl l( t- Bills Sec. Had O. V«*« note disc'd Mdse-, This day's sales,?. C.B. John Smith, Part payment of acc't Mdse., This day's sales, P.C.B. II II II :: •'' i * .Hi •^ S ':H.-y. ■ >if^ Ui ';A tl< .M^U r CASH. ] /'. Cr. 1874. F. Jan. 3 It II 65 « 5 li 8 1. II 81 l 15 II II 70 II .1 II ti II 16 1. II 56 It II •■ 81 II 65 1. 18 II II II 61 58 60 61 Freight, On R. G. & Co.'s Inv. Heroh'Bank, Depoiited, Freight, On .1. C. & Co'g Inv. Expense, Rep'r window ©(shop, R. &• & Cjm In full for inv., 3d inst. Herch. Bank. Dejwfiited, Expense, ' Freight, Discount, Expense, Freight, A. Overell, John Laird. S. Edsall, A. Forin, Expense, On P. & K.'s invoice, " S. J. & Co.'g Inv. On V.'« note at 8prct. Sundry items prP.C.B Stationery $4 ; post- age stamps 80c, OnUrquhart&Co'sIn. Oti account of Salary, lOi Wrapping paper, reams atO.Sc, S. Edsall, On account, Expense, Sundry items, P C.B. Discount, On Fleming's note at 7 per cent. Freight, On J. H. R. Molson Bros.' Invoice, Bills Pay., Our note favor W. Brown, B. B, T. Dniham, On account, Meroh.Bank, Deposited. Expense, ' Taxes 115, Gas $26, Coal ISO, Expense Dr. To Cash, Interest, Freight. II i< l< tl it «< ToUl to Cr. of " Balance in hand, 25 22 00 40 80 60 126 50 40' Inter't 10 26 27 38 88 26 Freight. 4-25 2 50 1250 13 60 22 40 5 60 60 85 Sundries. 1500 199 65 1000 5 3 50 4 50 3 500 45 850 126 10 27 26 60 85 4333|86 6439 72 10773 68 " h '1: t i f H% Hi H § Hi Pi; I '1 1 ' V ill r 124 SET XI.— SECOND MONTH'S BUSINESS. Febri'art, 1, 1874. We have this day admitted J. W. Dickie as partner who invests, accord- iug to Articles of Agreement, cash $7600. Bought of Carr, Chase & Raymond, Boston, 100 hlf. chests E. B. Sou- chong Tea, 20 Iba. net, each, at 75c. U. S. currency ; gold $1.10. Paid customs duty 10c. per lb., freight $12.50. Received of Wra. Drewry on account $30. Cash Sales $87. 2— Joseph Allen pays his Acct. in full to date by contra acct. against S. G. Beatty $15.60 ; cash for balance. Paid S. Edsall cash $3.50. Cash Sales $145.60. 4— Sold Wm. Drewry, on Acct., 14 lbs Sugar at 10c. , 1 box Soap, $2, 2 lbs. green tea at 75c. Sold R. D. Anglin on acct. 1 box candles, 5o lbs., at lO^c, 10 gals, syrup at 65c. Cash Sales $176. 5 — Bought of Rimmer Gunn &, Co., Montreal, on 4 mos., 100 bbls. Sup. Family Flour at *5.25, 5 casks Soda Ash, 1540,36; 1532,29; 1564,37; 1429,18. 1612,43 lbs.; at 3^c.; Paid freight |56. Sold W. Ponton 1 bbl. Family Flour $6.50, 1 box Soap $2.25. Cash Sales $135. 6— Paid sundry expenses $7.50. Sold R. D Dried Apples $4*25, 20 lbs. Prunes at 20c. Paid Anglin Alex on acct. 1 bush. Forin cash $3.50. at 17c., 3 lbs. Green Sold W. Raymore on Acct. 50 lbs. Sugar Cured Ham Tea at 90c., 10 gals. Vinegar at 26c. Cash Sales $174. 7 — S. G. Beatty draws on private account cash $50, 3 lbs. Teaat60c., 20 lbs. Su^ar at 9^c., 2 bbls. Flour at $6.25. Received of R. D. Anglin, on acct. $25. Lent W. R. Barber $150. Paid our note favor S. E. Shibley less discount for unexpired time. Remitted A. Urquhart & Co. a draft on Bank of Montreal for amount of their invoice of January 12th, less 2:^ per cent discount; paid cash for draft, , per cent exchange, and necessary stamps. Cash Sales $146. 8 — Bought of Dobson & Sons, Port Hope, on 60 days, 200 doz. Corn Brooms at $3.25, 50 doz. at $2.95, and 20 doz. at $4.00; paid freight $24.50. Sold Joseph Allen 10 doz. Brooms at $3.50, 2 chests Y. H. Tea, 67,6^ ; 74,7^ Ibs.^at 75c. Paid for coal *26. Paid W. Lottbridge for 2 mos. rent of store per check. Deposited in Merchant's Bank $490. Ca^h Sales $156. ♦ 9 — Shipped per G. T. R. and consigned to C. Hutchison, Toronto, to be sold on our Acct. and risk 100 hlf. chests E. B. Souchong Tea 20 Iks. net each at 79c.; paid freight on the same per check $15. T. B. Dean pays his Acct. in full to date by contra- acct. for repairing store $4, and cash for the balance. Sold S. Th.;rap8oa on acct. 30 boxes Bloom Rais- ins at $3. Cash Sales $179.60. . 11 — Bought of David Chesman & Co., London, on note at 3 mos. 16 bxs. Mould Candles, 58 lbs. each, at lljc., 30 boxes Bloom Raisins at $3, 2 chests Y. H. Tea 96,7^ ; 110,12i lbs., at 69c. Paid freight $12. Deposited in Merchant's Bank $1250. Sold W. Drewry on acct. 1 box Candles, 58 lbs., at 13ic. Cash Sales $172. 12— Received of Thos. Moore & Co., Toronto, to be sold on their acct. and risk, 100 bbls. Flour, invoiced at $6.50, paid freight on the same per check $15. Paid sundry items of expense $9.50. Receivea of W. Bay- more on acct. $5. Paid John Laird $4. Cash Sales $79. •■If 125 their acct. 13 -Received of John Smith caah in full for his note and interest, due this day. Received of R. D. Anglin on acct. $12. Paid A. Overell cash $3. Received of S. Thompson his note at 2 mos. in full of acct. C ceeds remitted by draft on Montreal liank. Cash Sales $196. 18 — Deposited in Merchant's Bank $750. Bought of J. Carruthers & Co., Kingston, on our acceptance at 90 days, 1 hhd. sutrar, 1146 lbs., tare 10 /;, at 8^c., 100 boxes Soda Biscuit at $2.50, 50 boxes Wine do., at $2.75. Paid freight $14. Received cash for A. Hamilton's qote with interest for time over due. Sold W. R:iymore on acct. 60 lbs. cheese at 12^0., 1 box raisins $3.25. Cash Sales $219.60. 19— Sold John Templeton 40 doz. Brooms at $4, for which he paid by contra acct. against student $96, cash for balance. Received from R. Ma- son & Son, London, to be sold on their acct. and rihk, 50 bbls. Sugar, in- voiced at $20, paid freight $36. Remittf-d Jas. Gunner & Co. Bank Draft t^pibalance acct., exchange ^ |)er cent. Paid cash. Cash Sales $158. 20— Paid sundry expenses $5.50. A.ssumed the Sugar received from R* Mason & Son the 19th inst., at $25 per bbl., and shipped the same to Frank Smith & Co., Toronto, to be sold on our acc't and risk, paid for insurance on it $15 per check. Cash Sales $268. 21— Sold R. German, on acc't, 2 bbls. White Fish at $10, 1 bbl vinegar, 42 gals., at 47c. Closed R. Mason & Son's consignment and rendered an "Account Sales,' our charges for tutorage, Ac, 3c per bbl. ; commission 3 per cent on sales, R. Mason & Son's net proceeds H , remitted by note at 60 days. Cash Sales ii2] 6. 22— Bought of David Chesman &, Co., London, on note at 3 months, 1 case Smyrna Figs, 165 boxes. 346 lbs., tare 73 lbs., at 14Jc, I case Eleme Figs, 40 boxes, 126,37 lbs. at 12^ •. Paid freight $16.50. Cash Sales |149. 23 — Received advice from Frank Smith & Co., that they have re-shipped our consignment of the 20th instant to Ross &, Davies, Belleville, having charged us $15 for receiving awd re-shipping. Sold S. Edsall 16 lbs. Sugar at Pic, 1 box Mould Candles, 58 lbs., at 12^c. Cash Sale* $140. 25— S. G. Beatty has taken, on private acc't, 20 gals. Syrup at 50c, 10 lbs. Raisins at 30c. Paid cash $4, for repairing counter in store. Student has taken, on private acct., 10 lbs. Figs at 12c, 3 lbs. Rice at 10c, 2 lbs. Prunes at 17c. Cash Sales $163. ^f"^ iiiM :i.« ! ' ■,iii t Hi'- ' 1 1 1 1 ■1 ml'-' , V H ■1 H 'P'' H r Hi i 1 1 ■■ '4' 126 26— Remitted Carr Chase A Raymond, Boston, a draft on First National Bank, payable in United States Currrency, in full for their invoice of the let inst., paid cash for draft and \ per cent, exchange; gold |1.15. Paid cnsh for our note of January 24th. Cash Sale* f 119, 27— Deposited in Bank $875. Paid Alex. Forin cash f6. Cash Saks $210. 28— Received of Ross & Davies, Belleville, an " Account Sales" of our shipment to them by Frank Smith & Co., with net proceeds, $l;^60, by draft on Montreal Bank, which we leave on deposit. Cash Sales $146.80. NOTE.— As you have completed arningementg for admitting another partner into the flrm, at the beginning of March, and changing from a Retail to a Wholesale business, it is necessary to inalce out a Balance 8heet, and carry the result of the Loss and Gain avc't to the accounts of the partners. Close the Books, the snine as at the end of January, and bring down the balances. REMARKS ON THE THIRD MONTH'S BUSINESS. A new and important feature in this month is the changing of the business, and the introduction of the Sales Book. Tlie books used after the change of business, are the Journal, Cash Book, In- voice Book, Sales Book, Bill Book and Ledger. A fonn of the Sales Book, and explanations thereon will be found at the end of this month's business. The other books are kept the same as here- t'^fore. ' , 1 . . The method of using these books, as books of original entry, has many advantages over consecutive entries in the Day Book, and is adopted in the generality of business houses, where it is essential to divide labor, and avoid unnecessary writing. For instance, one clerk may keep the Invoice Book, another the Sales Book, another the Cash Book, and each of them may be so kept as to post directly from them to the Ledger, instead of passing the tiunsactions through the Journal. The separate departments of a large business may thus re- ceive such special record as will present thefacts in their clearest light. Thus, if any particular information is desired respecting purchases, all the facts can be obtained at once from the Invoice Book ; and, in the same manner, the facts and conditions of sales can be obtained from the Sales Book, the receipts and disbursements of cash from the Cash Book, etc. The only objection to posting from special books directly to the Ledger, is the tendency to debit and credit the same account ttvice. In order to avoid confusion in this respect, and to make the Invoice and Sales books as plain as possible, journalize the entries from them ; but post the cash transactions directly from the Cash Book to the Ledger. ik 12; SET XI.— THIRD MONTH'S BUSINESS. March 1, 1874. We have this day closed our Retail business and (brmed a partnership with P. V. Dorland for the purpose of conducting the Wholesale Grocery and Shipping business, renting from A. Diamond store No. 96 James street, at $800 per annum. Gains and Losses to be divided in proportion to capi- tal invested. P. V. Dorland invests Stock of Groceries as per Inventory, $19,500, Cash $6000, Store Fixtures $620. The firm assumes for him a note of i^lOOO, favor of George Lewis, dated February 28th, at 3 months. Engaged Thomas Way as Accountant, at J900 per year. "•'^"' Received from W. Drewry cash in full of acct. Bought of Rimmer Gunn & Co., Montreal, on 4 months, 12 bass Rio Coffee, 136,12 ; 143,13 j ; 127,1 U ; 128,12; 142,14; 147,14i ; 146,12; 139,lli: 1.38,12; 152,16^; 146,14^; 156,16A lbs., at 32c, 10 chests Gunpowder Tea, 150,16; 148,14; 126.12A; 147,131; 142,16; 145,14i; 156,17i; 143,21; 134,14; 144,12^ lbs., at 60c. 15 casks Bordeaux Vinegar, 46 gals, each at 35c. Sold Smith & Cook, Brockvillc, on their note at 60 days, 4 bags Rio Coffee, 136,12: 127,11^ ; 128,12 ; 129,11^ lbs. at 40c, 5 bbls. Extra Flour at $7.50, 2 bbls. Mess Pork at $14.50. 2 — Bought of J. H. R. Molson & Bros., Montreal, on 3 months, 100 bbls. Superfine Flour at $6.50, 10 boxes " Western Leaf" Tobacco, 115,10 ; 125,- 12i; 119,13; 117,11^; 116,12; ll.o,9i ; 118,10; 120,12^; 116,14; 11.3,10i lbs. at 42c. Received of W. Ponton cash in full of acct. Sold J. Waltham & Co., Guelph, on acct., 20 bbls. Apples at $.3, 10 bbls. Flour at $8\ 3— Received of R. D. Anglin his note at 3 months with interest at 7 per cent, in full of acct. to date. Bought of J. Morris & Co., on our accept- ance at 90 days, 800 bbls. White Fish at $4.5i), 50 bbls. Mackerel at $6, 1000 lbs. Dry Cod at $4.75 per cwt. 4 — Shipped per G. T. R. and consigned to W. R. Ross & Co., Montreal, to be sold on joint acct. and ri3k,e&ch equally interested, 400 bbls. White Fish at $5 per bbl. Paid cash for repairing Store Fixtures $75, sundry expenses $24. 5 -Bought of John Cook, Belleville, on 3 months credit, 200 bbls. Trout at $5.75, 60 bbls. White Fish at $4.50. Paid freij^ht $30. S. G. Beatty, with the consent of his partners, this day disposes of his entire interest in the business to W. B. Robmson for a certam consideration. Received from V. Hudson, Montreal, to be sold on jointaoct. of shipper and ourselves, each ^, 600 bbls. Superior Extra Flour at $6.50, paid charges on same per check on Merchants' Bank, $49.50. Sold Massie & Peterson, on their note at 2 mos., 300 bbls. Superfine Flour from Mdse. Co. " A." at $7.80. 7— Sold S. Moore, James street, for his acceptance at 2 mos., 50 bbls. Trout at *6. 50, 20 bbls. White Fish at $5.50, 5 bags Rio Coffee, 136,12: 152,16 ; 147,14i; 138,12 ; 156,16^ lbs., at 40c. W. B. Robinson withdraws on acct. cash $40. 8— Received casli in full for G. J. Sherry's note of January 25th, with interest to date. Sold J. Farmer, Macnab street, for sight draft on F. Stin- son a bill of Mdse. amounting to $540.t Sold for cash the balance of Flour belonging to Mdse. Co. "A." at $7.90 per bbl. *e&lc8 on acc't are tnteiided to run 80 days unless othorwiso specified, tin transactions of this Icind, where the articles sold are not stated rou are required to sup- ply them. See this entrj- in Soles Book ! i ■ i' i:i *i;: r' er 128 9 -Deposited in Merchants' Bani< $1200. Received from J. Wilson, God- erich, to be sold on joint acct. of shipper, George Moore and ourselves, each \, 1000 bbls. Salt at 91.50, paid freight and sundry oxptMiscH oii same pi check $47.50. Sold it. Eastman, on acct., 600 bbls Salt from Mdse. Cu. "B at $2.20 per bbl. 10— Closed Mdse. Co. "A." and rendered consignor an Account Sal^s, our charges 3c per bbl., commision 2^ per cent, on sales. Bought of J. M. HawTey 1000 bush. Barley at $1.10, j^ave in payment draft at 30 days on U. Eastman for amount of his acct., cash for balance ; natf freii^ht f 50. Sold N. Boulter for his note at 3 mos. the balance of salt belonging to Mdse. Co. " B." $2.15 per bbl. 11 — Shipped to P. G. Close k Co., Toronto, to be sold on joint acct.. 150 boxes Bloom Raisins at $3; 125 boxes Layer Raisins at $2.40; 75 boxes Valentia Raisins at $3.25; paid freight on same $15.30. Received from W. R. Ross & Co. an Account Sales of our shipment to them on the 4th inst., our net proceeds $1060, received per note at 4 mos. 12— Closed Mdse. Co. "B." and rendered consignor and Geo. Moore each, an Account Sales, our charges 3^ cents per bbl., commission 2^ per cent on sales, remitted net proceeds to each per Bank draft, for which we gave chccK on Merchant's Bank. 14 — Remitted J. Wilson our note at 3 mos. for our interest in Mdse. Co. received the 9th inst. Had Massie and Peterson's note of the 5th inst. discounted at Merchant's Bank at 7 per cent per annum. Received of R. Town, Kingston, to be sold on joint acct., each equally interested, 800 bbls. Apples at $3, paid charges on same $75. 15 — Shipped John Cook, Bolleville, to be sold on our acct. and risk 115 bbls. Trout at $6.25 ; 40 bbls. White Fish at $5 ; paid freight on same $1 ^.75. 16 — Had S. Moore's acceptance of the 7th inst. discounted ^t Merchants' Bank, at 7 per cent per annum. Sold T. K^rmer for sight Draft on E. T. Hamley mdse. amounting to $1200. 17— Sold H. R. Mountain, London, on .30 days credit, 150 bbls. Extra Flour at $7.25, 200 bbis. Spring Flour at $7, 1000 bbls.'Goderich Salt at $1.50, 1000 lbs. Dry Cod at •JS per cwt, 18 — Received of Jno. Cook, Belleville, an Account Sales of our shipment to them on the 15th inst. our proceeds 4!525.50, which he has entered to our credit. 19 -Paid sundry expenses $26. Remitted Rimmer Gunn & Co. Draft on Montreal Bank in full for their invoice of -the 1st inst. less 2^ per cent dis- count; paid cash for draft, ^ per cent exchange and necessary stamps. 21 — Shipped J. Griffith & Co., Toronto, to be sold on joint acct. and risk of ourselves, consignees, and A. Brown each 3 10 hhds. sugar, 11200 lbs. net, at 83C. Paid freight on same $44.50. ^>.^ 22 — Had 11. D. Anglin's note of the 3rd inst discounted at Merchant's Bank at 7 per cent per annum. Sold A. B. Jones, Toronto, for cash 10 bbls. White Fish at $5.50, 12 bbls. Spring Flour at $7.80, 4 hhds. Soft Yellow Sugar, 1420 lbs. net each, at B^c. 23— J. A. Mathewson & Co., Montreal, and ourselves have entered into an agreement to buy and sell merchandise on joint accotint, each firms in- ^ tereat in such apeculationa to be equal. ^ .^ Thej , 60 bbls. Spring' Extra $5.70. Sold W. H. Graham, for cash, an invoice amounting to f 730. 25— Received from John Cook his draft at .SO days on P. Miles for flOOO. Received from H. R. Mountain sii;ht draft on L. W. Yeomans for ^lUU. Received from J. Waltham & Co. cash in full of acct. 26 -Remitted J. H. R. Molsor. & Bro.'s draft on.Montreal Bank for their invoice of the 2d inst., less 2^ por cent., paid cash fur draft, g per cent ex- change and necessary stamps. Paid sundry expenses $10. 27 — Had N. Boulter's note of the 10th inst. discounted at Merchants' Bank at 8 per cent, per annum, and proceeds left to (credit. Received cash in full for M. Lingham's note of January 24th. 29 — Had our note at 3 mos discounted at Merchants' Bank at 7 per cent, per annum, net proceeds of which amounts to $1260. .30 — Paid our note of Feb. llth, favor D. Chesman A Co., less discount at 8 per cent, for unexpired time. 31- Paid one quarter's rent of store per check. Sufficient Mdse. unsold to allow a profit of 30 per cent, on sales. As this eiuls the truusactious of the third month, and a partner is aliout to retire from tlie firm, you are required to make out a Trial Balance and Balance Sheet. As tliis set is supposed Ut end anotlier year, close all the accounts in tiie Ledger and bring down the bal- ances as heretofore. It will be necessary to take clerks' wages into consideration l»efore rendering a statement, and as rent has l»een paid for two months in advance, it must be estimated in tlie Inventory. i \ • -i.t SALES BOOK— SET XI. This book contains all the regular sales, either for cash or on time ; the cash sales being extended in the inner column, are not included in the amount for which merchandise is credited from the Sales Book. These sales, together with petty sales not entered in the Sales Book are posted from the Cash Book. This bot>k is jour- nalized similar to the Invoice Book, under the heading " Sundries To Merchandise." * This amount htw b«en placed in our hands for investnient, we therefore treat it as a sim- ple loan and credit J. A. Mathewson & Co. for it, Ill .,.-* 130 u m k !ii: •■.■I ft ,: SIALES POOK— SET XT. MoNVKBAL, March 1, 1874. V 69 Smith A Cook, Brockville, 0. 4 bag! Rio Coffee, lbs. tare. 1.36 — 12 over 263 — 23* 127 — 11* 138 — 12 — — 129 — 11* • 263 - 23* — — 620 — 47 ^73 Iba. at 40c ... $189.20 5 bbla. Extra Flour at $7.50 37 ..00 2 " Mesa Pork " 14,50 29.00 Note at 60 daya. 2 265 70 J. Waltham & Co., Ouelph. 20 bbla. Applea at 13.00 $60.00, 10 •' Flour « 8.00 80.00 30 daya credit. 140 00 i ■ ■ S- Moore, Jamea street. 50 bbla. Trout at $6.50 $326.00 20 *' White Fish at |i.60.. .. 110.00 6 bags Rio Coffee. Iba. tare. 136 - 12 over 435 — 42^ 152 — 16 138 — 12 147 — 14i 156 — ^6i 435 — 42* 729 — 71 =658 lbs. at 40c ... $263.20 Acceptaace at 2 montha. 698 20 J. Farmer, Macnab Street. 4bbls.Strong Bakera' Flour at$6.60. $26.00 10 " Spring " « " 6.00. 60.00 20 " Extra " " 7.00.140.00; 30 « Superior Extra •' " 7.25.217.501 10 « Samon Trout " 8.00. SO.OQl 3 '• White Fiah , , « 6.00. 15.00 i 2 1b8. Y. H. Tea " 76. 1.60 Sight draft. 540 22 A. B. Jones, Toronto. 10 bbla. White Fiah at $5..50 . . $55.00 12 •' Spring Flour" 7.80 .. 93.60 4 hhda. Soft Yellow !!M«gar, 6680 lis.. at8ic ... 482.80 631 40 1093 Sales on time, 90 Sales for caah and entered here from C. B. 1171 40 Petty sales entered in C. B ^ 460|00 1621 2715 40 Total sales for the month, 30 MOTE.— The above Sales Book Is merely glvan as a form, and not supposed to contain the eutriaa in tlwir order. M' M in SET XI— FOURTH MONTH'S BUSINESS. Apkii, 1, 1874. J. W. Dickey hns this day retired from the busineu, Boiling hifl entire in- terest to the remaining partners at a discount of 10 per cent, from his net worth. Paid him \ cash and balance in notes at 6, 9 and 12 months for equal amounts. Bought of Rii zncr Ounn & Co., on 30 days, 10 bags Java Coffee, 130, 181, i:t4, IHK, \M, 129, H.'i, 14H, 151, 14H lbs., tare 4 lbs. each, at HOc; 20 bags Jamaica Coffee, 131, 128, 143, 164, 151, 147, 128, 127, 118, 131, 137, 146, 129, 144, 118, 132. 147, 150, 141, 134 lbs., tare 5 lbs. each, at 29c ; 16 bags Ceylon Coffee. 149, 143. l.'iS, 147, 162, 138, 127, 119, 154, 176, 1.38, 131, 144, 127, 124, 152 lbs., tare 5 lbs. each, at 27c : 100 bbls. Crushed A Sugar, 225 lbs. gross, 25 lbs. tare each, at lO^c, 200 bbls. Dry Crushed Sugar, 218 lbs. gross, 21 lbs. tare each, at He: 115 bbls. Yellow Sugar, 222 lbs. gross, 22 lbs. tare each at He; 10 hhda. Porto Rico Sujfar, 1107, 1141, 1113, 1121, 1127,1116, 1099, 1142, 1130, 1117 lbs., tare 107 lbs. each, at 7^0. Paid freight on same $104.25. 2— Sold S. E. Shibley, for cash, 10 casks Bordeaux Vinegar. 50 gals, each, at 35c; 9 bbls. Golden Syrup. 43, 47, 46, 41, 4.5, 4.3, 49, 42, 40 gals., at 40c ; 7 bbls. Standard Syrup, 37, 39, 42, 46, 44, 38, 31 gals., at 39^0 ; 5 bbls. Clayed Molasses, .34, 38, 36. 32, 39 gals, at 26c ; 500 lbs. Dry Cod Fish at $5 per cwt.; 50 bbls. Bakers' Flour at $6. 4 — Paid cash for sundry expenses $16.50, S. Edsall, on acct. $15. Sold W. Ponton, on his acceptance at 30 days, 12 boxes P. of Wales, No' 1, Tobacco. 120. 118,117, 119, 114, 116, 117, 121, 120, 122, 119, 118 lbs- gross, tare, 20 lbs. each, at 31c, 9 half chests If. Hyson, " Chinaman" No* 142-75, 7.^, 71, 70, 69, 74, 67, 71, 69 lbs. gross, tare 15 lbs. each, at 90c = 5 half chests Tea, " Congr-u," 68, 72, 74. 73, 71 lbs. gross, tare 15 lbs. eachi at 60. Sold R. Gordon, for cash, a bill of $850. 5— Received from John Cook, Belleville, for sale on joint acct. and risk' each k, 1200 lbs. cheese at lie. Paid charges on same $10.50. Had Conger Bros, note, of Feb. 14, discounted at Merchants' Bank at 7% for unexpired time. Discount $ — ; cash received $ — . Paid A. Overell, on acct. $14, A. Forin$;0, S.Edsall$5. 6-rSold A. M. Foster, for cash, from Mdse. Co. "C," 10 bbls. Apples at $4. From Mdse. Co. "D." 600 lbs. Cheese at l2^c. Paid suudry items of expense SI 5. 50. Remitted A. Urquhart & Co. a draft on the Bank of Montreal for the amount of their invoice of the Ist instant, less 3 per cent. Paid cash for draft, I per cent exchange, and the necessary stamps. 7 -Had W. Ponton's acceptance of the 4th inst.'discounted at Merchant's Bank at 7 per cent, for unexpired time. Discount $ — ; cash received $— . Sold W. Bristol, for cash, from Mdse. Co. "D." 400 Ibs.'cheese at 12ic. Paid Gass Bill $11.90. 8 — Received from P. G. Close &Co., Toronto, an Account of Sales of the Raisins shippiid them the 11th ult. Our net proceeds and payment for ^ in- voice remitted by draft on Bank of Montreal, $1131.25. 9 — Bought of Sinclair Jack A Co., Montreal, on 30 days, 11 half chests Colored Japan Tea, 69, 64, 71, 70, 65, 68, 72, 7.3, 77, 74, 71 lbs. gross, tare 15 lbs. each, at 60c; 21 half chests Gunpowder Tea, Nos. from 114 to 1.35—55. 68, 74, 71, 73. 72, 71, 69, 68, 67, 64, 69. 73, 72, 71, 70, 72, 7.3, 68, 66, 70 lbs. gross, tare 14 lbs. each at 66c. Paid freight on above $19,50. Sold for cash from Hdse. Co. " D.," 200 lbs. Cheese at 12ic. I ^^H( I^Bt ; li ^ i ii ' S i 1; .1 hk I 11— Closed Mdae. Co. '• D." and rendered John C ok an Account of Sales. Our charcea for dntyage $3, commission 3^ per cent. Sold A. Henry for cash a bill amounting to $1500, 12 — Paid a drayman ffl for cartinjj, from store, remainder of apples be- lonjrinj; to Mdsn. Co. '• C," they havin<; all decayed on nccoimt of ox- |>osui-e. Partner Hobinaon doubtin-; the ability of W. VV. Jones to pay his note, sells his interest in it to Student for ^ its value. Sold H. Armstron*.'. for cash, a bill of goods amounting to $2100. Depasited in Merchants' Bank $2000. \'.\ — Had our stock of goods insured in (mnerial Insurance Co. for ?20000. at 2 per cent. Paid premium pCr check. Rendered U. Town, Kingston, a statement of the apples received on the 14th ult., for sale on joint acc't, and renii tied the amount due him per check. Sold W, U. Hafber, for cash, a bill of goods amounting to $2500. 14 Sold John Cook, lielleville, on his acceptance at ."^O days, 14 bbls. Mus- covado Moliuws. 42. i:\. 4fi. 40, 45. 47, 40, 42. 48, 43. 44, 40, 41, 4J> gaU. at UOc, Sold W. H. Muir, for cash, an invoice of Tea amounting to $2I5<*. 15 — Bought of A Urquhart A, Co., on our acceptance at (U) days, SO casks Bordeaux Vinegar, 50 gala, each, at 30c, 50 do. Amber Syrup, 44 gals, each, at (>0c, 100 casks Barbadoes Molasses, 45 gals, each, at 32c. Pir-i for sundry e.Kpenses $13.50. l(i — Had John Cook's acceptance of the 14th inat. discounted at Mer- chants' Bank, at 7 per cent, for unexpired time, ;,iid nt- ♦ prucoeds left to credit, Sold Charles Smith for cash a bill of $1500. Uecoivcd from R. Thompson cash in full for his note of February 13lh. Sold F. Dixon, for cash, an invoice of $2150. IS— Shipped per steamer Passport and consigned to W. Bannau & Co., Toronto, lii Se sold on joint uocount and risk, each ,J, 400 bbls. " Extra Su- perlinc" Flou.; at $(>.50 ; 1.50 bbls. "Spring Extra" at $6. 2;')0 bbls. " Strong Baker's"' at $5.00. Paid insurance on same $30. Sold for cash a bill of $750. 10 — Remitted Sinclair Jack & Co. a draft on Montreal Bank for the amount of their invoice of the 0th inst., less 3 per cent, discount. Paid cas'ii for draft, g per cent exchange, and the necessary stamps. Bought of Geo. Flower on our note at 3 months, ,50 bbls. Salmon at $(5.75. Sold C. W. llaney lor cash an invoice amounting to JIWO. 20 — Called v\>vn H. R. Mountain, London, ♦o effect a s<>ttlement, found him unable to pay his indebtedness and compromised for 75c. in the dollar, accepted note against George Ritchie for $1200, dated Feb. 1, at 3 months, and ca.sh for the balance. 21 — Had Geo Ritchie's note, recciveii 20th inst., discounted at Merchai\ts' Bank, at 7 per cent for une::pired time, and net proceeds left to our credit. 22 -Discounted our note of the 10th inst., favor of Geo, Flower, ,^t 10 per cent for unexpired time. Discount olf $ — . Amount paid per check $ — . 23 — Sold W. R, Barber, for cash, an invoice amounting to $S50, De- posited in Merchants' BanK $1000. Bought of J. Wilson, Goderich, ou our acceptance at 30 days, .300 bbls. Salt at $1.7.5, 200 bbls. Mess Pork at $16. 25— W. Bannan A Co. have this day returned the whole ot the Flour ship- ped them on the 18th inst. Charges' paid by them as per statement $30. Sold John Cook, Belleville, on acct. 7 caiks Bordeaux Vinigar 38, 36, 30) 42, 41, 43, 40 gals, at 33c. 133 \ccount of t. Sold A, r applos be- ount of ox- I to pny his Armstrong'. Merchants' for ?20000. Kingston, a t acc't, and , for cash, a 4 bbls. Mus- , 40 ,. Pn'-i for ted at Mor- cods left to cd from U. . Dixon, for nnan & Co., " Extra Su- . 2o0 bbls. il for cash a 27— Received from P. Miles, cash in f\ill for his draft, of the 25th ult. Sold Geo. Wallbridjjc for cash, an invoice of Teas amounting to $1120. J. C. Cbilman ft C). have failed, and are able to pav but 60c. in the dollar. Accordingly we have received from the Assignees 60 per cent of the note we held against them, in cash. Lost the balance. 28— Bought from John Templeton, for cash, 2000 bbls. Ooderich Salt at $1.75, and shipped the same to J. A. Mathewson ft Co., Montreal, for sale on joint acct. Paid insurance on same $79.50. 29— Through a di.iastrous fire last tii^ht, our stock of goods was entirely consumed. Nothing saved but the bu<)Ks and other papers kept m the safe. Md«e. on hand yesterday us per Stock liook, $3(5,200. 30 — J. P. Thoma.s. agent for the Imperial Inauraoce Co., in which we were insured, has promptly adjusted the loss by giving as the Company's check for amount of insurance. At a meeting of the partners it has been mutually agreed that the busi- ness shall be ch^ed, the books balanced, a settlement effected, and the part* nership dissolved. 111 oi-der to effect the alxno sotvlv^mo:it, tiike a Trial Bivlnnce and statement showing the condition of tlie bnsinesR. Collect all out- standiuij acc'ts, have all hills in jHKSsosvsion of the firm discountoil at the Bank and pay olV all the liabilities. >l'-' I' ank for the Paid cas'i) on at $6.75. meat, found il the dollar. \t 3 months. •^^-tr^ic^^^ilS^s^e^^^ ■» (Ifr •H<'r ' rt,C >j^-- .•5T» . L Merchants' c. our credit. er, ;vt 10 per heck $— . $S50 , Do- ys, 300 bbls. ■} Flour ship- feniont $30. ir 38, 36, 39, '»nr;i •-'J '•41' '»- '*i'j*s; .b >»'»4f.-* >it ui.: [■^m 134 FORM OF MONTHLY TRIAL RALANCK. Ki u li k ?!•. 2 AoMuntt. 1 Dr. JM\H»rj. Or. | i l>r. r»bru»ry. Or. 50 W. H. Marsh, 1428 50' 1 1 6974.10' 2.10 51S. W. Manner, 'iim 1 8768 60 475 52C^Mh. 4760 , 127S 2460 46 1450: 53 Merchandise, 97641 1 .-^548 1342 .SO 3296 48 54iUilU Receivable, 8240 6400 2460 25; 1720 25 54! Hills PaTablc, 55 (leorge Brv)wn, 1240 l.''>60 574 ; 465: 18.')0 j 840 j 24fe 65 8. R, Smith, 200 li 100 268 jl 56 U R. Unt, 1200 1 1360 743 40 176 57 S. 0. Hess, 1400 1760 58 G. A. Arner, 1250 1050 i .'^49 36 58 Interest, 18 2160 i 2b, 1 46 30 59 Expense, 180| 1 38 Janvaky. 3.-)660 50 33660 :^o 1 60 R. W. ^o8^ 10 1 61 Commission, i 156 30 62 Loss and Gain, 1; 276 40 63 F. Rinnner, Kkhrvart. 8976 11142 97 ,8976 t 24 97 64 Peter Huff, 65 .lamed Stanley, 66 Robert Gordon, 1 March, 1 1 Dr. March, Cr, 146 239 12*68 40 11174 80 2164 80 24,% 90 12401 175 246 176 50 10 47'60 146 30 946 28 200 596 40 248 70 'mbO 60 20 40 234 60 ICO 51 1 68 6.161 28 6361 28 Tho alH>ve form of Trial Ualmiiv will itv|\»iiv n>yal |»ajH>r riUtnl with six dobit and oivilit tv^lunms on t^ach i>aj?»\ A Trial UHJimco Hho\iKi Ih» tnkoii ov«>rv m«>nth, in «n"dor to dotoot an ermr as st>on as uoshibU' aftor it »HV\irs. \Vt> know nianv niotvhants who di> not tost tho cornvtnoss of their li«^ltj«M' until tho ontl of the year, and then 8{Hmd two or thnni wnvks in Irving to make out a Ti'ial Rvlanot* fivm the whole year'."' husinesH, whei\>jus, if this plan had l>een adoptiil, mistakes woxihl h.ave lHH>n eorreettnl at the end of each montli, and only one month's Imsiness would have to Iv taken into consideration in makinjj out the Trial Ralaiuvnt the end of the year. Ik^fow making out »>ach month of this 'iheet, jji> over the I^lger, carefully adding up the nionth's business, inserting it ii\ jHMicil in the margin of each acci>unt ; fixvin these marginal figunw tho trial is tiUeti up. Want of tinio is the givatest objection U> this style of Trial Rahuuv, but, if a proj)er estin\at<« is made of the tin\e U8\ially require*! for et>rrecting Ixwka at the etid of the year, tlie advantage will be in favor of the monthly trial, which gives timely notice of he existence of error, and but a short apace of business U> examine in order to find it «■<■ 135 5C«- ■: TM' 1174 80 '243fi 90 1240 158 248 70 I 230 hO 6 60 20 40 234 60 APMINISTKATDR'S FORM. An Admiiiisti'Htor is a |h»i's«>u appoiutoti l>y the jutlgi^ of t'.io Sur- i\>jjfato (.'ouil U) st»ttle the afTaii'H of an int»wtat« -or a jH«r»)ii djing without a Mill. His diities aro 8|MH>ially ilea«irilHHl by the stAtutea, and {HU'tain, ru*st, to tho liquidation o^ t>ntstanding debts an the pi»{H*r dist ibution of net asset* among the heiiis or their h^gal ivpreseutatives. That the |H>8ition is a r«»sj)t>nsibh> «Mie may Vv» inferiv«l fn>m the fact that he is liable to thos4» for whom he aetR. in the amount of pi\>|>erty and :)jiset« Mhioh he ha» in trust, and is nH|nireii by hiw to gi\tj l>«)nd8 with i»s|>onsible suwties for at least that sum. None should iKvept the n^spojisibility without caivful i^Misidenition. So far as the a«'oounts aiv c«mc»>nuHl they d) not dirtier much in principle fi\>m tluvse of an agtmt or single pi>>priet^^r, ext^pt tliat in intent and seoin? they refer to liquidation. It very often iKJCurs, however, that in the disohai-gi' of his duties an adnxiiustrator may inenwi^e the vahie of the j>nqH>rty held, or cii'cumstauu'es may de- pnviate its The aeeount s)u>uld \to kept so a« to slmw siu^'i gains or losses and their cnusey,. I^ioh as one may die, unless his pn^|M»rty is all in gtvhl shape, and his will and al^aii's, generally, cKmrly arrangt^l, then* is no tvjctrtinty that his wife and ehildivn will derive muoh iHMietit from all that is l«*ft beliin«5. Pi\»|H>.rty sold through the pn)bate eourts genemlly brings only froni one-half to two-thinls the priiH' it w«»»jld iSMumand if the late owner wa.s alive and disintaing of it himself This is d»je to the faet that, if then' had Ihxmi any irivgnlarity in the legal pnHtHHlings eonntvt«Hl with the sale, the heii"s an> vi>rv apt to nike the niatter up, an«i try to n\H>ver the |>nnK'rty. In additiot\ to this injury to the pn>|>erty of deot>as(»«l )H''.i*s«ms, come legal and »>>urt fees, n'fennvs' charges, advertising, and many other l«H>p-holes vhich dmin the tv»t«te. It is |>«rticularly \inf«>rtunaU'' for heii-s and legat8 if the pr»>|>erty left to them is tniv-nil by a mortgjige. Th»> man who lo>i»8 his wife an»l chiUlivn should endwivor t*) k«>p his afiiiira in such a staU* that^ if he wen> s\ulilenly calleil away by death, his pn>p«n'ty would l>e in such a well-arrangotl (\»udition a.s to yield aomethiivg^like its real ralue. 'fl f'..,.^ '"' ;t!|4i I 11 I M 1 ♦ I ■i mi ♦■: wi ^^r * m oa 136 SET XII.— ADMINISTRATOR'S FORM. Beu.iville, October 1, 1874, * this day having received letters of administration, enters upon the duties of Administrator for the Estate of John Smith, deceased, and is to pay off all just liabilities and necessary contingencies, and after convert- ing surplus into cash and deducting commission, divide the remainder among the nine heirs in such proportion as the law provides. < < > , ,i<. ' > The following is a list of such resources and liabilities as can, at thiB time, be ascertained : Rbsoukcks.— Wm. Jones owes on acct. $(>0, Thomas Giberson .S37.50, George H. Dean $78, N. W. Phillips $54. W. Sutherland $50, L. H. Bot- toms $32, W. Graham $45, John S. Miller $75, A. L. Geen $28, W. A. Os- trom $52. Notes— William Lacy's for $250. dated January Ist, 1873, at 6 pifTSeiit. interest;' W.H. Stinson's for $100, dated Au^^ust 14. 1873, at 7 per cent. ; A. Overell's for $28, dated September Ist, 1874, at 8 per cent. Irt<)rest due on above notes to date $ — . Farm, as pen'valuat'on, $4,000, Farm- ink Implements (as per Schedule A.) $400; Live Stock as per valuation (Schedule B.) j600; Furniture, as per valuation (Schedule C.) $250; Cash on hand $52; Deposite in Merchants' Bank$2S0; Deposit receipt, Montreal Bank, -t^IOOO, dated Jan. Ist, at 4 per cent, interest; Mortgage from Thos. Jones $400, dated March 1st, 1872, bearing 8 per cent, interest, payable half yearly ; interest due on same from Sept. 1st, 1874, $— . 10 shares of Moira Cheese Fac- tory Stock, par value $20 per share. Liabilities — L. W. Yeomans & Co., on acc't. $50, Q. C. Helton & Co. $25, J. S. Meudell $28, John Lewis $18 Notes — Favor Robertson i Henry $50, dated July 1st, 1874; John Cook $35, dated August Ist, 1874. 3d— Deposited cash op hand, in Merchants' Bank; paid Lewis Roenigk > undertaker's bill per check $50 ; paid Probate and Lawyers' fees per check $25. Paid Mrs. J. Smith for house expenses per check $25. 5th — Sold Live Stock by auction for $600, less 1 percent, auctioneer's fees, paid to A. Keys ; paid for advertising Sale in the Intelligencer and Ontario $10; deposited in Bank $ . 7th — Collected the following accounts : Thomas Giberson $37.50, George H. Dean $78. 8th— Paid L. W. Yeomans & Co., in full of acc't, $5); J. S. Meudell, in full of acc't, $28 per check. 9th— Paid G. C. Holton & Co. in full of acc't per check. 10th — The following amounts due by the Estate were not enumerated in the original list : W. Johnson $15, J. H. Hambly .^12. 12th — Received cash in full for the following accounts : W. Jones $60; N. W. Phillips $54, L, H. Bottoms $32, deposited amount in Bank, 13th — Mrs. John Smith assumes the furniture (as per Schedule C.) at valuation, 1^250. 14th — Transferred the 10 shares Moira Cheese Factory Stock to William, Adams at 5 per cent, premium, deposited amount received in Bank. 15th — Sold the farm to John Smith, jr., son of deceased, at valuation also sold him the Farming Implements (Schedule A.) for $400 ; received cash (deposited) $4000, balance on acc't. Paid Mrs. Smith for house ex- penses $25, on private acc't $20, per check. * student to use bis own name. 137 16th— Received cash for the following notes and interest on same to date : W. Lacy's $250, W. H. Stinsou's $100, deposited amount in Bank. 17th — Assigned to Mrs. John Smith, Thomas Jones' mortgage; interest accumulated on same to date, Received payment for the following accounts : W. Sutherland |50, W. Graham |45, A. L. G<)en $28, deposited amount in Bank. 19th— A. Overell paid his note with interest to date $ ; received from J, S. Miller in full of acc't $75; deposited in Bank, 21st — Paid John Lewis and William Johnson in full of acc't per check, 22d — Paid note favor Robertson & Henry per chock. 24th — Paid Thomas Smith on account, per check, $50 ; paid note favor John Cook, per check. 26th — Compromised with W. A. Ostrom for the amount of his indebted- ness, he having produced a receipt of $20 on the account, from the late John Smith. I accept $;}2 in full settlement. Received cash for deposit re- ceipt from Montreal Bank, with interest to date. Deposited amount in Mer- chants' Bank. Paid J. H. Hambly in full of acc't per check, $12. Appro- priated for my services as administrator $150, per check. To THE Student. — You will now journalize and post the work, take off Trial Balance and Statements, which will show the undivided interest of the heirs in their representative account Smith's Estate. Having completed the work of converting resources into cash and pay- ing off liabilities, you v;^ill now credit the heirs with their respective interests. The Widow will have ^ the net proceeds of i/iie Estate, and each of the other heirs ^ of the remainder. You may next make the necessary entry for closing the accounts, which will be to pay off all the heirs per check. iri SET XIII.— MANUFACTURING BUSINESS. Books used — Day Book, Cash Book, Bill Book, Time Book and Ledger. The Day Book and Time Book to be used in this set are explained, and a form of each given immediately after the record of transac- tions. Use the form of Cash Book adopted on page 94. Beli.eviixg, April 1, 1874. * and A. M. Spafford have this day rented the Dominion Foundry, together with M its machinery, fixtures, etc.. as shown per Schedules " A., ' "B.," «C." and "D.," from A. K. PatterHon at $2000 per year, for the purpose of carrying on business as defined in their Articles of Co-partner- ship of this date. Each partner is to be allowed interest at 8 per cent, on amount invested and charged at the same rate on sums withdrawn. Student invests cash $8500, Note against James Brown for $2000, dated December 11th, 187.3', at 4 months A. M. Spafford invests cash $12,000, Note against Peter Williams for *1500, dated October 2l8t, 1873, at 6 mos. with interest at 8 per cent. Interest accrued on same $ . Accepted Draft on F. J. Dixon for $1000, dated March 24, 1874, at 30 days. Paid for a set of books $21.40. > > j m ■!■; I f ^1 138 2— Bought of A. R. Patterson his entire stock of manafactured imple- ments, iron, etc., amounting, as per inventory, to $5500; 100 cords of wood at $5. Gave in payment our 3 notes at 6, 9 and 12 months, for $209U each. Engaged Irwin Foster as Accountant at $800 per year, John Davis as foreman of the finishing shop at $2.75 per day, George Abrahams bs fore- man of the moulding shop at $2.50 per day, Alexander Winters, blacksmith, at $2.25 per day, Robert Jones, William West, Henry Darnley, Stephen Post, Warner Potts, Isaac Raming, George Everett, Samuel Lynn, Thomas Petre. Arch. Ewing and David Liddell at $1.50 each per day, A. M. Eraser, 8. H. Hudson and P. M. Grass, at $1.25 per day, Wm. Stonebursr as engineer at $l.t5 per day, and Thomas Roberts, James Long and W. H. Spring at $1.20 per day. Services to commence on Monday. 4 — Made arrangements with W. A. Foster & Co. to supply machinery for a new mill, which they are about to erect ; also with W. W. Jones ft Co. and A. S. Page & Co., to supply and repair machinery as specified in the Articles of Agreement. Sold M. R. Coleman, for cash, 1 Double Crook Hurlburt Plough $\!i, 1 Scotch Canadian do. $12, 1 Ten-horse Power and Rods for same, $100, 1 Maple Leaf Cooking' Stove and Trimmings $32. Robert Abrams, who is actinias agent for the sale of our implements, has this day received 7 Scotch Canadian Ploughs at $10, 4 Mohawk Valley Clipper do. at $9, 6 Double Crook Hurlburt do. at $12*. 5— Bought of Frothinghani and Workman, Montreal, on acct.. Round Bar Iron, amounting as per invoice to $490. Paid freight on above 127.40. Bought of W. & F. P. Currie & Co., Montreal, on acct., invoice of Pig Iron amounting to $850. Paid freight and cartage on same $35.70. Foreman's report— Lost time, i day Winters, i day Raming, ^ day Post, I day Darnley and ^ day Davis. Work to be charged, 5 hrs. Winters, 2 hrs. West, 7 hrs. Everett, drilling and dressing spiders for A. S. Page & Co., at $4 per day.t 6— Delivered per order of our agent, Robert Abrams, 2 Reynolds' Wa- ter Wheels at $68, 1 Selleck's do. $90, 2 Leffell's do. at $125. Sold Wm. Cook, for note at 3 months, 1 Wood's Mowinjr Machine $75, Reaping attachment for same $25, 2 Steel Ploughs at $10. Paid sundry ex- penses $4.20. Student withdrew on acc't $150. Foreman's report — Lost time, Isaac Raming, reported sick, Warner Potts i day, aad S Post ^ day. Extra work for W. A. Foster & Co., S hrs. Davis, 2 lirs. Liddell, and 2 hrs. Ewing, fitung and finishing Binding Rollers. 8 hrs , West, cutting off 7 inch Hammered Shaft.5 hrs. Lynn, and 4 his. Darnley, cutting bolts, at $4 per day. 7-Delivered to W. W. Jones & Co., 2 Steam Engines, 45 H. P., at $800, 1 Shingle Mill $100, 2 Feed Rollers with Gear and Shafts. 2 Binding Rollers aud Shafts, 1 Spider for 5^ inch Shaft — weight, as per memorandum given them, 1680 lbs. at Be, 15 pes. Maple Scantling, 600 ft., at 3c. A. M. Spafford withdrew on acc't $100. Had Wm. Cook's note of the 6th inst. discounted at Montreal Bank, at 7 per cent, and net proceeds left to credit. * As Mr. Abraras has taken tyiesc implements away from the ahop, chartfe him with them the Hame'as though he actually bought them, and give him credit for anything he may return. t The hands who are not reported by the foreman, under lost time, are credited e.icb evening in the Time Book, with a full day and all others with the time they have worked. Extra work, repairing machinery, &e. is charged to the parties for whom it is done with the men's time, at from |3 to i|6 per day, according to the machinery used and the men required to perform thtt work, OlMerva this entry in the form of Journal, 139 lolds' Wa- Foreman's report— Lost time, Robert Joaes 1 day, William We»t i dar, and Isaac Raming 1 day. Extra work for W. W. Jonei A Co., 4 hrs Lid- dell and 7 hrs. Ewing, cutting off and dreuing Hammered Shaft ; 5 hrs. Petre and 3 hrs. Lynn, cutting off and fitting a 3 inch Shaft; 5 hrs. Everett and 2 hrs. Davis, on old Pulley, at $4 per day. 8 -Bought of Frothingham & Workman, lor cash. 12 sheets Boiler Plate. 6z3z^, 2116 lbs. at 5c. Received from Robert Abrams cash on acc't, $200. Paid tor painting and papering office $30. Foreman's report- Lost time, G. Everett, i day. Isaac Raming absent, W. Potts J day. Extra work for A. S. Page & Co., 6 hrs. Jones and 2 hrs. West, taking length of pipe, I day Darnley and 7 hrs. Post, on old shaft. 9— Received from W. W. Jones k Co. their note at 3 months for amount of machinery delivered to them 7th inst. Paid sundry expenses $10. Re- mitted Frothingham & Workman, draft on Montreal Bank for the amount of their invoice of 5th inst., less discount at 3 per cent. Paid cash for draft, g per cent, exchange and necessary stamps. A. M. Spafibrd withdrew on acc't $250. Foreman's report — Lost time, A. Winters \ day, R. Jones \ day, J. Ray- mond sick, W. West i day. Extra work for A. S. Page 4 Co., 2 hrs. Win- ters, 5 hi-s. Jones, 5 hrs. West, I day Darnley, 1 day Ewing, on Wooden Rollers, at $4 per day. Paid bands, cash in full for services, as per Time Book. 11— Had W. W. Jones & Co.'s note of the 9th mst. discounted at Mon- treal Bank at 7 per ct. per annum, and net proceeds left to credit. Shipped to Shannonville, per order of Robert Abrams, 3 Side Hill Ploughs at $9, 10 Double Crook Hurlburt do. at |12, 10 Scotch Canadian do. at $9.50, 12 Mohawk Valley Clipper do at $9. Foreman's report — Lost time, Robert Jones i day, W. West ^ day. Extra work for W. A. Foster & Co., 2i hrs. Potts, on Collars, 8 hrs. Raming, 3^ hrs. Everett, 4 hrs. Lynn, on Stave Machine, at $4 per day. 12— Delivered to W. A. Foster & Co. 1 Arch Door and Frame, 126 lbs., at 5c, 5 Arch Bolts, 22 lbs., at 5c. 5 pes. Cast Pipe, 480 lbs. at 7c, 15 Mark- ing Hammers at $1, 4 Roller Shafts (2^ inch), 376 lbs., at 7c, 4 Cast Rollers 1348 lbs. at 7c, 1 Hammered Shaft. 1322 lbs., at 13j|C, 66 lbs. Washers at 7c. Sold W. R. Coleman, on acc't, 1 Cumming's Straw Cutter $25, 1 Circular Saw Carriage with head blocks, $400. Foreman's report — Lost time. Winters J day. Extra woik for A. S. Page & Co., 1 day, blacksmith and helper, at $5, 4 hrs. Darnley and 8 hrs. Post, on old boiler, at $4 per day. 13— Received from W. A. Foster & Co. their note at 3 months for amount of machinery deliverea 12th inst., and bad the same discounted at Montreal Bank at 7 per cent., and proceeds left to credit. Remitted W. ft F. P. Currie & Co., draft on Montreal Bank in full for their invoice of the 5ih inst. less 2;^ per cent, discount. Paid for draft, I per cent, exchange and necessary stamps, per check. Foreman's report — Men all put in full time. Extra work for W. A. Foster t Co.. 1 'iy Fraser, 8 hrs. Hudson, 7i hrs. Grass, on Wooden Rollers, at $3 per day. 14— Delivered, per order of Robert Abrams. at Madoc, 14 Scotch Cana- dian Ploughs at $10, 10 Side Hill do. at $8, 4 Maple Leaf Cooking Stoves at J30. Bought of Frothingham & Workman, Montreal, on our acceptance as 10 days, invoice of iron amounting to #1200. Foreman's report- Lost time. Winters A day, Liddell { day, Ewing J day, and Petre ^ day. Extra work for W. W. Jones & Co., 5 hrg. blacksmith and helper, 7 hrs. Jones and 4 hrs. West, on conDecting boilers, at $4 per day. 140 16 — Received cash in full for James Brown's note of January the llth. Received from Robert Abrams, on acc't, J. JohnBOn's note for $250, dated April 12th. at 3 months, with inteiest at 8 per cent. Sold W. R. Coleman, on ace t, I Iron Horse Power (for 2 horses) .:if.30, I Band Wheel for same $5, 1 Steel PloH-h $12. HnvinjT become dissatisfied with our blacksmith, A. Winters, we have paid him in full and discharged him. Foreman's report— Lost time, Liddell ^ day, Ewin^' ^ day, Ijong \ day, and Spring X day. Extra work for A. S. Page & Co., 1 dfay Roberts, (i hrs. Long, 4 hrs. Spring, on Wooden Rollers, at $.3 per day. 16- Received from A. S. Page & Co. their note at .3 months for the fol- lowing machinery delivered to-day, 4 Saw Arbors, (2^ in.,) with Pulleys and Collars, 354 Ibsai He, 4 Bevel Wheels, (2^ in.) Shafts and Pinions on same, 7;i8 lbs., at 8c, 4 Pillar Blocks for 5^ m. Shaft and 4 do. for 7 in. Shaft, 2738 lbs., at 8c., 1 Hammered Shaft, 7 in., 1490 lbs. at 12^0. Had J. Johnson's note of 12th inst. discounted at Montreal Bank, at 7 per cent., and procoeds left to Cr. Bought of Frothingham & Workman, Mon- treal, on acc't, invoice of Bar Iron, anounting fo $1500; paid freight on same ."?53.20. Foreman's report -Lost time. Grass i day and Hudson 4 day. Extra work for W. A. Foster & Co., 8 hrs. Jones, 5 hrs. West, 6 hrs. Darnley. and 7 hrs. Post, on connecting rods at $4 per day. Paid our hands in full, as per time Book. 18 — Robert Abrams has returned 1 Reynold's Water Wheel $68, «ent him 6th inst., and 5 Double Crook H. Ploughs at $12. Bought of W. & F. P. Currie & Co., Montreal, on account, invoice of Scotch Pig Iron amount- ing to'$850; paid freight on same $57.60. Engaged Peter Huff, Blacksmith, at $2.00 per aay, services to commence to-morrow. Foreman's report — Lost time, Lynn ^ day. Extra work for A. S Page & Co., 4 hrs. Post, 6 hrs. Everett, 2 hrs. West, and 1 hour Davis, on connecting rods, at $4 per day. 19— -Received from W. W. Jones & Co. their note at 3 months for the following machinery delivered today : 2 Steam Boilers, 14x5 feet, at $1500, 2 Globe Check Valves (1^ in.) at $5, 4 Globe Check Valves at $3.30, 2 Butting Chains, 240 lbs., at 12c, 2 Saw Dust Grates, 174 lbs., at 8c. Re- ceived from Robert Abrams cash, on acc't, $100. Foreman's report — Lost time, Jones ^ day. Extra work for A. S. Page & Co., 8 hrs. Liddell, 1 day Ewing, 1 day Petre, 5 his. Davis, on connecting rods, at $3.50 per day. 4 hrs. Darnley, 8 hrs. Post and 5 hrs. Blacksmith and Helper, on pumps and connections, at $4 per day. 20 Had A. S. Page & Co.'s note of the 16th inst. discounted at Montreal Bank, at 7 per cent. Discount $ ; cash received $ . Shipped per order of R. Abrams 4 Reynold's Water Wheels at $15. 6 Selleck's do. at $100, 1 Excelsior Horse Power ?80. Foreman's report--Lo8t time, D. Liddell and A. Ewing I day, T. Petre \ day. Extra w«rk for W. A. Foster & Co., 4 hrs. Davis, 7 hrs. Jones, 1 day West, and 1 day Darnley, on con- necting rods and keys for same, at $4 per day. 21 — Had W. W. Jones & Co.'s note of the 19th inst. discounted at Mon-. treal Bank, at 7 per cent. Discount $ ; cash received $ . Remitted W. & F. P. Currie & Co., Montreal, bank draft for amount of their invoice, of 18th mat., less 2^ per cent discount. Paid cash for draft | per cent, exchange and necessary stamps. Foreman's report — Lost time, D. Liddell, and A. Ewing absent all day. Extra work for W. A. Foster & Co., 1 day blacksmith and helper, $5, 7 hrs. Post, 4 hrs. Jones, 6 hrs. Petre, on con- necting rods, at $4 per day. .* i V (ii V ..Mi •;- i.. I ..»'/ .(■;;;« . . ;;; 1 I 141 22— Paid D. Liddell and A. Ewing in full for services to date and dis charged them. Received from R. Abrams, on acc't, W. T. Heaslip's note at 3 months for $500. Paid John Davis, foreman, #10, on acc't.' Sold Gilmore & Co., for cash, 2 Steam Engines, " 14x16," with heaters and set KPar. $1K00, 2 Steam Hoilors, 14x5 ft. at $lo50, less 2 per cont. from the total amuunt. Foreman's report — Lost time, Robert Jones reported sick. Extra work for W. W. Jones ^ Co., 4 hrs. Petre, 6 hrr. Grass. 1 day Hud- son, 7 hrs. Frasor, dressing and fitting Wooden Rollers, at $3.50 per day. 23— Engage Robert Way, S. Moyltj asjd K. Cover, at $1.50 per day, ser- vices to commence on Monday, the 2'>th inst. Had H. T. Heaslip's note of the 22d inst. discomted at Montreal Hunk at 7 per cent., and proceeds left to credit. Foreman's report — Lost time, Robt Jones absent. Extra work for A. S. Page « Co., 8 hrs. Potfs, 4 hrs. Everett, cutting Holts; 1 day Lynn, 7 hrs. West, bushing old pulleys, at $4 per day. Paid hands in full for services. 25— Received from Peter Williams, cash for his note of Nov. 21st. and interest thereon. Remitted Frothingham & Workman, Montreal, a bank draft for the umnunt of their invoice of the 16th inst., less 2^ per cent. Paid cash for draft, g per cent, exchange and necessary slumps. Delivered, per order of R. Abrams, 12 Scotch Canadian Ploughs, at $10, 8 Double Crook Hurlburt do. at $12, 4 Side Hill do. at $S. 50, 2 Reynold's Water Wheels at $75. Foreman's report Lost time, Petre i day, Lynn ^ day. Extra work for W. A. Foster & Co., 4 hrs. blacksmith and nelper, making keys for connectini; rods, at $5 per day, Stoneburg, Davis, Post and Lynn worked over time i dajr. 26 — We are neces&ilated to suspend operations m consequence of putting in a new boiler, the old one being considered unsafe. The hands required to assist in ranking the change are Davis. Jones, West, Post, Potts, Lynn, and Huif, the others are not required until we commence operations again. 29 - We allow A. R. Patterson .5600 for the old Boiler, and charge him $1,800 for the new, connections therefor and labor in making the change. Difference to be applied on rent. Received from R. Abrams cash on account, $200. Foreman's report — Lost time, Lynn ^ day. Extra work for W. W. Jones & Co., 1 day, Roberts, 7 hrs. Long, 8 hrs., Spring, cogging wheels, at ?3 per day. Stoneburgh, Davis, Huff, Spring, Long and Post have each worked over time \ day. Received from F. J. Dixon, cash in full for his note of March 24th. Paid ou • acceptance of the 10th inst., favor of Frothingham and Workman per check. 30 — R. Abram's has returned 4 Doubla Crook H. Ploujihs at Rir invoice, Page & Co., 1 day. Post. 5 hrs. Huff, fixing pumps, at $4 per day. The following hands have each put in 4 day extra time : Davis, Jones, Everett, Petre and West. Sufficient merchandise, machinery and agricultural implements to allow a profit of 40 % on sales. . .«i- «» i(.> fw^st ,• Pay the hands in full to date, lake off a Trial Balance and Balance Sheet and close the accounts. m » Wien haml.^ receive anything on account, during the week, deduct the amount from their wa^es nil i>i*y day. i': ;•» I B If 1 m 142 ' ' ' REMARKS ON SET Xin. • » . Tlio matemls from which the tranwictionsof this Set are coriHtruct- ed, were obtained from an extensive foundry and machine shop, and tlie routine has t'^e merit of being practical. The forms of the books, and aniingment of the various recoi-ds, are submitted as being very simple and in general use throughout the country. The form of Day Book adopted is similar to that of Set XT I, all credit sales of merchandise being extended into the outside colunni and forwaixled from j)age to page until the end of the month, when the total amount is posted to the credit of mdse. acct. When w^ork is charged by the day it is extended and posted to the ci-edit «>f mer- chandise the same as though it were the sale of a manufactured ai-ticle. This plan is adoptetl in the majority of machine shops be- cause the labor of hands is c^mtinually engaged on implQineuts or machinery of some kind which, when sold, will go to the credit of merchandise account, and it would be A'ery troublesome to keep the cost of material and work sepamte from one another. In manufactories where the hands are not paid weekly and are .il- lowed to di"ftw on their wages accordingly, there is no way of keeping a running account with each of the hands with less trouble and greater accuracy than by adopting the plan of keeping a small Ledger exclusively for the accounts of the hands employed, called the " Hands' Ledger." The adoption of this plan saves the opening of so many accounts in the General Ledger, keeps the accounts of hands together and separate from all other accounts, and avoids trouble and detention at the time of making out a Trial Balance oj- balancing the Geneml Ledger. A column should also be kept on the credit side of the Cash Book for amounts paid hands, and when money is paid to one of the hands it sho«ld be placed in this column and immediately posted to the debit of his account in the Hands' Ledger. When a "Hands" column is kept in the Cash Book it is footed and for- warded to the end of the month and then posted in total to the debit of Hands' acct. In cases where the Hands' Ledger is adoj)ted, it is necessary to keep a "Hands' Account" in the Geneml Ledger and credit it from the Time Book, at the end of each week or nxonth as the case may be, with the following entry : " Wages acct. Dr. to Hands acct." This plan keeps the two Ledgere entirely distinct 143 fnmi each other, the one account in the Cieneral Ledger containing the rcHtilt of all tlie liccountH in the other Ledger, and Hhowing at any time the amount owing to handa When the hands are all paid oti and the Hands Ledger balanced, thiH account muHt balance also. Want of H|)ace prevents us from recording nu)re than a few of the first transactions in the following . FORM OF DAY BOOK.— SET XIIL Bellkviklk. April Ut, 1874. II Suudriea Dr. To Student.. 110500 For followiDg investment. Cttshtts per C. IJ $8500 00 BilU Kec, J. Brown's note, H. B 2000 00 Sundries Dr. To A. M. Spaffbrd For investment us follows : Cash as per C. B .$12000 Bills Kec, note ai,'uinst Williams, and draft on Dixon, as per B. B 2500 Interest uccrued on above note 54 2 00; 00 00 Merchaiitlise 5500 00 Fuel , 500 00 To Bills Payable Bo't of A. it. Patter8on,implement8, irun, &c., us per invoice and 100 cords of wood at $5, for which we ^ave l{ notes at 6, 9 & 12 months, tor equal amounts. Robert Abrahams, To 7 Scotch Canadian Ploughs, at $10 " 4 Mohawk Valley '' 5) " (1 Double C ok H. « 12 5 00 00 00 14554 6000 Merchandise $490 To Frothingham & Workman Bo't of them on acc't as per invoice, of this date. . .,_ t( 00 Merchandise $850 To W. & F. P. Curry & Co Bo't of them as per invoice, of this date. — <• 00 S. Page & Co.* To 5 hrs. Winters " 2 " West " 7 " Everett Drillinf? and dre8sin;if Spiders. Mdse. Cr. By Sundries. 70 .36 72 490 850 80 80 178 5 60 183 60 < J^' ^•. *¥? * ^°- ?u® charged f.ir this work at tho rate of «1 per day, (TiThouTH workr^ich 8 considerable more than we, .ay the Sim. men, bat it m.Ht bS remembered that we i^n sh the machinery, tools, and othir ueoesaarles luid are under heavy expense aside from men's 144 m 't TIME AND WAORS REGIMTKR OF THK DOMINION FOUNDRY, FOR THK WKKK KNDIN(} SATURDAY, APRIL 9, 1874. , , MO. KAMI. M. r w. T. V. 8. TOTAL TllATIc" PR DAY 1 < ' AMT. fsTTa RRMARM. 1 John Davis. f! ll I 5^1 2 75 Foreman. 2 (j. Abrahams. l| 1 6 1 2,50 15l Steady. 3 A. Winters, \\ 1 4J 1 1 50 7112 I'nsteady. 4 Kobt. Jones, .' 1 i 5 |l 1 50 7 50 Slow. 6 Win West, : 1 t 5} ' 1 50 8!2.'> flood hand. 6 H. Darnley, A I 1 50 fl 25 Slow. 7'S Post. i ■ ^1 ' 6 50{ 7 50' Good hand. 8 Warner Potts, I I Jl^ 5 501 7' 50 u 9 Isaac Ramin);, i , .— — 501 2 02; Sicli 4 days. 10 Geo. Everett, 1 1 I I 4 50, a ()2 Slow. 11 Samuel Lyan, 1 1 1 I 1 «i 50 5)00 Steady. Entered Cash Book. i 96 48 re paid every week, the above form will enable the :eep a correct record of each man's time. In cases When men ar( accountant to keep where men work extra time it may be entered in the same column immediately over the day's work, and all extended in the Total column at the end of the week, or it may be recorded in a column headed " Extra Time." If the men are paid every two weeks, twelve-day cohimns are necessary. In business the above $96.48 is brought forward into the head of the " Amount " column upon th next page and so continued fi'om page to page until the whole ) of workmen is complete. On pay-tlay the whole list is extended .*.■> above. The men assembled, the Pay Clerk calls the names in their ordei' upon the register, hands each the amount due him, and checks it upon the left of the money column, thus y/. The total amount is entered in the Cash Book and charged to Wages acct. By having a large book one space for names will serve for four weeks; the ruling for the third and forth week to extend upon the opposite page. ' ■ In case the men are not paid in full, extra columns headed "Paid" and " Due," should be kept, and wages standing over should be enter- ed in the " Due " column and added to their earnings on the next register. The few names entered in the above form is sufficient to show how this book should be kept. 145 WEKKLY TIMK AND WAdES REGIHTKK. TliP following form in deM^uoA for. jMiying nion by the piece in weekly pHyinentH, aiul will answer to keep an actvmutof work either (lone ill the maiiufautory or by parties at their own HhopH. Hy uditpting the following plan one page aiiMwerH for two weeks, hii«I if opposite pages ant taken they will ans\Per for four weeks, aiul tlius save the nticessity of writing tlie names so fre»pu'iitly. TIME AND WAGES REGISTER OF THE DOMINION BOOT AND SHOE MANUFACTOKY^ Name, June 1, 1874. Junes, 1874. (juuntlty. KttU) 2 Am't. 10 Quantity. Rate Am't Jas. Amos 5 prs. Boors. Jno. Bates 4 II I 75 7 R. Corn 5 " 1 75 8175 L Date 3 '""$ t'iM- ..f '' ^ ' ...i- ■(, y^ III ■^ '• I .' ;■ < V I.' X 146 .{ '"..,! S G BEAITY & CO S ir if;-' I i PAY ROLL FOR THE BAY OF'QUINTE MILL FOR THE MONTH ENDING JULY 31ST, 1874. We, the umlevsigned, do hereby severally acknowledge the receipt from Messr.s. 8. G. Beatty it Co. of the s»inis opjxtsit^ «nir respective names In full payment for work done in the above Mill to the above date : No 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NAMKM WAOBil occppATios rat«pr MONTH Jdo Armer Jas. Avert JW Archer S. W. Bull F. H. Burk S.R. Bones T. Camp H. L.Cross P.T.Chime L.H. Davis T. R. Day H.M. Dew8 R.T.Evens S.W.Forks A. B. Fife C. Gover D. L. HaPi H. S.Horn Jas. Irvin Jas. Jakes S. N. Long HP Marvin W.B.Moon C. North David Port G.H.Rover Jno Sokes J. Wright MlWr'ht|78. Foreman 6"). li'smith 152. Filer Gnng Gang Gang Gang Gang Circular Setting Circular Ed>rer Tailing Sorting Soiling Engineer Fireman Piling Piling Piling Piling On boom On boom Tea'ster Yard Yard Yard 52, 39 39, 39 39. 39 39. 32 32 32, 32, 32, 32, 52 32 32, 32, 32, 32, 26 26 32 26, 26 26 50 50 50 50 50 50 00 .00 50 50 50 .50 ,00 00 50 00 ,00 .00 n >■ am't ai t c 25 75 50 25 62 25 50 25 50 24 36 24 36 50 23 34 50 25 37 50 25 37 50 25 37 50 24 30 23 28 75 25 31 25 25 31 25 20 25 25 31 25 25 50 25 3i 25 20 25 21 26 25 24 30 24 30 25 25 25 25 20 25 21 21 23 23 23 23 - 968 60 DKDUCTION-8 NKT ITBMH. S c am't « c « 4! « 10.3.5..')0 1850 56 50 8.2.4.50 14 50 48 10.4. 14 36 10. 10 40 10. 10 26 10. 10 26 34 50 4. 3. 5. 12 25 50 6. 2. 2. lo 27 50 5. 8. 7. 20 17 50 10. 10 20 10. 10 18 75 10. 10 21 25 10. 10 21 25 15. 15 10 4. 1. 5. 10 21 25 3.7. 10 40 10. 10 21 25 10. 10 15 26 30 25 10. 10 20 25 4. 2. 4. 10 15 5. 5 20 10. 10 11 10. 10 13 10. 10 13 ' 269 699 50 SiaXATl'RKH. John Armer James Avert J.W.Archer S. W. Bull F. H. Burk S. R. Bones Thos. Cami) H. L. Cross P.T.Chime L. H. Davis T. R. Day H.M. Dews R. T. Evens S. W. Forks A. B.Fife Chas. Gover D. L. Ham H. S. Horn Jas. Irvin Jas. Jakes S. N. Long H.P.Marvin W. B. Moon CNorth " '''•< D Port """"• G. H. Rover Jno. Sokes Wright Jas. NoTK, The above form of Fay Roll U very convenient, when lianUti are jmicJ by the month, and extensively used by mill owners. The foreman keeps a Time By the month, ill and ut the I from whieh irely a list of •5 ■§ ^ -I ^ i a B 1' % 1 c 1 James Coulson. 3 1 2 1 o 1^ B 1 i 1 3 a J ZJ 'J 1 • "178 436 382 662 "439 653 369 647 726 841 10 1 196 450 "390 579 446 648 366 669 734 879 - "180 443 ~367 58'3 463 " 672 ~36"l 652 'f52 864 12 2 197 456 396 676 450 681 367 648 761 847 — ~T72 452 384 664 462 ~67'4 ~362 636 738 ■ '875 11 3 180 ~186 450 463 390 397 '573 "678 453 461 658 676 360 "'364 653 "649 749 "758 861 ■ ' ■ ■— ■" 872 9 4 191 461 392 "681 " 456 682 372 681 746 886 ■ , — 193 470 379 546 ' 439 647 "367 656 731 873 13 u 198 19») 466 462 391 '3'69 654 667 "448 "456 659 674 376 371 663 662 752 749 889 ■ ■ 857 11 ti 202 '2274 '471 6480 376 4613 578 6841 459 6421 681 8009 368 4393 641 7~837 763 '8959 868 10290 66 7 y 19G V 446 _y_ 390 7v: 567 452 659 641 v.: 721 V 856 14 8 2U4 ~189 452 '439 "387 389 573 664 438 "426 66H "687 367 349 658' 732 669; 719 862 847 12 9 10 ^197 ~190 210 447 ~^53 461 396 378 389 679 566 '671 431 453 426 674 "669 666 366 "372 348 686 743 '649* "726 672: 735 863 10 861 862 '198 449 392 582 445 672 "369 693 761 867 13 11 204 201 458 462 "382 386 574 569 432 "461 658 '"683 384 668 669 742 "738 863 866 12 12 13 206 "l97 206 2298 456 438 452 5413 39 392 387 4662 "586 562 '679 6864 426 438 419 "5237 647 664 676 80Q3 376 369 387 4436 667 672 681 "8016 "761 "731 746 8834 854 11 847 862 ~ - - 10290 72 14 V V V V V^ V V V V V The al)ovo is tlio form generally adopted l>y clie<'s«'iuKk(!i*s for kcTjting a daily and wt'«'kly record of tlio amount of milk received from jMitrouH. We have seen no less than eight dirterent forms in use, each having ]>ai'ticular merit« ; the alK>ve i-ocommends itself on irr 148 account of its simplicity. The atnomits between the double ruled lines represent the total number of pounds of milk received daily from the patron under whose name they api>ear. In the upper space the amount received in the morning is enfcei'ed, and in the lower, that received in the evening. At the end of e^h week the amoiint'S are added together, and the totals carried to their resijective accounts in the regular book kept for that purpose, placing a check mark beneath each sum a.s in the above when transferred. - : We have only given a few oi tJie patrons names, and continued the entries for two weeks, as the form is so simple that it can be readily understood. The other books of account in connection with the business of a cheese factory do not differ from oi'dinary books. . w. H RULES FOR DETECTING ERRORS IN TRIAL BALANCES. The first rule of the book-keeper should be to make ro error, but as all are fallible a few suggestions may not come amiss. 1st. If the error is found to be in one figure only it is probably an error of footing or copying. 2d. If it involves several figures it may have arisen from the omission of an entire entry, or the entering of the same twice. 3d If it be divisible by 2, without a remainder, it may have arisen by posting an item to the wrong side of the account, in which case the item would be half of the apparent error. 4th. If the error be divisible by 9, without a remainder, it may have arisen from transposition, three cases of which may be easily detected by rules founded upon the peculiar property of the number 9. They are — First. When two figures are made to exchange places with each other, the orders in notation remaining the same : i. c, 372 made to read 327, or 732, or 273. Second. When two or more figures are made to change their places in notation, their arrangement in respect to each other remaining the same : t. c.,S4275 made to read ?42750, or $12.75, or $427.50. Third. When ttoo significant figures are made to change position both with respect to themselves and also the orders of notation : i. «., $14 made to read $0.41, To detect the first and second cases of transposition divide the amount of the error in the trial balance successively by 1), 99, 989, 9999, d'c, so far as possible without a remainder, rejecting all ciphers at the right oj the last aignijicant figure in the error. The quotients that contain but ope digit figure will express the difference between the two digit figures transposed, which will be adjacent to each 149 ■ml other if the divisor contained but one 'J, separated by one other figure, if it contained two 98, by two other figures, if it contained three 98, by three other figures and so on. Those quotients, which contain two or more figures will express the ' number itself, which h transposed in notation simply, the arrangemest of the significant figures remaining the same. In either case the order of the last significant figure in the error will be the lowest order of the figures trans- posed. The orders ot the other figures can be easily determined by referring to the error and applying the pnnciples of notation. To detect the third case, divide the error in the balance by as many 9b as is possible so as to give only a single figure in the quotient, and then the remainder in the same way, rejecting all ciphers at the right of the last significant figure in both dividends, after which there should be no remain- der. The first quotient will be the figure filhng both the highest and lowest order in the transposition ; the second quotient will be the other figure. Note. — If the error of the trial balance be not divisible by 9 it cannot be the result of transposition alone. But whenever the error becomes so re- duced as to be divisible by 9 without a remainder, a transposition being then possible, the above tests should be given. QUESTIONS FOR REVIEW.-PART SECOND. What general purpose have all business statements in view ? If there are a large number of Peraonal accounts, in a business, how can they be arrang- ed in a statement in order that they may not occupy too much space 7 What is a Balance Sheet? Describe the method of making out a Balance Sheet. Define "Shipment Co." as a Ledger title, and describe the mode of conducting and closing this account. Define "Merchandise Co." as a Ledger title, and describe the manner of conducting this account. In what way do the above accts. ditfer from that of a general co-partnership? Why are Mdse. Co.'s closed by a journal entry? What is the principal feature of a six-column Journal, and what are its advantages? How i& posting done from this Journal ? What custom do Banks adopt when a note bearing ;>iterest is presented to be discounted ? What are the characteristic features of Set XI? . What is necessary to be shbwn at the time of a change in business? What improvement is introduced in the mode of keeping the Journal of this Set ? What should be done as soon as any personal acct. is settled ? How do you ascertain the inventory of Mdse. when the cost price, selling price and gain or loss per cent are given ? Describe the Invoice Book. In what form are entries made in this book? How are cash purchases entered in this book? What improvement is introduced in the Cash Book of Set XI ? How may the Bank acc't be kept in the Cash Book ? Define the Sales Book and de- scribe the mode of entering transactions therein. What advantages are gained by keeping these separate books? What are the advantages of a monthly Trial Balance ? I Ji m i.iil.il li ii I \mti ;l 150 What is an Administrator ? What are the duties of an Administrator 7 What peculiarity is introduced in the mode of keeping Personal accounts iu the Administrator's set ? What books are used in the manufacturing set ? How should accounts with hands be kept, when the hands are not paid in full at stated periods ? What single account in the General Ledger will represent all the accounts of the Hand's Ledger? Describe the Time Book How is a record of extra time kept in this book ? How should the workmen be paid in order to prevent confusion and the same man from receiving double payment? ' "' " "'■ • PRIVATE LFDGBR. , All judicious merchants are aware of the importance of avoiding need- less exposure of their affairs. This, in some establishments, is unavoidable where the partners' accounts and the results of the business are all exhib- ited on the same Ledger. In order to avoid this inconvenience a Ledger, with clasp and lock, may be kept ior accounts that are to be kept private. The keeping of these accounts in a separate Rook entails no additional trouble, as they must be delt with as though they were all in the same book. Some merchants who adopt the plan of keeping a Private Ledger also make the opening entry of the business upon a Private Journal. We have not deemed it necessary to give an illustration of this Ledger, as the mode of keeping it will be apparent to any person who understands the science of accounts. BOOKS AS EVIDENCE IN COURT. To entitle a person's books to be received as evidence in court, the follow- ing facts must bb proved, viz.: 1st. That he had no clerk. , ^ 2nd. That the books produced are his account books. ' "' 3rd. That some of the articles charged have been delivered. 4th. That he keeps |fair and honest accounts, ^and this he must show by those who have delt and settled with him. If the entries in a book were made by a clerk, and he be dead, on showing that fact, and proving his handwriting, and that he was a clerk of the party» such entries would be received as evidence. m -' » .. ,.. ■ •■ ^" t.' I- ' ■•. /',. t. ■?<■■/ i-iliiW ''. i.^'-.:- '.- -«i#r«: rt i ,1..,.,,:, ! 'H ^"7-a.H:^*^!/ 151 ¥(1PUB ':Mm'n ' ' • V ^t rv S\ f i *A W ' ■ ' .■/if" ; 'r J,r:, ■'/if 'A THE CANADIAN ACCOUNTANT, . i w. ■. PART III. .V '(,1 .'1 :f%r .. '* COMMERCIAL CALCULATIONS, ■ ■I vsri >5 ' COIIPREREXDIXG ■i ' ^ ■ Abbreviated methods of practical computation, settlement of Accounts, ^c, not found ,,, in common Arithmetics. 7 - ^ ^ * » ( /? •■^i . H ■ •■™* * ^ «J» Wf 'tij' /• ,<• 152 FORMS OF BUSINESS PAPERS 4. AND EXPLANATIONS THEREON. The student will find it quite necessary, as well as to his advan- tage, to learn thoroughly the general laws which govern Bills of Exchange, Notes, Drafts, etc., and to note closely the wording and form of all Business and Commercial Papera, which represent, to a certain degree, the language of trade. -^ r ! r i* » k/ ^ : j i i BILLS OF EX(;HAN0E. A Bill of Exchange is a written order from one pei-son to anoth,.:*, directing him to pay a third a sum of money thei-ein named, and usually the bill is made payable, not to the payee alone, but also to his order or to the bet.rer. The person who makes the bill is called the drawer ; the person to whom it is addressed, the dratoee, and the person to whom it is ordered to be paid the payee. When the drav^t^e undei-takes to j)ay the amount, he is then called the acceptor. If the bill is made payable to the payee, or bearer, it may Ije transferred to a fourth party by merely delivering it into his hands, and the fourth party will stand in the same situation as the original payee did. If the bill be jMiyable to the payee, or o^'der, he cannot transfer it except by a written order usually on the back of the bill, called an indorsement, after which the payee is called the indorser, and the person to whom it is transferred, the hulorsee. Holder is a general Avord, applied to any one of the parties in possession of the bill, and enticed at law to receive its contents from another. A bill is QiWiQY foreujn or iulaiuf. It is called foreign when drawn by a person in one country upon a person in another country ; and inland, vhen both drawer and drawee reside in the same country. The latter are usually termed drafts. Foreign bills are usually drawn in sets ; that is, copies of the bill are made sej>arately, each part containing a condition that it shall continue payable only so long as the othera remain unpaid. When- ever any one of a set is paid, the others are void ; for the whole set constitutes but one bill. The object in drawing them in sets is, that they may be sent at different dates, or by separate conveyances, that time may be saved should one or more be lost'--, ,. 153 DUTIES ON PROmsSORT KOTEfl A9D BII.I.S OF EXCHANUE. On every promissory note, draft, or bill of exchange, executed singly, for 125, 1 cent; over $25 to $50, 2 cento ; over $50 to 9100, 3 cento; interest payable at maturity to be counted as principal. On every draft or bill executed in duplicate, for the first $100, 2 cents ; for every additional $100, or fraction thereof, 2 certo. On every draft or bill of exchange executed in more than two parts, for each part, for the first $100, 1 cent; for every additional $100, or fraction thereof, 1 cent. The fourth clause of the Stamp Act enacto that^any check upon a char- tered bank or licensed banker, or on any savings bank, if the samo shall be payable on demand ;:> any Post Office money order and any municipal de- benture, or coupon of such debenture shall be free of duty under this Act. The duties to be paid by stamps affixed to each promissory note, draft, or bill of exchange ; but the person affixing such stamp, shall at the time of affixing the same, write or stamp thereon the date at which it is affixed, and each stamp shall be held prima facie to have been affixed at the date stamped or written thereon, and if no date be so stamped or written thereon, such adhesive stamp shall be of no avail. Penalty for neglecting to affix stamps, or for wilfully writing or stamping a false date thereon, $100. The Governor in Council may direct 'itamped paper to be prepared for the purpose of this act. ' / r- ; . FORM OF A SET OF BILLS OF EXCHANGE. m % STAMP. : Ibt bill op exchange. AiSiitiiit Exchange for £85. Belleville, 12th May. 1874. Three days after sight of this my first of exchange (second and third of same date and tenor unpaid), "'.y to S. G. Beatty, or order. Eighty-five Pounds Sterling, value received, and charge the same to the account of ■ i W. B. ROBINSON. To George H. Simpson, \ Banker, London. ;( Vi'w ■«.t .I'lf 'lU-if^'-'-' ^« stamp. : 2n bill op exchange. Exchange for £85. Belleville. 12th May, 1874. Three days after sigh; of this aiy second of exchange (first and third of same date and tt'uor unpaid), pay to S. G. Beatty, or order. Eighty-five Pounds Sterling, value received, ana charge the same to the account of W. B. ROBINSON. To George H. Simpson, 1 Banker, London. j P^ t if trt i* ,11 ,;tl I 154 : BTAirp. 30 BILL OF EXCHANGE. >">'« .*o %i",( ,•»».' t- : STAM? :3 Cts. NEGOTIABLE BT INDORSEMENT. wt..^ »« Belleville, Oct. 28th, 1874. mf>' ]o Three months after date I promise to pay S. G. Beatty, or order, One Hundred Dollars, value received. THOMAS WILLIAMS. '■■ atJ ' -"."K L~ J ' *" 155 : ; VON-KBOOTIABLE. >i I STAMP : :3 Ct«.: Beixsvillk, Oct. 28th, 1874. $100. "^^^ Three months after date, I promiae io pay S. G. Beatty One Hundred Dollars, value received. THOMAS WILLIAMS. * - . I '\ ■ ■ i _ ■ i fc : i PAYABLE ON DEMAND. ' : STAMP : •3 Cts. : f:j?, liv, Belleville, Oct. 28th, 1874. $100. ''-'•■--•■ <■-■■ -r^♦v^- • . , , :,.'... On demand I promise to pay Messrs. Realty k V7all- bridj^e, or bearer. One Hundred Dollars, value received. THOMAS WILLIAMS. *;'. ■/ '•• ■'■-'',/, '\ . : ' PAYABLE AT BANE. ' * ' : STAMP: f^v., .,-,.. . ,^',„.t ,5 M'*-vv ; 3 Cts. : , ' Belleville, May 25, 1874. «100. Three months after date I promise to pay John Smith, or order, at the Ontario Commercial College Bank, One Hundred Dollars, value received. ^^ ; PETER J. WILSON. : ^ ' ^ PAYABLE AT BANK, WITH INTEREST. ' ' *' " f '■'' ^ «* : STAMP: ,,,, ., ,.. j,, , ,,. , :.^.?.fi!f:i Belleville, Oct. 28th, 1874. $340.42 Three months after date, we promise to pay Messrs. Beatty ft Wallbridge, or order, at the Merchants' Bank of Can«;da, here. Three Hundred and Forty Dollars and Forty-two Cents, with Interest at seven per cent, per annum, value received, SMITH, JONES ik CO. : -'' -,^' -■■"■'':>". joint note. '--■'■'■■ ' ;-:'-^ ^; -^ --'■;.;, : stamp: i9 Cts.: Montreal, July 1, 1874. $300. Three mouths aftir date, '■'e joiatly promise to pay R. Brown, or order, Three Hundred Dollars, -alue received. , ,, E. T. HAMLT. ;. AH tjr^m.mn J. Q. SHERRY." Jr. 1 ■••1} 156 : JOINT AND SaVKRAL NOTK. : 8TAMI': jy Ct8. 1 ;.(•<« n ./:«'•>'? Bem.evii.le, Oct. 28th, 1874. 1210. Ninety dnys after date, we jointly and Huvorally promise to pay George Wallbndge, or order, Two Hundred and Ten Dollars, value received. .,„ ..^.y,.^,^^ JOHN BROWN, --- WILLIAM SHOWN. , I'-' '* ' 1 PRINOU'AI. AND 8UKKTY. . ■ ' 1100.35. Waterloo, 22d January, 1874. One month after date, I promise to pay Henry Huntley, or order, One Hundred and -^ Dollars, with interest, value received. .v\? t v\U N. S. BARNES, Princival. E. P. KING, Surety. REQUISITES OF A BIIX OR NOTE. No j>articular woixls are necessary to make a bill or note ; but it must be a written order or promise, which, from the time of making it, cannot be complied witli or performed without the payment of monei/. Though a bill or note, or an indorsement thereon, must be in writing, such writing need not be in ink. A writing in pencil is sufficient, n ' r j'\ The exact sum for which a bill or note is given must be insei'ted, and it must be for the {>ayment of money, and money only ; and the sum to be paid must be payable absolutely, and must not depend upon any circumstance which may or may not hai)pen. A bill or note drawn for a given sum, " and all other sums that may be due to the paytje," is not, even between the original parties, a bill or note. Nor is it gocKl for the sum it siK^ciiies. A variance betwetm the sum superaci'ibed in figures, and that mentioned in the body of the bill in woi'ds, at length, will not ren. der it uncertain, but the latter will prevail. The place whei-e a bill is drawn should, in general, a}>))ear upon it; it should also be dated, though the omission of either, or both, does not i-ender the paper invalid. ' ' .^ . Any date may be inserted by the maker of a bill or negotiable instrument, whether past, present, or future ; and the instrument is not invalidated by his incapacity at the time of the nominal date. 167 If a bill or nottJ in dated forwai-d, of a day not arrived, and any of the partieH die l>efoi-e that day, Huch deathH will ))e nu bar to the remedy of a Ixnui Hde holder. It Ih no objection to a bill or note that it is dated on Sunday, for it doeH not follow that it wan made on that day. A bill drawn on Hunday, founded upon a contract made on that day, in the ordinary calling of the ]>erHon making it, is void in the handn of a penton wh«), with knowlwlge of the circumstance, took it fr<»m the [wrson to whom it was given ; but it holds good in the hands of an innocent indorsee for value. Every bill or note must Ije signetl by the iKjinon making it, or some one authorized by him for that puri^ose. It is not essential to the validity of a bill that it be negotiable, or that it contain the words " value received," although in many cases it is highly important that these words be inserted. A bill or note may be issued with a blank for the jMiyees name, and any bmuifide holder may insert his own name as payee. But, until the blank is filled up, it is not a bill or note. ** "' ' A memorandum on a bill or note ma woman, being a party liable on a note, marries, her hus- band tjecomes responsible, and they should lie sue• i; * rif,i1f:)earer, and it places the indoraer in the |)«)sition of SMi-ety for the maker. When seveml persons separately indorse a bill, in blank, an«l it is dishonor^Hl by the drawer, the payee or holder has a rijifht of action against all the indorsera, or he may sue and recover the tijnount from any one of them. <'' n >*:. i- The maker of a note is the principal debtor, and all the indoi-sers are sureties for him, liable on his default. But though all the in- doi*sers ai'e, iii respect of tlie maker, sureties, they ai-e not, as Itpfiofiffn theimeloes merely co-sureties, b\it each prior party is a princi[)al in respect of each subsequent party. For example, suppose a note to be indorsed by the payee and two sulwiequent indorpei*s. As between the holder and maker, the maker is the principal debtor, and the in- dorsera r.re his sureties. But as between the indorsere, the first in- doi-ser is the principal debtor, and the subsequent indorsers are his sureties. A tlischarge, therefore, to the prior parties, is a discharge to the subsequent jmrtif s,n but a discliti'g»^ to the subsequent parties is not a discharge to the i)rior parties. In case of an indorsement where parties become co-sui-eties, an in- doi*ser who pays a bill, has k right to reimbui-sement from his cosure- ties, in proportion to their number. Thus if A. B. and C bo co- sureties, A having paid the debt, would be entitle the payee or his order only ; and he cannrit tmnsfor it otherwise than by intloi-sement. A Qi'ALiFiEi) Indorsement is given to make a bill negotiable, without incurring jiei-sonal responsibility on tlie^iart of the iu'^^rsor. A Restrictive Indorsement is a restrictive directitm appended to the payee's name, so that, into whose hands 8»X)ver the bill may fall, it will carry a Irust on the face of it. IfajM^i-son at the tiuje u note is ma«le write on the Imck of it, " I guarantee the pftyment of the witliin note," he will Ix! treated as a joint and seveml promis'jr with the maker th«re«)f, ami not as a mere guamntor. But if the rndorseiuHiit Ix' made at a subsequent Ume or lie a guarantee of coUeetiom miUmi <^' pai/vumty the indursei' 1^ h 162 would be considered aa a guarantor ; a consideration, however, in these last cases should be expressed. If a note be iudoraed thus, •' For value received I guarantee the collection of the within not«,*' the guarantor would not be liable upon it unless the holder showed a diligent attempt to collect it. ^^ ^ , . A bill or note cannot be indorsed for part of the sum remaining due upon it. If the bill have been partly paid, it may be specially indorsed for the part remaining due upon it. An indorsee has a right to convert a blank indoi'sement into a special one, by writing over the signature the necessjiry wonls, or he may convert a special into a blank indorsement by stiiking out the words that made it a special indorsement. • OF THE TRANSFER OF BILLS AND NOTES. I . .1. . Bills and notes are divided into two classes — Negotiable and Non- negotiable. • ■• ' ' ' ' ;■' ' '-' .-■'• • ■\: ■). > Negotiable paj^er is that, the ownerahip of which may be freely transferred from one to another, giving the holder the right of action, without being subject to any offsets, or legal defences existing between the original parties, if ti-ansfen-etl before matuiity for a valuable consideration, and received without any defect th' irein. Negotiable paper is made payable to the oixler of the paj ee, to the payee or order, to the payee or bearer, or to the bearer, or some other term of similar import; showing that the maker intends to give the i^ajee the right of transfer. Non-negotiable paf>er is that which is made payable to the person therein named without authority to transfer it to a tliiixl party. It may be transferretl from one to another by a.s8ignmeiit, or in- dorsement, but it remains subject to all offsets, and legal defences existing between th^ original paHies. The title to negotiable paper jiasses from one to another by de- livery, if made payable to payee or beai"er, or to bearer ; and by in- doi'sement and delivery, if made payable to onler of payee, or to payee or onler. The title to non-negotiable paper passes by assign- ment, or indorsement and delivery. A transfer by mere delivers, without indorsement, of a bill or note made imyable to tiie Itearer, does not render the tnuisferer liable. A transfer by delivery, wan-ants that the bill or note is not forged or fictitious. 168 1 or able. rgeU PRESENTMENT OF A BILL FOR ACCEPTANCE. Presentment for acceptance is necessary, if the bill be drawn pay- able at sight or at a certain jieriod after sight or after demand. Till such presentment there is no right of a.;tion against any party ; and generally, unless it be made within a reasonable time, the holder l<«es his remedy against the antecetlent parties. ^^ Presentment should lie made during the usual hours of business. ' " OF ACCEPTANCE. , •» A<;ceptaN(;e, in its ordinary signification, is an engagement by the dniw(ie to pay the bill when due, in money. It must be in writing, though no precise form' is necessary ; any written woi-ds clearly denoting an intention to accept the bill are sufficient. An instrument drawn by A. upon B., reijuiring him to pay to the oilier of C. a wi*tain sum at a certain time, is a bill of exchange or duajt, i»ut "fttT its acceptance by B., it is usually called an ac- ceptance. A bill is said to l>e honored when it is duly accepted ; and when acceptaixce or payment is refused, it is said to be dishonored. The holder is entitled to requii-e from the dniwee an absolute en- gagement to pay accoi-ding to the tenor of the bill, unincumljcred with any condition or cpxaMfication. If the drawee refuse to give the holder a genei-al and umpialified acceptance, he may treat the bill as dishonoi-ed. Notice must be given of a failure in the attempt to procure an acceptance ; otherwise, the person guilty of the neglect may lose his remedy upon the bill. ON PRESENTMENT FOR PAYMENT. The contract of the acceptor of a bill, or the maker of a note, being to pay the nnount upon due presentment at maturity, in order to charge the indoi'sei's, it is the duty of the holder to demand pay-' ment of the maker on th« fry day (m which, l)y law, the bill l>e- comes due ; and unless th<> demand he so made th«^ hold(!r losers his remedy against the indorsers, although the maker would still Ije liabla If a bill or note be made payable at a jxarticular place, the holder is bound to make a demand of payment at that place. In deter- mining^ where a bill or note bticomes dun, days of grac*', as they are called, must be allowed. These days, in ditt'erent countries, are as 'I'i 164 \l follows : In Canada, the United Stat««, (Ireat Britain, and Austm- lia, 3 ; in the Netherlands, none ; in Hamburg and Altona, 12 ; in Franklbrt-on-tl»e-Maiu, 4 ; in Paris, Bortleaux, Dantzic, and Rus- sia, 10 ; in Geneva, 5 ; in Bremen, 8 ; in Antwerp, Amsterdam, Ckdiz, Lisbon, Oporto, Rio Janeiro, Rotterdam, and Venice, 6 ; in Russia, 3 days are allowed on all bills payable after sight. When a bill is dniwn "on denmnd," or if no time of payment Ije specitiiid upon its face, it must be paid on presentation, no gnice Ixnug allowed. If the day of gmce fall on Sunday, or a legal holi- day, the bill is payable the day after. Bills or uot«!S made payable at a jMii-ticular bank, are generally left with that bank for payment. If a bill uv note is payable, generally, without any specification of place, tl»! holder may present it for payment to the acceptor or maker wherever he may bt; found. A notice stating that a bill or note has Injen dishont»rwl is efl'ect- ual. Sending a verbal notice to a merchant's counting-house in the ordinary hours of business, or to the house of a pei-son not a mer- chant is sutticient, though he be not at home. \ ,.|. Sending notice ])y the post is suflicient, though it ))c delayed or he not received through the fault of the post. fjj,.,. , . . PIUK'EEDINOS ON NON-PAYMENT. If. ' No protest is requii-ed to be m»ule upon the dishonor of a bill or note ; altliough it is common to pi'otest them for non-payment, esi»(Tially in commercial towns. But in every case of the dishonor of a bill or nok-, it is the duty of the holder to give due notice there- of to all th(! i)rior j)artie8 on the note to whom he nuaius to look, for payintiut ; for the holder cannot recovt r against a party to whom he ■ has failed to give due notice of the dishoiu)r. OF PAVMENT. ' ' If the milker makes d\w paynumt of a bill or note to a bona fide hohhu'. it will amount to a complete discharge of all other pcrties thereon. But when payment is made by an indorsor, siich indoi*ser, as a general rule, will retain his right to recover, over agjiinst all the antecedent ])arties to the instrument until he has received a full indemnity ; such payment, generally, discharges all the iudoi-sers Kubsequent to himself. i§i 165 The party ]>aying a bill or note has a right to insist on its being delivered up to him. But, where the bill or note is not negotiable, he cannot I'efuse to pay it until it is delivered up. A party paying any debt has a right to demand a recei])t for the sanxe, and the party to whom money has been paid is bound to give a receipt, and if he refuses to sign a receipt presented to him for that purpose- he is liable to a j)enalty. OF INTEREST. Interest is recoverable on a promissory note in which tl\ere is no special aigreement to pay interest, from the time when the principal becomes due, or ought to have been paid. A note payable on demand carries no intei-ast till a demand is made, either by suit or otherwise, unless there is an agreement to pay interest. A note not on demand, in which no time of payment is mentioned, draws interest from date. "Whenever there is tk special agreement to pay interest, that is when the wonls " with interest," •fcc, are contained in the note, it draws interest, of course, according to such agreement or contract. A note is said to be outlawed in six yeai-s from the time it becomes due. The statute requires that all actions founded upon any instru- ment or contmct not under seal, must be commenced within six years next after the cause of action accrued, and not after. Interest ceases to run after a tender is made, providing the bill or note is already due. Any i:ate of interest agreed to by the .parties to a bill or note, and inserted therein, may be collected. In cases where interest is allowable on a bill or note and no rate i^ specified, six per cent may be collected. *■' vf- ■ - * c OF A LOST BILL OR NOTE. '* I If a bill or note be destroyed by fire or other accident, an action may, jjerhaps, be brought thereon. But, if a bill or note be lost, there can be no remedy ui)on it at law, unless it was in such a state, when lost, that no jierson but the plaintifif could have acquired a right to sue thereon. Therefore no action can be maintained on a negotiable bill or note if it be lost. Losing a bill implies negligence in the loser, and the results of negligence ought to fall u{K)n him. It is advisable in case of a lost bill or note that the loser imme- diately give notice of the loss to the parties liable on the bill ; for they will thereby be prevented from taking it up without due inquiry. 11 . '■<; ■■ 11 166 M v y * Public aflvertiwjinent of the loss should also be given ; for, if any person discounts it with notice of the loss, that will bo such strong evidence *" ""aud, that he can acquire no property in it. '" OF COMMERCIAL PAPERS. *^ Some of the different papers used in business are. Receipts, Drafts, Checks, Due Bills, Ordere, Bills, Invoices, Account Sales, Leases, Bonds and Mortgages, Protests, Manifests, Bills of Lading, Re- leases, Contracts, etc., etc. A Re(.'EIPT is an acknowledgement in writing of having received a certain sum of mcmey, or other valuable consideration. A Draft is an order in the torm of a request, i)ayable at sight or in a specified time. A Check is an order on a Bank or Banker, for money, payable to the bearer, oi- his order. A Bill of Exchange is an ortler, or open letter of i-ecjuest, for a sum of money, addressed to a j)ei'Son in a distant ])lace. A Due Bill is a simple acknowledgment of a debt in writing. An Order is a request by one jjeraon on anotheer to pay a cci'tain amount on hie account. A Bill is a written description of pai-ticulai-s or items. A Bill op Goods is a description of the quantity and price of goods sold, with the time of the transaction and the names of the . purchaser and seller. ;, ., ,i; .. ..f ,,, .. .., w..i, , I An Invoice is a full account of merchandise, in which the marks, numbers, contents, and value of each package are descril^ed, to- gether with all charges. An Account Sales is an exhibit of the sales of goods disjiosed of on commission, with the charges incurred thereon. A Lease is the written contract of agreement between a hlndlord and tenant. A Bond is a legal instrument by which the giver binds himself to do, perform, or fill a certain contract by a stated time. When in your favor it is called a Bond Receivable, and when against you a Bond Payable. A MoRTOAOE is a pledge of prcperty, either real or personal, by a debtor to a creditor. m 167 by a A Protest of a note or bill of exchanfje, iit a formal declanitioti made by a notary public under band and seal, at the rec^uest of the holder, for non-acceptance or non-|wynieni. A Manifest in a list of the carjfo of a ship, with the mark, num- l)er, or description of each article or package, to be exhibited at the custtjm-hoiise. ,^__ v A Bill of Ladino is a formal receipt sul)scribe<] to by the master of a ship, or other common carrier, acknowledging the receipt of goods intinisted to him for tmiu(i>ortation, and binding himself, under certain exceptions, to deliver them in like condition as receiveil, at the place and to the i)erson named in the bill, or his assigns, for a remuneration of freightage. 1 $ CHATTEL NOTES. We have seen tliat in order to conatitute a promisaori/ note, it must Ije for the payment of money only ; if then a note he payable otherwise than in money, it is called a cluittel note. Chattel notes are not negotiable, and cannot be sued, except in the name of the payee. No days of grace are allowed u[)on them. It is the duty of the maker of a chattel note, payable in S|)ecific articles, at a place mentioned in the note, to teiule.r the articles at that place, and at the time it becomes due. If the maker neglect to make such tender, he will be liable to the payee to jiay him the amount of the note in money. But if, on the other hand, the maker tender the articles mentioned in the note at the propter time and place, according to the coutnict, and the creo made ; as to tlie latter, it will lie sufficient if the debtor offer to de liver as the creditor shall direct. I •i,:i. i»!l I 168 , t 1 FORMS or CHATTEL VOTES. Six months after date, I promise to pay J. Smith, or order, fifty bushels of good merchantable wheat, to be delivered at the residence of said J. Smith at market price. A. BROWN. Belleville, Aug. 4, 1874. ' 976. \ , Three months after date, I promise to pay J. Smith, or bearer, at my place of residence in this city, seventy-five dollars' worth of sound and merchantable winter apples, at two dollars per bushel. A.BROWN. . Hamilton, Aug. 4, 1874. ' * ' RECEIPTS. ' '"' ' A receipt in full, though strong evidence, is not conclusive ; and a party signing such receipt will be permitted to show a mistake or error therein, if any exist. Receipts for the payment of money are open to examination, and may be varied, explained, or contradicted, by parole testimony. date. RECEIPT FOR PAYMENT ON AOCOUKT. Cobourg, Ont.. Nov. Ist, 1874. Received from W. H. Yourex fifty dollars on account. «50. /. B. TURNER. RECEIPT IN FCM, OP ACCOUNT. Belleville, .Jan. 1st, 1874. Received from W. R. Ross seventy five dollars in full of account to $75. R. P. DANIELS. - * f RECEIPT IN FULL OP ALL DEMANDS. Napanee, Jan. Ist, 1874. Received from Henry Bro's. one hundred and fifty dollars, in full of all demands. " « »150. ' J, A. FRASER. RECEIPT FOR A PARTICULAR BILL. Kingston, Dec. Ist, 1874. Received from Beatty k Wallbridge five hundred dollars, in payment for a bill of groceries of this date. /. CARRUTHERS. 169 to REOKIPT FOR BORROWBO MONEY, (OR BORROWED MONET DUE BII.I,.) Picton, Jan. Ist, 1874. Borrowed and received from John S. Miller four hundred and fifty dollars, which I promise to pay on demand, with interest. 1460. B. BORROW. 'T'.y. RECEIPT FOR SERVICES. ' ..t*,* Belleville, Dec. lat, 1874. Received from Geo. Wallbridge forty-seven dollars, in full for services to date. $47. ^ ;* O.PAr,VAN^. [''' m • r, . . RECEIPT FOR A NOTE. Belleville, Dec. 4th, 1874. Received from J. B. Ashley, his note of this date, at four months for five hundred dollars, in full of account rendered to 1st inst. $600. O. a HOLTON d: CO. \ t ♦' RECEIPT FOR RENT. Belleville, Dec. 1st, 1874. Received from Beatty/k Wallbridji^e, one hundred and twenty dollars, in full for one quarter's rent of Store No. 96, Front street ; due 20th ult. $120. E. HARRISON. i*;'a • .;.'!»'. RECEIPT FOR INTEREST OrE ON MORTOAOE. Toronto, Dec. 5th, 1874. ^ * i Received from Robert Smith, one hundred and fifty dollars, in full for six months interest due this day. on his mortgage to me, bearing date Dec. 6th, 1873, for five hundred and ninety dollars. ♦150. S. O. BEATTY. RECEIPT FOR PAYMENT BY THE BAND Ot* A THIRD PARTY. Belleville, Jan. Ist, 1874. >' Received from John Jones, by the hand of R. Howe, fifty dollars, in full of his account. GEORGE WALLBRIDGE. "i 1 ' ^i ;<| I 1 INDORSEMENT OP A PARTIAL, PAYMENT ON A NOTE. Bowmanville, Jai*. 1st, 1874. Received on account of the within note, forty-five dolli rs. 146. /. /y. MILLER AGENT S RECEIPT. Brantford, Sept. 1, 1874. Received from M. L. Perkins, Two Hundred Dollars, to apply on his account with C. P. Stanwood. $200. A. L. HOWARD, Agent, 170 W: I4J H) The following i« a conveni«nt form when a number of persons »re paid at the same time : We, the untUrtigned, do hereby neoerally acknotoledge the receipt from Henry d; Brother oj the aum aet oppoaite our respective namea, in full for aervicea to date. DATE. November. .- I* 1874. AMOUNT. Fifty dollars Forty dollars Seventy dollars SIGNATURES. 60 00 W. H. Jamea. 40 00 Robt. Smith. 70 00 J. H. Brown. $160 00 TO APPI.V ON CONTRACT. flOOO. Port Hope, Jan. 12, 1874. Received of S. S. Edsall, One Thousand Dollars, the same to apply on contract for buildinf^ house, dated Jan. 1, 1874. ROBERT WALLACE. .) ' ,<.' -vAl '- HKCEU'T FOR PROPEKTY. Beixevii.le, Jan. LO, 1874. Received of Duncan Parker the followinft enumerated articles to be held in trust for him, and returned on his demand : one Silver Watch (Hunting case), two Promissory notes, each dated Jan. 1, 1874, and signed by William Holden, one for Three Hundred Dollars, due in six nionths from date, and one for Five Hundred Dollars, due in eight aths from date. E. S. SHIRLEY. DRAFTS. stamp: sight draft. 15CU.: • Montreal, Nov. 2, 1874. $424.24. At sight pay S. G. Beatty, or order. Four Hundred and Twenty-four Dollars ana Twenty-four cents, and charge the same to the account of !• n . "^ *' " i>-»^>^T.r»r To George Wallbridge, \ Belleville./ W. M. McKEOWN. STAMP 15 Cts. 1 ; ,;v TIME DRAFT. I. Time reckoned from sight.* $500. Kingston, June 12, 1874. At ten days' sight, pay to the order of Daniel Slate, Five Hundred Dollars, value received, and charge to account of /. L. FAIRBANKS. To A. B. West A Co., \ M ontreal. \ ^ This form of draft ahuuld be presented for acceptance as aeon as received, as the drawee has the time specified on the draft and tliree days gnce to malce the payment. This draft ■bouM be aooBoted br tbe drawee writing across its face thus : "Accepted, June 12th 1874. A. B. Wbht & Co." 171 ive the li-aft MTAMI" : 24Ct8. ; 2. Reckoned from Date. Ottawa, ApriF 28, IH74. 1760. ( . Ten days after date, pay to Austin Hmith, or ordor, iSoven Hundred and Fiftv Dollars, value received, and chargn to my acc't. , ^ W. B. ROBTNSON. To SiNci,AiK Jack & Co., 1 Montreal./ "' ' Before eithorof the forogoing drafts become the ohli^jation of the person on whom it is drawn it mi t be accepted h" him, which is usually done by wiitinjj the word " Accepted" diaj^'onally across the face of the draft, and signins the name. Si^ht drafts are usually drawn for small amounts, and conRefpiently paid when presented. If, however, the three days' grace are retjuired by the drtiwee they should be accepted. The first two of the above drafts would require the date of acceptance, in order to know when they become due, as they are made payable a cer- tain time after sight, or acceptance. The date of acceptance need not be written upon drafts made payable a certain time after date. The two following forms are extensively used by merchants in drawing on their customers : : STAMP ; :12Cts.; 1350. 3. Payable to Selves at Bank. MoNTREAi., Nut. 2d, 1874, Sixty days after date, pay to the order of ourselves, at the Bank of Montreal here, Three Hundred and Fifty Dollars, and charge to the account of v To Beatty & Walbridoe, Belleville. } JOHN SMITH A CO. . \, . : : aTAMr: :12Cts.: $350. 4. Time reckoned from sight. , . ^ |. ^ : •' Montreal, Nov. 2d, 1874. At three months' sight, pay to the order of ourselves at the Bank of Montreal, in Belleville, Three Hundred and Fifty Dollars, and charge to the account of To Beatty 4 Walbridok, \ ^ JOHN SMITH Jc CO. Belleville. / i ! i 1 |j:| 172 6. Bank Draft. tAo. 4/2. Ontario '&omnisrcial College ilSanh. $600:00 -"^TAMP. : Belleville, ^(U». 1»/, 1874. For value received, pay to the order of Messrs. John Jonea tfr Co., Montreal, Five Hundred Dollars, which char),'o with or without advice to this BaiUc. i . To the Bank of Massachi'hktth, James Hughes, Manager. Boston, Miias. John Smith, Acc't. CHECKS ON BANKS AND BANKERS. A Check is a written order addressed to u bank, or to persons carrying on the business of bankers, by a person havin)^ money in their hands requesting them to pay to another person, or to his order, a certain sum of money mentioned in the check. Checks differ from Bills of Exchange in the following respects : — Ist. They ar^ always drawn on a bank, or on bankers, and are payable im- mediately on presentment, without any days of grace. 2d. They require no acceptance as distinct from payment. 3d. They are always supposed to be drawn upon a previous deposit of funds. In order to make the drawer liable, in case the check is dishonoured, the holder must present it for paym>int within a reasonable time, and if dis- honoured, must give the drawer notice thereof within a reasonable time also. CHECK.' : *» t/yb. fy. Ontario Commercial College SSanlc. $150:00. Belleville,Nov. 2nd, 1874. ' ' Pay to J. B. Ashley, or bearer, One hundred and Jifty dollars. To the Manager. Jones, Smith S Co. f 175 in. KM) DUE BILLS. 1 . For Cash, drawing Interest. Brockville, July 1, 1874. Due Henry C. Spaflbrd, on demand, One Hundred and Seventy Five ^, Dollars, with interest from date at nine per cent. Wm. JORDEN* 2. For Merchandise, without Interest. $100. ' Belleville, June 12, 1874- Due R. M. Gordon, One Hundred Dollars, payable in Wheat, at market price, on the first dav of September next. • WILLIAM SMITH^ * It is cuntomary with biuinMs men in fdvinir checks to strike out the word "bearer," and write " order " over it. This makes it necessary for tlie payee to indorse it before ho can ob- tain the amount, and hia indorsement is a receipt for the money. 173 * ..' 3. For OiM\, without Intereit. Belleville, Novetuber 1, 1874. Mr. Charles Wilson, , - ./ I. O. D. $500 ^, N. O FIELD. The above form of the acknowledgement of • debt is frequently used, and is termed an I. O. U. Not amounting to a promissory note, and bein^ merclj evidence of a debt due by virtue of some antecedent contract, it re- quires no stamp. ORDERS. > luO. M ■ y M, 1. To apply on Account. Bbi.livim.e, April 12. 1874. Mr. W. A. Sprague will please pay to the bearer, Fifty Dollaru, in Mer- chandise, on my account. JOHN BROWN IIOO. 2. In full of Account. Belmville, Sept. 10, 1874. Mr. Q. G. Hoi.tov. Please pay to John Templeton or bearer, One Hundred Dollars, from your store and this shall be your receipt in full of my account. ' JOHN BROWN. J 1 - 3. Special order. MoNTRKAi., September 1, 1874. Mr. Gkoros Moore, Dear Sir, — Commencing with the 1st of October, 1874, please de- liver to Mrs. John Smith, one bbl. Flour every week, intervening between said date and the first of Janaary, 1875, and charge the same to JOHN BROWN. .VWX.VCI ^. •>'^VA BILLS. ' . 1. Bill Unreceipted. ^ Toronto, Nov. 1st, 1874. Mr. JOHN S. EWING, ^^^>i'^ V''^-' '" Bought of Warner Bror. ' . r 4 yds. Black Broadcloth r at $4.25 $17 00 10 " Factory Cotton, t( 10 100 15 " Muslin, K 0.25 3 75 20 " Red Flannel, im^ Hi.i i • t( 0.40 8,00 4 doz. Linen Hdkfs., ' u 2.00 8 00 «r'a94 5 lbs. Green Tea (Y.H.) • u 1.00 1 5 00 142 75 y '1 •ft 4'! Mb. W. a. ROBLIN, 174 2. Bill ReeeipUd, Bei.i.evii.i.k, Nov. Ist, 1874. To Conger Bros. Dr. To 10 jda. Cambric, '« 20 « Gingham, " 5 « Broadcloth. " 2 doz. Spools Thread, Received Payment. at $0.15 " 0.30 " 4.00 «• 0.50 $ Ii.50 6 00 20i00 1,00 128150 CONGER BROS. Should the above bill be receipted by a cleric, his own name should be liKued under that of the firm with the word " per" placed before it. ^ F ^T.^ *■*■ tf n V. , V f^\, . ' -1 3. Ikms of an Account. Mr. J. A. MOORE, ' ' ^, To Robertson k Henrt, 1874 Feb. March April May Dr. 1 I To 4 yds. Broadcloth, ' Z " Can. Tweed, « I Vest (Broadcloth), if Gn. By Cash, '* Order on Beatty k Wallbridge, at $5.00 " 1.50 120.00 6.00 $20 00 450 5j60 $30'00 25 00 Balance due, Settled by note, -a ROBERTSON it HENRY. $5 00 * .,^»*» 4. Monthly Statement. & .r ;> y a i t ., i/ -:^' v - ',', i MoNTBEAi,, Jan. Ist, 1874. Messrs. SMITH ft JONES To Sinclair, Jack k Co. Dr. ' 1874 Not. 1 u 8 u 28 To Mdse. as per bill rendered at 3 months, « « II ii i< 4 i< II II II II " 30 days. $ 100 500 400 $1000 20 00 00 20 176 I I INVOICE8. 1. Diymt»tic Invoice. '...\. H Sales, 24. Folio, 325. AoXdhy J. Wilson. ' Montbbau, Oct. 28, 1874. Messrs. BEATTY ft WALLBRIDGE, V Belleville, Ont. Forwarded - G. T. R. Bought of Sixci.air, Jack & Co., (Terms — Note at 4 moa.) Importers and Wholesale Dealers ia Groceries. u 5 Hlf. chestH Tea (Y. H.,) "S. J. & Co., 14 " 78, 14, 73, 14, 74, 14, !WU 75, 15. «), 13, 70 299 72; 1215 28 A U 4 " Gunpowder, " Chinaman," 53 tU. 16, Hi, 15, Xil 85. 15, 81, 15, tW 271 80 216 80 10 IS 4 BagsCoffee, Java, "A. B." 128, 4 116, 4 494 131, 4 130, 4' lU 478 24 114 72 u IS 2 '< Uguyra, ''CT," n:i, 4 115, 4 8 22018 39 60 5 Boxes (lOc) Laundry Soap 60 ea. 300 07 21 00 4 Doz.B.L.Brushe.,^^ J;, ....;- ,.i. ,'j Cartage, ' '' ' E. J. - 11 »614 00 25 37 2. Foreign Invoice. "'* ' ' ' Gi.AStiow, 5th August, 1874. Invoice of one Package, marked and numbered as per margin, shipped as per Hibernian S. S. from OUugow for and on account of Meaara. O. C. Holton & Cb., Belleville, Canada. Bought of ARTHUR & CO. London Warehouse, Old 'Change. ) G. C. H. & CO. No. 238. Bradford Warehouse, Grange St. j B. 1 2 3 4 30 3d Pes. Check Wincey, 56i, ,^7, 57 i. " 56 i, 57, 58, 59. Shepherd, " M 511 54. All Wool Tartan*, '"» 4»t> 411' 51. ..>.(. Clan Serge, Super " Box anj Oil, £ s d £ 8 d 228 6 5 14 ^ 230 n 7 8 101 50. 8 1 13 8 105, i n 4 3 6 237i \m 13 7 2 24t; ' 16|'! 17 16] 2 3 1 4'4 19 15 6 ,53 6 1 i ! ■ 1 m ' '! n 1 i. Invoice of Sinpment on sole Account. Invoiok OF MERCHANUI8K tihipp<}d per O. T. R., Ist Nov. 1874, and con- siifued to E. T. Hambly, Port Hopt,, to be sold on cAminission. rm bba. Extra Superfine Flour, at $8. 100 •* Bakers Spring " " 7.50 200 « GoderichSalt, " 1,50 Paid Insurance. E. dc O. E. Hamilton, Nov. 1. 1874. S. S. Edaall, Consignor, Xore. -The Student will iiite the abuve fonu of invoice (or a Hlmplo Shipiiiuiit and the (ol- lowinK for a Joint Mhipiuvnt. 4. Invoice of Shipment on Joint Account. Invoice of Merchandi;;3d, shipped per steamer Passport, and consigned to John Cook, Belleville, to be sold on joint account of Shipper and Consignee. 500 bbls. Gooerich Salt, at |1.50. 400 " Extra Family Flour, '• 7.60. Charges Insurance on $3,750, at 1 A% Drayage $25, Labor f 10, Cooperage $4, Wharfage |13. Hamilton, June I, 1874. r. B. liOBINSON, Comignor. 750 3000| 3750 lOH 56 52 25 25 _~ 3858 25 Wh*}n goods receivtHl on counnission are sold, tlu) agent iimkes out, for the ius)>ectioii of the ooiisigiior, a detailed account of the sule.s of saiid goods, together with such charges as have been made on account of the same. In making out an Accv . ^t Sales, the mode of procedure is, to turn to the proper account in the Ledger, and from thciuce refer to the necessary details, as found in the books of original entry. A variety of forms ai-e in use ; those given are most commonly adopted in business. m ACCOUNT SALES. ! >♦ 111 .!»« I. Simple Shipment. Account Sales of iUO Kegs Butter, on account aad rUk of Aahley & Co. Belleville, Ont. Oct. 23 Sold for cash, 100 ke);a- G800 lbs. net Ht 20c. > Charges $1360 00 t( 20 Freight in cash. 192 00 « <( Commission, 5 per cent, on sales, Ashley k Co.'s proceeds. 68 00 ICO 00 $1200 00 Remitted by sight draft. E. k 0. E. B. M. ALEXANDER, Consiiiuee. Belleville, Oct. 25th, 1874. | '••'it . ! um !'»!<(;' 2. Joint Shipment. Account of Sales of Merchandise received per Steamer Pattport, June 3d, 1874, from W. B. Robinson, Hamilton, to be sold on jomt acccu it of shipper and myself, each ^. 1874 Sep. Oct. 1 June at $2.00 " 8.50 « 1.75 8.25 3 Sold Jas. Smith for indorsed note at 4 mos., with interest at 9 per cent. 300bbls. Goderinh Salt, 200 " Extra Family Flour, Sold Winters, Smith k Co., fur cash, 200 bbls. Goderich Salt, 200 " Extra Family Flour, Charges Freight and drawage. Wharfage, cooperage and labor, ' Commission and guarantee at 2%, Interest on charges paid, Total net proceeds due Aug. 4th, Your A net proceeds, Our I " " J. J. SOLMES. Kingston, Ont. COO ,1700 350i 1650| 4300| 210 4090 95I5O 25| 86; 350 2045 2045 {14090 1 40901 m f ill 178 Tlie following form is sometimat used for both simple and joint shipment)' . Abui.ky & Co., Belleville— In account sales with H. M. Alexander. Oct. CHAROKH, KTC. Paid FruiKht tt4 00 Ht |M)r Ct. oil IUll«H,| (W UOj AHhIc.v ii Oo.'h iinivttiitl8 1200 Oo' KviiiitUNl by alKhl dni(t,| Oct. 1800 00 K & O B Montreal, Out. 2ritli, 1874. 23 MALES. ^y By 100 Ke|{8 Butter... " 0800 Ibii, nut at 2Uc. Sold (or C'a»h. H. ALK.\ANDKR. CuiiBignw. Vim 00 l.SOO 00 DEPOSIT RECEIPT. ONTARIO OOMMKKCIAI. COLLEGE BANK, f 100. . ■ No. 472. Belleville, Nov. Ist, 1874. Received from James Ii. Ashley, Belleville, the sum of One Hundred Dollars , which sum will be accounted for by this Bank to the Huid James B. Ashley, , and will bear interest at the rate of Jour jier cent, per annum, provided the money remains not less than three months from date of deposit. Ten days' notice to bu given of its withdrawal, on which notice interest shall cease, this receipt to he given up to the Hank when payment of either interest or principal is required. For the Ent'd Ontario Commercial Colle>;e Bank. James Smith, Acc't. iS. O. BEATTY, Cashier. ■'/.i '■I.. FORM OF LEASE. ' ■' j^'lH ^t{dtniure, made the first day of September, in the year of our Lord one thousand eight hundred and seventy-four, in i-i'ksi'a.nce ok THE Act iiKsi'ECTixN Short Forms ok Leases : ^tttoctu George Patterson, of the Town of Belleville, in the County of Hastings, Province of Ontario, Gentleman, hereinafter called the Lessor, and Robert Henry Porter, of the same place, yeoman, hercinaftor called the Lessee ; SHUuc&SCtb, that in consideration <)f the llent, Covenants, and Agreements hereinaftei ^served and contained, by the said Lessee his executors, admin- istrators, and assigns, to be paid, observed, and perfm-inud, the said Lessor hath demised and leased, and, by these Pn'senls, kotii demise and Lease unto the said Lessee his executors, administrators, and assigns, all that certain farm, piece or parcel of land, situate, lying and being in the Town- ship of Sidney, in the County of Hastings and Province of Ontario, and de- scribed as the SorTii Half of lot number six in the First Concession of thu Township of Sidney aforesaid, containing by admeasurumjul, one hundred acres he the same more or lass . 179 year of lee me Ills |,admiii- Lessor Li.i, that Town- and de- la uC thu lundred if OCitthet with all the rightn, members, and appurtenances whatsoover to the said premises belonging or appertaining, to havb and tohoi-d the said here- by demised premises, with their appurtenances, unto the said liessee his executors, administrators, and assigns, for and during the term of Kve years, to be computed from the first day of September one thousand eijrht hundred and seventy four and from thenceforth next ensuing and fully to be complete and ended, yiki.dinm am» CATiNfi therefor unto the said lessor his heirs, executors, administrators, or assigns, the clear yearly rent or sum ofT\>^ Hundred Dollars of lawful money of Canada, to be payable on the following days and times, that is to say : on V.'m first days of the months of March and September, in each and every year during the coa- tinuance of this Lease. . , . , The first of such payments to become duo and be made on the first day of March next, and the Inst ot such payments to be made in advance on the first day of March, preceding the expiration of the said term. 3^nb the said Lessee for his heirs, executors, administrators, and assigns, hereby covenant with the said Lessor his heirs, executor8,administrators,and assigns in form and manner followinsr, that is to say : — To pay rent: And to pay taxes: And to repair reasonable wear and tear, accidents by fire or tempest excepted : An'o lo keep up fences, and not to cut down t-mbor : \sn that the said I^essor may enter and view state of repair, and (;hat the said Lessee will repair ac- cording to notice: Anm» will not assign or sublet, without leave : And will not carry on any business that shall be deemed a nuisance on said premises : And that said Lessee will leave the premises in good repair : And ai.so, that if the term hereby granted shall be at any time seized, or taken in exe- cution, or in attachment, by any creditor of the said Lessee or it the said Lessee shall make any assignment for the benefit of creditors, or becoming bankrupt or insolvent shall take the benefit of any Act that may be in force for bankrupt or insolvent debtors, the then current half year's rent shall immediately become due and payable, and the said term shall immediately become forfeited and void, but the next current half years lunt shall, never- theless, be at once due and payable : 5|profaiso for re-entry by the said Lessor, on non-payment of rent, or non- performance of covenants, or seizure of the said term for any of the causes aforesaid : The said lessor covenant with the said Lessee for quiet enjoyment. ^n WiWmBS ^thereof, the said parties to these presents have hereunto set their Hands and Seals, the day and year first above written. Signed, Scaled and Delivered, in the presence of W. B. SMITH. GEO. PATTERSON, : skai,. ROBT. H. PORTER. : seal. 1!; ' Wax, vir aome other tenacious Rubitance, la neeewMy In order to ninke a legal seal, ex- cept It be the Roal of a court or public officer. 180 • SHORT rORM OF I.EAHK, KOT UNDER SEAL. ' This inatrutncnt witnesseth. that Robert Brown of the citj of Toronto has Int and rented to Thomas North, for the term of one year, to commence on the — — day of , all that certain house and lot in the town of Whitby, on the north side of Main Street, lately occupied Henry South, with the appurtenances, for the yearly rent of one hundred i. 'larH, in quar- terly paymcnta of twenty five dollars, to be made on the first days of the months of . The taxes are to be paid by the said . And the said Thomas North aj^rees to pay the said rent (and the taxes, if so a<^rced,) uud to (|uit and surrender the premises at the expiration of the said term in as good condition as reasonable use thereof will permit, damages by the elements excepted. Dated at Whitby this day of — , 1S74. ROBERT BROWN, mtness. PETER COOPER. THOMAS NORTH. ^1 AN A8SIRNMENT OF A LEASE BT WAY OF ENnORSEMBXT. I, Robert Henry Porter, of, etc., in consideration of , to me in hand paid by William Henry, the receipt whereof I do hereby acknowledge, have bargained, sold, assigned and set over, unto the said William Henry, his executors, administrators and assigns, (or if a durable lease say hit heirs etc.,) M well the written indenture, as also the term and inleres' >n all and singular the lands, tenements, heredituments, and premises within men- tioned, yet remaining under and by virtue of the said indenture, and like wise all my estate, right, title, interest, claim, property and demand, of, in, or to the crame lands, tenements, heieditamcnts, and premises, which I now have, either by meansof the within indenture, or otherwibe howsoever; sub- ject, nevertheless, to the rents and covenants in the said indenture contained. In witness whereof, etc. i, . # FORM OF A BOND. ;^nob all Pen bg i\m %xt%tvis ; That I, John Smith, of the town of , in the county of — , and Pro- Tince of Ontario, am held and firmly bound unto Robert Jones, ot the town of, etc., in the penal sum of five hundred dollars of lawful money of Canada to bo paid to the said Robert Jones, or his certain Attorney, executors, ad- ministrators or assigns, for which payment well and truly to be made I bmd myself, my heirs, executors and adniinistrutors for ever firmly by these Presents. Sealed with my seal and dated this first day of December in the year of our Lord one thousand eij^ht hundred and Beventy-ibur. The conditions of the above written Bond or Obligation is such tl'.at if the above bounden John Smith, his heirs, executors and administrators do and shall well and truly pay, or cause to be paid unto the above-named 181 Robert Jonos, his executon, adminiBtratora or aMigns, ths just and full sum of six hundred dollani, in three equal annnal pajments from the date hereof, with annual interest at nine per cent., then the above obligation to be Toid ; otherwise to remain in full force and virtue. Sealed and delivered in the presence of GEO. SHERRY thel . J JOHN SMITH; : skai. tid Pro- lie town ICanada Jors, ad- Ibind ly these |r in thfi tl'.at if itors do 3 -named STATUTORY MORTGAGE. f/.V ^lldtufurt, made (in duplicate) the first day of July, one thousand eight huudred iiiid seventy-four, in pursuance of the Act respecting Short Forms of Mortgages : $tttottii M.'uy Wilson, of the village of Marmora, m the county of Hastings wife of Robert Wilson, and Robert Wilson of the said village of Marmora, yeoman, of the \mi part, uiid Juhn Smith uf the town of Picton, in the county of Prince Edward, merchant, of the second part. ffililucsstllr, *hat in consideration of one thixisaiid dollars of liiwi'ul money, of Canada now paid by the said mortgagee to the said mortgagor (.the re- ceipt whereof is herel)y acknowledged.) The i;:vid mortgagor doth grant and mortgage unto the said mortgagee, his heirs and assigns for ever, %\\ nitb ^innulnr ^^^^ certain parcel or tract of land and premises situate, lying and being in the township of Marmora, in the county of Hastings, Province of Ontario, being the east half of lot number eight, in the fourth concession of the township of Marmora aforesaid, containing by admeasure- ment One Hundred Acres, be the same more or less. Provided this mortgage to be void on payment of one thousand dollars of lawful money of Canada, with mterest at eight per cent, per annum, as follows: the said principal sum of one thousand dollars to be due and pay- al)!e in three yojus from the date hereof, with interest thereon from date at eight per centum per annum, as aforesaid, payable yearly, and taxes and performance of statute labor. The said mortgagors, covenant with the said mortgagee, that the mort- gagors will pay the mortgage money and interest, and observe the above proviso : That the mortgagors hath a good title in fee simple to the said lands ; and that they have the right to convey the said lands to the said mortgagee: And that on default the mortgagee shall have quiet possession of the said lands, free from all incumbrances: And that the said mortgagors will exe- cute such fill ther assurances of the said lands as may be re(iuisite : And that the said mortgagors hath done no act to incumber the said lands : And that tho mortga'.'ors wiil insure the buildings on the said lands to tho ii i«' 182 ^ amount of not less than nine hundred dollars currency: And the said raort- gu^^ors do reloasc to the said mortgagee all claims upon the said lands, sub- ject to the said proviso : Provided that the said mortgagee on dofault of payment for three months may, upon giving three months' notice, enter on and lease or sell the said lands : Provided that the mortgagee may distrain for arrears of interest : Provided that in dofunlt of payment of ihe interest hereby secured, the principal hereby secured shall become payable: Provided that until default of payment the mortgagors shall have quiet possession of the said lands : And the said Mary Wilson hereby bars her dower in said lands and priMuises. In witiiuas whereof the ^id parties hereto have hereunto set their hands and seals. Sigi.ed, sealed and delivered, ^ MARY WILSON. j'sKA't''.'! - In the presence of THOMAS BROWN. ^ ^^^^^^^'^ ^^^^«^^^- = «^^' • ASSIGNMENT OF MORTGAGE. ^Jli.H Jfftltteutttrt, ni'ide (in duplicate) the first day of September one thousand eight hundred and seventy four. JPtttOftn A. B., ofthe&c, hereinafter called the As.sionor, of the first part and C. D. of the &c., hereinafter called the Assioxee of the second part, (fOIbfttUS, by a Mortgage dated on the fourth day of January, one thousand eight hundred and seventy two E. F. did grant and Mortgage the land and premises therein described to me, my heirs and assigns, for securing the payment of (Awe insert the amount), and there is now owing upon the said Mortgage (hero insert the amount yet owing upon it). ^Olu this jfubtnturc MUncssctll, that in consideration of of lawful money of Canada now paid by the raid Assignee to the said Assignor (ihe rceeijyt whereof is htrehij (trknowlcih/rd) Thk said'Assignor Dorii hekehv Assign and set over unto the said As&ignec, his executors, administrators and assigns, Ai.i. that the said before in part recited Mortgage, and also the said «um of now owing as aforesaid tt ogetbcr with all raonoys that may hereafter become due or owing in respect of said Mortgage, and the full benefit of all powers and of all covenants and provisoes contained in said Mortgage. And also full power and authority to use the name or names of the said Assignor, his heirs, executors, adminis- trators or assigns for enforcing the performance of the covenants and other matters and things contained in the said Mortgage. 183 ^lU> the snid Assignor Dotii iikuicby Ghan't and convey unto tho snid Aasiguee, bia heirs and assijifns, Ai.i. and SiNorLAit, that certain piece (here describe the property as described in Mortj^age). * >'i > (To }^yaiat nub to |)oli) the said Mortgag*; and all moneys ariHin<( in respect of the same, and to accrue thereon, and aldo the said lauds and pieniist.'s thereby granted and mortgaged To tiik tsk of the said Assignee, hii heirs, executors, administrators and assigns, absolutely forever; but, sub- ject to the terms contained in such Mortgage. ^nb the said Assignor for his heirs, executors, aduiinistraturs and assigns, Doth hkkkhv Covkxant with the Asaignue, his heirs, executors, adminis- trators and assigns, timt the said Mortgage herul)y assigned is a guod and valid Security, and that the said sum of is now owing and unpaid, nut; that ho has not done, or pcrmittt'd, any act, nmtter, or thing whereby the said Mortgage has been released or discharged, cither partly or in entirety; and that he will, upon reijuest, do, perform, and execute, every act neces- sary to enforce the full performance of the covenants and other matters con- tained therein. |n IJtTltutSS bljertof, the said parties have hereunto set their hands ;ind sea's, the day and year first above written. Signed, Sealed and Delivered •1 \\ I iii 18- er DISCHARGE OF MO HT(J AGE. . » To fhi, Reijisfrar of the County of HasUnys : I, .Tames Williams, do certify that Peter Henry Cooper, merchant, i»f the town of Napanee. h.as satisfied all money due on or to grow du • on a cer- tain mortgage made by the said Peter Henry Coaper to James Williams, yeoman, of the same place, which mortgag(i boars date the lirst day of November, A, D. 1.S70, and was registered in the Registry OHice for the county of Hastings, on the second day ol' November, A. I), l."^70, at twenty minutes past eleven o'clock, forenoon, in Ijibor IJ, for Thurlow,as No. 17(>."), and that the said mortgage has not been assigned.* And that I am the person entitled by law to receive the money ; and such mortgage is thefore uischakokd. Witness my hand this first day of November, 1874. ., JAMES WHJ.IAMS. Witness : 1 ROBERT DOYLE, f *I( the inortgfagfo has huon atiiiitjned, here menttni) the Jay and date u( Kujjftstration of each Aasittninent thereof, and the iianie.i of the (lariieH, I; :l^i 184 SI I PROTESTS. , 1. PromUiory Note for Nonpayment. On this first day of September, in the year ot our Lord one thnusAnd eight hundred and seventy-four, at »he request of the ROYAL CANAUFAN HANK, holders of the Promissory Note hereunto annexed, I, OKOiiot: Dkav Dickson, a Notary Public for Ontario, by Royal authority duly n|>()i)intcMl, did exhibit the said Note unto aClerIc at the Office of the ROYAL CANA- DIAN RANK, at Belleville, where the'same is payable, aud there speaking to him, did demand Payment of the said note, to which demand he an.swercd "No Funds." ' ' Wherefore I, the said Notary, at the requosi aforesaid, have protested, and do hereby solemnly protest, us well against all the parties to the said Note, aa against all other persons to whom it may concern, for ail interest, damages, costs, charges, expenses, and other losses suf- fered or to be suffered for want of payment of the said Ni'te ; and afterwards on the day and year mentioned in the margin, I, the said Notary Public, did serve due notice accordin;* to law of the said presentment, non- paym>:!at and protest of the said Note upon :hc several parties thereto, by depositing in Her Majesty's Post Oliice at Belleville, beiog the nearest Post Othce to the place of the said presentment, Letters,cont lining such notice, one of whicti letters was addressed lo each of the said parties severally, the subscription aiid address of which letters are respectively copied belcw as fol- lows, shat ia to say : Paid, John Smith, Esq., Belleville. Paid, Messrs. J. McKay & Co., Montreal. Paid, Paid, Tn testimony whereof, 1 have hereunto set my hand and ailixed my seal of Oliico the day and voar first above written. Notices Mailed the Ist (lay of Sopteinber, A. U, 1874. P.7 ed ity 185 duly appointed, did exhibit tho said Bill unto Juhii Smith, EI411., at hi^ pliioo of htuinosa at nellovillo, an'l tiiore dpoukinj^ to him, did doman'i acueptatico of (he said Bill, to which demand he answered ♦*I WiM. Not Accept." J ,, Wherefore, I, the said Notary, at the request afore- said, have protested and do hereby solemnly protest, as well u due A. D., 1874. Notice according to law of the said presentment, non-no ceptance and protest of the said Hill upon the several par- ties thereto, by depositing in Her Miiji'sty's Post Odiii' at Belleville, being the nearest Post Office f the pliicc of the said presentment, Letters containing such notion, one Protest! -•• Mcti. of which Ijetters was addressed to each of the said pari i-H, severally, the Sui)erscription and Address ut which Poitaffe . 04 " Letters are respectively copied below as follows, that is Notioea, • - 50 '• to say : 1^04. Paid, John Smith, Esq., Belleville. Paid, Messrs. J. McKay Sc Co., Montreal. Paid, Paid, In testimony whereof, I have hereunto set my hand and affixed my Seal ot Office, the day and year first above written. CHAS. W.BROWN, Notary PuhUc. \ skai.. • :'■ 3. A Bill for Nonpayment. On this first day of September, in the year of our Lord one thousand eight hundred and seventy-four, at tho recjuest of the BANK OF MON- TREAL, holders of the BILL OF EXCHANGE hereunto annexed, I, Charles William Brown, a Notary Public for Ontario, by Royal author- ity duly appointed, did exhibit the said bill unto a clerk in the office of tho Bank of Montreal, at Belleville, where the same is payable, and there speak- ing to him, did demand payment of the said Bill, to which demand lie answered, " No Funds." Wherefore, I, the said Notary, at the request aforesaid, have protested and do hereby solemnly protest, as well against all the parties to the said Bill, as against all other persons whom it may concern, for all interest, damages, costs, charges, expenses, and other losses suf- I: h uii V^. \.a:^ IMAGE EVALUATION TEST TARGET (MT-3) /. I.I 150 ■■•■ ^ m — ^ us, ilM 2.2 1.8 L25 |||||i.4 IIIIII.6 <^ w /a /: ^ 7 w Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. U58U (716) 872-4503 1 ^ 6^ 186 ml.: Notices Mailed tlio fered Of to be suffered for want of payment of the said let day of September, Bill ; and afterwards, on the day and year mentioned A. D. 1874. p. Q. in the margin, I, the said Notary Public, did serve due notice according to law of the said presentment, non- payment and protest of the said Bill upon the several parties thereto, by depositing in Her Majesty's Post Office at Belleville, being the nearest Post Office to the place of the said presentment, Letters containing such notice, one of which Letters was addressed to each of the said parties severally, the Superscription and Ad- dress of which Letters are respectively copied below as follows, that is to say : Paid, John Smith, Esq., Belleville. Paid, Messrs. J. McKay & Co., Montreal. Paid, In testimony whereof, I have hereunto set my hand and affixed my Seal of Office the day and year first above written. CHARLES W. BROWN, Notary PuhKc. Protest, Postftse, - Notices, 50 Cts. 04 - 50 «1.04 I KOTICE OF PROTEST. Bem.evilt,e, September 1, 1874. To John Smith, Esq, : . Take notice that a PROMISSORY NOTE, dated on the twenty-ninth day of August, 1873, for the sum of $400, drawn by yourself in favor of J. McKay & Co., or order, payable one year after the date thereof, at the office of the ROYAL CANADIAN BANK, in Belleville, and endorsed by J. McKay & Co., was this day presented by me for payment a«, the said Bank, and that payment thereof was refused ; and ,that the ROYAL CANA- DIAN BANK, the holders of the said Promissory Note, look to you for payment. Also, take notice that the same was PROTESTED this day by rae for non-payment. Your obedient servant, GEORGE D. DIXON, Notary Public. 187 MANIFEST OF STEAMER PASSPORT, THOMAS SMITH. MASTER. FROM HAMILTON TO MONTREAL, JIINE 1, 1874. m Consitiices. Destination. Marks. Articles. J. Taylor & Co. Montreal. J. T. & Co. 3.5 bo*e8 and 46 bales. •^ I. t( J.T. 600 barrels of Salt. J. C. Towers. (( J. C. T. 100 " Pork. S. Sands & Co. u s.s. Furniture. Wilson & Co. t( W. & Co. 25 boxes and 10 trunks. J. Landis & Co. i( J.L. 120 barrels Apples. D. IJ. Carroll. (( D. B. C. 4 Trunks. C. K. Hamilton. t< |ii| 100 bbls Pork & 200 bbls salt. Ourselves. .'k S. B. H. 500 " Flour. Ferguaon & Rcid. (1 F. R. 47 Bales. n « W. M. 200 bbls Pork and 150 Salt. Willis & Webb. Kingston. W. &W. Furniture. (( u u 50 barrels Flour. J. Jordon. Brockville. J. Jordon. 500 barrels Flour. T. Cope. (f T. C. Furniture. R. Ross. Montreal- B. Boss. 59 barrels Flour. The above is the sinii)lost possible form of a manifest, it is madi; out on a large sheet, ruled for the jmrpose and ])laced in a c m i * I. That the said parties hereto will be? partners in the business of buyinj:^ and selling dry goods and groceries at whole»4ile, in the business of shipping and forwarding goods of other parties to such points as may be required of said co-partnership. Such partnership to extend for the period of throe years from this date. The name and style of such co-partnership shall be Henry Smith & Co., and the business shall be carried on at Oshawa. Ontiirio. II. The Capital of said firm shall consist of — -— , to be put into the said business by the suid partners as fpiluwa : Said Henry Smith shall invest in Cash, and in Mcrdliandi.se, Notes and Book Accounts to the value of . Said Robert Bruce shall invest Merchandise to the value of in Cash, and in Real Estate and Said Robert Jones shall invest in Cash Two Thousand ry Smith and the said Robert Jones are not required to reside at Oshawa, Oi- have any actual concern in such business, which will be per- sonally attended to by spid Robert Bruce, but in the divi.sion of losses and profits in such business the same shall be apportioned .is follows : to the said Robert Jones two-sevenths, and to the said Henry Smith and said Rob ert Bruce the remainder in equal shares. The sail parties hereto may each draw out of said businesss a sum in cash or stock not exceeding Fifty Dollars per month, for his separate use ; but in case, at the end of each year, on taking a general annual account, it shall appear that the net profits of such year shall not amount to the gross sum so drawn out of the business by all the partners, then each partner shall inimediately repay to said partnership the excess, if any, of the sums which he shall have so drawn out of said business over the sum which he shall be entitled to receive as his share of the net profits of said business during the year. And in case there shall have been a loss in the business of any year, then, at the beginning of the next ensuing year, the several partners shall contribute a pro rata sum (taking into account the state of the account of each partner with said partnership,) which shall restore the original capital of said partnership. in. The said Robert Brace shall have the right to hire and dismiss all clerks and other employees of said firm., and shall give his sole and exclusive at- tention to ti:') conduct of the aforesaid business ; but no bill, note of hand, or other evidence of debt, shall ever be issued or put in eircnlation by him in the name of said firm, but every such evidence ot indebtedness shall be deemed the individual obligation of the partner who shall sign SHch firm- name, and shall be charged to him as sucL in the account of such firm. 191 IV. All goods shall be sold for cash, unless a credit is given by the con- currence of all the members of the firm, and books of account shall be kept by the "r.id Bruce, and proper entries made therein of all the moneys, froodd, eifects, debts, sales, purchases, receipts, payments and other transac- tions of said partnership, which books, to^^ethcr with ail cash, securities and assets of said tirm, shall nt all times be accessible at said Oshawa for the inspection of all partner;), and to take copies of the same if required ; and at the end of each year h(>reafter there shall be a full and particular account, in writing, taken by the said Bruce of all the stock in trade, money and assets of said firm, and of all debts due and owing by and from the same, and a just valuation or appraisement made of such assets and liabili- ties, which account shall immediately, on being completed, be shown by the said Bruce to the said Smith, and the said Jones, at the place of business of said firm in Oahawa {.foresaid . In case disputes shall arise between the parties hereto, or any two of them, growing out of said business, and before the expiration of said co- partnership, no attempt shall be made to interfere with the ordinary conduct of such business by injunctions and receivers, or by any proceedings at law or equity; but all such disputes shall be determined by arbitration in the manner pointed out in the Statutes relating to arbitrations. In witness whereof, the parties to these presents have hereunto set their hands and seals, the day and year first above written. Signed, sealed and delivered ) HENRY SMITH, [L. S.] in the presence of j- ROBERT BRUCE, [L. S.] 8. G. BEA.TTY. ^'1 I ''i ROBERT JO>fES, [L. S.] AGREEMENT FOR BUILDING A HOUSE. ^hiU ^Itdcntlire, made in duplicate this day of , in the year of Our Lord, one thousand eight hundred and seventy-four, between A. B., of, etc., and C. D. of, etc. Mllittssctlr : that the said C. D., for the considerations hereinafter mentioned, doth for himself, his heirs, executors and administra- tors, covenant with the said A. B., his executors, administrators and assigns, that the said C. D., or his assigns, shall and will within the space of (Acre insert the time,) next after the date hereof, in a good and work- manlike manner, and ot his own proper cliarge and expense, at (Aere insert the place,) well and substantially erect, build and finish one house, according to the draught, scheme, and explanation, hereunto annexed, with such stone, brick, timber, and other materials, as the said A. B., or his assigns, shall find or provide for the same. In Consideration whereof the said A. B. doth for himself, his execu- tors and administrators, covenant with the said C. D., his executors, admin ^ istrators, and assigns, well and truly to pay unto the said C. D., his execu. tors and assigns, the sum of -— ~ of lawful money of Ganaaa, in manner 1- -m 192 If- ■; il ^ i following, viz : ^^, part thereof at the beginninfr of said work, moro, another part thereof, when the said work shaU be half done, and the re. maining , in full for the said work, when the same shall be completely finished: And, also, that he, the said A. B., his executors, administrators, or assigns, shall and will, from time to time as the same shail be required, at his and their own expense, provide stone, brick, timber and other materials necessary for making, building, and finishing the said house. And for the performance of all and every the articles and agreements above mentioned, the said A. B. and C. D, do hereby bind themselves, their executors, admin- istrators and assigns, each to the other, in the penal sum of firmly, by these presents. In Witnbss Whereof, &c. WILL. When it is convenient to employ a lawyei*, or some one acquainted with legal forms, to write a will, the services of sucli a person should be procured. But this is not always convenient. Therefore, every person who can writ€ a legible hand should learn to draw a will in proper form. If he never has occasion to use this knowledge for himself, he may be called on to perform this kind office for a friend or neighbor suddenly thrown upon a bed of death. Every i)ui)il, before leaving the public school should be taught the form and legal requisites of a will. The testator is the person who makes and signs the will. The dotiee, also called legatee or devisee, is the one who receives property by the will. He should not write it, nor in any way pro- cure tlie writing of it, nor be a subscribing witness to it. The executor is the person to whoni the execution of the will is intrusted by the testator. A will requires two subscribing witnesses, and they should sign their names in the presence of each other, and in the presence of the testator, and at his request. The witnesses to a will should write their several places of resi- dence opposite their respective names. The signature of the testator must be at the foot or end of the will, and where there are several sheets of paper, it is better for the testator and witnesses to sign every, sheet. A seal is Hot essential, though the practice is to put a seal to the testator's signature. , . r ' the the 193 Tho (hit*; fihoiihl never be omitted ; for, thou^li it is not osH»'ntial to the validity of a will, it in evidence of the time of its tiXecution in case another will should l)e found. A will made Ijy a person under twenty-one yeara n{ age is invalid. The marriage of the test»itor generally revokes a will. FORM OF WILL. Jf, WILLIAM HENRY BROWN, of the Town of Belleville, in the County of Hastings and Province of Ontario, Canada, being of sound mind and memory, and considering; the uncertainty of this frail and transitory life, do therefore make, and declare this to be my last Wii,i, and Testa - MENT, that is to saji: First. — After all my lawful debts and funeral expenses are paid and dis- charged, I Bequeath to my wife, Laura Brown, the dwelling-house and land connected therewith, which wo now occupy as a homestead; and all the fur- niture and household goods, including pictures, books, linen, china, plates, provisions, chatties, and effects, (other than money or securities for money,) which shall at my death, be in or about my dwelling-house, or the out-build- ings or grounds thereof. I also bequeath to my said wife, the sum of six thousand dollars cash, to be paid to her within one calendar month after my death, without interest. Second. — I give to my daughter Jane, four thousand dollars cash, and thirty shares in the Bank of Montreal, for her sole use, and for the use of her heirs at her discretion. Third. — I give to my son William, all my real estate in the Township of Thurlow, County of Hastings, Province of Ontario, and all the live stock and implements used for farming purposes in connection with the same. Fourth. — The residue of my property, real and personal, I give and be- queath to my son Thomas. Fifth. — I hereby appoint my son William to be executor and my wife Laura executrix of this, my last will and testament, hereby revoking all former wills bv me made, And I Appoint my said wife and Robert Henry Smith, of the town of Belleville, afforesaid guardians of my infant children. In Witness whereof, I, the testator have hereunto set my hand and seal , this first day of December, in the year of our Lord one thousand eight hun- dred and seventy-four. Signed, sealed, and delivered by the testator, in the presence of us, who, (in his presence) at his request, and in the presence of each other, have hereunto subscribed our names as witnesses. } WILLIAM H.BROWN. : seal. THOMAS STRONG, of Cobourg, Ontario, PETER FARNOR, of Belleville, Ontario. it' -'if ■M?^ 194 QUESTIONS FOR REVIEW.-BUSINES8 PAPERS. I.; What 18 a Bill of Exchange? How many persons are interested therein? When the drawee of a bill undertakes to pay it, what is he then called? Describe what is necessary in order to transfer bills of different kinds? Bills of Exchange are of how many kinds? How are foreign Bills usually drawn ? What 18 the object of drawing them in sets? What duties are imposed on Bills and Promissory Notes ? Give the form of a set of Exchange. What is a Promissory Note? What resemblance is there between a Note and Bill of Exchange? Give the different forms of Notes. Must a Bill or Note, or an indorsement thereon necessarily be in ink ? If there should be a variance between the sum superscribed in figures and that mentioned in the body of the note, which will prevail ? Does the omission of the place where the note is made, the date, or the words "value received," invalidate it? Under what circumstances does the dating of a note on Sun* day render it void ? Can a note made by an infant be collected under any circumstances ? Has a married woman power to issue a note or bill ? Relate the laws that govern notes issued by women ? What persons are, by law, considered incom- petent to make a contract? Can a note be collected if obtained by fraud or from a person in a state of drunkenness? What is a joint note? How should the makers of a joint note be sued ? What is a joint dnd several note? What is the distinction between a joint note and a joint and several note? What effect has an alteration ot a bill or note, after it has once been issued, upon it? What is the drawer's undertaking in a Pill of Exchange ? What is the duty of the payee, if the bill remain in his possession ? What is the accep- tor's undertaking? How is the acceptor's liability discharged? What is an indorsement ? Name five different forma of indorsement and give an ex- ample of each, If a note endorsed by several parties be dishonored, against whom has the holder a right uf action ? If the note be paid by the iirat en- dorser, to whom must he look for the recovery of the amount ? Has the first indorser, under any circumstance a right of action against the subse- quent indorsers ? What is the object of the several forms of indorsement 7 What is the distinction between negotiable, and non-negotiable paper ? In what way is negotialile paper transferred in order to give the holder the right of action? Is it necessary to present a bill for acceptance ? What is understood by a bill being honored and dishonored ? Why is it necessary to give notice of a bill being dishonored ' What is necessary in order to hold the indorser of a bill or note ? When is a note u. 195 drawn on demand or without a specified time, payable ? If a note ia dinhonored how should notice he j^ivcn ? H«8 t' i party paying a bill or any other debt a rij?ht to dumund a receipt? Under what circumstances may interest be collected on a note ? Mow many years has a note or other debt to run before it becomes outlawed? Can a lost bill or note be recovered, under any circumstance? Name some of the dill'erent papers used in buuiness aside from bills and notes. Define some of those papers. What is a Chattki. Notk ? Give forms of chattf'l notes? If a receipt be given in mistake, does it necessarily bind the giver? Give the dilTerent forms of recei[if8. Name the diffeient forms of time drafts. What is necessary before a draft becomes the obligation of the person on nvlioin it is drawn ? In what cases are sight drafts used? What form is adopted in accepting a draft? Is the date of acceptance re(|uired? Give forms of sight draft and time draft ? What is a check and wherein do they differ from bills of ex- change ? What is a due bill? Give forms of due bills. What is an order? Give forms of orders. How should a bill be receipted, (see " JHll Jieceipted'^ page 174)? What is necessary to make a legal seal? DeKne the following terms used in connection with a will : Testator, Donee, Legatee, Devisee, and ExenUor, How many subscribing witne-saee does a will re- quire? Where should the signature of the testator be placed ? What effect has the marriage of the testator upon a will ? What is said of a will made by a person under twenty-one years of age ? I III % 1 I' ■^e^ (O f I in ! H ^ 106 CORRESPONDENCE. yi i !■ ' r Tn all (MMiipositioii, t/ivee. things riMpiin' iittnitioii : tlio thoughtH, tlioir Hi'i'iingciiiriit, and tint languiigc rni|il()y»f»l. ( )f all .s|»('('i(>H of I'dMijHwition, hftttTH arc* the most universal and importjint; y«'t, among the millions written annually, liow tVw nudd hmv criticism { Errors in sjiclling, grammar, pcnmanslii]), and arrangcmiMit, are goiun'ally attributed to haste, which is considtsrod as aniph* apology for ctvi^ry fanit ; whcsn, in reality, th(! writer is not <|ualiti(>d to write a letter correctly under tht* most favorable circum- stiinces. In no way can a [)erson so commtMul hiiMself to th(! favorable regard of otluM's, or imjtart to thcin so jnst an idea of his mental (jualities as by writing. Says Lord OoUingwood : " Whc^i you write a letter give it your greatest care, that it may be as perfect in all its i)arts as you can make it. L«t the 8ul>ject be nettse o.x\tremvd in the most plain intel- ligible and (degant language which you can command. If, in a familiar epistle, you should be playful and jocidar, guard carefully that your wit be not sharj) so as to give pain to .vny person ; and before you write a sentence, examine it, that there be nothing vulgar or inelegant therein. Remember that yom* letter is a picture of your mind, and those whose minds are a compound of folly, nonsense and impertinence, are to blame to exhibit them to the contempt of the world, or the pity of their friends. To "write a letter with negligence, without stops, with crooked lines, and great flourishes, is ineligaut. It argues either great ignorance of what is proper, or great impudence toward the i)erson to whom it is addressed. It makes no amenr,< to jkUI an apology for having scrawled a sheet of l)aper, for bad pens, because you should have good ones ; or want of time for nothing is more important to you, or to which your time can more properly be devoted." The essential requisites of any letter are : first, correct Spelling ; second, legible Writing ; third, good Grrammar ; and fourth, proper Arrangement. 107 a 1. f'oRRKCT Spkijjn(». — Oorivot s|>Hlliii^ iH a very mro accotu- pliHliiiuiiit iiinung the iiiajoiity of |n!o|)I<>. Pfrhu|m thai'l of our eilii<;atiou, thu nc^lt^ct of which nH;((iv«!s so litthi charity as this. V«'t,, wlicii wc htok for tliat syH- toiii of classiticatioii and application of ^ciK'nil nihts an*! principloH ill this, whi(;li is fouii/to/t soon Wocoincs tho ruh), and tho pupil is ohli^od to ndy upon nioniory antl uni'cinitting practice for th«) orthoji^raphy uf uhnost ev«!ry word. Wk Hi'Kll onky Whks wk Wri: k. -TluMcforc, .spellinj^ is Jnist acijuirod Ity constant pra«;tico in copying fr.)in ^ood authors, writing from dictation, or composing and correcting original esHHys. These exercises are, at tliti same time, an etHcient trainijig in [lenmanship and grammar. Cojjying from n printed pagiae him less because knaves and fools sometimes assume the same. Never apologize for bad penmanship, especially whei-e it is habitual. It is far from refreshing to the recipient to read such uninteresting com- mon places. Either write respectably, or submit to such reflections as your bad writing must inevitably suggest whether excuseenmanship is not the subject here proposed ; but a good, readable/ibusiiiess handwriting. i 198 In accomplishinj? this, thi\>e essential particulHin must be ol)served, viz: A^eyibifiti/, Vniformittf ami S^ntees. '^. Grammar. — Rememl)ei', letter writinj; is tulkiiuj on iMj^r: but we must ter expix'ssions you would l»e ashame the jK'rmanence of ink and juper that can possiltly throw a shade upon your Viiemory. 4. Aruanoemen'T. — In all letters, whatever be their class or sub- ject, attention must lw> paid to certain conventional forms for arrang- ing the sevenil parts of which they are composed. Every letter is I'egardetl jvs consisting of six essential parts : !• The location and date. 2. The name and atldi-ess of the jkm-sou to whon) it is written. 3. The complimentary address. 4. The IkkIv of the letter. 5. The complimentjiry closing. 6. The signatuiv of the writer. The Kxvition and date should both l>e written on the sjime line, near the right upj)er ccn-ner of the slu»et. The name and title ol the person to whom it is ad«« i>n the lino undenwiath. The complimentjuy addn'sw follows on the line twlow the addi-ess ending near tlio middh' of the sluH^t The Inxly of the U»ttectfully call y«>ur attentimi to our statement of account i"enileiHHl OctoWr 1st, a settlement of which at your earliest convenience will givatly obliije, (CoinjOinientarjr CU>!iim{.) Youi-s re8i)ectfully, (Si^iaturc.) W. A. ROBLIN. PrNt^UATlox. — It is not intendetl to give in this plact> rulfs for punctuating ; but t*» furnish the stuilent with a few examples, and such as, it isl)elieve<;l, the best usage siiucti»)ns. It may In* pwjK'r to ivmark. however, that there is a discrepancy Injtween the English and American style of pimctuating the l»eginning of a letter ; but they difl'er only in the point placeil after the tuuws, before the addivss ; the English placing a period theiv. which in»plies that they ivgiird the name or names, gi-amm»tically, in the thiiil {H'l'son. ami conse- quently no |>;vrt of the addivss. Strictly speaking the names and wonls of ivspect, whether writ- ten at the lieginning or at the end of a letter, aiv no part of the addivss projHn', except si» tar as they show who aiv addirsstnl. The names juui addivss have this connection and no other. Cimm- matically, the names to Ih» addressetl ai\> in the thiixl ]H'i-son, gov- ernetl by the pn^position to undci-stotHl, and shouhl l>e folU>werds of n'sjHvt is elli[»tlcal. and. supplying the words omitted, but uuderstoo the sex of thos« comprising it. Body of the Lettek. — Tlie body of a lett^.-r should >)e matle up of pai-agntphs. Every change of subject shfjuld be indicated by commencing a new paragraph to tlie left of the middle of the sheet, and alM)ut an inch farther to the right than the other lines. The opening i)aragmph should always lie short, and unfold, if possible, the object of the letter. If it is a n.'ply, it should announce the i-eceipt and date of the letter to which it is an answer, and should give a brief statement of its ijubject matter, that all o ase for niis- a[)]>rehension may be ex[»lained or removed, thus : " Your favor of the 1st inst., relating to the sale of your pons in this city is received, &c. If the letter is one of business, or inquiiy, «lisjM>se of that firat ; and unless on familiar terms never intrinluce other masters. If the letter is to he short, it should Ixi c«jmmence>eginners is to use too many capitals, especi- ally if the writer prides himself on his dexterity in making them. Except in one of the cases alx>ve enumerated, or when in doubt, use a small letter. Do not begin a sentence till its wording is clearly fixed in the mind. Never add clause after clause, looHely linked on with " ands" and " buts," till you are led to say what you do not mean, instead, of having expressed the thought intended. • ' .- ■ - . I P' 205 Complimentary Closing. — ^The complimentary closing, like the complimentary address, usually consists of a phrase more or less formal in its character, regulated by tLo uegi-ee of familiarity be- tween the parties. It generally consists ot some such expressions as : " Yours truly," " Yours respectfully;", "Your sincere friend," (fee. The closing sentence of the lK)dy of the letter should l)e framed BO as to connect smootlily with the complimentary closing, thus : " Hoping to hear from you soon, I remain, Yours resiKHitftilly, JOHN SHORY." SiONATURES. — ^The importance of an appropriate signature is much greater than is sometimes supposed. Different tastes will suggest diffei"ent styles, such as the bold coarse hand, the condensed hand, back hand, fine hand, (fee. ; but it matters little what style is chosen for ones signatui*e, if it l)e suited to the sex of the individual and length of the name. The liability of being counterfeited should be carefully guarded against. To this end, the signature on(3e adopted should not vary, so that continual repeti- tion may give to it a character which would be difficult for an unpracticed hand to counterfeit. Some peculiarity of combination, or arrangement of the parts may be observed. When the temptation to counterfeit is great,' as is the case with the signatures of persons in important offices, some private mark, likely to pass unobserved by the common eye, is frequently resorted to as a security against forgery. ETIQUETTE OF LETTER WRITING, In general, every letter i*equiieb a reply. It is as necessary to answer when written to, as when spoken to. Letters considered dis- respectful or insulting should be retm-netl at once, without a reply. Letters of business or coui-tesy should receive prompt attention. Two peraons should not write in the same letter, unless in family lettei-s, or both persons are very intimate with the correspondent. When ceremony is required, letters should be commenf a little above the middle of the first page, and if there is insufficient room to finish it on the first page, without bringing the signature too near the bottom, it may be finished on the inside of the sheet, on the right-hand page. In such cases there should be at least two or three lines of the body of the letter upon the next page. v.",r •II £ 200 TV. M ' i It in oousir«Ml iiiipoliU* tt\ write (»tlu'r than Imsiimss Irt<^*r8 on • H half HluHit of pajicr, tluntjfoii', iiuIohh from iiowMMity, alwayw iiao u wliolo Nlu'rt. Ill lottt'f writing, It* pirticiilar an I use a Hlieot, apjiropriato in wizo and style, to tlu> jtiirposo for wliirh it in oinployiHl. For oxani- plo, it w«)nl(l Im« conHidtTt'tl had ta.st«* Ut wriU^ a hnHinoKH U^tt^w* up(»n foloiM'd not4i pii|MM'. Tli»\i»idi(MoiiH Ht^lrrtion and uho «»f paper Hlionid ]n\ ean'fully attendcMl to. Knvolopes mIumiM Iw eitlier ImfV, wliiti^ or some other y avoided. Letters of reconiinendation or iutroduetion should not be soaliMl, wluMi intended to 1m^ delivered by the person to whom they relate, iw he ought to know the c«uit4(nt8. , . FoLniNo. — The folding of letters is a very simple operati(»n. Whether the sheet l)e a single or a e, so as not to . crowd upon the right edge or bottom. Before writing the supei-scription ascertain if the envelope is right edge up. It is in this position when the part on which the gum is usually placed folds under from the top of the envelope. Never scmtch or dmw faint lines upon which to write the superscrijition. iH rigUt gum is Never )tiuu. 207 HTAMPlNfj. Tli« ruHtoinary H|ntt for plaeiiiK tli«» rnjuiHit** |H»Htiij{« ttiiiinp, Ih oil tlu' riglit liatid n|»|Mir rorticr of t,In^ «Mivro sentences vnU suffice ? .. ■ ..j A* -»;<«# II 208 After ilin hiUn- is coiiiploUHl, thn folhtwiiig ({uoHtioim hIiouM )to aiiHWoiiHl : 1. Havo I incluiUMlHll tho |M>iiitH or HuhjtHitH I intuiuUnl to writu iilxmt 1 2. Aitt they exproHmnl in ii brief and clear manner t 3. Can the lan^ua^e \h' nuHoouHtnied. The armngeniont or form of a Itttter Hhoithl he nuch an will annwer clearly the thi-et) questions, which always arise on unsealing any let- U'v. 1. W/ie re i» i\\in letter from ? 2. H'/io wrote it 1 Ii. IK/mi does the writer want { ^,Kr^KKS OF INTROUUtT'ON. A few words here nuiy not Xw out of \tlarvi in regard to l»*tt«T8 of intrinluction. They are conimun, very common,- — indeed, they are l)ecomin^ (juiU^ too common. It may he feansd that they are some- times given withotit duo retlectiou and discrimination, if not for the purpost! of getting rid of disagreeable importunity and of shirking an intolerable nuisance. Theiti are certain well-known rules, founded on good senstt, that ought always to guide, nt)t only in reganl to letters of introduction, but also in referenci? to giving verbal introductions. 1. You should never give such a letter to be usetl by one in whom you have not entire contideuce. 2. Having this confidence in your friend, to whom you desire to extend a favor, do not impose upon him by giving a letter directed t>e i)erfectly a(hiptegoing iuHtructionH, a few Huch h^tt<>rH may Herve an general guiden in the Htructun) and literature of l>i>HineHH epistlen. The general tone, air, dreHH, niodi^H of expreHHion, complimentary terniH, how to t>egin, how to close a letter, Jic, ikc, may Ix! gleaned from them. LETTER OK INTRODUCTION NUT INCITRRINO MABII.ITT. Hamiltow, Oct. 29, 1874. MESSRS. DAVID TORRANCE & Co., Montreal. Gentlemen : — This will introduce to you, the bearer, Mr. H. T. Willa, a merchant of good standing in thia place, who wishes to confer with you on businos, the nature of which he will himself explain. Yoars respectfully, • ' THOMAS 8HITH. litter or INTRODUCTION, INCURRING LIABILITT. London, Oct. 26, 1874. MESSRS. GEO. WINKS A CO., Montreal. ' Oentlemen : — Allow us to introduce to you Mr. J. B. Ashley, a merchant of this place. You may consider us responsible for goods that he m|^ purchase from you, to any amount not exceedinj; four thousand dol lars, on condition that you notify us immediately should default be made in the payment therefor. ...,,.!, .■ - t . , , Yours truly, JONES St BROWN. .-- r >'. ' ^' INTRODUCINO A FRIEND. Belleville, Ont., Sept. 4, 1874. HENRY BROWN, Esq., Halikax, N. S. *" ' Dear Sir, —This v/ill introduce to you the bearer, Mr. W. E. Embury, who visits your city for the purpose of engaging in the Grocery business. I ,'lf II ?t. ; 1 M n ! 1 ' 210 I have much pleasure in asHuring you that be ia a yodng man of strict, integrity, superior ability, and in every way worthy of your entire con* fidence. Any assiHtance you m^y find it in your power to render him I will regard as a personal favor to myielf, which I will be happy to reciprocate whenever an opportunity shall ofTer. . . . . . * , , • . w K.na Yours very truly, ' '^ SAMSON SMITH. The superscription on the envelopes inclosing letter^ of introduction, should be thus : — i,* i):"lti' •SB »ll|0, At I, ■ I. : II" Henry Brown, Esq., 7.! .7 f n»TM ' \t^r... ' » ..,/ Halifax, ' .r? .•-<). ^'...• ii Intrnducini Mr. W. R. BMBIIRY. gl •"• -I • ...' KNOLOSINO STATEMENT OF ACCOl'NT AND REQUESTING A REMITTANCE. ^•w^ -. . Toronto, Aug. 26, 1874. MR. WM. SMITH, "" ^^^ -" ■ ' " J COBOURO, OnT. »' ,11 Dear /Sir .—Your attention is called to the enclosed statement of account, showing balance in our favor of one huudred dollars. As it is long past due an early remittance wil) much oblige, Yours, &c., ,1 ;,JAME8 MANN & CO. j^ .-^- ANOTHER IN CASE SUCH AS THE ABOVE PROVES INEFFECTIVE, . V7 1 1 ;^. 1 •;.tMn' Toronto. Oct. 6, 1874. MR. WM. SMITH, , ■ •. ..a,,, , x . .; . ...; ,. CoBOURo, Ont. I , r ■^ I , !iis Dear Sir : — We again call your attention to the balance of your ac- count, f 100, still remaininti^ unpaid. Your promises to remit have not been fulfilled. We trust your immediate attention to the matter will obviate the necessity of oor referring to it again. . - ~'~~^ YoUrs. Ac. -^'f i JAMES AA-NN 4 CO. ANOTHER— A LAST EFFORT. , a 'T yt/., ■ ■ VJ".' J W*'" ' MR. WM. SMITH, ' '^ • " " ^^' ^^ ' . . GoBOURo, Ont. , . .« .A .tkiUkH . ; .' . Dear Sir: — Your attention is once more called to the balance of account, 1100, still unsettled. , * .""* ♦ !►-■ • ,: : ler on, .. f» •'• :.l/. 4. tof ac- )eea the I :e of '211 We expect a remittance of the narno at once, otherwise we shall be compelled to use means to enforce collection. Trusting your prompt atten- tion to the matter will render such a step unnecessary. , We remain, Yours respectfully, '^ . JAMES MANN & CO. ' A^TBWKKH TO TMG TUKKE KUKUUOINU I.KTTCR8. (• CoBOLRQ, Aug. 21), 1874. MESSRS. JAMES MANN & CO., • ToiioNTo, Ont. Oentlemen .—I am in receipt of yours of the 25th iiist., coutainin;? statement of account, and have to upolo;au, "P. B. 132," or similar. Two i'2) Ba«8 S. S. Almonds. One (1) Case Eleme Fijs (new.) and oblige Yours &c., PETER COOPER & CO. RKPI.Y TO ABOVE. MOKTKKAL, Oct, 14, 1874. MESSRS. PETER COOPER & CO., Beu.kviu.ic, Okt. Getitlemen :— Enclosed find invoice and bill of lading of goods shipped you this day i\s f»er your valued order of the lOth, also draft to our order for the amount, which please accept and return at your earliest con- venience. Trusting the goods will nach you in duo season and prove satisfactory, and awaiting your further orders. We rtMuain, Youi-8 Ac, * • ' . ; ALEX. ITRQUHART & CO. RCSPKCTINU nOOUS NOT BEING MO COOD A cents [)er yard less than Invoice price. Shall wo rebiin them at our ti)(ur«s or return^ Yours etc.. J. A. MOORE k Co. CO. 1874. 1874. throu^ b BBPl.T TO ABOVK—SO 1. MoNTRK.%1., Oct. 24, 1874. MKSSRS. J. A. MOORK * CO. Rkiirvimr, Ont. Genthmnn : Your favor of the 24th is received. It surprises us to learn that the Fivt* pieces of Broadcloth, (No. 4,7;?2.) do not prove satisfac- tory in rt^ijard to quality, us we supposed them to be fully equal to sample. We are willing to accept your estimatu>n of their value however, and have piussed the diflferonce to your credit, Yours (Ic, J08. McKAY & BRO. .\>'OTIieK. MOSTRK.*!., Oct. 31, 1874. MESSRS. J. A. MOOHK A CO., HkI I EVII.I.K, OXT. Gentlemen • — Your favor of tho 20th is before us. We regret to learn that the 5 pes. Broadcloth, No. 4.7:>2. are not satisfactory, as we be- lieved them to be fully equal to thegiininple. The present value of the goods in this market will not allow us to malve the reduction you speak of. Should you not wish to retain them at invoice price, pleiise hold them subject to our order and oblige, \ Yours respectfully, ' ' JOS. MoKAY & BRO. RKSI'KCTINO nirKKBKXOK OV WKKJHT IN TK.^S. Whitby, July 21, 1874. MESSRS. SMITH, BROWN A CO., MoXTKK.il.. Gentletnen .—In checking over the Teas purchased from you on the Itith Inst, by our Mr. Brqwn, we find the 5 Hlf. Chests Y. Hyson, "Ben- efactor 42," to be deficient in weitiht II lbs., as per statement below. We claim allowance for the Mme, and h»ve passed the amount (#8.25) to your debit. Yours respectAilly, i ; 1 ■ I \<- M i € ffj •1 JONES ft BROWN 214 m 1 '; i n'l fi 1^ ; 1 ] I 1 1 i ABVICE OF SHIPMENT. BEliI,EVIM-E, Oct. 18, 1874. MR. H, M. ALEXANDER, Montreal. Dear Sir : — We have this day shipped to your address, 100 Kegs Butter, as per Invoice enclosed, to be sold on our account. The quality is choice, and we have no doubt it can be disposed ot at good figures. lours trulv, ASHLEY & CO ANOTHER -ON JOINT ACCOUNT. Brockvim,e, Oct. 18, 1874, MESSRS. FLETCHER & CO., Montreal. Gentlemen : — Your favor of the 10th inst., came duly to hand. We accept with pleasure your offer to join in a shipment of Flour, and inclose invoice and shipping bill of 100 bbla. Corby's Extra Superfine, forwarded to your address this day per Str. St. Helen, and have drawn on you at 10 days' sight^for one-half Invoice ($250) as requested. Trusting that the adventure will prove of mutual advantage, we arc, Yours very truly, W. C. NUNN Jk CO. ENCLOSING ACCOUNT SALES. Montreal, Oct. 25, 1874. MESSRS. ASHLEY & CO,, Brockville, Ont. Oentlemen ;— Encl'^sed please find account sales of your shipment of the 18th inst., also sight draft on Messrs. Beatty & MVallbridge, of your town, for net proceeds. Twelve Hundred Dollars. Trusting that the result will prove satisfactory and soliciting further ship- ments, which at all times shall receive best attention, I remain. Yours very truly, H. M. ALEXANDER. another, Montreal, Oct. 28, 1874. MESSRS. W. C. NUNN & CO., Brockville, Ont. Gentlemen: — Enclosed we hand you account sales of your ship- ment of the 18th inst., on joint account. Your net proceeds, $385, have been passed to your credit as averaging due Nov. 15th. We feel satisfied the result will prove satisfactory, and shall be pleased to join you in other shipments of a similar kind. . ' ' '.. Yours very truly, ' • ^, FLETCHER ft CO. \f »■ 21') ega f is 74, We jclose arded at 10 e, CO. L874. liptnent of yonr er ship- DER. 1874. mr ship- ave been eased to ft CO. . OKUKK FOR GOODS. Bei-lkville, Oct. 29, 1874. MESSRS. G. C. HOLTON & Co. Gentlemen : — Please deliver to Mrs. Jones, goods such as she may select, to the amount of Five Dollars, and charge the same to my account JOHN JOHNSON. ENCI-OSINU ADVERTISEMENT. PiCToN, Nov. 5, 1874. EDITOR " INTELLIGENCER." Dear Sir: — Please insert the enclosed advertisement, to occupy forty lines, for three months in weekly addition, commencing in next issue. Will remit amount on receipt of bill. Yours etc., JONES ft BROWN. MONTKEAI,, Oct. 20, 1874. MESSRS. J. & W. CAMPION. CeH/^wwcJi :- Mr. Henry Smith, is an applicant for a vacancy in our office, and refers to you (as late employers) respecting his character and ability. Will you please favor us with any information that you can give about him, and gieatly oblige, Yours respectfully, imOWN, WHITE & Co. CIRCULAR LETTER —ENCI.OrilNtJ I'RICE LIST. Dear Sir : — By this post, we forward you our Illustrated Price List of portmanteaus, carpet bags, &c., and shall feel obliged Jjy yoir perusing the same. On comparing it, you will find the prices very much lever than those previously sent. Any orders entrusted to our care shall meet with the best attention, both as to quality and dispatch. Trusting to have a con- tinuance of your favors, we are, Your most obedient servants, J. LYONS ft SON. LETTER OV AUTHORITY TO 8ION BUSI.VESS PAPER. Belleville, June 1, 1874. Sir: — I have this day authorized my Accountant, Mr. James B. West to sign my name to Promissory Notes, Checks and Drafts; also, in like manner, to use my signature in accepting Orders, Drafts and Bills of Ex- change ; also, in endorsing Promissory Notes, Checks, Drafts and Bills of Exchange. Very truly yours. To the Manager of the Bank of Montreal, | jqhN A MILLPR Belleville, Ont. < . j . The above authority must be strictly observed in form and extent, other- wise the validity of the act may be endangered. 216 acknowledging receipt of shipment. Hamilton, Nov. 1, 1874 MESSRS. JOHN JONES & CO., . ' Napanee. Gentlemen : — We have this day received, per G. T. R. freight, 500 bbls. Flour, in good order, consigned to us to be sold for jour acc't and risk, as pr. your Invoice of the 13th inst. As prices are rising, we think it advisable not to push it upon the mar- ket at present, but shall endeavor to seize the most favorable opportunity for effecting sales to advantage. Very respectfully. Your ob't servants, THOMAS HARVEY & CO. El I pi I I i \ i '■ Toronto, Nov. 4, 1874. MESSRS. JONES & BROWN, Montreal, P. Q. Gentlemen: -Your reply to our proposition to unite in a Company speculation of Mdse., to be sold at Kingston, came to hand on the 1st inst., and in accordance therewith, we have this day shipped 2,000 Sacks Coffee, as per invoice enclosed, and consigned them to you to be sold for your and our acct. jointly. One-half of the invoice we have charged to your acc't, in accordance with the terms of our agreement. — Am't $4,483.11. A portion of the sugars consigned to us for joint acc't of yourselves, Smith & Co., and ourselves, have been advantageously sold, and there is prospect of another sale soon. Hoping this new adventure may prove for our mutual benefit. We remain, gentlemen, Very respectfully, yours, DIAMOND t DAME. QUESTIONS FOR REVIEW -CORRESPONDENCE. What three things require attention in all composition ? What are the essential requisites of any letter? How is correct spelling best acquired? Should an apology, for bad penmanship, be inserted in a letter? Of how many essentia) parts does a letter consist? Name ^them. How should the beginning of a letter be punctuated ? What is said of abbreviating the complimentary address ? How large a margin should be left at the head of the page of a letter ? What is said of a narrow zigzag, margin? In what • - n r 217 t,8qu.re ? When doea a word cease to be complimentary ? Into how many cusses are t.Mes divided? Name them and give examples? ^hyshodd Sould tT T' °" '\'''''' '^^"^^'"'"^ ^'^^^^^^ of »te letter'? How should the comphmontary address be written in order to suit different de- grees of fam.harity. When should cap.tal letters be introduced P Why is Ho7«h M *?*^.'>«^«fo« P»'-»i^»'«r «i=-natu.e? What are postscripts? Under how many heads are letters generally classed? What are tho tUTlT" ^ ^"'''■''' ''"''"■ ^ ^'^'^^ ^"««*'°«« ^l^o^'d the writer ask himself before commencing a busi.vess letter? What questions should be* ICm^ Z '. • ''""■. '' '"^^^'''^ ^ ^^^^ ^*^« '^^'^ by which a person tlnlt f '? Kivinga letterof introducuon. How should the en- velope enclosing a letter of introduction be superscribed? ^-e^^^^i^^^^ if ;#Vr .tV'j -1 r-''-' 'U' it' 21« PRACTICAL COMPUTATIONS. I It is not oiir purpose, in the small sitae**, we have to devote to the subject of Aritlnnetic, to j)reH«*nt anything more than a lew rules, on tlittereut subjects, that will Ik* found practical to every business man. By the tables, as given in most <»f our school aritlimetics, numer- ation is carried only to six i)laces, or quadrillions, running up by terms derived from the fjatin numerals. A series of units of that extent would 1m' lieyoml the power of man to compi-ehend, or even inuigine. Even millions convey a very indefinite idea, and when it I'ises to billions, the mind can no longer grasp the luimber ; and though we may reail the expression, it is very much as we read sentences in an unknown Umffuage. We may pei'haps assist the mind of the student by some little calculation. We often see miU'ionH spoken of in national expenditures ; but the majority of [leople do not even inuigine the extent of the num- ber. If a man were to count fifteen hundred dollars an hour, and ■woi'k faithfully eight houi"s a day, it would take him nearly three months to count a million of dollars ; and if the dollars were bank bills, laid in a straight line, they would reach over one hundred and ten miles. Dr. Thompson, Professoi' of Mathenuitics, at Belfast, Ireland, very justly remarks : " Such is the facility with which lai'ge numbers are expressed, both by figui-es and language, that we genenilly have a very limited and inadeipiate conception of their real magnitude. The following considemtion may perhaps a-ssist in enlarging the ideas of the student on this subject : " To count a million, at one per second, would require between twenty-three and twenty-four days, of twelve hours each. " The seconds in six tliousand years are less than one-fifth of a trillion. A quadrillion of leaves of {laper, each the two-hundredth 219 >. o the rules, HinesH umev- up V>y wer of a very longer m, it is Ve may ulation. V>ut the e iium- )ur, and y tlu-ee re bank ired and Irelar.d, numbers ally bave agnitude. •glng the J between • .-fifth of a lundredth part of an incrli in tliirkn(!HH, would form a pile tlio lioij^ht of which would be three hundred and twenty tinms the diHtjvnce of the moon from the earth. lA't it also Im? renienilKired that a million is (upial to a thou Hand repeat^nl a thousand tinicH, and xi billion (-qual t<> a million repeated a tlntusand iiiiu^H." ADDITION. ' Hkili^ in Addition is the foumhition of readinews and accuracy in arithmetical computations ; and this skill is. to l)e accpiired only by practice and careful attention to the principles and combinations of numbers. A clear Imail, (piick perception and proper cultivation, are the es.sential qualifications to insures succ«!s.s. With these any one may place himself in the rank of expfsrts. Those who have already learned the rudiments of arithmetic will need, under this head, nothing more than a few practical hints. First, it is iini)ortiint to observe that every operation should be sim- plified as much as possible. The mind should be disencumbered of the clogs im})osed by the school-boy rules and trained to arrive at results in the most direct and ra[)id manner. Even the thought of words ought to })e banished. To aid in acquirmg facility and accuracy in adding short columns of figures, the following is considered the best process : 346 534 657 436 258 632 2863 Commence at the right hand column, and add thus : 10,23,33 ; carry the three tens to the next column and add : 11,19,26; carry the two hundreds to the next and add: 10,20,28. In this way you name the sum of two or three figures at once with quite as much ease as you would add one figure at a time. Never permit yourself to add up a column in this manner : 2 and 8 are 10, and 6 are 16, and 7 are 23, and 4 ai-e 27, and 6 are 33. It is just as easy, after a little pi*actice, to name the result of two or three figures at once, and the addition can be performed at least in one quarter of the time. I i 1 j n t r I 11 220 Ani)ITr<)K OF LONG OOM'MNS OF FIGURES. In account books long coluniuH of figures frequently occur, and in ^rder to arid them with certainty, and, at the stinio time, with ease and expedition, the following method is recommended. EASY METHOD OF ADDITION. Commence at the bottom and add as near 20 as j)ossible, thus : * 4- 9 + 2 + 4 + 3=18; place a small 8 to the right f»f the 3, as in „ example; commence next at 6 and juld 6 + 4 + 8 = 18 ; place a 3« small 8 to the right of the 8 , commence at6 + 4f7 = l7; place 9 a small 7 to the right of th ; 7 ; commence at 4 and add 4 + 9+3 4 = 16 ; place a small six to the riglit of the 3 ; commence at 6 ' and add 6-f4+7 = 17 ; place a small 7 to the right of the 7 ; n having now • esiched the top of the column, add the small figures gs in the column thus: 7+6+7+8+8 = 36; place the right-hand 4 figure of 36 under the original column aS in 'example, and add " the left-hand figure to the number of figures in new cohimn, *. thus the left-hand figure in 36, plus 5 the number of figures in <> the new column stands 3+5 = 8 ; prerfix the 8 to the 6 under the 9 original column and you have 86, the sum of the column. 8^ If, upon arriving at the top of the column there should be one or more figures whose sum does not equal 10, add them to the sum of the figures in the new column, never placing an extra figure in the new column unless it be excess of units above ten. REASON FOR THE ABOVE METHOD. In the example it will be noticed that every time we placed a fig- ure in the new column we discarded a 10, and when we set down 6 in the answer we discarded three tens ; hence we "add tlie 3 to 5, the number of tens discarded in forming the new column and we have 8 for the tens place in the anwser ; on the same princi}»le we might add between 20 and 30 always setting down a figure before adding as high as 30 ; then for every figure in the new column count 2 tens. ADDITION OF TWO OR MORE COLUMNS. For the addition of two or more columns, begin the same as in the preceding example, after obtaining the sum of the firat column place the right-hand figure under the column and cany the remaining 7^ 221 figures to tho next column and proceed as before, and so on with any number of columns ; thus, in the adjoining example, begin and add 2+3+5+8 ^ 18 ; place a small 8 to the riglit of the 8 ; ^24 commence and add 6+7+2 - 15, and so on until you i-each the top of the column, next add the figures in the new column together with the 4 at the toj), (which was not includ(Hl in the first addition it being less than ttm,) and you have 30, place the under the original column, alace the 5 under the tons column and add the 2 to the number of figures in the new column thus 2+4 = 6 ; put this in hundreds place, and you have the addition completed. 26" 37 43 64^ ^•75 78 62*^ "47 36 28" 75 «73 42 660 This method of addition should be used only in adding veiy long cohunns of figures where the footings amount to two or three hun- dred and upwards, in which 3ase it is very superior on account of its accuracy. MULTIPLICATION. The process of mtiltii)lication may be greatly facilitated in many in- stances by a little observation and study; for instance where there are two numbers to be multiplied together, each of which consists of two figure's, we have tho following. 'J\ ,1 ,', ^ f I ,M Rule. — Set one of the numbers under the other in the form of multiplica- tion. Multiply the unit figure of the multiplicand hy the unit figure of the multiplier. Set down the units of the result and reserve the tens to he added to the next product; next multiply the tens figure of the multi- plicand by the tinits figure of the multiplier, and add to the product the figure reserved from the preceding multiplication ; then multiply the tinits figure of the multiplicand by the tens figure of the multiplier ,• add these ttoo results together, set down the units figure of their sum reserving the remain- ing figure or figures to be added to the next product ; now multiply the tens figure of the m.ultiplicand by the tens figure of the multiplier and to their product add the number held in reserve, place the result to the left of that part of the product previously found and the multiplication will be completed. ! (I riff 222 m \h\' I KXIMiA NATION'. Multiply the units of tlu' inultiplicund l»y tlu; unitH of r^a th(3 inultiplioi", tliUH : G x 3= IS ; wt down tln! di^jlit hh in 43 " <^xaniph\ Multipiy tlu) t(MiH figurt! <»f the multiplicand Ity ,, ,, y~ tlio units figure of the nudtiplicr, tliUH — ') x .'I ■■■--■ IT), t«» this add I, tlie figure held in rcHcrvc! fronj the first niultiplicatifin, which gives Hi ; next multiply the units figure of the multiplicand l»y the tiMis iigury 11. l{v\.K. -Write the sum of the Ji(/urc.i between them. 1. Multiply 36 by 11. Aiis.'.VM). Hero .T and (5 are !), which write bo- tween 3 and (I. N. B. — When the sum of the two figures is over 1), increase the left hani fififure by the 1 to carry. Multiply 68 by 11. Ans. 748. To s(piare any number of Ds instantaneously, without nudtiplying. Rn.B. — Write down as viani/ \y s less one as there are 9'« in the given number, an 8, as many 0'.? as 9's, and a 1. What is the square .>f !)9l»9? ylu*. 91)980001. ExiM.ANATioN. — We have four 98 in the given number, so we write down three 9s, then an 8, three Os and a 1. To sijuare any number ending in 5. Ri'i-E— Omit the 5 and multiply the number as it will then stand by the 7iext higher number, and annex 25 to the product. What is the square of 85? Ans. 7225- Explanation.- We smiply say, 8 times 9 are 72, to which we annex 25. GENERAT, RULE. To multiply any two numl[)ei's to the nearest unit. \8t. Multiply the whole number in the inultipUcaud by the fraction ill tlie multiplier to the nearest unit. Id. MuUiph/ tlie whole number in t/ui multiplier bif the fraction, in tlie 7nultiplicaiul to the nearest unit. 3d. Multiply the xohole mmibers toget/ter and add tlie three products in your mind as you proceed. NOTE. — This rule is so simple and so true, aooordingr t<> all business usage, that every accountant should make himself Mrfectly familiar with its application. There being no such thins: as a fraction to add in, there is scarcely any liability to error or mistake. By no other arithmetical process can the result be obtained by so few fi;;urcs. 1 down 223 BXAMIM.K 1*011 MKNTAI. OI'RRATION. Multiply 11^ hy H\ by buaiiioHS method. Hero I of 11 to the nuarfst unit is .'{, ami ^ of H to thn nenrest unit ^'i A, making 6, so we simply say, 8 times 11 are HH and 6 are Dt. J^ 18 Ana wet 94 Rbason.— i of 11 is nearer 3 than 2, and ^ of 8 is nearer 3 than 2. Make the nearest whole number the quotient. A VAMJAUI.K HINT TO MKIUHIANTH AND ALL UETAlIi DRAI.RItS IN KOUKKiN AND DOMKHTIO DRY (JOODS. Retjiil iiierchiiutH, in hnying gofnlH l»y wliolcsjih!, huy a great nuiny articleH Ity tlio dozisii, s\icli us boots aiul slio(!s, hats, caps, Sic. Now, the merchant in hnying, for instiuioe, a dozen liats, knows exactly wliat one* of tliosi! liats will nstail for in tlm market where h(! deals; and, nnless he is ((uick at calculation, it will oftttn take him sometime to determine whethcir ho can aflbrd to purchases th(! do/en hats and mak(; a living ])roHt in sealing them hy tlu; singh; hi^t ; and in buying his goods by auction, as the merdiant ofttm does, ]u>, has not time to make the calculations before the goods an; crit'd off. He, therefore, loses the chance of making good bargains by being afraid to bid at random, or if he bids, autl the goods are cvm\ off", he may have made a })oor bargain by bicMing thus at a venture. It then l>ecomeH a \»seful and practical problem to diiterminti i/istantli/ what per cent, he would gain if he retiiiled the hats at a cectivin price. HAPID PROCESS OF MAUKINO GOODS. To tell what an ai*ticle should retail for to make a pri>tit of 20 per cent, is done by removing the decimal point t>ne i)laoe to the left. For instance, if hats cost $19.40 per dozen, nsmove the decimal point one place to the left, niaking $1.9 1 what they should l)e sold for apiece to gain 20 per cent, on the cost. If they cost $21.00 per dozen, they should be sold for $2.10 each, etc. We take 20 per cent, for the following reasons, viz : because we can det24 Now, iiN rtMnoviiiK i\w ih'ciiiiul |M»iiit oiio plucn («> tlic left, on llin coNt of II «lo/(Mi iii'tirli's ^'ivi'H tito Hrlliug |)i'i«>«« ufHHiii^li' oiio with 20 |H'r irnt. lulilcd to tli(« «'OHt, and, iih tli(> i'ohI of any articli^ iH lOO |Htr iHMit., it iH «>hviouH tliat the Httllinx print would Ixt 'JO \)vv intnt. morn, or I L'O |)«rotit, wliicli would make tlu' H«>llin^ prico 150 |Hy iiK^rcaHin^ it one fourth itHtdf; to niakr 40 iwrccnt., add 20 |M'r t;«-nt., I»y incrniHiiif^ it onrHixth itwlf ; ft»r .'ir> |KM' cont. inrrt'aH«< it one <>i^litli itxrlf, etc. IftMuu', t<» mark an artirlr at any |M'r crnt. prolit, wo havo tln< following UKNKUAI, uri.K. Firxt jiiul '.*0 prr rrjif. fmi/lf f>i/ reiinni'nni tlir ih'viinal point one phio' to till' h'ft on till' prii'i' tin' nrtirfi'n rost n i/ovn ; tlii'ii, an JO per ci'iit. profit is 1*0 pvr ciiif., inlil to or mihtrnrt from, tliin mnoiint tin', fractional port that the rciinirnf per cent, added to 100 is more or less than I JO. TAUI.K FOR MAKKINtJ AUTICLKS HOl'(lHT HY TlIK |)<)/K\. N. R Most of tlu'Ho t\w used in husinoss. To make 20 per cent, removo the point one place to the left. (t HO i( (• 0 « (i >t n one third '' nnri/Hil, tiino, and rate. /ter eent on tlw. riijht- hand Hide n/' the linr. If the tinii', caiiHist if i/i'iim and iniynthn, re.- diit'o them to nionthji, and /dare, I,! (the ninnher of vimithii m a i/ear) fm the lift hand ifidr if the line. Should the time coimint of month » ami dai/H^ red nee them, to dai/n or derinuil /mrtn if a. month. If re- duced to dai/n, /dare dtS on the hft. If to decimal jhitIh of a month, place J'J, an hefore. Point ojf tiro decimal /d^wex iiihen the tim,e. {» in viontliM, and lliren decinuU jdace.n wlw.n the tiin^e, in in doyn. KxAMPr.E 1. — Find tlio iiitcrost on |H')0, for G months, at 7 per cent. ; and for 15 months at H por cent. AllllANOKMENT— 7 I'Ktt Ct. AllUANOKMENT— H I'KK Ct. 12 850 6 7 12 850 15 8 $85.00 Ana. $29.75 iln9. Cancol ami multiply and you will olttain the answ(!r. ExAMiM.E 2 — Find the interest on $175 for 48 days, at 7 percent ; and on $:i(i4.50, for 19 days, at G per cent. AUUANUGMKNT OV FiRST. AllRANOGMENT OF SlCCOND. 3G 175 48 7 36 364.50 19 6 .15425 Ans. $1.63'j Ans. $ Example .3.— Find the interest on $4.30, Tor 9 months and 18 days, at 7 per cent. ; and $290 for 7 months and 14 days, at 6 per cent. Aekranukment of First. Arrangement of Second. 36 436 126 7 36 290 98 6 $24,416 Ans, $10,826'! Ana, NOTE - -If the principal contains cont§. point off four decimal places when the time is la months, and five decimal places when the time is in days. • \% ■0'. '. wmmmmBi 220 METHOD OF OOMPI'TING INTERKST ON ALL NOTK8 THAT BEAR $12 PER ANNl'M, OR ANY ALIQUOT PART OR MULTIPLE OK $12. If a note Ihmiis $12 i>er annum, it will wrtninly Iwar $1 jkm* month ; honce the time in months wuuUl Ik) the intoreHt in $ ; and the decimal i>attH of a ni«>nth would Ih) the intert^st in' dtH;iniitl parts of a $', thei'efoi'u when the note bears $12 |ter annum we have the following : Rule. — Ileduee tl^e ye^irs to montf^s, add in the yiirii months, and place one-third of the days to the riyht of this number, and remove the decimal jioint one j>lace to the lefl.* ExAMi'LK I.— Required the iiiterost on $200 for 3 years, 7 months and 12 days, at 6 per cent . 200 i of 12 dav8=4. 6 l*» Yr. Mo. Da. |12.00^int. for 1 yr. 3 7 12=43.4 luo. Hciice $43.40 Ans. We Hee by insjKHjtion that this nott) Ixnirs $12 interi'st n year. If this note boiv $0 a year, instead of $12, we would take one-half of the above intta-est ; if it boi-e $18, instead of $12, we wouhl add one-half; if it Inn-e $24, instead of $12, we would multiply by 2, »fec. Example 2.— Required the interest on $150 for 2 years, 5 months and 13 days, at 8 |>er cent. 160 iofl3day3-4i o • Vr. Mo. l>a. |12.00^int. for 1 yr. 2 5 13=29.4i mos. i^^nce $29.4331 A;w. We see by insjieotiou that this note l>eai's $12 intei*est a year hence the time reilucetl to months, with one-third of the days placed to the right, gives the interest at once. Example 3.— Required the interest on $160 for 11 years, II months ^nd 11 days at 7i per cent. 160 iof lldays==3| Yr. Mo. Da. $12.00 =int. for 1 yr. il 11 11=143.3| mos. Hence $U3.36'j Ans. ■Remember the answer obtained by thia rule is iii dullan and deoiinals of a dollar. In the flrst example the years reduoed to month!) md 1-S the number of dws pliwed to the riirht five 4S.4. which reduoed to dollars is 943 .40. ^ 227 When t]w intorost Is iiioro or less than $12 a year. Rule. — FitHt Jiud Oie interexl for the ijitrn tituf. on the bane of $12 xntereM a i/mr ; t/irn, if tlie vif^reM on the note, w onfj/ $0 a year, divide hi/ J ; if ^J^ a year, multiply by 2 ; if $JS a year, add on one-half, rte. ExAMiM.K 1.— What is the interest on $300 for 4 years, 7 months, and 18 days, at C per cent. ? ; of 18 dayrt---6, 300 4 yr. 7 mo. 18 da.- 56.6mo. |l«.00■-^^nt. for 1 yr. 2)r>f..fi, int. at $12 a yr. *18 = li tinu'8$12. 27.8 $83.4, Ann. If i\\v inti'icst was !!^12 a y«'ar, 1$.'>.5.<»() would Ix? the answer ; be- CHUsr hr^.^y is thf tiiim reduced to months ; Imt it liears $18 a year, \\ times r),'").() gives the intt're.st at*mce. E.XAMiM.K 2.— llcquirod the interest of $1.')0 for 3 years, 9 months and 27 days, at four nor cent. \ of 27 days -9. 150 3vr. Dmo. 27da. - 45.9 mo. 4 '2)45.9 int. at $12 a year. $6.00 -int. for I yr. $6=i times 12. $22.95 Am. In the e ri){h( If the intere.st had been $12 a year. $45.90 would have been the answer ; because 4/). 9 is the time reiduced to months ; but it beara $6 a year, or \ of 12 ; hence J 45.9 gives the interest at once, BI'SiNESS .METHOD OF COMPl'TINO IVTEREST, AT 6 PER CENT. FOR ANY Nl'MBER OF DAYS. Rule. — Draw a perpendicular line, cuttl)uj off the two right hand /iynres of tike $, ami you luive the interest of the sunt for 60 days at 6 /)er cent. Note.— The tigui-es on the left of the line are $, and those on the right auv deeinuils (»f $. E.xample 1. — What is the intei-est on $520 for GO days at 6 i»er cent ? $520= the principal. $5 ( 20 ct8.=:intere8t for 60 days. Note. — When the tinu^ is moi-e or less than 60 days, first get the int<»i-est for 60 days, and from that to the time requirtnl. i ■i '■" 228 Example 2. — What is the interest of $l'2i, for 15 days, at 6 \>or cent 1 ^ > Dav8. Day8. 15=i of GO f424=:principal. 4)1 I 24 cts.— interest for 60 days. 1.06 cts.— interest for 15 days. Example 3. —What is the iutoreat of .$11 1.40, for 90 (kys, at 6 per cent. 1 Days. Days. Days. 1)0=60 1-30 $1 14.40 =:principal. 2)1 I 1440^intere8t for 60 days. I 5720=intere8t for 30 days. Ans. f 1 I 716=rintere8ts for 90 days. ExAMpr.E 4. — What is the interest of f 824, for 75 (htys, at G per cent. 1 • ■ . Days. Days. Days. 75=60-1-16 $824=principal. 4)8 j 24 cts.— interest for 6 > days. 2 I 06 cts.=:interest for 15 days. Aim. 10.30 cts.=interest for 75 days. Remarks. — This .system of Computing Interest is very easy and simple, especially when the days are aliquot parts of 60, and one simple division will sufice. It is used extensively by a large major- ity of our most prominent • business men ; and tjiught by Commer- cial Colleges as the shortest system of computing interest. METHOD OF CALCULATtVG AT DIFFERENT RATES PER CENT. First find tl:e interest at G per cent, and trom that any other rate j)er cent, i ' The following table shows the dirterent rates., with the time that a given number of $ will anio int to the same number of cents when placed at interest. NOTE.— This is the;neth(jd in common use f t computing interest for days : but. sindc it considers the year aj coutaininK only 860 days instead of SOU, the result is too large by - — or — of itself. Hence, wlien perfect accuracy is desired, the intereist for the day« when obtanied by tlie rule must be dimiuished by— part of itself. 229 livm.~l)rawa im-pewnenhr lim, nitiuu, of M^ two rujht hnvd fujures iif ^, and you have the infen-M at tlw. folkmlwj raten per cent. Interest at 4 per cent, for DO (InyH. Inteicst at 5 per cent, for 72 days. Interest at per cent, for fiO days. TnttM-est at 7 per cent, for .^)2 days. Interest at H j)er cent, for 45 days. ' • Interest at \) per cent, for 40 days. Interest at 10 per cent, for 3(1 days. Int now ilhistvat(Ml H(>v«>ral (>xHn>|>l(«s by tlio (l the ititcrest of ^4'_'0 for 40 days at (5 jx'v c(Mit. Caiu'clling method. Business method. 2)4 20 ots.— int. for 60 days. 2)2 10 ct8.— int. for .10 days. 5)1 05 eta. — ir,t. for 15 days. ,3) 21 cts.— int. for ;{ days. 7 ci8.— int. for 1 day. ^3 I 43 cts.— int. for 49 days. 36 420 (i 4l> ♦3.4.10 Ans. The cancelling niotliod is much more Itrief ; we simply cancel (I in ;$(), and the (piotient (» into 420; tliere is no divisor h>ft ; hence 70 X40 gives the inttn-cst at once. If tlu'time liad been IT) or 20 days, the other method would have Iven ecjually ius short, because l.l and 20 are ali<]Uot parts of (»0. The su])eriority the caiicelling system lias over all others is this : it tiikes advantage of the jirincipal as well as tlie time. 1. What is the interest of $46.28, for 2 years 3 months and 23 days, at 5 percent? Ans. $5. .35. 2. What is the interest of |54.81, for 1 year and 6 months, at 5 per cent? Ans. ?4.11. 3. What is the interest of $500, for 9 months and 9 days, at 8 per cent? Ans. J31. NOTE. —The preceding mode of uomuuttng interest is derived and dodiiccd from tiie can- wiling system, m the Ingenious stuaent will readily see. It iti a short and easy w.ay cf flndiiiK interest for days when the days arc even or aliquot parts ; but when they are nnt multiples, and three or four diTisions are necessary, the V4ucelling^ system is in'uoli more timpl* and easy. : 231 4. What in tho interest or $()2.12, for 1 month and 20 day«, at 4 per cent? Anh. $.:M6. 5. What is the interest of $85, for 10 months and 15 days, at 12^ per cent? Anh. »!).21»6. 6. What iH the interest of *.T27.825, at 8 per cent, for 1 year? Anh. $26,220. 7. Whiil i,s the interest of *.H25, for a years, at 6 percent? Anh. $5H.50. 8. What is the interest of $187.25, for 1 year and J months, at 6 per cent? Anh. $14.98. i>. What is the interest of $(;!M.84 for 9 months, at 10 per cent? Anh. $52.11.1. 10. What is tho intiuest of $57.78, tor I year 4 months and 17 days, at 4 per cent? Anh. $:U\}. 11. What is the amount of $298.5!) from May 19th, 1873, till Aug. llth, 1874. at 8 percent? * 12. What is tho amount of $190, from June 14, 187.1, till April 29, 1874, at 9 percent? PIIOKTT AND LOSS. irndcM- tlii.s JM'iul \v(' sliall contiuc ouiwIvoh to aHciTtiiinintr flic gjijn or l<».H,s, rn jmrcliiiHing jiikI H('lliug iu. On hand $A2Ur)AU. KcMjuired the total jjain ; tlie iiverag«. <»»lM»t5 MiiIi>m in Mtiifv h\x iIhvb. I<'<0| |. ov loRH. nuil flu' ft"'" '" '•"''' I"'' '''■<»). l'',\. A. HoM inon'linmiiHc for !M jm-i ••••n» ihImiihi' on (lio liiM* iNwt, i\nA il('ilni>t«>il .^ piT i>»>ni IVont nivoii>«> for iininiMlinIo pnv nionl. K('«jni»iMl . tnul fioni iW in>-t>v»v tKnlnrtol l:!,\ pci- «s'nl. H<'<^uii-i'1 jrnjn |M>r n'lH. Anh. !).:»7A. K,\. 7 Solil \n«'i>l\!n\ilis<> wi ;in it.lvinifc of ."u5 jhH' t'oni, tin (iiHl «>wt. n\\ t>nsv hining f!\ilovuv. K«»«^ninHl { ^tin or Iomm pi'r ocnt Vn'<. I<> /» »• (f'M^ Ai.x.v. K\ S. ,\ nu>i\-lii\n< sold his jio.Hl« (o ii-fnil luslonicrs nl LT* |M>r «vnt. rt«i>!uuv. Ho ff:\\v wy lln' n-(:nl liusinoHs. :in<>«lM to soU rtt whol«M:\lo, 'JO jH>r ti'nt. from tlir ii'tnil prii'o. Ho- quitN^l luM jfrtin ov loss )»or tt'nt.. Anh. Aoyir/w or losx. V\nV\\\. rAVMKMs Tlu> moth«>«l of oMuptitinij ini«v< ih:\{ \\;\s i^iM n nso to ntnrh litiijiition. Wliou tho tiiuo of tho not<^ or oMijjation is mon' itwin ono vi'ar. tlio follow- ing v«1«» has \hhm\ »rtuotiou»>il Ity a numU'r of tliviNJoDH both in law «nd «>mnty : Kl 1 K. 1. i\mip'ntf lh( hilirtsl nu fhr />rinri/ntl tit fhc tii)K' of' tfif tirni ^xipm^'nls onti if ihi.s jxit/nunl rj^'cfd ihe intcimt ihi't) ihif, luiif thf ihUi'fisf to thf pii>h^ifHiK ojui fittm thr- tnitn mihtrttcl thf paifiDtnif ; t/ie rvvMimier «*?// f'oitii a -nor jirfnci/Hil. trtth trhirh prtH'ffd on bi;f'o)'r. ' first to intmvwt (ttio^ th««n to tht' |>n\Kt)wl, itoil that th<> |>riiiri|wi rrniaiiii iint-lianKv«l until th« MNM t^Mkl awwmIs tlw accrued int«r«*ii, ih« princi|ml aiMM drnwing )ntcre«t. •23» lltR uvc hon ow lnw tin fh 'It' the k( th« II. Hiif if f fir imi/iiiriif Iw fi»M llinii Oil' iiifiirnf, rniii/mfr llir iiiIi'ii'hI on fill' f)iiiii'ifin/ (n tlii' (inir ti'fii'll fill' uniii 'if t/ir fill l/iin iifn nfni// firiil riftiilf (I) I'rri'iil l/ir iiitpwitl i/tir . infif lllf iiifrnitf In thr firitirifin/, unit fYnui till' uniii Hnhtiiift tlir mini iij tlif fiiiifiinntH, iiinl Irnit thr nnniin r/rf ilD il tlf^< fililirlfiiif. WIm'Ii ||i»< rniM|iiilffl iiifcicHt i'Kci'JmIh IIic |Mivifi»'M(, himIi iflJcrCHt mny !'•• iiililctl to llii> iiih'i'CHl for |Ih« ih-xI iiil<'rvnl nl' time, m if »'H»i tllllh'll llicnlllllv In III' ll'HH, III)' lUtinlMllH IIIHV I"' '•<>rri|iMU-«l llf, lillll' ll|i lit llll' lilllfWilPM llll' MIMII |mii| \» Mill jl'HM lllllll |Ik» /M^I'flH'll iril«'f»'Ht. 'Till' liiiijni il V 111' |iMi|ili', ill i-iiiiiinilitl^ fill' iliflt'ii'liM' nf lime Im- I wi>(>ii iliili'H, I'Miiiil llii> I'xiirl. iiiiiiilx't- of t\nyH. ViI'h'uU'h IIiIh |»Iiiii Mi*; I wii I'lillowiii^ I'lijcH (III' ill riiiiiiiiMii MHi' ; Itl'I.K I. Hi/ iniiifininiil Hiilifi'ii'fiiin, iirliiiiiliiif .10 ifiii/n /'or ii iiiniilli. \\V\,V, II. Hi/ Ji'infinif tin' nniiihi'r nf rnlin' rnli'intnr ninnlliH Jiiiiii tin' lirnt i(nli\ innf vninitiny, fin; iii'tind iinnilii'r nf iIhi/h lift. Vfnr Nil, lit M'liilh liny. Kx^^\\'\.K Kioiii Aii^iihI, 'JiMli, |h7I. ii, / |H74 'A 10 Mmrli lOtli. IH74, wuiilil Im-. iiiM'Drdin^ to (.lii< IhI. Iliiln " " 'Jil MiiIm I 1H71 . 8 20 2y. liifio. iifhl, 2y, 'lino. |H«|. KX AMI'l.KH. »'iOOO. TOMONTO, .IllUR I, IH72. I. Two yoHiH iiHor iliilc, I priiiiiinr< to phy WiUinin Hniitli, nr oHnr, h'tnir 'riiouNuiid DolliuH, i'ltr vnliio rocoivod, with inloroi'l, nt nix ynT CA-uf,. lUOHAIll) I'AYWKL/y. On tliJH tioto worn iiidorHed f.hn following puymoriLn: Soplouiltnr ir», 1H7'2, n'ooivfiil (1450) Four llnndroiJ »irnl Fifty I)ollar«. Dccoinhcr ir», 1K7'2, rncfivod (ffiO) Fifty DolifirH. Muicli I, lH7:i, ii'ci'ivod (*r>00;V'iv»! Ifuiidiwl DoIlfirH. » Jiiiumry I, 1H7'I, rf"!Pivpd (»1000) Unn 'I'honHand I)ollarg, Wlmt niiiiuined duo Jutin 4, 1H7'1-? NOTK, Ity "ml»^i- 1ft, \HTl, :» DIOR. 14 tl Ht> H«> Amonnf »«<)»(» Hit lipHH liiHl pwyniPiil t., '\M) (tO Komniixlpr lor H now prinoipal f'MVM) Hi) f 1 ho Infoit'Rl froiti Spi)(pn>l»Pi- la, to DtMUMnltpr !'», 1H72, ifl 1 X ii\'.\A\, wliioli oxcepils llip |mynii>nt. I Infpi-psf from Sppfpnilior li\ isri, to Mfticli 1. IH7.% r» mm. l(nl... 117 20 Anionnl »:I7'IM (I!» liPRs (l)pRtiiu ol' Hip Rpoond n\u\ tliinl |»nytnpn(H riAO 00 HoMiaindor lor 11 now priticiiml flM'.'H Ot( InlPivst from Mttroh I, 1H7;», to .liintmry 1. 1^71 I^<'» •< AnionnJ *;i:»H t r.C. LoHS |mymiM>f .lunuiiry 1, 1H74 1000 00 Hcnmnulor for » npw prim'i|)ttl S'2;tM4 f)(t Infprost IVom .Iftn\mry 1 to.luno 4, I87.'l 71 10 Halancp duo Juno 4. H74 *24r.r. '.Ml flaOO. Hamiiton. JnnuHry 1, 1M7I. 2.— ()no ypar ftftcr dnfo, wo promiso to piiy S. Wliilo, or onlor. l-'iftoon Humln'd Dollars, with intetx»st, vftlue j-«'oeivpd. (IFiOHtJK imOWN »V CO. Th. followina: paymonts woi-o mndo on this nolo: Miiroh 1('». 1H74, $100 ; Juno IX 1S74, $400: vSoptembpr 1, 1874, $200. What was due January 1. 1S7.''>, intorost at poi i-ont.? Am. $S70.0(ir. I- $r>00. nKM.KViM.K, March ir., 1S74. ♦ ^. — For valuo n^ooivod, we jointly and severally jiroiniso to pay Wm. Smith, or ortlor. Three Thousand F'ive Hundred '"dollars, with intorost. JAMES JONES 4 CO Indorsed as follows : — June 1,1874, received $800; September 1,1874, $100; Jan. 1, 1875, $1560; March, 1, 187:), $300. What was due May 15, 1875, interest at fi per cent. ? Ans. 1902.763-}- *2n5 CO. 70.oi'.r» 1S74. AVKKAUKOK A( 'COl'NTH. AVMIIAMK, «ir Acrfd'NTH UH Kt^l'ATATMiN itV A«'r(»|tN|H. IH tlif |»iiH«cHH itf fiiiiliii^ IjIh' iiii'iui or iivfinyi' tiiiif fnf tlic |HiyMi<'iif, ill Hiic iiiiiHuiil, • r Mi'vt'iiil iIi'IiIh due .lit. ilillt'i't'iil, iltiM'H, wiiliMiit, iil Inwiiij/ iiMci'i'ti (ii ciflicr ildtlni ur cicilitni'. TIh' liiiH' wln'ii lln< iiiiMiiil. I'iiIIh iil to (lif intfit'Ht. or iihm of nii ('(|iiiil hiiiii vfniin-il fur llif Hiniif fi'iif/f/i iif tiiiii' ii/'frr it hrvimn'H ihir. 'I'lin pidccHH, Oir»'for»', H H f 10(1 duo in iit to tho uso of .?100 piiid six montim bofoto it is duo. Sini|d(' iivcntj^o \h tlic prorjsHH of nvcnij^iii^ mi (w;r«Mint (tfjiitiiinin^ didtit or criMlit ilctiiH only. lOxAMi'M-,. A ovvPH 15, dun. I, IH7J, $IHOO; uf which $700 \h ItiiViiMo in I) niontliH ; .f.'iOO in I niontliH, an»l $Hi)i) in IK niontJiK : wJK'ii oim tlu^ wliold l«i paid without gain or Iohh of inUiKHt to either pHity? Anai.yhih.- It is <'videiit that, If iioihiii^ should bo paid till tho maturity of tho dobt last duo, A would owe H .«1H00, boi.ides the intt.rost of *700 for 12 months, which, fit (»%< '" i''^'^< "'"' ••^6 intcresl of $; 00 for H months, whi(di is $21. But, tho cpiostion is, whfu may tho whole bo paid without interest ? Clearly, it should bo jwid as lon;^ prior to tho oxpiration of 18 months as it will talco $1H00 to j?ain the interest then due, namely, ?42-f- $21 $6.3. The interestof $1800 for one month, at <;;', is $9 ; and 6.3 4-9 = 7. Therefore, it will take $1800 7 months to gain $(53 interest, and the equated time is 7 months prior to July 1, 1875, or 11 (18—7) months from Jan. 1 , 1874, which is Dec. 1, 1874. ♦j;^o rnArruAi hoi i don. l\o ,fu,i , K,-^*,../. f;oo - f r.'oo I'.'dO — moo I MOO >l!»M|»0OI 1 soo ISOO ISOO rut, «r ITiMl Till )'. m.m. ft';i 00 " " ;IIMI " I " - II 00 " " HOO " |M " -- ;2.oo '2)IH.00 fO'.I.OO K\n »\ n ION. ri\«> tisf ol $T00 lor <; inot\(lm tlio iim« ol' *l tor I'JOU inoiitliN. ** " $,(00 to> 4 inoi dm )l\t< kmc ol' f I lor I '.'00 imitillm. " " jsOO I'oi is luontim (hi< ns.> o( *1 I'oi I 1100 nioiilhH. •• " flHOO lor n moi\ll\» ll\.' im.> of fl lor 10^^00 monMiN. Tho »!«o or ^1 I'ov 1!>S00 iwondiM Ih «'hiihI Io (lie umi' ol' f jHOO lor iin niiuiy moHtbs HM iSOO in oonlninoil lini.M in lOSOi) 1 1. lU (ho hitt-^f'st Mithi^ii, ll\i' lolul \n(i'n>H( ol' ihi- (liir»>rt'.', «i\il ll»' ii\l«'rt'«l ol' lUMOd lor oiH' inoiilh in ?''. Tl\«M-«>l'v><-»\ il will tuKo ifl^OO MS nu»n\ iwonllin to sunn :?'.•!• mm !• in I'oii- tMn«*«l times in ')') 11. Ilonoo. (In< t>ipinl<>il lime is II inonllis IVoni .li»".. !, 1ST4 .ovlVo 1. ISTt. K\ win IS lou n< \rnri.:. I. S.»M :;\Vm|s to A. MS toUoWM . lS:4..1«no ItVttbill Rt (;0 .luvs ♦S.oOO 00 \\u^ IS. " •• :m " .i7o ;rj Sopt. '20, " " !»0 '" .M)0 ltd iVt. 1. Nov. 1. (iO " :!10 75 •M) '• ir.O 25 »;i,H45 ;i2 Whon M\ll tho ;«ho\o bill Imvoiuo (1\io 1»\ n\or;i!ic I ,Ihm. S.-|)(. 12. 'i. H.Mijilit of (J. (', Holton ,V To.. m«lso,. as follows . K. l;?. " " nO "■ l;i7 M M^r K\ " " 00 " V12 2."i Apr. u, " " ;u> '• ;»50 00 Wlion will this .uvoiint !\\ori»ij;t> d\w I $1,122 05 Aui>. Mav 12. 3— Si>ld Smith A Co.. 1ST4. ,hj1v 2.\nuiso.. at :> mons $l.;i.'>0 00 All;:. 20. " " 2 " HVA 75 S<'pt ;Nt\ •• " ;? " ISO 25 Oct. 26. •• •' 2 " .m) 00 $2,30:? 00 Si •2117 II II II It 1. II II II 'I'lio iiiit'l'liHmti-N |tri)|MHi< lit mkMIx IIim ni-i-iMiiil. Oilulinr ,'tO, |R7I, lif ^ifini; H intiiiiiMiiiy iiulo I'lir llitt niiliii) itnimiiil ; wliut lliiii> mIhhiIiI Im> fM III tlio nvt>tni(M iiinliitlly of lli« noioiint? A ini'ii'liiiiil Miilil III mil' III liiw I'liNlniiit'iH HKVithil liilln or gotMlM, MM I'mIIiiwh : Mhv !I, \Hl\,h lilll of tUHl MM t iiiiiiilliM I'lixlil •liiMK I'I|IIi|Iim| lillM'lir |IIIVIII"lll, Mtl*l ll'lW lllllcll •VllIlM lull rtlM'i' lilt' iH'iiniiil .lull I, |M7ri, iilliiwill^ ilil^'li'Ml mI (i |ii>r i- IIH I'.tOO) ' OI'KUATION. I 'n,V». 20IIHI .MlOO 7iHOO(;ioJ, r.7oo !7H00 17100 700 .'10 (livvH I'loin .Inn. l^Foh. !> Kcli. 10, 1000 / 00 Mill. 1, liOO / 22 I .'{200 i(;oo) i:j2W(Hi I2H00 400 H rlHVH from Feb. lO^Fcb. 18 Duo Feb. IK $1600 .n (iiiyriii'oi Due Feb. #1000 liMMHJdn wl'ch IhIIh dun liiHt. !' (lin'oidiicn bolwceii iIhIoh, 1710i» : .'JO ) bnlttiici! (if account— .17 tho number of d»y. to count bttcloviird from Fob. 11), the lalcHt date. An^. Dec. 24. 'Krni'tional |mrlH of u ilityaris not counted, iiiiIum the trwWun amountii Ut % half d»jr or iii>- wnrds ; It thun cnuiitv anuthorday. 238 ExAMPLK 1. — Fiiul the oquiitod time fur tlio payimiut of the bal- ance of the following account : — MONTUKAL, Nov. T), 1871. Mr. John Smith, I a account with 8. S. KDaAiiL. 1874 1874 Au^'. 18 To Mdae, 90 days, $2500 00 Sep. 20 By Cash. $1000 00 Sept. 20 u « 60 ». 500 00 Oct. 10 t. It 500 00 Oct. 1 " " 30 ** 475 00 Nov. 5 « (. 275 00 Nov. 6 « " 30 " 335 00 00 i Balance, 2035 00 $3810 $3810 00 First equate the debit and credit sides of the account sepamtely, by simple average. The residt of the work is as follows : — Dr. Ck. Due Nov. 16, .fJKlO || Due Oct. 3, $1775. Then apply the rule as in the preceding example and you will ob- tain the Ans. Deceml)er 25. 3. When is the balance of the following account due per averaf Dr. a. B. Pkrhv, Or. 1874 1 1874 Sep. Oct. Nov. Dec. 12 15 18 J To Mdse, at 30 days, •■' 30 " «' 60 " " 30 " $927 342 212 175 30' 75 13 50 Oct. Nov. It 10 20 30 By Cash, (> u $500 3no 250 00 00 00 Am. Nov. 20, 1874 4. Average the following account : — Dr. Geo. Brown in account with G. Q. Holton *k Co. Cr. 18741 Jan. 1 Feb. 16 Mar.t 3 To Mdse., 30 days. $586 <( i( u u « (( « « 322 863 40 10 14 1874 Feb. Mar. Apr. By Gash, « Draft at 10 days, $460 00 280 00 40.»lOO Ans. March 12, 1874. 5. Find the equated time for the settlement of the following ac- count : — 00 00 5 00 5 00 00 Db. 230 J AMR8 HroiiKH ttr Co. Cr. 1874 • 1874 March 1 To Balance, t32.'i 00 March 16 Rr Cash. $250 00 April 16 '■ Md8e.,at 2 luos. 62;i 47 May 20 it t. 3)0 00 May 11 >l it 4t •> 4. 1722 30 July 30 "Note,.30dy8. 1000 00 Juno 16 " " " 3().lay8. '.)!■> 12' Au^. 31 " Ca«h, 560 00 Julj 30 '< ♦' " eOdays, 116 3.')| Aug. 17 '« " " .10 days. 16;')0 25! Aim. July 21, 1874. 6. VVlieu is th« following account due \)er average ] Dk. H. C. Wambeks. Cr. 1873 !I873 ■ Oct. 13 To Mdse, at 3 nios. $275 16 Dec. 1 By Cash, $150 00 Nov. 18 « « t( ^ « 186 37' " 30 .( <( 300 00 Doc. 1 u It 11 2 *< 917,16 1874 K i( (( 5 t< (1 i( '^ « 875,00 Feb. 18 .^O 00 1874 Mar. 1 ■ (t (1 262 00 Jan. 10 i< « t< 2 '• .S27I16 <( « Fpb. _16 « (. « 3 « 18670! Ahs. March 16, 1874. The following account, illustrated by the interest mctliod, if worked out l>y the preceding rule, will slmw the distinction l>etween the two systems. 7. When will the balance of the following account become dvie ? S. G. Bkatty in. arcoviU with W. B. Robinson. Dr. Jan. 13. To Mdse., at 30 days $300 Feb. 4. •' Sundries 450 Apr. 15. « Real Estate 720 1,470 Cr. Feb. 15. By Sundries 750 May 20. " Cash 300 June 10. " Mdse 120 Balance due. Int. on $300, from Fel. 12th to June 10th. 450, " " 4th « 720, « Apr. 15th " u 5.90 9.45 6,72 Total debit interest to June 10th Int. on $750, from Feb. 15th to June 10th 14.38 " 300, '• May 20th « " 1.05 Total credit interest to June 10th 1,170 300 22.07 16,43 lt\ 9A0 The (HffeiviKV. l)etwoeii the debit iitnl cr«^Ht interest, $22.07 — • $10.43 -- ^f).C4, thf bahuice t»f iutt»rost* in favor of the ih'bit side of the account. ' Inteivst on the bahxnce of the account for one day is r> ctMits $().(j4 r-.Or) :-- \'M\, the number of days to count backward from June lOrh, giving January 27th as an equated dat*'. Dr. W. a. Foster it Co., in orct. with A. ^l. SpAKFonn it Co. Cr. 1873. April May June 24 July i 1 To Mdse., it t< t< TImu of CmHt. $220 3 months, 125 5 '• 200 6 " 140 S " 190 1> " July Oct. IBv Cash, 3 '■' " Dec. !20 " •' $200 150 .300 By equating each side, the account will stind as follows : Dr. Cr. Due, Nov. 21, 18;;l. >i!87.'i || Due, Oct. 10. 1S7.3, m:>^\ It will he fouuii, by the ruU>. that the balance of tht> iuvount, tlius equattnl, Invomes due March 22. 1874. Aii^f. Dr. S. G. Batemax. in acct. with IIknrv Smith it Co. Cr. 1874.1 I . Jan. 1 To Mdse., Feb. 8 " '« Mar. 12 " «' Apr. i 1 *• " May 20 « « Time of Cr When diui 1874. i.|1000 2monthsMar. I 1 April 1 I l.^OOS . " May \ S May j 1 I 2000 3 " Juneil2Jun«' 1 i 1000 4 « Auir. 1 .\ug.' 1 ! 500 6 •* ,Nov. 20! 1 • By Cash, 1000 (> « 1000 ,t •( 1000 II i< 1000 Aiis. July 25. AVERAGK OK .VCCOUNTS OF SALES. In avemging an Account of Sales the sales constitute the credits ; the charges tlic debits, antl tlie net proceeds the balance. When s;»les are made on tinu', tlie consignee is entitled by custom to the same term of credit for the jtayment of tlie proweils. KxiKMUses incurred in receiving the goods, and all charges ])aid in cash, are c«>nsidered due the consignee when paid. tVmmissiona and after-charges are, \\\wn strict principle, thu' at the average maturity <»f the sjiles ; vet this riile is not alwavs observtnl. The objtH?t of avemging an account of sjiles is to ascertain wlien the net pi-oceeils become due. Except a« ivgi\iils the adjustment of the date of the commissions and charges nmde on closing a consign- ment, the prtHX^ss is pi-ecisely the same as that «»f equating an account cunvnt. i* 241 /. In joint consignments, the consij;fneo'a shiuf of the invoice may he considennl due iit the'(h\te of tlie iweipt of the gixnls, or the (hito of shipment, or not until sjUes are ert'ected ; hut this depends altogether upon the ajjivement iK'tween the parties. The consigi\ee\s share of the gain or loss t4»kes «hite \vith the commissions and ehargi^s, Innng due )it the aveiiige maturity of the sjiles. Example 1. Hetpiired the equated time for the payment of the net j)n>ceeds of the following : — AcvovsT-S.KhKH of .]/,isi'. m'firfff/rom J. B. Warxkr, to hf soht on joint orcotnif of filniKcff', A. M. Ft>sTEK, niui <»»/v»7/v.s. awh \. 1874. I July 'W Sold on ac, at 3 dava, I 100 bbls. potioleum, 4,0()0 gads., at 48^0 $1940 00 *' |ll Solil for cash, I 2r)0 hbls. do.. 1.000 j,'al8.. at 4Sc ' 4800 00 14' Sold oil a note at 30 days, 1 1 | jSO bbls. do., 2,000 gals., at 45>c '] 980 00 « ,lf) 100 bbKs. on storage, destroyed by fire ; no in snrance. Charges. 10 Paid cash for freijfht and drayage, |7.')0 00 17 Storage and cooperage.. < 25 50 Commission, 2i per cent on $7720 193 00 i 968 60 Less our ^ net loss 1 482 84 — 17720 00 Total net proceeds Amount of Invoice fS200 00 '— 486 |l J. B. Warner, and our 'j 54()6 G7 Less their I net loss 482 S.'' Kingston, July 17,1874. Due by equation July 17. ♦4983 84 17234 G6 W. R. IUrrkr & Co. 1 II' 242 ,* * SOLUTION BY INTEREST METHOD. Focal Date, Avy, 16th, latest maturity Sales. Due July 14 $1940 Int., 33 days, $10 67 « " 11 4800 " 36 " 28 80 " Auij. 16 980 " Loss. " July 16 1448 50 Int., 31 days, 7 48 6)9.168 $9168 50 $46 95 1.53 +)46.95(31 — Average maturity of sales, 31 days 459 prior to Aug. 16, or July 16. 105 • Charges. Due July 10 $750 Int., 37 days, $4 63 «' " 16 218 50 " 31 " 1 13 Balance of ac 8200. 5 76 6)8.200 $9168 50 $41 19 1.37 -f)41. 19(30— Equated time for the payment of the Net Proceeds 411 30 days prior to Aug. 16, or July 17. STORAGE. Storage is a charge made by an individual who stores movable property or goods for another. It is usually computed by the month of thirty days, at a certain price per bushel, cask, box, barrel, etc. The stoi-aga book contains the date when the goods are stored and the articles ; also, the date when they are delivered. Rule I, — Midtiply each quantity by the number of day h between the date of its receipt and tJie date of the first delivery, or of the second re- ceipt. II. Multiply the balance, or increased, quantity, by the number oj days to the date of the next delivery, or receipt, and so on. III. Divide the sum of tlie products by SO, aud the quotient loill be the average quantity in store for one month. NoT«,— In the above Bolution, the amount of the invoice \a considered the balance of tlie ac- count, while the total loss appeara as a credit item. By Hubtracting our partneri' share! of the loss from Ui« total low and the invoice, the result of the operation will be the same. I the ac- larel of 243 ACCOUNT OF STORAGE OF SALT, FOR .UMES SMITH & CO., AT 3 CENTS I'ER BARREL PER MONTH, Date. Rce'd Dellv'd Bat. ill Store Time 22 5 3 6 10 14 4 28 31 Aniuiint In store 1 day, 1874 May K t( (. June 1 23 28 31 6 16 30 4 1 1 1000 400 "lodo 600 1000 500 1600 200 1000 1400 800 1800 800 300 800 1800 200 22000 7000 2400 10800 8000 « 4200 (I July Au'f. 500 1000 3200 50400 6200 Sep. • •••••••• ■ 3900 3900 3,0)11420,0 38061 3 *m $114.20 Ant. HAY. To asccFtain the value of a quantity of hay, where the number of lbs. and i)rice per ton are given. Rule. — Multiply the number of lbs. by oiie-Iuilf the jmce per ton, aud point off three fiyures frani the riyht of tike product. Example 1.— What will be the cost <.f 2346 lbs. of hay, at $16 V'.i- ton ; and 1874 lbs., at $17 per ton 1 ' First. Second. 2.346 No. lbs. S—i price per ton. 1874 No. lbs. ^i~i price per ton. $18,768 ^7w. $15,929 ^n.». Example 2. — What will a load of hay containing 2974 lbs. cost, nt $17.50 per ton 1 Ans. $26.0225. measurement OF WOOD. To tind how many cords of w a bushel, provided the wheat weighs but 57, and 64 if the wheat weighs but 56 ])ounds per bushel. Case I. — To change merchantable wheat to standaitl weight. 'RvLK.—-Bnu(/ the whole quantity of lolteat to poundit and divide by 60. Example 1. — How many standard bushels of wheat ai-e in 150 bushels each weighing 58 pounds 1 150 58 1200 .750 Or, each bushel lacks 2 lbs. ; 150 2 From 150 bush. Take 5 6,0)30,0 Deficiency, 5 6,0)870,0 Ana. 145 b. Leaves 145, the answer. 2. How many standard Jbvishels <»f wheat are in 80 bushels 45 pounds, weighing 63 1 Bush. 80 63 285 480 6,0)508,5 lbs. 45 Or, 80 bush. 3 6,0)24,0 excess of weight.' 4 bush. ' 80 46 lbs. J! I t Alls. 84b. 45 lbs.- 84^b. Ana. 84b. 461bB. or 3p. 246 If 'i; a V j: Is " III ,; it ;' 3. How many Htniulanl bushels of wli(;at rtr«r in 175 Uushels 37 pounds, weighing 59 1 A)is. 172 bush. 45 lbs, 4. How many standard bushels are in I0(» bushels 15 pounds, weighing 62 pounds j)er bushel? A/tx. 103 bus, 35 lbs. Cask II. — When wheat weighs less tlian 5S. RlTLE, — Bring the whoh qnanfiti, fo jnninf tmrh vjheat. Example 1. — How many bushels of goo3 lbs. defect. 57 567 33 63)5700(90 bush. 30 Ibs- 567 From 100 bush. Take 9 33 30 lbs. Am. 90 27 2. How many standard Nushels of nun-clian*-- ble wheat will be equal to 250 bushels 18 lbs. weighing 56,nw, \m' bushel? Ans. 219 bush. 2 lbs. 3. How much good wheat is equal to iOOO bushels weighing 55 ? Ans. 846 bush. 10 lbs. MEASUREMENT OF LUMBER. The following practical metluxls of calculating the contents of lumber are generally employed by lumlier dealei-s, A stiindard board is one which is 12 inches wide, one inch thick, and 12 feet long; hence, a stiiudard board conbiins 12 square feet- To find the superficial contents of boards. When the length is given in feet, and the breadth iir inches. Rile. — Divide eitlier dimension hif 12, and multiply the quotient by the other ; the product will be tlie couteut in Mquare feet. Example. — How many square feet are there in a plank 15 feet long, 9 inches wide and 2 inches thick ? 15X9X2 Analysis.— The contents equal the length in = 22^ feet multiplied by the breaath in inches niulti- 12 plied by tne vhickness in inches, and divided oy 12 ; or since 9 inches equal | of a foot : 16X5X2 - 22i. NoTi.— The odd pounds In the above and followin:; rMtilts are aliw subject Ut a small draw- back, viz,, 1 lb. in every 21 when the wheat wei<;hi) 57 ; 1 in 14 »hen it weighs 56, and so on ; consequently, the above ought, iu strictness, to be 00 bushels, and rather more thaa 281 pounds, but millers seldom make this reductitfn. 247 Since tlie nuinl)er of hfmrdH, the length, iiiul the breudth, are uU fuctors of a prcMluct to be divided by 1 2, we may divide any one of them by 12, before multiplying. , Example. — How much will the following lumber cost, at ^15 per thousand srpiare feet 1 10 boards IH feet long, 10 inches wide, I inch thick. 20 '• IH " " 12 " " 1 (( u , 40 " IG " " 9 " " IJ " " , lOXl^Xif ==108i 20X1SX1 =360 40X1CX|XU=; 720 . 1188^ square feet X U price per foot = $17.82. To obtjiin the price per fottt it is only necessary to divide the price per thousand by 10. The same rule will answer for estimating plank and scantling of any description. Requireerat on of sawing. These boards have a wane edge which is afterwar* 's sawed off, and as the waste in edging de- pends upon the qi'.ality cf tht! logs and other circumstances, it is im- j)ossible to give a rule for finding the exact number of foet o{ square- edged boards which can be cut from logs. Tables prepared from diagrams are used for this purpose ; but the following rule may be adopted in the absence of tables. * * Scribner's tables are adoptod as a (itandard fur moaiiurtii); lumber. , - , 248 ii;i if:: ll*;li ^; 1 Rule. — From the diUmeter oftfie log in inclien subtract four for the. shbs ; then mnltiply the revuiinder by half itmlf and the jtrodact by tfie lerufth of the loetween the rooflng and tiling ; yet the tiling will be the must ; for doubh- measure is sometimes allowed for hijts and valleys. In this work the content of the roof is found by multiplying the length of the ridge by the girt from eave to eave. When gutters are allowed double measure, the way is to measure the length along the ridge-tile, and add it to the cont<'iit of the roof; this makes an allowance of (me foot in breadth, the whole length of the hii>s or valleys. It is usual also to allow double measure at the eaves, so much as the projector is over the jtlatt^, which is commonly about 18 or 20 inches. Sky-lights and chimney shafts are generally deducted, if they be large, otherwise not. Example 1. — There is a roof covered with tiles, whose depth on both sides (with the usual allowance at the eaves) is 37 feet 3 inches, and he length 45 feet ; how many scjuares of tiling are con- tained therein ? By Duodecimals. ft. in. 87 3 45 185 148 11 3 16 7G 3 By Decimals. 37.25 45 18625 14900 16 76.25 Example 2. — Tnc length of a .slated roof is 45 feet 9 inches, and its girt 34 feet 3 inches ; what is its content? An«. 1.")GG.9375 sq. ft. 3. What will the tiling of a barn cost at $3.40 per square of 100 feet, the length being 43 feet 10 inches and breadth 27 feet 5 inches on the flat, the eave board projecting 16 inches on each side and the • roof being of the true pitch ? Ans. $65.26. .5. I ' ft Hi 252 PLASTKRKRH' WORK. Plastcn-rs' work ik of tw»» kinds, vi/., ceiling', which in jtlaHti'ring oil laths ; and riuultsriii;,', which is jilastcrinj,' on w alls. Thesr arc nif'asur< feet. Inriched uiouMings, etc., ai-e rated l>y tlie running or lineal niea- Hure. In estimating plastering, (h'ductions are niadc^ for chimneys, doors, •windows, etc. KxAMlM.K I. - How many scpiare yards are contained in a ctuling 43 feet 3 inches long and 25 feet (i inches hroad ? Ans. 122A nearly. 2. What is the cost of ceiling a room 21 fe«^t H inches l>y 14 feet 10 inches, at 18 cents \h'v scjuare yard I Ans. $6.42+. ."^ The length of a room is 14 feet r> inches, bnjadth l:J feet 2 inches, and height to the under side of the cornice \) feet '^ inches. The cornice girts H\ inches, and projects •') inches from tlie wall on the upper part next the ceiling, deducting only for one door 7 ft. by 4, what will be the amount of the ])lastering ] j ').•{ yds. .') ft. .'V fi " of rendering. Ans. I 18 yds. f) ft. 0' 4" of ceiling. (37 ft. 10' !)' of cornice. The mean length of the cornice both ,'n the length and lireadth of the house is found by taking the middle line of the cornice. Now, since the coniice projects 5 inches 1 the ceiling, it will project 2| inches at the middle line ; and, therefore, the length of the middle line along the length of the rotmi will bo 14 feet, and across the room 1 2 feet 9 inches. Then multiply the double of each of these numbers by the girth, which is 8 J inches, and the sum of the pro- ducts will be the area of the cornice. PAINTERS' WORK, Painters' work is computed in square yards. Every i»art is meas- ured wiiere the color lies, and the measuring line is carried into all the mouldings and cornices. * Windows are genei-ally done at so much apiece. It is usual to allow double measure for cai-ved mouldings, etc. is mcas- into all MHual to 253 KXAMIM.K 1. flow iimny ymtlH of |t)iiiitiiij,' in h rnoin whirli jh 65 tV'ot Mix iuchoH in iMiriiuutttr luul 12 feet I incluin in height? A mm. 89JJ H«|. vflH. . '2. TIh» Ini^tli of a room is 20 (rvt, itn hivadth W fwt fi inch«'H, and ln'i;{ht 10 f»i«ft four inoln^H ; how niaiiy yanlM of painting arr in it — tlrductin^ a Hri'plaon of 4 (vAit hy 4 fmst 4 inclicH, and twt» win- dows, oach <> f»;('t liv 3 fe«ft 2 incIicH. A/w. 73- wi. vdH. MASONS' WORK. Tim incasuri- made wm- of, in all sortH of stone work, is «»ith«!r HnjMn'ficial or solid. Walls, oohnnns, Mocks of stonn or inarMi^ «re nieasnnMl }»y the cubi^ foot, and pavonicnts, slalis, chinuu'y piecps, etc., an? measuitHl hy the sipiare or superficial foot. Cubic or solid measun; is always used for the uiatiM'ials, and square measure is sometimes uson to meastirc Riich worlc to first ascertain which system It intended to be ado[>ted. I ■I :( i!« }i 254 2xD. Superficiiil or squai'c measure, in wliich the c<>mj)iitatior is made by the square foot, square yartl, (tr by the square containing 100 8quai*e feet or yaids. , • 3d. By tlie cubic or 8o!i«i measuri'. when it is estimatr- tions to each other, viz. : — Ijength=twice the widtH, and Width =twice the thickness ; and hence the length is equal to four times the thickness. . The common length of a brick v; 8 inch(!H, in which ca.se the width is 4 inches and the thickness 2 inches. A brick of 'is si/e contjiins 8X4X2=04 cubic inchos ; and since a cubic foot contwins 1728 ciibic inches, we have 1 728 -:- 05-27 the number of bricks in a cubic foot. If the brick is 9 inches long, then the width is 4^ inches, and the thickness 2^; and each brick will contain DX 4^X21=91^ cubic inc^38 ; and 1728.i_91^ = 19 nearly, t.ie number of bricks in a cubic foo\ In tlie exanq)leH v>iuch tUow we shall siq)pos(t the brick to bt 8 inches long unless otherwise nientioned. ' , To find the nxnuber of bricks recpiired to build a wall of given 'Umensions. "... • ' Ist. Find the content of tfie wall In cubic feel. .■'^i^ju. itior 18 taining hy the ated in leasure. 1(1 other and in toyeiiicv t ft. long r j»ro]toi'- length is L^ase the iliis si/.e contains ricks in a H, and the 1-icks in a »|»o«^ the )f given 255 2d. Multiply the number of cubic feet by tlte uumber of bricks in a cubic foe I, and the result will be the nunther required. Example 1. — How many bricks, of 8 inches in length, will be re- quired to build a wall 30 feet long, a brick and a half tliick and 15 feet in height ? Ans. 1 2 1 51). 2. How many bricks, of the usual size, will be required to build a wall 50 feet long, 2 bricks thick, and .'iO ft. in height? Ans, 64800. The thickness of mortar between the courses is nearly a (juarter of an inch, so that four courses will give nearly one inch in height. The mortar, therefore, adds nearly one-eighth to the height. One- eighth is mther too largo an allowance ; but the mortar that goes to increase the length of the wall and to till other spaces makes it about one-sixth. Mechanics in making estimates consider f: of a wall solid brick. 3. How many bricks would l)e retj aired in the first and .s«»cond examj)les, if we iuak(^ the proper allowance f«)r mortar I Bricklayei-s generally estimate their work at so much per thousand. 4. What is tin; cost of a wall (JO feet long, 20 feet high and 2i brick thick, at $7S}0 per thousand which price we jjuppose to in- clude the ct>st of the mortar I > . If we suppose the mortar to occupy a space ecpial to one-sixth the height of the wall, we must tind the id from the jtroducf deduct ,'. itself nud divide the remninder by the solid content of a brick. Example 1. — How many bricks will it require to build 1 foot of a wall 1 brick or 8 inches thick ( 80I.I rioK, > < ' 8Xl44-=il52— 1!)2.^%0. H X 4 X' 2 fi4 solid content of I brick. 960 ^64=1.') Am. NoTR,— The mode of wttrkiiix examples where the |iri>|Mir ullowaiiceH for mortar, Ac, uo taken into oonsideratiun, will lie ijivun in some of the fullowlnij exeruisoH, 256 Example 2. — How many bricks will it requii-e tf» build 1 foot of a wall 1 2 iuchcH thick 1 SOI.ITIOK. '. * *" ' ■' 12X144-1728-288-1440. 8 X 4 X 2=64 solid content of 1 brick. 1440 :-64=:22i Am. To ascertain the niunlMir of l)ricks rei|uii*e(l to build a wall. Rule. — Multiply tite lemjth and heiqht. of the tvdll iufee.t, tof/etlmr ; this product multiplied by tlte auiaber of bricktt requii>-il to baihl 1 foot of iiuch waU to! II be the required result. £xAMFLE 1. — Find the uunilMir of brick.s required for the erection of a building, the wall of which is nine inches thick, the length 40 ft., width 32, and the height IH, Allowance to be uiade lor 12 windows, 7 by 3^- feet, and 3 doors, HA by 4 ft. (Bricks 9 inches long.) SOLITIUN. 40+40-f:{0i-HH0i'=I41, the lennth in a straight wall. lUXlH, the height-=2538 the number of square feet. 7X'HX 12=294 feet, the space occupied by the windows; 8^X4X^=102 feet, the space occupied by the doors — hence 2944-102=3%. the number to be deducted iVoni the whole surface; 2.538 — 39(5-^2142 feel of wall; this multiplied by 12, the number of bricks required to lay one foot of such wall, gives 25704 for the total number ot bricks. . Ex. 2. — Required the number of l»ricks for building a wall 43 ft. long, 32 wide, KJ high and 8 inches thick, allowing for 14 windows, 8 by 4^ feet, 4 doors, 9 by 4 A ft. Ex. 3. — Find the nunil)ei- of bricks required to huild a house of the foUowing dimensions : the main building to be 30 feet long, 24 wide, \^ high, and the wall 8 inches thick ; 2 doors, one 8.i by (> ft., the other 7 by .'Uft ; 8 wimh.ws, (ii by 4 ft. The kitchen to be 13 ft. long, 11 ft. wide, and side walls 10 ft. high, having a gable t 4' ft. in altitude, 4 windows, 41 by 3 ft., and 2 doors, 7.1 by 3.^ ft. NOTE.— It Ih iiii|H)8siblu on noooiiiit of the iiecoHHury want* and other luodifyiii); (lircuin- HtAiiueii, U)^ive the exact number of bricks required to" build a wail, but the above M.ystein of ualcu atiiii) haw beeiifuund by practii-al niechaniuH to \w very nearly rlt^bt. t To And the content of a gable multiply the width of (he bulldinif, l)v the helifht of the gable and divide the product by 2. ■ It will be ohncrved that 1^ fe«jt are det*ucted fn.ni main end to allow for the thickness of the U'ull. 257 lOuse of oiig, 24 \\ l,y (i loV)e 13 )U- 1 4.', IK oircuin- Mystein ■•( i^'ht of the IU8H of the „ 2. How many bricks will be required to erect a wall 1 40 ft. long, 14 ft. higii and 1 ft. thick, allowing for 2 doors 4x7 feet, and 12 ■windows, 3 X 5 ft. ] .-^.- , ■• -■ 3. How many brickw will be required tj erect a house 26 x 36 ft., walls 21 feet high and 1 ft. thick ; allowing for 3 doors, one 4J x 7 ft., two 3 x 6 ft., and 12 windows ; two 5x7 feet, three 4x6 feet, and seven 3X5 ft. 1 4. How many perche.s of stonework are there in the foundation of the above building, if the wall l>ti two feet thick and 4 feet high, there being a cellai; in one corner 18X20 feet, the walls of which are 7 feet higli ? ' "' • '" ... | , . (iLAZIERS' WORK. -• Glaziers take tneir dimensions in feet, inches and eights or tenths, or else in feet and hundredth parts of a foot, and estimate their work V)y the tujuare foot. Windows are sometimes measured by taking the dimensions of one pane, and multiplying its superficies by the number of panes. But, more generally, the^ measure the length and breaiUh of the window over all the pains and thrir frames for the length and breadth of the glazing. ^ * Circular or oval windows, as fan lights, etc., are measured as if they were square, taking fi^r the dimensions their greatest length and breadth, as a com})ensation for the waste of glass and labor in cutting it to the necessary forms. Example. — Tf a pane of gla.ss l)e 4 feet 8 J inches long, and 1 foot 4|^ inches broad, how man^ feet of glass are in that i)ane? BY Ul'UDEOIMAI.S. BY DECIMALS. FT. IN. V. 4 8 9 1 4 a 4 1 8 *f 6 II I 2 6 4 10 2 3 4.729 1.354 18916 23645 14187 4729 6.403066 Ana. 6 feet 4 inches. TO FIND DIVlH«*4tj^ K<»H t'lHCULAR FIGURES. It has been found by •-xp-riment, that the ai-ea of a circle, whose diameter is unity, will lie 785398, «fec. ; but which for the sake of PS 1 ih 258 convenience, is usually considered ; as -7854 parts of an unit ; wherefore by dividing the solid capacity of any figure by 7854, the quotient will be the proper divisors to the squared diameters of circu- lar figures. To reduce the area, at one htch deep, into gallons, or if the content of any vessel be first found in inches, by multiplying the ai-ea into the depth, «fec., and then applying such divisors, the content will be found in terms of the factor employetl : hence Example. •7854- 1 144 1728 282 231 ( 1-273^ ( 183-34 (2200-16 ( 359-05 ( 294-12 \ 2150-42(2738 268-8 ( 342-24 227 ( 289 217-6 ( 277 \ 326-4 ( 415-8 which are the divisoi-s for circular figures, of which the dividends are the solid ca- \ pacities in inches ; and to each of which -7854 (us on the left thereof) is ft divisor from whence such quotients result. N. B. — Any divisor for a circular fig\ire >)eing multiplied by 15 gives the divisor for sjjheres. To find multipliers, answering the purpose of the foregoing divis- ors for circular figures. Rule. — JJividc. '7854 % Ihe. aolid capacity of auy figure., in inches, and t/te quutie.iit in the correspond iny vmltijdier to such divisws re- spectively. To find the solid content of a cylindrical vessel. ' Rule, — " Multiply area of hottofi by heiyht of vessel" Example. — The inside diameter of a cylindrical ves.sel being 40 inches, and height of side 5 feet, find its cubical content. Area of bottom=:40 •-X.7854±: 1256.64. 1256.64 area of bottom. 60 in height. Ans. 75398.40 cubic inches. To find the ciibical content of a vessel with nict-augular base and vei-tical sides. Rule. — Mtdtiply leuyth if bottom by breadth, ami the product by Jmght of vessel. ^ Example. — -How many cubic feet will a tank, measuring 8 feet long, 4 feet wide, and 4i feet deep, contain ] Am. 8X5X4 or 160 cu. ft. NOTE,— The area of a cirule is found by multiplying the square of the diameter by .7864. m unit ; 854, the of cii'cu- ons, or if lying the e content ,r tignies, solid ca- of wliich a divisor It. ■'■ edby 1-5 ling (livis- iii inches, mswK rn- l>eing 40 base and roduct by ing 8 feet ) cii. ft. Iter by .7864. 259 * * » . It frequently occurs that cisterns are to be so constructed as to hold given quantities of water, and it then becomes a useful and practical problem to calculate their exact dimensions. If the height of a cistern be given to find the diameter, so that the cistern shall contain a given number of hogsheads. 1st. Reduce the height of the cistern U^ inches, and the content to cubic inches, 2. Multiply the height by the decimal .7854. 3d. Divide the content by the last result, and extract the squai'o root of the quotient, which will be the diameter of the cistern in inches. To find the solid content of a vessel with circular top and bot- tom of unequal dimensions, and having straight sides ; or to find the cubical content of the frustrum of a cone. Rule. — " To t/ie product of top and. bottom diiniefera add tlie sum of their squares, 'multiply this sum by the peritendictilar height ami by constant .2618." ' "^ . Example, — The top diameter of a circular vessel is 20 inches, the bottom diameter 11 inches, and the perpendicular height 18 inches, find its solid content. . To product, of diameters, 20X11=220 ' add sum o.' their squares, 4004-121— 521 4 741 741X18:133.S8X.2618=3491.8884 cubic inches. To find the capacity ^n gallons of a tank, cistern c" vessel of any kind. . . ^ Rule. — Divide the content in cubic feet by 6.2S21, ami the result will be Imjierial gallons ; or multiply the content in cubic inches by .0036 for a like retult. GAUGING CASKS. Rule. — Take t/ie distance in inches from tJie centre of the bumj in- side, diagonally, to the chine ; cube it, and divide by .'iTO, and the quotie7it will express the gallons. Should there be a remain/ler, multi- ply by 4, n'^d continue the division for quirts, by 2, for pints, etc. Nt)TR — If the bun^ is not in the centre, measure bi>th ways to chine ; add the two results tng«ther, and take half the sum ; then proceed as nbove. 260 !( J 1! This standard numlxjr 370 is dorivnd from actual oxiJeriniont. Thu ni(His'U'uincnt of a regular Khafied cumIc cuUkI a.s above, divided by the ai;oi.al ca])acity of the £iigliHh giillon ]Hit, gave the standard 370. .,,^ , . .r , , KXAMPLK8. ,; 1. How many gallons will a hogshmd hold measuring 37 inches from the centre of the bung inside to the chine ? Atiji. 13H gals. 3 qts. 1 pt. OPKKATIOX, 37X37X37-.')06.')3-370 130 gsillons. ' - ' *'■ Is remainder 333X4 - 1332-5-370=r3 quarts. 2d remainder 222X2 - 444-^370 -- 1 i.int. 2. A cask measures 16 incluw from the centre of the bung, diag- onally, to the chine ; what is its mi»acity ? A iu<. 1 1 gals. 2 gills. 3. A cask measures 18 inches, er of bushels of shelh'd com in the crib. In measuring the height, <»f course, the height of the corn is in tended. And there will Ik; f«iun«l t<» l»e a difference in measuring corn in this mode, between fall and spring, Ix'cause it shrinks very much in the winter and spring, and S4'ttl<'s down. MEASUREMENT OF GRAIN. The standard unit of Dry Measure is the Inqierial bushel, which is an upright cylinder whorte int^nuil diameter is 18.789 inches and depth 8 inches. It contains 2218.192 cubic inches or 80 lbs. Avoir- dupois of pure distilled water. 261 which 168 and Avoir- Grain is bought and Hold by weight, allowing for a bushel as fol- lows : Wheat, 60 lbs. ; Indian corn, 56 lbs. ; rye, 56 ; peas, 60 ; l>arley, 48 ; oats, 34 ; beans, 60 ; clover seed, 60 ; timothy seed, 48 ; buckwheat, 48 ; ttaxseed, 50 ; hemp seed, 44 ; blue gi-ass seed, 14 ; castor beans, 40 ; j)otatoes, turnips, carrots, parsnips, beets and onions, 60 lbs. ; salt, 56 ; dried apples, 22 ; dried j)eache8, 33, and malt 36 pounds. TO MEASURE GRAIN ON THE FLOOR. Rule. — Afake. the. pih in tlieform of a pyramid or cone, tmd multi- ply tlie, area of tlie bane by one-third the heiaht fyr the cubical content. Example. — A conical \n\v, of grain is 8 feet in diameter, and 4 feet high, how many bushels does it contain ? S(»LUTlbN. The square of 8 is 64 ; and 64X7854X1 i x ]^, the number of bushels. TO ASCERTAIN THE WKIOHT OP CATTLE BY MEASUREMENT. Multiply the girth in feet, by the distance from the bone of the tail immediately over the hinder jjart of the buttock, to the fore- jMirt of the slioulder-blade ; and this product by 31, when the animal measures nuire timn 7 and less than U feet hi tjirth ; by 23, when hs» tluin 7 atul more thui J ; by 16, when less than o aiul more than 8 ; and by 11, when less than .»'. Example.— What is the w(;ight of an ox whose measuremeuts are as follows : girth, 7 fe(!t 5 iuches ; leugth, 5 fet^t 6 inches ? SOLUTIOM. 5'X7.^-40''L ; 402JX31-:1264+. Answer. A dtnluction of one pound in 20 must l»e nuule for half-fatttnl cattle, and also for coWs that have hiul calves. It is undei-stood, of coui-se, that such standanl will at Ijest gi\e only the appro.Kinuite weight. measuring land. To Hud the number of acres of land in ii rectangular Held, multi- ply the length by the breadth, and divide the [>r«Mluct by 160, if the measurement is made in rods, or Ity 43560 if made in feet. ExAMl'LE. — How many acres in a Held which is 100 ro«ls in length, by 75 nxls in width 1 SOLUTION. 100X75 = 7500; 7500h-160=467. Answer. To find the ctmt«mts of a triangular piece of laml, having a rec- tangular corner, multi|ily the two. shorter sides together, and take one-half the product. * fi.:'. ' li i 262 • Those who have occaHion to refer to meiiHurating will find the fol- lowing table of muItipleH very UReful. It covers nearly the whole of practical geometry, aiitl should be studied cai-efiUly by those who wish to be skillod in this beautiful branch of mathematices. TABLE OPMlTJ/nPLEH. Diameter of a circleX3.14l6=Circumference. Radius of a circleX6.2.S318.'»r^ Circninference . Square of the radiuR of a circle }-3.1416= Area. Square of the diameter of a circleX. 7854— Area. Square the circumference of a circleX.079''»S— Area. Half the circumference of a circleXhy l>alf its diameter— Area. Circumference of a circleX-l-'ii'l.'i.')— Radius. Square root of the area of a circleX-''fi4It>- Radius. Circumference of a circle ^<.;^I8.S1 -^Diameter. Square root of the area ot a circleXl-1283H^Diameter. Diameter of a circleX-^^XSide of inscribed equilateral triangle. Diameter of a circleX-7071 -Side of an inscribed square. ., , Circumference of a circleX •225 --Side of an inscribed square. Circumference of a circleX-2H2 -Side of an equal square. Diameter of a circle X.*i'^fi2=:Side of an ecjual square. Base of a trianglexby ^ the allitude:::!=Area. Multiplying both diameters and .7854 toirether=Area of an ellipse. Surface of asphercXby one six of its diameter =Solidity. Circumference of a sphereXby its diameter— Surface. Square of the diameter of a sphere X-"'- 1416 =Surface. Square of the circumference of a sphere X->^'^'^ "Surface. ' Cube of the diameter of a 8phereX.52H6— Solidity. •' Cube of the radius of sphere X 4. 1888 ^Solidity. Cube of the circumference of a 8phereX'016M87::=Solidity. Square root of the surface of a 8phereX.564iy -Diameter. Square root of the surface of a sphere X l.7724.'>4rzCircumference. Cube root of the solidity of a 9phereX3.8978— Circumference. Cube root of the solidity of a sphereXl.2407— Diameter. Radius ot a sphereXl'l'''47=-Side of the inscribed cube. Square root of (\ of the square of) the diameter of a Bphere=Side of in- scribed cube. Area of its baseXby % of its altitude— Solidity of a cone or pyramid. whether round, square, or triangular. Area of one of its side X6 = Surface of a cube. .^ , )^ Altitude of trapezoid Xi the sum of its parallel sides= Area. he fol- whole je who ise. le of in- pyramid • EXAMINATION Qf^ESTIONS. 1. Six men are en^rai^ed in buildinj; a houne, which they agreed to finiiih in 90 days ; but, after working 70 days, they iind that it will be impoflflible to complete it in lesH than M days more ; how many additional men mugt be employed, to tinish the work according to the contract? Ana. 9. 2. How much carpeting that is ( of a yard wide will cover a floor 15 feet square? Ana. 33^ yds. 3. A careless clerk, nnlculatinr cent per annum, at a bank ; required the net profit on the goods. Ana. $94.41. 5. A merchant bought 75 barrels of flour at -^9 per barrel, an J sold \ of it at a certain gain per cent., g at twice that gain, and the remainder at a net profit of $25. If lio hud sold the last lot for .?8.75 more, he would have gained 10 per cent on the whole ; what was his gain per cent on the firit two lots and his whole net gain ? Ana. \at. lot r} per cent; aecond \Q per cent; net gain $58.75. 6. A note for $413.50, dated September 1, 1873, bea.n the following in- dorsements : Received October 1, 1873, $50; Jan. 10, 1874, $100; March 11, 187-1, $75; how much is due June 1, 1874, the rate of interest being 7 percent? vIm*. $204.36 f. 7. An Indian and a white man undertook, for a wager, to run a race over a six-miles course. The speed of the Indian was to tliat of the white man as 4 to 3, till the former reached the half-way point, when the latter aban- doned the contest. The Indian continued on at half his former speed, and made the whole distance in 4S minutes : how many rods per minute did each run at first? Ana. The Indian, &Q, the white man, Ab. 8. A liquor agent of a New Enifland town held the office for one year, at the close of which he gave the following statement of his accounts : — Amount of cash received upon assuming the oflice $3217 Value of liquor mceived at the same time 57.54 Cash received for sales of liquor during the year 102.97 Amount paid for liquor boughtduring the year 59.91 Amount of agent's salary 26.00 Value of liquor on hand at the end of the year 31. .37 Did the agent owe the town, at the end of the year, or did the town owe the agent, and how much? Did the town gain or lose, and how much ? Ana^ The Agent owed the Town $50.23. The Tfjwnloat 8 11. 9. A and B purchased a watermelon for 8 cents, A pa)i'ig 3 cents, and B. 5 cents A third person comes along, and offers 8 cents for a third inter- est in it, and the offer is accepted ; how shall A and H divide the money, so that all three shall have equal shares of the melon ? Ana. Bahould take! eenta. A " "1 cent. 10. A lets B have 30 lbs. of wool to spin on the following condition : B is to spin A's portion at 12^c. per lb. of yarn, and take his pay in wool from the .30 Ihs., at .30c. per lb. How many lbs. of yarn should A. receive, and how many lbs. of wool should B keep in payment, there being a waste of 1 J lbs. of wool on every 10 manufactured. Ana. A ahould receive 19 ,^' Ibg. 131 Bahould keep 8 j|, " D; i BELLEVILLE. ONT » <9> •- The best jMttronizetf, nwnt «,cleiiHit», thonriujh ittiil /mtctlcnf JiusluPta CoUeye in (.'aiindn. An Institution wh^re, Hoi/h atuf Yoatuj atul Mihlh-ayed Men mn procure an education miited to the lo mtn of the tiineti. i: THE subjects tau?ht are just such as every Merchant, Fariiu'r, Mechanic and Professional man requires in transacting every day business : they embracA the following : BOOKKEEPING by Single an.l Double Entry, SPENGERUN PENMANSHIP, . J .. COMMERCIAL PAPER, . . BANKING, . STEAMnOATING, , CORRESPONDENCE. • ^ ARITHMKTTC, SPELLING, COMMERCIAL LAW, * * " PRACTICAL GRAMMAR, ' , '^ "''- MECHANICAL DRAWING, ;'■ , ■' ■ ACTUAL lUTSINESS COURSE, ;; : « TELEGRAPHING, • PHONOGRAPHY, ■■* ■ Ac, Ac, Ac. * ■ ' • Over LOOO of our f;raduates are now filling lucrative positions as Account- ants and Telegraph Operators. . This is not simply a School for the Merchant, but the course of study is so arranged as to be of incalculable advantage to all classes of the commu- nity. For Terms and all other Partlcitlars, send for our Panipklet Circular, Address, * ' S. G. BE ATT Y & CO., Belleville, Ont 'oiiege. fictimf JiuHiufitg ftyed Afen ran « titnea. arinor, Mechanic r buBiness ; thej w*_ >NDENCE. KITHMfcTfC, RSE, : tAPHY, *«•, Ac, 4c. as Account- » of study 18 the comma- ^/z-fl? /or OO, . Ont