MC-NRLF ALVMNVS BOOK FVND THE perpetual OR, BOOK-KEEPING, BY SDouftle 6ntrp, UPON AN IMPROVED PRINCIPLE; EXHIBITING THB GENERAL BALANCE, PROGRESSIVELY AND CONSTANTLY, IN THB JOURNAL, WITHOUT THE AID OF THE LEGER. " The Leger of the Prosecutors was of such a Mature, that, if any Mis- takes occurred in the Entries, they could not be discovered until fire End of. the Year, when the general Accounts of the Firai were balanced." Vide page 10. BY JOHN LAMBERT. PRINTED FOR J. M. RICHARDSON, 23, CORNHILL, OPPOSITE THE ROYAL EXCHANGE. 1812. 2-3 Marchantand Galabin,Printefi, Ingram-Court, London, 5,0 INTRODUCTION. THE science of Book-keeping is of so much importance to the commercial world, that an attempt to elucidate and improve the systems already in use, may at least meet with favour, should it even fail in impressing its readers with a conviction of its merits. However correct the principles of an art may be. in theory, the prac- tice of those principles must inevitably be liable to the errors and frailties of human nature ; and every system depending upon such contingencies must necessarily be open to improvement. The Italian system, as at present in use, is an exem- plification of this truism. Its general principles are as infallible in their application to every spe- cies of accounts as their operation is extensive : but, in practice, they are exposed to all the im- perfections of the mental and moral qualities of the accountant. They are subject to the defects of ignorance, to the errors of sloth, and to the corrupt practices of fraud, and even the closest attention on the part of the proprietor himself, is scarcely sufficient to prevent those evils, where full confidence is not placed in the persons who have the management of his books. The admirers of the Italian system are however extremely unwilling to admit that it stands in need of any improvement: whether it is, that the various plans hitherto offered for that purpose have failed in their object, or that the ill-judged schemes, proposed by the advocates for single entry, have impressed them with the belief that their own favourite system has reached its highest stage of perfection. Yet those who adopt such an opinion cannot surely be aware of the frauds that are daily committed upon the mercantile class of the community, and of the difficulty which is experienced in their prevention. From the numerous delinquencies which have occurred within these few years, it must have been a source of considerable uneasiness to every commercial man, that he possessed no adequate check upon the persons in his employ, who might convert his property to their use without the pos- sibility of detection until the annual adjustment of accounts. In almost every case laid before the public, the offence had been committed seve- ral months before the' discovery was made ; whereas, had the parties possessed a method of coming at the balance of their accounts, with greater ease and despatch than the present sys- tem affords, the fraud in all probability would never have taken place, or, if it had, might have 6 been detected soon enough to save their property, as well as the life of the offender. Many a man, placed in a responsible situation, has, either from indiscretion or distress, been in- duced to appropriate the property of his em- ployer to his own use ; and it was certainly a great tempation in his mind, that the transaction could not be discovered for some months ; at all events not till the annual closing of the accounts, by which time he most likely flattered himself with being able to refund the sum he had bor- rowed. Yet, had the same man known that his conduct might be discovered within a few days, or even hours, he would, without doubt, have avoided the disgrace of such a disclosure. Men are too often induced to commit crimes by the mere force of temptation. Some pallia- tive or other presents itself to their mind, which 73 subtracts from the enormity of the offence, and they are led by the urgency of their situation to do that, of which the bare idea of a public ex- posure fills them with horror. I have not the least doubt but that nine out of ten, who have made free with the money of their employers, intended to replace the sums they had taken, before they supposed it possible for them to be discovered. I do not mean to assert, that men of vicious habits are to be deterred from doing unlawful things merely from the absence of temptation; but it is possible that even their mea- sures may be so counteracted, as to lessen very considerably the means hitherto in their power ; while those whose poverty or indiscretion urges them to the commission of their first crime, may, perhaps, be deterred therefrom by the fear of im- mediate detection. The following case, extracted from the Morn- ing Chronicle, in February last, will substantiate 8 the observations I have made as to the inadequacy of the present mode of Book-keeping, to the de- tection as well as prevention of those tosses, to which all people in business are more or less liable ; and the knowledge of which presents a temptation too strong to be resisted by a weak and dissolute mind. " George Hammond was indicted for having stolen two ^50 Bank of England notes, in the dwelling-house of Messrs. Birch and Chambers, of Bond-Street, on the 1 1 th January last. Mr. Bolland stated the case to the jury, from which it appeared, that the prisoner, at the time of com- mitting the offence with which he stood charged, was fourth clerk to the prosecutors. These gen- tlemen kept their accounts by means of a Waste- Book, Cash-Book, and a Leger; which latter book contained the general accounts of the con- cern. Amongst other persons who kept cash at Messrs. Birch arid Chambers, was a gentleman, 9 named Vale, with whom the prisoner was intimate- ly acquainted, and, in consequence of the confi- dence which subsisted between them, Mr. Vale had been induced at various times to suffer the prisoner to make use of his account, and to pay money in his name, for which he afterwards ob- tained checks, and bills of exchange, and drew it out again. On the 19th December last, the prisoner called on Mr. Vale, and told him that he had paid ^200 into his account, and, produ- cing the bankers' book, Mr. Vale there saw ih$ entry of that sum made. The prisoner then, asked him, to suffer him to draw upon him for two months for the sum in question, which Mr. V. immediately agreed to, and, the prisoner ha- ving drawn the bill, he accepted it. On the 19th January following, the prisoner again called on him, and brought with him the bill of exchange for ^200, for which he begged him to give a check for ,100, and another bill for another 100, to which Mr. V. also acceded, and the 10 prisoner, departed. On the same day, the pri- soner, having access to the cash-drawer, took out the two fifty-pound notes charged in the indict- ment, and entered in the Waste-Book the check of Mr. Vale, as paid to a man. The Leger of the prosecutors was of such a nature, that, if any mis- takes occurred in the entries, they could not be dis- covered until the end of the year, when the general accounts of the Jirm were balanced. And at the end of the year 1811, on the accounts being wound up, it was discovered that there was a deficiency in the cash-account of nearly ^2000. This circumstance having excited much alarm in the minds of the prosecutors, they resolved to have the whole accounts of the concern minutely examined. The result of which examination was, that the cause of the defalcation was traced to the account of Mr. Vale, where, from the entries in the Leger, it appeared that sundry sums, and amongst others, one for ,200, on the 19th December, had been paid in, which did not 11 appear as they necessarily would, had they been paid, in the Waste-Book and Cash-Book. This led to farther investigation ; and it was finally disco- vered that the entries had been made by the pri- soner ; and, as they regularly appeared in Mr. Vale's account, they were not discovered until the investigation described took place.'* With such clear and decisive evidence before us of a radical defect in the present system of Book-keeping, it is certain that however excel- lent may be the principles upon which it is formed, the method of applying those principles will still admit of very considerable improve- ment. Some additional aid is required by which this generally-approved system may be rendered more perfect ; by which its various parts may be quickened into maturity, and arrive, by a more early and easy process, at that desirable ultimatum of the whole, " The General Balance" the access to which is at present attainable only ft At distant periods, and by a very tedious and wearisome operation. In the present publication it has, consequently, been my endeavour to obviate this defect, and to render the Italian system, if not as perfect in practice as in theory, at Peast more capable of perfection than it has hitherto been. The princi- ples here laid down are no! intended to subvert those so generally in use ; but rather to form an useful appendage to the common method of dou- ble entry, the Italian basis being equally the foundation of both. The plan of a progressive and perpetual balance niust evidently have the effect of extendirig the benefit of the Italian sys- tem beyond its present limits, and also enable it to possess that great desideratum in the art, which tends to the immediate detection of error and fraud. It is the constant exhibition of the ba- lance alone that can possess these desirable qua- lities, by which the merchant or trader may at 13 one view, and as often as he likes, see the whole state of his affairs. In the course of my observations throughout this work, I have been solicitous only of ex- plaining myself in a clear and intelligible manner. I have avoided, as much as possible, every arti- ficial term that was not absolutely necessary to elucidate the principles of Double Entry, and have divested the subject of all that extraneous matter, which has heretofore clouded the works of theoretical writers. The form which I have cho- sen possesses that brevity and simplicity which invite attention, without exhausting the patience ; while it is sufficiently comprehensive and elabo- rate for the display of those principles, which it is its object to recommend. It would have been a task of little difficulty to have drawn out a set of accounts expressly for the work, but I chose one founded on the familiar system adopted in every counting-house, for the very purpose of removing 14 any objections that might be started, as to the pos- sibility of adopting the form of the Perpetual Balance, for the usual routine of mercantile trans- actions. Explanation of the Principles UPON WHICH THE PRESENT WORK IS FORMED, First. That the original entry of all accoun- table* transactions be made regularly every day, in what may be called the Day-Book; a- dopting, however, the mode of entry, or head- ing, peculiar to the Journal, so that every article may receive its respective debit and credit in the * By accountable transactions is understood, not only such as may really occur in the course of the day, but also those which it may be requisite to enter, for the' purpose of closing, or adjusting, an account, of which every book-keeper is aware. 16 usual way,- omitting nothing that may be neces- sary to make the monthly journalization com- plete. Secondly. That the Balance-Sheet, or Journal, be composed monthly from the Day-Book, in the familiar form of a general account current, headed, " Sundry Accounts D r to Sundry Ac- counts," taking care that the general balance of the preceding month is previously brought for- ward and carried to its proper columns, on the D r * side, under the head of " Increase of Stock," and on the C r side under " Decrease of Stock." The daily transactions to fall in under their re- spective heads and dates, and be carried to their proper columns of D r and C r ; the amount of the transactions in the course of the month, if correct, will be equal on both sides; and the difference between the two outer columns will be the balance : this being added to the inner column on the debit side, and agreeing with the inner column on the credit side, will ascertain the correctness of the Balance-Sheet, or Journal. To prove the accuracy of the balance produced 17 by this process, it is necessary to give a sum- mary of the general debits and credits at the bottom of the page, by adding, or subtracting, the various monthly debits and credits from the several heads which compose the balance of the preceding month ; the D r and C r side of which must correspond with the amount of balance pro- duced by the monthly journalization. Thirdly. That the monthly amounts of the several heads in the Journal, or Balance-Sheet, be posted into the General Leger under similar heads ; the amount of which will consequently agree with the summary of the monthly balance. Not that this Leger is any ways necessary to the formation of the balance, as must be evident by the process observed in the Journal, where the balance is produced by a progressive system of entries independent of the Leger. But, as it contains merely a few general heads, (all per- sonal accounts and heads of merchandise being confined to the Subsidiary Books,) the trouble of keeping it is not great, while the several items composing the balance being exhibited in the 18 usual way, will be more satisfactory to those who may choose to keep a check on the sum- mary Fourthly. That a regular set of Subsidiary Books be kept agreeable to the nature of the Pro- prietor's concerns. The majority of these need no other alteration than such as may be requi- site to facilitate despatch and lessen the ac- countant's labour. Those which arise out of the principles adopted in the present system, will create no difficulty or trouble, if formed upon the specimens given in this work. The following is a recapitulation of the books requisite to be kept upon the proposed plan, viz PRINCIPAL BOOKS. THE DAY-BOOK. BALANCE-SHEET, OR JOURNAL. GENERAL LEGER. 19 SUBSIDIARY BOOKS. THE PERSONAL ACCOUNT LEGER. MERCHANDISE-LEGER, OR WAREHOUSE-BOOK. INDEX TO ACCOUNTS PAYABLE AND RECEIVABLE. BILLS PAYABLE AND RECEIVABLE. CASH-BOOK, &c. &c. Of the preceding Subsidiary-Books, the Per- sonal Account Leger, and the Index to Ac- counts Payable and Receivable, are the only additional books required for any mode of Dou- ble Entry at present in use. The former is crea- ted merely by withdrawing all the personal heads from the General Leger, and, indeed, can scarcely be called an additional book ; at least, no additional labour is incurred in consequence of such separation. The Index is then the only book which, from its novelty, requires any explanation. The specimen given in this work is formed on a somewhat similar plan to the Bill-Book. It is, in short, a regular monthly enumeration of all the Per- sonal Accounts Payable and Receivable in B2 -20 the same order as they are carried into the Ba- lance-Sheet, or Journal; and, by being kept distinct, they present an unbroken list of every debit or credit that takes place in the Personal Account Leger. A form of this nature is indispensably neces- sary, and arises out of the system, of Perpe- tual Balance, the chief principle of which, is the keeping* the whole of the Personal Accounts under the general heads of " Accounts Payable " and " Accounts Receivable.'" It is only by a correct knowledge of the whole amount of those personal debits and credits that the proprietor is enabled to ascertain the real state of his affairs. It must, therefore, be evident, that, by entering those accounts every month, agreeable to the systematic plan laid down, the balance receivable and payable may be ascertained in a moment, and a most satisfactory check kept on the entries in the Balance-Sheet and Per- sonal Leger : but, by the usual mode, the amount of the personal heads cannot be ascer- tained without the tedious operation of picking -21 off every debit and credit in the Leger, under all the disadvantages of error ; and the smallest fraction will often occasion the labour of weeks to discover it. This form is, indeed, a very useful appendage to the common method of double-entry ; and, if correctly kept, may enable a person to come at the knowledge of his affairs much quicker than by the usual process. It is hardly possible that any error can creep into such a form without be- ing almost immediately discovered, as the Book- keeper will of course check the Balance every month with that in the Journal. It may, also, be satisfactory to check over once a year the heads of the Personal Leger, to see if the total amount corresponds with the Balances in the Index. The correct amount of these balances, being always readily ascertained, forms the principal and most desirable feature in the proposed system of Book- keeping; for the other Leger-heads being few in number, and embracing under each denomi- nation the total of sundry accounts, they may be collected in a few minutes, even by the usual 22 method. The new plan, however, possesses the great desideratum of forming the Balance upon unerring principles, without the assistance of the General Leger, and enables a merchant, at least once a month, and if he thinks proper, even every day, to see the whole state of his affairs. I do not mean to say that it is always necessary, or even possible, for the majority of people in trade to keep their accounts posted up to a day ; but there may be many whose affairs require con- tinued investigation, and who are only prevented from ascertaining the state of their concerns as often as they could wish, by the trouble and delay which attends the common method of producing the general Balance. The advantages of having the Balance before them, at least once a month, must be apparent to all : for though trans- actions in the course of business are hourly changing the face of the general account, yet, where the necessity of the case requires it, the labour of an hour will render the whole perfect. Those, however, whose affairs will admit of early postings, and to whom the 23 knowledge of the general balance is of consider- able importance, will find the form No. 2 of the Perpetual Balance, or Journal, of great advantage to them. A journal upon this plan will also su- persede the use of the D ay-Book ; and the entries may be posted daily into the Leger and Subsidia- ry Books, while the general Balance is progres- sively formed upon the most sure and correct prin- ciples. The proprietor may thus make himself acquainted with the true state of his affairs when- ever he thinks proper, without any other trouble than casting up the columns of a single page in the Journal. Independent of the advantages which this sys- tem possesses, of producing the Balance, with so much ease and despatch, it possesses also the ad- vantage of great accuracy. Upon an attentive in-, spection of the Balance-Sheet, as connected with the several entries in the Subsidiary-Books, it will be evident, that an universal check is maintained upon every individual account, as well as the totals. And, that the trifling error of a fraction would ob- struct the formation of the monthly balance It 24 must be allowed, that errors may sometimes una- voidably creep into the Day-Book, or Subsidiary- Books, but it is impossible that they should escape the strict ordeal of the Journal, or Balance-Sheet. Errors of magnitude must be instantaneously de- tected ; and frauds cannot be committed without totally perverting the accounts, which no one, who expected to have his labours investigated, would venture upon rashly. It may be necessary here to state, lest it may be supposed that I am hold- ing out an infallible preventive to fraud, in the system of Book-keeping here recommended, that no form whatever can, of itself, be proof against the arts of the fraudulent, ft is a frequent inves- tigation, only, on the part of the proprietor himself, that can secure him from the evil consequences of carelessness and depredation. The object of the present work is to facilitate that inquiry ; and, by the constant exhibition of the Balance, to enable him, at one glance, to see the true state of his af- fairs. A book-keeper of tried integrity is, however, of more value than all the forms and checks that can possibly be invented. 25 In thus discussing the merits of the proposed system, I have merely stated its advantages, if carried into execution upon the plan laid down. Great, however, as those advantages may be, I am aware that the system will not be readily adopted by some, from motives of delicacy, as tending to lay open their affairs too much to their clerks and others, whom they may wish to keep in ignorance of their real situation. Others whose commercial transactions are very extensive, and complicated, may object to an innovation that may give, what they conceive, additional trouble. And others may be unwilling to part with old forms, which at least have been satisfactory to them. To meet these objections I would recommend merely the keeping of the Balance-Sheet, or Jour- nal, by the Proprietor himself, who may easily procure the totals of the monthly debits and cre- dits from his book-keeper, and, by carrying them progressively to the monthly balance, he will be enabled to ascertain the real state of his affairs, while those about him will know no more than they derive from the common method. 26 With respect to accounts of the nature of growing demands, or accruing gains and ex- penses, such as rent, interest, commission, and the like, and which are not closed or ad- justed before certain periods, no difficulty can arise, as certain heads may be opened for them, and the monthly accumulating amount be carried regularly into the Balance-Sheet, or Journal. This, however, is at the option of those who may wish to ascertain the state of their concern up to as late a period as possible : and is only of consequence to persons whose transactions are much blended with such accounts. It is not within the province of an attempt like the present to enter into a detail of the prin- ciples upon which the art of Book-Keeping is founded, because, it is supposed, that those to whom it is addressed are previously acquainted with the rudiments of Double Entry ; conse- quently, many observations and remarks, which might be necessary to the mere learner, are omit- ted in the present work. Nevertheless, the plan, 27 upon which the principles of the Balance-system are constructed, by being divested of numerous terms of art, and unencumbered with that com- plicated diversity of transactions common to other treatises, is rendered so extremely plain and simple that even a novice in the art will find his attempts to acquire a knowledge of Double Entry greatly facilitated. Indeed, the objections that have long been made to the Italian system, by persons unacquainted with its principles, have arisen more from the complex nature of the mer- cantile transactions, in which; those principles have been enveloped by theoretical writers, than from any obscurity, or difficulty, in the system itself. The general principles of Double Entry are clear and indisputable ; particularly the funda- mental one, upon which the whole fabric rests, viz. That no transaction can take place without having the double account of Debtor and Creditor. It is this which renders the entries in the Journal always equal, and the balance of debits and credits in the JLeger uniformly of one amount. 28 The Italian system, therefore, is by no means difficult to comprehend, and has only to thank its various commentators for that aversion which many persons feel towards it, in consequence of its supposed intricacy. It may, indeed, be safe- ly said, that from old Le Mairto honest Dil worth, not one in a thousand ever acquired a knowledge of the art from mere theory. The practice of the Counting-House alone enabled them to dis- cern the merits of the system ; and to regret the time lost, at school, in imbibing methods, of which it required months to divest themselves. The preceding observations will, I hope, satisfy the mercantile world, that the present publica- tion is not intended to subvert the principles of their favourite system, but rather to strengthen and confirm them. And though the plan here recommended may not be adopted in its utmost extent, the more important parts thereof may be added to any mode at present in use, and be- come a very serviceable appendage. For the convenience of printing, every transaction is not entered so full and minute as may be necessary; 29 but the plan admits of every account being en- tered equally full and explicit as by the common method. Brevity and simplicity are of con- siderable importance in the form requisite to explain the principles of any new system: the one I have chosen is clear and perspicuous, and unfettered with the trammels of uncouth terms and antique negociations. It is sufficient, if the form possesses a proper diversity of transac- tions, to illustrate and explain the nature of the principles recommended, a repetition of do- mestic, and a multiplicity of foreign, concerns, can only serve to distract the attention of the reader. 30 OF SINGLE ENTRY. As the method of Book-Keeping, by Single Entry, in use among retail dealers, does not come within the sphere of the present work, it cannot be expected that any of the principles, or observations therein, should apply to that system. It is, indeed, a mode so extremely imperfect, that nothing but a recurrence to the Italian prin- ciples can ever satisfactorily answer the intended purpose. Yet the minutiae of the retail business certainly presents very considerable obstacles to the form of Double Entry ; and is, in short, the chief cause of its discontinuance in that branch of commerce. So numerous are the various articles of the shop, so trifling is their individual amount, and so rapid in sale, that a separate entry for each could only be made at the expense of much time and patience. It is owing to this inconvenience that the art of 31 Book-Keeping applicable to the retail trade is shorn of its most noble properties, and deprived of one half of its powers. By being thus mutilated it becomes, in point of truth and correctness, of little or no value ; and is, after all, compelled to accept of the aid of a substitute for Double Entry, in the process of taking stock, before the trader can form any idea of the state of his affairs. Serious, however, as the obstacles may be, in consequence of the minutiae of the retail business, I am yet of opinion, that a mode of generalising the various articles and expenses of the shop might be adopted, so as to supply the deficiencies, at present existing, in the mode of Single Entry ; and, if not altogether so ac- curate and perfect as the Italian principles, would, at least, materially assist in the formation of the general balance of the shopkeeper's affairs. Retail dealers, who adopt no other method than that of Single Entry, can never ascertain, with any degree of correctness, the real state of their business. Even after the tedious process of taking stock, they are able to form but a very 32 uncertain estimate ; neither knowing how much of their property has been plundered, or lost through mistakes ; whether they have entered every article to its proper account ; nor whether the result of all their labour is correct, They find that there is a certain amount of personal debits and credits, so much cash in hand, and so much merchandise, or stock in trade. And by this they form a very inaccurate idea of what they have gained, or lost, in the course of the year. But they have nothing to check this account; and, for aught they know, it may be two or three hundred pounds more, or less, than the statement produced. It is extremely desirable that those who can- not avail themselves of the system of Double- Entry should endeavour to approach as near to it as possible. Every man know r s the amount of the capital with which he begins business ; the debts which he owes; and those which are owing to him ; the cash which he has in hand, or at his bankers ; and the quantity of goods, or merchandise, in his shop ;- as for example, 33 . d. Capital 1000 Sundry Accounts } Payable,or debts ^1950 owing, by him . . 7 Bills Payable .... 560 o3510 760 Merchandise, or > Stock, in Trade, Sundry Accounts "J Receivable, or %1500 , ,to him ) debts due Cash in hand. . 250 o3510 The affairs of every man on entering business must assume a form similar to the above ; that is, his debits and credits must be equal, whatever mode of book-keeping he may think proper afterwards to pursue. All that is required of the trader is to keep an account for each of the above heads, or any other that may, by chance, occur in the course of his business. This is al- ready done by Single Entry, as far as relates to the personal heads of Sundry Accounts, or Debts Payable and Receivable, and also of Cash ; but no account is kept of merchandise, or the articles which he deals in, nor does he possess any method of ascertaining the profit and loss thereon : he knows the amount of his capital, and he c 34 learns the amount of the personal debits and cre- dits when balanced ; but he can only know the value of the property on hand by the laborious and imperfect process of taking stock. The two accounts, therefore, which are necessary to fill up the vacuum, in the books of a retail dealer, are those of merchandise and profit and loss. It is the difficulty of keeping these two accounts in a business which comprises an infi- nite number of small articles, as well as a rapid sale thereof, that has hitherto prevented the re- tail dealers from benefiting by the useful system of Double Entry. But where there is one trades- man so situated, there are hundreds who might avail themselves of its advantages, did they possess the requisite knowledge. Those, how- ever, who excuse themselves either from the nature of their business or their ignorance of the art, may find considerable assistance by keeping their articles of merchandise, ge- neralised under one head, and all their seve- ral gains and expenses under another head, which may be done agreeably to the form No. 3, and kept in their leger with little additional 35 trouble. The amount of goods bought and sold maybe entered either once every week or only once a month ; and, by deducting the profits on the sale, will leave a balance equal to the stock on hand. The profits must be collected weekly, or monthly, from the goods sold, whe- ther for credit or ready money ; and the amount thereof carried regularly under the head of Profit and Loss, together with all charges and expenses in the course of trade, as well as house-rent, taxes, salaries, wages, &c. and the balance re- maining will be the amount gained or lost. All losses upon goods sold must be noticed equally with the gains, and, if any article is returned, Merchandise must be debited with the prime cost thereof, and Profit and Loss debited with the profit, while the personal head, of course, will be credited with the whole amount. This is, in fact, the very principle of Double Entry, worked by an irregular process. The heads of Merchandise and Profit and Loss being kept in the Leger, a small memorandum book is all that is necessary, to keep the minute c2 36 details of gains and expenses as they occur ; when cast up, their amount is soon carried to its proper head. The principal feature in this plan, is the collecting the profits upon the sale of goods, sold either for credit or ready money. Some diffi- culty will, no doubt, be started by those who dis- like every thing that requires method and appli- cation. The trader will also object, most likely, to the exposure of his profits ; but he has no oc- casion to do so upon the plan I have laid down ; for the head of Profit and Loss need be accessi- ble to no one but himself. He has only to re- quire his shopman to put the private mark against every article sold ; and the profits are easily as- certained, when a man is anxious to know how his affairs are going on. I do not offer this plan for any particular accuracy that it possesses ; but rather as an assistant to the retailer, in checking his annual balance when he takes stock: for though it does not give him the description of the goods on hand, it will certainly furnish him with the amount of what there ought to be. Merchandise must be debited for every loss 37 that may arise from selling goods under prime cost, and must be credited for all goods returned by the shop-keeper to the merchant. Retail dealers, in putting their private marks upon goods, frequently increase or diminish the cost price of various articles, according to their individual qualities, but which, upon the aggre- gate, generally augments the original price of the whole ; it is, therefore, requisite that the amount of such increase should be ascertained, and carried in one sum to the debit of Merchandise. The like sum may also be carried to the credit of Profit and Loss, though, strictly speaking, it is no gain until the amount of goods upon which the increase was made, is disposed of. On the taking of stock, at the end of the year, the goods or merchandise upon hand must be carried to a new account, previously making such deduction or addition as may be requisite to equalise the amount with the current prices. 9 Thus far, the plan proposed appears to answer the purpose of ascertaining the amount gained or lost in the course of the year, as relates to 38 actual gains and expenses; and, also, the total amount of the stock of goods on hand. But it is not in the power of a method so generalised to ascertain the quantity, quality, and nature, of that property. Such knowledge can only be acquired by resorting to the principles of double-entry. This, as I before observed, though almost impossible in trades where the articles are so numerous, so trivial in amount, and so rapidly disposed of, yet is not difficult to be performed in those where the several des- criptions of goods are easily reduced to a few heads. No excuse, but ignorance of the art, can avail in the latter case; and, surely it is contrary to the interest of any man in business to remain unacquainted with it. Principles so clear and accurate as those of the Italian system are soon comprehended, when applied to a man's own accounts ; and all that intricacy with which they have been clouded, by theoretical writers, immediately vanishes. By divesting the subject of many of its complex and intricate terms, disencumbering it of a load of domestic and foreign transactions, and displaying the 39 operation of its powers hi the familiar form of an account current, it has been my endeavour to exhibit, in a plain and simple garb, the truth and accuracy of its principles, and to render its valuable qualities more generally useful, by being better known and appreciated - DAY-BOOK FOR JANUARY, FEBRUARY, AND MARCH, 1812. 42 DAY-BOOK. Reference to Subsidiary Books. SUNDRY ACCOUNTS Dr. 10 LONDON, 1st JANUARY, 1812. TO STOCK. Merchandise. 1 Tobacco, 9 hhds 349 16 2 Wine, 3 pipes port, 2 Lisbon 234 10 Rum, 2 puncheons 56 2 640 8 Cash, 6 Amount of balance in hand 572 12 Bills Receivable. 1 J. Lee on James Grant . . . . 142 2 E. Jones on P. Mark 55 17 3 J. Jephson on T. Lewis 75 Accounts Receivable. 1 IndexNo.l. James Robson . . 115 10 I. John James and Co 45 19 banco. 3 . 3. SievekingandCo. (Hamb.)1575 a 35s. 4d. 118 17 5J 4. Hope and Co. (Amsterd.) 29,855 36s. . . 2763 17 9 6 5. Girardot and Co. (Paris,) 11,720 liv. 24d. . 390 13 4 343417 1 STOCK Dr. TO SUNDRY ACCOUNTS. 5 To Capital. William James, his share , . . 1663 4 1( Joseph Green, ditto 1585 12 ( Carried forward . d. 3248 16 10 IS481610 i. d 4920 14 10 * I have placed these two entries agreeable to the u^ual form, though they ought rather to be headed " Balance" instead of *' Sundry Accounts," as it is from the account of balance at the close of the books that the new account of ' Stock" is commenced, stock and balance being only nominal or fictitious heads for the respective debits and credits which ihrv cover, as will appear by referring to the Balance-sheet or Journal where those enuies are posted. / 43 DAY-BOOK. Reference .to Subsidiary Books. To Accounts Payable. 7IndexNo.l. John James 197 10 8 2. Johnson and Co 575 10 4 3. Twist and Co. . , 559 18 LONDON, 1st JANUARY, 1812. Brought forward To Bills Payable. Fries and Co. to Lambert and Co. due 4thinst 119 Hope and Co. to Boyd and Co. ... 21st . . 141 10 ( Ditto . . Ditto . . . 22d . . 78 10 s. d. 3248 339 1332 16 18 10 s. d 4920 1410 4th BILLS RECEIVABLE Dr. TO MERCHANDISE. (Rum.) For James Bosville's note a 2 months for 1 puncheon, No. 29, sold him 32 BILLS PAYABLE Dr. TO CASH. For Fries and Co.'s draft to Lambert and Co. paid this day 119 7th 410 MERCHANDISE Dr. TO ACCOUNTS PAYABLE.* (Sugar.) (Henry Eggers.) For 313 loaves, 38citf. 26/fr. a 104s. per cwt. bought of him .... Carried forward 198 350 10 16 * In the columns of reference I have discontinued the initial letters of the Subsidiary Books, and have made one column Dr. and the other Cr. for the respective folios. The Nos. of the index to accounts payable and receivable are applicable only to the Balance-sfieet or Journal. When the account has no sub- sidiary reference, as Profit and Loss, Capital, c. the folio of the General Leger may be put, or it may be omitted, as the account is posted from the Journal into the General Leger. 44 DAY-BOOK. Reference to Subsidiar Bonks. LONDON, 9th JANUARY, 1812. s.d s. d Dr. Fol;o Cr. Folio Amount brought forward ACCOUNTS RECEIVABLE Dr. TO MERCHANDISE. (John James $ Co.) (Tobacco.) For 3 hhds sold them, viz. No. 1. 950Z6. a 3d. per Ib 8. 954 7|d 57. 1156 12eZ . 12th 350 6 31 30 57 16 CASH Dr. TO ACCOUNTS PAYABLE. (Johnson $ Co.) For amount received from them on account 120 100 ACCOUNTS PAY ABLE Dr. SUNDRY ACCOUNTS. (John James.) To Accounts Receivable. (James and Co.) for balance transferred to his account To Cash. For amount paid him in full 166 31 197 10 CASH Dr. TO BILLS RECEIVABLE. For amount of James Grant's bill received this day _ . . mmmf 18th - ACCOUNTS PAYABLE Dr. TO BILLS PAYABLE. (Twist $ Co.) For their draft on us in favour of James and Co. accepted this day . . . . _ 2 1st -- ---' 142 270 10 4CCOUNTS PAYABLE Dr. TO SUNDRY ACCOUNTS (Twist $ Co.) To Accounts Payable. (H. Eggers.) For 5 hhds sugar delivered to him on our acct Carried forward 171 171 180 1 7 45 DAY-BOOK. Keierenc to Subsidiar Books. Dr Folio Cr Foli 10 LONDON, 21st JANUARY, 1812. Amount brought forward To Pro/ft awrf For our commission thereon a 2 per cent. 21st & 22d - BILLS PAYABLE Dr. TO CASH. For Hope and Co.'s draft in favour of Boyd and Co. paid this day Ditto ditto ditto . ACCOUNTS PAYABLE Dr. TO SUNDRY ACCOUNTS (Henry Eggers.) , To Cash. For sugar delivered to Twist and Co. To Profit and Loss. For discount thereon a 1 per cent. . To Merchandise. (Wine.) For 1 pipe red port, No. 22 UNDRY ACCOUNTS Dr. TO ACCOUNTS RECEIVABLE. (Hope $ Co.) Bills Receivable. banco. For their remittance on Colnaghi and Co. . . 1 1,660 Profit and Loss. For brokerage on the above 1113 3 11,671 13 3 CASH Dr. TO ACCOUNTS RECEIVABLE. _. -- (Giranlot $ Co.) For our draft on them of this date for 10,000 liv. tournois Carried forward 17 118 14 169 217 100 101 361 * See note, page 4'>. 46 DAY-BOOK. Reference to Subsidiary Books. LONDON, 28th JANUARY, 1812. . d. s. d. Dr. Folio. 4 6 Cr. Folio. 4 2 6 Amount brought forward BILLS PAYABLE Dr. TO CASH. 3255 270 55 9 3590 7 17 10 4 6 10 For Twist and Co.'s draft, paid this day . . . . . "9th CASH Dr. TO BILLS RECEIVABLE. 7 1 13 17 -v^ 6 of For P. JVIark's bill, received this day '.... .... SUNDRY ACCOUNTS Dr. TO CASH. Capital. Profit and Loss. Total amount of entries carried to Balance-sheet or Journal this month 14 47 DAY-BOOK. Reference to Subsidiary Books. Dr. Folio. 4 Cr. LONDON, 1st FEBRUARY, 1812. 5th ACCOUNTS PAYABLE Dr. TO MERCHANDISE. (Twist $ Co.) (Tobacco.) For 3 hhds, No. 2, 45, 115, sold them this day . 7th BILLS RECEIVABLE Dr. TO MERCHANDISE. For J. Thompson's note on James Clark and Co. ,,60, and his own acceptance, J,38 : 1 : 5, for 2 hhds tobacco sold him .... 12th ACCOUNTS RECEIVABLE Dr. TO MERCHANDISE (James Robson.) . (Wine.} For 1 pipe red port, No. 10, containing 116 gallons, a ^60 per pipe . . BILLS RECEIVABLE Dr. TO ACCOUNTS RECEIVABLE. _ (James Robson.) For a bill on J. Carew and Co. due 2d April , . 14th ACCOUNTS RECEIVABLE Dr. TO BILLS RECEIVABLE (Sievtking $ Co.) For our remittance of Hope and Co.'s bills on Colnaght and Co. . . . BILLS NEGOTIABLE Dr. TO ACCOUNTS RECEIVABLE. (Sieoeking % Co.) For our draft on them 15,000 marks ban. a 2 usance a 34s. 6d ACCOUNTS PAYABLE Dr. TO MERCHANDISE. (Johnson Q Co.) To Tobacco, 1 hhd, No. 16 Carried forward s.d. > 122 P8 700 1159 48 DAY-BOOK. Beferen to Subsidiar Books. Cr Foli LONDON, 20th FEBRUARY, 1812. Amount brought forward To Wine, pipe, Lisbon, 122 gallons To Rum, 1 puncheon, No. 9, 110 gallons . . . 20th ADVENTURE TO HAMBURGH (in company with Sieveking # Co.) Dr. TO BILLS PAYABLE. For our note, payable in 3 months to Roberts and Co. for plated goods per the Mary, Jones, master, as an adventure on the joint account of Sieveking and Co. and ourselves SUNDRY ACCOUNTS Dr. TO ACCOUNTS RECEIVABLE. (Hope $ Co.) Accounts Receivable. (Sieveking $ Co.) For remittance a 35 banco 3150 < Profit and Loss. For brokerage a 1 per rail, banco florins .... 3 3 ( 3153 3 C MERCHANDISE Dr. (Tobacco.) TO PROFIT AND LOSS. [n king's warehouse for gain thereby . . . 25th ACCOUNTS RECEIVABLE Dr. TO NEGOTIATIONS AND RETURNS. (Sieveking $ Co.) ?or our remittance of ,700 sterling on Colnaghi and Co. of London, negotiated a 35s. 8d. banco 9362 8 Carried forward 49 DAY-BOOK. Keferen to Subsidia Books Dr Foli Cr Fol 10 LONDON, 25th FEBRUARY, 1812. Amount brought forward NEGOTIATIONS AND RETURNS Dr. TO ACCOUNTS RECEIVABLE. (Sieveking $ Co.) For brokerage on the above a 1 per mil. banco 9 6 0| 28th MERCHANDISE Dr. TO ACCOUNTS PAYABLE, (Henry Eggers.) Molasses. Tor 12 puncheons, 246cwt. a 28s. per cwt. net || 34 Sugar. For 450 loaves, 4<2cwt. net-, at 109s. per cwt || 22 ACCOUNTS RECEIVABLE Dr. TO NEGOTIATIONS AND RETURNS. (Sieveking $ Co.) > For remittance from Hope and Co. ^300, on Cazenove and Co. of London, negotiated a 35s. 8d. banco M 4012 8 NEGOTIATIONS AND RETURNS Dr. TO ACCOUNTS RECEIVABLE (Sitveking $ Co.) For brokerage on the above a 1 per mil. banco 4 CASH Dr. TO SUNDRY ACCOUNTS, To Bills Receivable. 10th. On T. Lewis . 75 27th. On J. Clarke and Co. 60 To Bilh Negotiable. 17th. For banco 15 ; 000, on Sieveking and Co. Carried forward 135 1159 1294 3887 50 DAY-BOOK. Reference to Subsidiary Books. LONDON, 28th FEBRUARY, 1812. . d. d. Dr. Folio. Cr. olio Amount brought forward To Accounts Receivable. 294 8 4 3887 2 1 6 2 1th. James Robson, received in full of him 45 5 6 1339 13 10 SUNDRY ACCOUNTS Dr. TO CASH. 10 Accounts Payable. 15th. Henry Iggcrs, paid him in full .... 152 2 11 8 2 4 18th. Johnson <$ Co. to J. Clarke, per order 219 14 Sills Negotiable. 28th. For 18,000 liv. of Cazenove and Co. on Girardot and Co of Paris, the 25lh inst . . . 371 625 16 *j 6 11 1001 8 Profit and Loss. Merchandise. ACCOUNTS RECEIVABLE Dr. TO ACCOUNTS PAYABLE.* 3 4 3 4 (For the following transfer of balances.} 40 11 48 Twist $ Co.- Ditto ditto Total entries carried to Balance-sheet or Journal this month 6276 9 * For an explanation of this entry see the note in the Personal Account Leger. Note. The entries may be posted immediately from the Day-Book into the Subsidiary Books, which will afford all the facility and despatch so much admired in the system of Single Entry; but those who prefer the usual method may post their entries into the Subsidiary Books from the Balance-Sheet or Journal, as well as into the General Leger. In making the entries in the Day-Book care should be taken to keep the general and subordinate heads clear and distinct from the detail of the transaction, which will greatly facilitate the posting; it is on account of the clearness and perspicuity of the heading that I have adopted the Journal form in the Day-Book, and which will not prevent the entry from being detailed equally full and minute as in the common Waste-Book, D 2 51 DAY-BOOK. 1st MARCH, 1812, < 5. d \\ s . d. MERCHANDISE Dr. TO BILLS PAYABLE. (Hops.) For 30 pockets 4Bcwt. Sqrs. a ,5 per cwt. bought of James Farrer "1 K . * II Son, for which we have given our notes > _/U. RECEIVABLE Dr. TO BILLS NEGOTIABLE.! \ , . themselves by Cazenove and Co 4th 4th . NEGOTIATIONS AND RETURNS Dr. TO ACCOUNTS PAYABLE. (Sieveking $ Co.) For their commission on banco marks a ^percent. 15,013 60 75 00 Postages 3 10 78 10 ACCOUNTS PAYABLE Dr. TO SUNDRY ACCOUNTS. ( Stocking < Co.) (Stocking $ Co.) To Profit and Loss. For difference of exchange TO ACCOUNTS RECEIVABLE (Sieveking $ Co ) (Hope % Co ) For their remittance on Raikes and Co. of London, 25th Feb. at 2 usance marks. negotiated by them on o|a 35*. 9d. in banco 18,770 12 C ! NEGOTIATIONS AND RETURNS Dr. TO ACCOUNTS PAYABLE (Sieveking $ Co.) marks For brokerage on the above at 1 per mil ... 18 12 Carried forward 40 1400 2309 6 4 52 DAY-BOOK. Reference to Subsidiary Books. Dr. Folio. olio. 12 LONDON, 9th MARCH, 1812. Brought forward UNDRY ACCOUNTS Dr. TO ACCOUNTS RECEIVABLE. (Hope 4- Co ) Negotiations and Returns. banco florim For remittance to Sieveking ^1400 34s. lOd. 14,630 C Profit and Loss. For brokerage 14 12 C For commission on 29,850 a f per cent. . . . 149 5 For postages 10 6 9 Accounts Receivable. (Hope< Co.) For bal. in our favour tonj . . 221 ( Banco florins 15,025 3 < ACCOUNTS RECEIVABLE Dr. TO PROFIT AND LOSS (Hope $ Co.) For difference of exchange gained K)th ACCOUNTS PAYABLE Dr. TO MERCHANDISE (Johnson $ Co. ) To Sugar. For 210 loaves, %4cwt. 2qrs. 14J&. a 120s. To Molasses. For 6 punch. 123cwt. a 35s 12th AD VENT. TO HAMB. Dr. TO PROFIT AND LOSS. For our commission on purchase a 2| per cent. 15th BILLS RECEIVABLE Dr. TO MERCHANDISE. (Molasses.) For J. Carter's note on J. Good & Co. for 3 punch, molasses, sold him 61cwt. 137-5. 14/6. a 36s Carried forwarc . d. ._d. 309 6 4 37 36 53 DAY-BOOK. Reference to Subsidiar Books. Dr. Folio Cr. Folio LONDON, 17th MARCH, 1812. Amount brought forward ACCOUNTS RECEIVABLE Dr. TO MERCHANDISE. (Twist $ Co.) (Wine.') For 1 pipe red port, -No, 7, and.l pipe Lisbon, No. 16 , 20th . . BILLS RECEIVABLE Dr. TO ACCOUNTS PAYABLE. , (Johnson < Co.) For ol50 bill received of Johnson and Co. on J. Thompson 15 March a 3 months by J. Clarke to order of J. George ACCOUNTS RECEIVABLE Dr. TO MERCHANDISE. (John James $ Co.) . To Molasses. For 1 punch. 20cwt. Iqr. 25/fr. a 37s To Sugar. -For 200 loaves, P. 103 S MERCHANDISE Dr. TO ACCOUNTS RECEIVABLE. (James Carried forward 60 BALANCE-SHEET, OR Jen ,eg *=* * Date LONDON, Credits to Sundry Accounts. Increase ol Stock. 1812 Amount brought forward Jt 2844 s. 17 d 7 s. 519014 d. 10 7! To Accounts Payable. 7 12 21 r Ind. 4. Henry Eggers, for sugar bought of him . . . 198 16 2 s 5 Johnson & Co. for loan ...... . 100 t 4. Henry Eggers, sugar to Twist and Co 171 1 5 8 To Profit and Loss. 469 17 7 21 v Commission on sugar fo Twist and Co. ... 456 22 to * Discount on H. Egger's bill for ditto .... 1 14 2 5 19 8 f 2844 17 7 5666 12 To Balance. 1 : 31 For amount of sundry credits on 31st January, 1812 . . of 4186 7031 8 5 7 12 1 5666 SUMMARY OF THE BALANCE 31st JANUARY, 1812. CREDITS. s. d. Folio 9-10 Capital. Per William James and J. Green . 3241 3 10 7 Accounts payable , . 942 4 8 Profit and loss : 3 2 4186 8 * These letters are placed alphabetically against every credit, for the purpose of pointing out its corre- sponding debit on the opposite side. The total amount of these sums agrees with that of the day-book for January, viz. ,3590 _: 14 : 10. 61 JOURNAL. Gen. Leg. Date JANUARY 31st, 1812. Debits to Sundry Accounts. Decrease of Stock. t. d. 5 s. d. Folio. 1812 Amount brought forward 7031 5 7 609 Brought forward 467 10 21 t v Twist $ Co. per H. Eggers, and profit and loss 175 6 11 22 c h w H. Eggers, per sugar to Twist & Co. profit and 860 11 7 8 Profit and Loss. 23 p Brokerage on Hope and Co.'s bills ,1100 .. 120 31 k Petty charges this month 117 6 2 19 6 Capital. 9 31 k William James. Received for his use .... 4 10 10 k JosephGreen. Ditto 3 3 + o 13 7031 ^ 7 1480 4 1 31 For amount of sundry debits on 31st January, 1812 ." . . 4186 8 - 7031 fj 7 5666 12 1 SUMMARY OF THE BALANCE 31st JANUARY, 1812. DEBITS. Folio 2 To Merchandise . 639 16 3 3 To Cash 412 7 10 4 To Bills receivable 1207 10 6 To Accounts receivable . 1926 13 11 4186 8 BALANCE-SHEET, OR Dat 181 Feb LONDON, SUNDRY ACCOUNTS Dr. TO SUNDRY ACCOUNTS. To Stock. For amount of sundry debits on 1st February, 1812 . To Merchandise. Tobacco. Sold Twist and Co 122 Ditto. James Thompson 98 1 12 Wine. James Robson 55 4 Tobacco. Johnson and Co 77 18 Wine. ... Ditto 63 18 Rum. ... Ditto 33 45( To Cash. 15 Henry Eggers Paid him in full 152 2 11 18 Johnson $ Co. Per James Clarke 219 14 28 Girardotg Co. Bills negotiable 625 C Profit $ Loss. Petty expenses 2 5 Sugar. For charges thereon 266 001 8 To Bills Receivable. 10 Thomas Lewis. His bill paid 75 14 Sitt'e^Ca-ForHope'BbillsonColnaghi&Co. 700 27 Clarice $ Co. Their bill paid 60 83 5 C To Bills Payable. Adventure to Hamburgh per Roberts & Co. a 3 months. . 510 To Accounts Receivable. 12 James Robson. Per bill receivable .... 125 9 Sieveldng $ Co. Per bills negotiable .... 1159 8 4 James Robson. For cash 45 5 6 Carried forward 13.30 2 10 Credits to Sundry Accounts * 286 Increase of Stock 418 696 63 JOURNAL. 1812 Feb. Date FEBRUARY 29th, 1812. SUNDRY ACCOUNTS Dr. TO SUNDRY ACCOUNTS. Stock. For amount of sundry credits on 1st February, 1812 . . . Merchandise. 23 Tobacco. Gain for profit and loss 68 9 8 28 Molasses. From II. Eggers 314 8 Sugar. .... Ditto 228 18 573 6 Sugar. For charges thereon 2 6 6 644 2 2 Cash. 10 Thomas Lewis. Bill paid 75 17 Sieveking$Co. Bills negotiated 1159 8 4 James Robson 45 5 6 27 Clarke $ Co. Bill 60 133913 JO Bills Receivable. 7 James Thompson. Bill on Clarke and Co 60 Ditto. His own acceptance 38 1 5 12 James Robson. Bill on James Carew 125 9 22310 Accounts Receivable, 12 Index 7 James Robson. For wine , , 55 4 6 14 8 Sicvtking $ Co. For Hope's bills 700 23 Ditto. . . . Ditto , 300 25 Ditto.* Negotiations & returns 9362 8 28 Ditto. .... Ditto .... 4012 8 Ditto. For bal. carried to accts payable 40 11 4 9 Twist $ Co.. Balance from accounts payable 7 9 1103 5 Carried forward Debits to Sundry Accounts. 4186 496 19 Decrease of Stock. 64 BALANCE-SHEET, OR Gen. I** Date LONDON, Credits to Sundry Accoun's. Inci ofS .. 4696 ease tock. S. I 8 Folio. 1812 Feb. 23 Amount brought forward 1330 2 10 Jiorins Hope $ Co. Remit, to Sieveking& Co. 3153 3 0300 6 of 2286 s. 11 d. 7 25 28 28 Sj'ei-e/c.cf-Co. Negotiations and returns 960 Ditto. . . . Ditto . . 400 1630 8 10 To Accounts Payable. Index 6 Henry Eggers. For molasses and sugar . . 573 6 7 Sievek. $ Co. Balance from accounts receivable 40 11 4 8 Twist $ Co. Bal. transferred to accts receivable 792 621 6 6 8 11 13 23 17 To Profit and Loss. Gain on tobacco in king's warehouse . . ... 1159 5076 8 8 4 7 68 5386 9 8 4 2 To Sills Negotiable. To Balance. 29 For amount of sundry credits on 29th February, 1812. . . . 4714 19 '2 of 9791 7 9 5386 4 2 SUMMARY OF THE BALANCE. Folio 9-10 CapitalPer W. James and J. Green .... 3241 3 10 5 Bills payable . 510 7 Accounts payable 894 16 6 8 Profit and bss 68 18 10 4714 19 2 65 JOURNAL. Gen Leg Date FEBRUARY, 29th, 1812. Debits to Sundry Accounts. Decrease of Stock. Folio 7 8 11 12 13 1812 Feb. 5 15 18 23 28 14 28 20 29 Amount brought forward Accounts Payable. Twist^ Co. For tobacco 122 3 o 7496 1784 510 s. 19 8 rf- t) 4 - 668 2 5. 14 11 d- Henry Eggers. Cash 152 2 11 Johnson <$Co. PerJ. Clarke 219 14 Profit and Loss. Brokerage on Hope and Co.'s remittances .... 060 Bills Negotiable. Girardot $ Co. to Cazenove and Co 625 Adventure to Hamburgh in company with Sieveking $ Co. Roberts < Co.'s bill for plated goods Balance. For amount of sundry debits on 29th February, 1812 .... of 9791 9791 7 7 9 9 671 4714 5386 5 19 4 2 2 SUMMARY OF THE BALANCE. Folio 2 Merchandise 833 15 5 3 Cash 750 13 3 4 BiUs receivable 596 5 6 Accounts receivable 1399 10 1 11 Bills negotiable , , 625 12 Adventure to Hamburgh 510 4714 19 2 66 BALANCE-SHEET, OR Date 812 Mar. 10 15 17 22 27 30 LONDON, SUNDRY ACCOUNTS Dr. TO SUNDRY ACCOUNTS. To Stock. For amount of sundry debits on 1st March, 181? , , To Merchandise. Sugar. Sold Johnson and Co. Molasses. Ditto ditto . 147 15 215 5 Ditto. To J. Carter 110 9 6 Wine. Twist and Co Ill 2 6 Molasses. J. James and Co 37 17 4 Sugar. Ditto 206 4 Hops. Ditto 105 12 To Cash. Adventure to Hamburgh, for charges .... 30 Henry Eggers. Per accounts payable .... 250 Profit $ Loss. For rent and taxes 20 Ditto. For brokerage ... 2 15 8 22 15 William James $ Joseph Green. Per capital 63 10 To Bills Receivable. James Bosville. Discharged 32 10 J. Thompson. Ditto 38 1 Colnaghi $ Co. Ditto 400 To Bills Payable. James Farrer $ Son. For hops .... To Accounts Receivable. Hope $ Co.'s remittance to Sieveking and Co. 1400 Jlorint Ditto. Negotiations & returns 15,025 39 37 15 James $ Co. Wine and rum 244 2 Carried forward 368118 to Sundry Vccounts. 934 33 47 174 ncrea^e t" Stock. of 714 24 67 JOURNAL. Dat MARCH 31st, 1812. Debits to Sundry Accounts. 1812, SUNDRY ACCOUNTS Dr. TO SUNDRY ACCOUNTS. Mar. 1 "I Stock, Dr. for amount of sundry credits on 1st March, 1812 . . 47 30 Merchandise. Hops. Bought of J. Farrer and Son 243 15 Rum. Ditto James and Co 88 2 Wine Ditto ditto. 155 19 Sundry accounts. Per profit and loss ...... 279 15 Cash. 76 Bills receivable for J. Bosville's note 32 10 Ditto per James Thompson 38 1 Sieveking $ Co. Per draft, 18,000 banco .... 1381 5 Bills receivable on Colnaghi and Co 400 Ditto negotiable for 8210 banco 636 2 248 Sills Receivable. J. Carter for molasses 110 9 Johnson $ Co. Cash . . 150 Girardot $ Co. Per James Carey 675 John James $ Co. Per Barclay and Co 50 98.' Accounts Receivable. 3 j| Ind. 10 Girardot $ Co. Remittance . 625 9 || 11 Hope & Co. Difference of exchange 75 6 Ditto. New account for balance 21 3 12 Twist <$ Co. For wine Ill 2 13 James $ Co. Sundries 244 2 10 Girardot < Co. New account for balance ... 29 10 Ditto. Difference of exchange 56 7 Carried forward 1162 11 5 8956 1 BALANCE-SHEET, OR LONDON, 81^ ^ J. Amount brought forward 1681 18 744 3 958 4 2 Mar. 23 Girardot $ Co. Sundries 19,720 710 18 7 27 James and Co. Per bills receivable 50 442 6 7 To Accounts Payable. 4 Ind. 9 Sievek. $ Co. Negotiations & ret. . . 78 10 Ditto. For balance, new account .... 10 19 7 Ditto Brok. & negot. & ret. 18 12 Ditto. Acceptances paid 1381 5 1( 20 11 Johnson and Co.'s bill on Thompson 150 25 10 Sievek. $ Co. (Their account,) advent to Hamb. 52 7 & 30 9 Ditto. Bal. carried to accounts receivable 46 9 6 1641 ? To Profit and Loss. 4 Sievek. * Co. For difference of exchange ... 29 11 1 9 Hope and Co. Ditto 75 6 12 Advent, to Hamb. Commission on purchases . . 12 15 23 Girardot and Co. Difference of exchange ... 56 7 25 Advent, to Hamb. Sundries 56 81 30 Merchandise. Gain on sundry accounts .... 320 1 1 To Bills Negotiable. 3 Girardot $ Co. Remittances 625 30 Cash for 8210 banco 636 2 To Adventure to Hamburgh. 25 Bills Negotiable for proceeds of adventure To Capital. 30 William James. Per profit and loss 286 16 Joseph Green. Ditto 286 16 To Balance. 6082 1 i 772- 31 For amount of sundry credits on 31st March, 1812 4,948 1 1103 772 Credits to Sundry Accounts. lei ease ut Stock. JOURNAL. Gen Lee Dat MARCH 31st, 1812. to Sundry Acco'iuts Decrease of Slock. Folio 7 8 11 12 9 10 13 181 Mar 27 30 4 28 30 10 9 22 30 25 30 1 25 30 31 Amount brought forward 1162 11 Ind. 13 John James $ Co. Hops 105 12 0* 895 131 636 124 1 6 1 1 1 209 61Q 9 ' 5 11 4 2 1 14 Sieveking $ Co. Bal. from accounts payable . . 46 9 Accounts Payable. banco Sieveking&Co Sundries 142 00 . 40 11 Ditto. For Hope and Go's remittance . . 1400 Henry Eggers. Cash 250 Sieveking <$ Co. Profit and loss 38 14 1 Johnson <$ Co. Sugar and molasses 363 Profit and Loss. Girardotft Co. Ditto 6 8 4 Cash for taxes and rent 20 Bills Negotiable for brokerage 215 8 Capital. Per William James and Joseph Green 573 13 Sills Negotiable. Adventure to Hamburgh ., . . . 634 11 63 775 948 724 Pro/it and loss Ill 6 Adventure to Hamburgh. Cash for charges 3 1 8 8 Capital. William James. For his use 35 10 1031 1031 Joseph Green. Ditto 28 Balance. For amount of sundry debhs on 31st March, 1812 , . . . 70 SUMMARY OF THE BALANCE 31st MARCH, 1812. 3751 6 10 Gen. Leg, DEMANDS PAYABLE. Folio. o * & 9-10 Capital, or Net Stock. per William James, his share 1910 1 4 Joseph Green, ditto 1841 5 6 5 Bills Payable. No. 5 Adventure to Hamburgh 510 6 James Farrer $ Son 243 15 ___ 753 15 o 7 Accounts Payable. p A J, 8 Johnson $ Co 67 19 2 9 Sieveking $ Co. (their account) 62 7 2 10 Henry Eggers . , 323 6 443 12 4 ,4948 14 S 71 SUMMARY OF THE BALANCE 31st MARCH, 1812. Gen. Leg. PROPERTY Folio. * d. 2 Merchandise. M L 2 Wine. 3 pipes port containing 329 gallons . . 161 4 2 3 Rum. 3 puncheons ditto 341 ditto ... 92 7 9 4 Sugar. 250 loaves, 23curf. Igr 146 9 6 5 Molasses. 2 puncheons, 4>lcwt. 17/6 72 6 Hops. 20 pockets, 32cwt. 2gr. ........ 195 667 1 5 3 Cask. Balance in hand 2899 7 4 4 j&t7/s Receivable. No. 8 James Robson 125 9 9 J. Carter 110 9 6 10 Johnson $ Co 150 11 Girardot $ Co 675 12 John Jamesdr Co 50 ,1110 18 6 Accounts Receivable. PAL 2 John James $ Co. : . : : 55 12 6 3 SieoeTang^Co 46 9 6 4 Twistfy Co. . : 118 11 8 5 Hope$Co 21 3 6 Girardot* Co 29 10 3 , 271 6 11 ,4948 14 2 72 THE GENERAL LEGER. Folio 1. Stock Dr. Journal. i. d. Contra Cr. Journal. d. 1812 Jan. 1 Feb. 1 March 1 To sundry accounts . . . 4920 4186 14 10 1812 Jan. 1 Feb. 1 By sundry accounts . . 4920 14 10 To sundry accounts . . . 8 By sundry accounts . . 4186 8 To sundry accounts . . . 4714 19 2 March 1 By sundry accounts . . 4714 19 2 2 Merchandise Dr. Contra Cr. 1812 Jan. 1 31 Feb. 29 March 31 To stock .... 640 198 644 767 2250 8 16 2 12 19 9 2 2 9 10 1812 Jan. 31 Feb. 29 March 31 By sundry accounts . . By ... ditto 199 450 934 667 2250 8 3 6 1 19 8 9 5 10 To sundry accounts . . . To . . ditto To . . ditto By . ditto By balance ... . 3 Cash Dr. Centra Cr. 1812 Jan. 1 31 Feb. 29 March 31 To stock 572 658 1339 2487 5059 12 19 13 19 4 2 10 9 q 1812 Jan. 31 Feb. 29 March 31 By sundry accounts . . By ... ditto 819 1001 339 2899 3 8 5 7 4 e 8 To sundry accounts . . . To . . ditto To . . ditto By ... ditto 5059 4 jBtV/s Receivable Dr. Contra Cr. 1812 Jan. 1 31 Feb. 29 March 31 To stock . . 272 1132 223 985 2614 1? 10 10 q ( 6 11 1812 Jan. 31 Feb. 29 March 31 By sundry accounts . . By . . . ditto . 197 835 470 1110 2614 17 11 18 6 ty 6 11 To sundry accounts . . . To . . ditto To . . ditto By ditto By balance 73 THE GENERAL LEGER. Folio 5. Bills Payable Dr. Journal s. d. Contra Cr. Journal. * d. 1812 Jan. 31 March 31 To sundry accounts . . . 609 753 1362 15 15 1812 Jan. 1 31 Feb. 29 March 31 By stock 339 270 510 243 1362 15 15 By sundry accounts . . . By ditto By ditto 6 Accounts Receivable Dr. Contra Cr. 1812 Jan. 1 31 Feb. 29 March 31 To stock 3434 120 1103 1314 17 5 5 1,3 1 5 5 1812 Jan. 31 Feb. 29 March 31 By sundry accounts. . . By . . ditto By . ditto 1628 1630 2442 271 8 8 16 6 7 10 7 11 11 To sundry accounts . . . To . . ditto To . . ditto 5973 11 5973 7 Accounts Payable Dr. Contra Cr. 1812 Jan. 31 Feb. 29 March 31 To sundry accounts . . . To . . ditto To . . ditto 860 668 2092 443 4065 11 14 6 12 4 1812 Jan. 1 31 Feb. 29 March 31 1332 469 621 1641 4065 18 17 6 2 4 6 By sundry accounts. . . By . . ditto By . ditto 8 Profit and Loss Dr. Contra Cr. 1812 Jan. 31 Feb. 29 March 31 To sundry accounts . . . To . . ditto To ditto . << \ 61 625 If 11 9 1 < i 1812 Jan. 31 Feb 29 March 31 By sundry accounts . . . By . . ditto 5 68 550 62.' 1 ; ( 11 74 THE GENERAL LEGER. Folio 9 Capital (W.James) Dr. Journal. 1 * i* Contra Cr. Journal. II = . d. 1812 Jan. 31 March 31 To sundry accounts . . . To ditto .... 4 35 1910 1950 10 10 1 1 4 4 1812 Jan. 1 March 31 By Stock 1663 286 4 16 1 10 6 4 By sundry accounts . . . To balance 1950 10 Capital (Jos. Green) Dr. Contra Cr. 1812 Jan. 31 March 31 To sundry accounts . . . To . . ditto To balance 3 28 1841 1872 3 5 8 6 6 1812 Jan. 1 March 31 By stock . . 1585 286 1872 12 lii 8 6 6 By sundry accounts. . . 11 Bills Negotiable Dr. Contra Cr. 1812 Feb. 29 March 31 To sundry accounts . . . To . . ditto 1784 636 2420 8 2 10 4 6 10 1812 Feb. 29 March 31 By sundry accounts . . . By . . ditto 1159 1261 8 2 10 4 6 10 2420 12 Adventure to Hamburgh Dr. Contra Cr. 1812 Feb. 29 March 31 To sundry accounts . . . To . . ditto 510 124 11 11 1812 March 31 By sundry accounts . . . 634 634 11 11 634 13 Balance Dr. Contra Cr. 1812 Jan. 31 Feb. 29 March 31 To sundry accounts . . . 4186 8 1812 Tan. 31 Feb. 29 Marcli 31 By sundry accounts . . . 4186 a To sundry accounts . . . 4714 1M X By sundry accounts . . . 4714 4948 19 14 2 To sundry accounts . . . 4948 14 2 By sundry accounts . . . 2 SUBSIDIARY BOOKS. MERCHANDISE-LEGER, OR WAREHOUSE-BOOK. Folio 1. Tobacco Dr. . d. Contra Cr. tf s. 5 d. t 1812 Jan. 1 To stock for .... Hhds Ibs. 349 16 2 1812 Jan. 9 By James & Co. . Hhds /6s. 120 9 9325 3 3060 Feb. 24 To profit and loss for 68 9 8 Feb. 5 7 By Twist & Co. . . By bills receivable . 3 2 2728 2290 122 98 1 t 418 10 18 By Johnson & Co. . 1 1247 77 18 9 9 9325 5 9 9325 418 f) 10 2 Wine Dr. Contra Cr. 18^2 PORT LISB. 1812 PORT LISB 1 rals a gals .1 B, gal* | gals Jan. 1 To stock for . . 3 J34 J '226 234 10 7 Jan. 22 By H. Eggers . 1 98 46 13 5 Mar. 22 To James & Co. 3 J29 ( ) 155 19 9 Feb. 12 By J. Robson . 1 116 55 4 6 30 To profit and loss for gain . ( ) 47 12 2 18 Mar.17 By Johnson & Co By Twist & Co. 1 1 120 1 122 104 63 111 18 2 1 6 30 By Balance. . 3329 161 4 2 6 563 i 226 438 2 6 6 663 2 226 438 2 6 3 Rum Dr. Contra Cr. 1812 pun. gals. 1812 pun. gals. Jan. 1 To Stock for .... 2 214 56 2 Jan. 4 By bills receivable . 1 104 32 10 Mar.22 30 To James & Co. . . To profit and loss for 3 5 341 555 88 13 157 2 13 17 6 3 9 Feb. 18 Mar.30 By Johnson & Co. , 1 3 5 110 341 33 92 157 7 17 9 555 76 MERCHANDISE-LEGER OR, WAREHOUSE-BOOK Folio 4. Sugar Dr. >.*. Contra Cr. * ..* 1812 Jan. 7 To H. Eggers . I cwt 38 qrs Ibs 26 198 16 2 1812 Mar. 10 By Johnson & Co 210 cwt 24 irs 2 //AS 14 147 15 313 Feb. 28 To ditto . . . 450 42 228 18 22 By James & Co. 103 13 2 12 i To cash charges 2 6 6 By ditto . . . 200 18 3 $206 4 11 Mar.30 To profit and loss for gain . 70 8 9 30 By balance . . 250 23 1 146 9 6 763 80 26 500 9 5 763 80 26 500 9 5 5 Molasses Dr. Contra Cr. 1812 Feb. 28 To H. Eggers . 9 ft, cwt 246 qrs Ibs 344 8 1812 Mar.10 ByJohnson &Co a, 6 cwt 123 qr* Ibs 215 5 12 Mar.30 To profit and loss for gain. 91 3 10 15 By bills receiv- able .... 3 61 1 14 110 9 6 22 By James & Co. 1 20 1 25 37 17 4 246 435 11 10 30 By balance . . 2 12 41 246 17 72 11 10 12 435 6 Hops Dr. Contra Cr. 1812 Mar. 1 30 To bills payable To profit and loss for gain . 1 cwt 48 qrs S Ibs 243 56 15 17 6 1812 Mar. 27 30 By John James & Co. for . By balance . . i 10 20 cwt 16 32 qrs 1 2 Ibs 105 195 12 6 30 30 48 3 300 12 6 30 48 3 300 12 6 77 PERSONAL ACCOUNT LEGER. Folio J. James Robson Dr. o * d. Date. Contra Cr. s. d. 1812 Jan. 1 Feb. \2 To stock .... 115 55 170 10 4 14 6 6 1812 eb. 12 28 125 45 9 5 14 6 6 170 2 John James fy Co. Dr. Contra Cr. 181 2 Jau. 1 9 Mar.22 27 To stock .... 45 120 244 105 515 19 5 I 12 19 5 3 6 2 1812 an. 12 Mar.22 27 30 By J.James transferred to /t|a 166 244 50 55 515 4 2 12 19 5 3 6 2 To tobacco for 3 hhds. 3060/fcs. 13y bills receivable To hops for 10 pockets .... 3 Sieveking <5f Co. Dr.* Contra Cr. % 1812 Jan. 1 Feb. 14 23 '28 Morfci To stock banco . 1575 To bills receivable for our remit- tance .... 9362 8 To Hope & Co. for their remit- tance .... 4012 8 To balance ... 63 6 118 700 300 40 17 11 1812 Feb. 14 25 28 marks By bills negotia- ble, banco . 15000 By negotiations and returns for broker- ages .... 960 By ditto, ditto . 400 1159 8 4 15,013 6 1159 8 15,013 6 1159 8 4 Mar. 4 7 SO To sundries ... 142 00 To Hope & Co. for their re- mittance . . . 18770 12 To profit and loss, gain .... 000 40 140C 38 11 14 10 Mar. 1 4 4 12 30 By balance from marks last month . 63 6 By negotiations and returns for commis- sion, &c. . 78 10 By old account balance . . 142 By negotiations for brokerage 18 12 By cash for our draft .... 18000 By bal. banco 35s. 610 00 40 10 1381 46 11 19 9 4 6 10 6 Marks banco 18,912 12 147< ) i Marks banco 18,912 12 1479 6 * See note page 78. 78 PERSONAL ACCOUNT LEGER. Folio 4 1812 Jan. 18 21 Feb. 5 Mar. 1 Mar.17 Twist # Co. Dr.* s. d Date. Contra Cr. i.d. To bills payable to James & Co. To sund. for sugar and commis. To tobacco for 3 hhds .... 270 175 122 567 6 7 ( 11 1812 Jan. 1 Feb. 28 Mar.30 By stock 559 7 567 IS 9 7 To balance from last month . 7 111 9 2 11 6 8 118 118 11 8 118 LI 5 Hope S) Co. Dr. Contra Cr. 1812 Jan. 1 Mar. 9 florins. To stock, banco . '29850 To profit and loss > 2763 75 21 17 6 3 9 1812 Jan. 23 Feb. 23 Mar. 7 9 30 florins. By sundries, ban. 11671 13 3 By ditto . . . 3153 3 By Sievekine & Co 1101 300 1400 37 21 6 15 3 9 To old account for balance . 221 By sundries . . 15025 3 9 By balance . . 221 3,0,071 '2860 6 30,071 2860 6 Q * These two accounts, of Sieveking & Co. and Twist & Co. are balanced at the end of February, /or the purpose of .explaining the transfer between the heads of "Accounts Payable" and "Accounts Receivable," it being an indispensable rule that each of those heads must be debited or credited, as the case may be, with such balances of individual accounts as change their relative situations ; thus, an Account Receivable becomes, by an excess of credits at the close of the month, an Account Payable; and an Account Payable, by an excess of debi,ts, becomes an Account Receivable. It is this change in the two accounts before-mentioned which renders necessary the entry in the Day -Book on the 28th February, for the purpose of transferring those balances to their respective heads. This entry, which is simple enough, arises out of the new system recommended in this work, the principal feature of which is the keeping the whole of the personal accounts under the general heads of accounts receivable and payable. This is the only variation from the common method, and can never be an obstacle to its adoption. In strict conformity with the plan of the Balance-Sheet, or Journal, I should have struck the balance every month under each of the heads in the preceding specimens of the General and Subsidiary Legers ; this was omitted to save room, and to confine the several forms within as nurrow limits as possible j the monthly balances, however, will be found to correspond throughout the whole. 79 PERSONAL ACCOUNT LEGER. Folio 6. Girardot fy Co. Dr. fcd Date. Contra Cr. *. d. 1812 Jan. 1 Mar. 3 23 tournois. To stock, livres . 1J720 To bills negotia- ble 18000 To profit and loss for difference 39013 625 56 7 2910 1812 1 Jan. 25 Mar.23 3 30 5 3 tournois. By cash for liv. 10000 By sundries . . 19720 By balance . . 850 361 { 71011 29 1( > 2 J 7 ) 3 To old account for balance . 850 30,570 110111 30,570 1101 1 1 7 John James Dr. Contra Cr. 1812 Jan. 12 197 10 197 10 1812 Jan. 1 197 1 197 1 8 Johnson 8? Co. Dr. Contra Cr. 1812 Feb. 18 Mar. 10 30 To sundries delivered to Franco & Co 174 16 219 14 363 67 19 1812 Jan. 1 10 12 Mar.20 By stock 575] 100 150 To cash paid Jos. Clarke per order 825 10 825 10 9 Sieveking $* Co. (their account.') Dr, 1 Contra Cr. 1812 Mar.30 To balance , 52 7 1812 Mar.2; By adventure to Hamburgh, 52 52 7 2 7 2 9 52 7 80 PERSONAL ACCOUNT LEGER. FoliolO Henry Eggers Dr. 5. d. Date. Contra Cr. of s. d. 1812 Jan. 22 To sundries 217 14 8 1812 Jan 7 Bv sucar 198 16 g Feb. 15 To cash 152 | 11 21 Ity Twist & Co 171 1 | Mar 28 To ditto 250 o o Feb 28 573 6 o 30 323 g o 943 3 7 943 3 7 w J cq h- 1 W O W 03 Q O O I Ji CO O *O ' 'H rH rH ^0 g> TH rH rH a; 1 J S " J 00 '" t ^, CO C> 5i 3 >^ fH -G 5 = s 03 CO 1 * -l | rH O g 00 rH H M I >< <; H >< j 3! H O 1 1 r-i CLJ ^ - . . . j? . . ' ' 1 ' . 3 ' . . . . . . . K c^ co . o CO O S-> :! i : 1 o . o <* ... 'O *& 30 rH .... . C> 8 -5 2 ' 1' >-J ^ o ;N -o oj N o rfi ^ | i . 1 : : : * : : : >- Amount entered. ^ ^ i <3 " ' T* ' ' ' ' ' r-i o Tf* O CO T? ' co i) ' | o i CO i 3 > o 1-5 | . v -M^.^ I ' ZH l.-i ' ,-, *O iO CO CO O I . 'O O 6- O ^O rH CT> ^O j j i?Q i^S 5H rn Q ^r^^ H S - 3 ' ^ * 6 6 u Q ; ; .* 6 ^ H-; s 5 -: 4 c/j H 5s^2 ^> >> ^ 2 j * ^ eo i* 55 ]T?UOSJ3J ^^CO^O^ O.rH.O^ ^,^^CO rH9<90TfiC ^OtOOOi O'H*CO'^' ayable of Accoun and Pay 2nd for the Monthly E 3 g 'XJ O to ^ <\j s-* T} co T5 ^* OS ^i O CO * 1 P * " S l-> PH S co Q'l co 3 >> CN 85 5 1 T^ 2 * | 3 111 o MONTHLY PAYMENTS, 1812. V a 3 . . . | . 1 ! < . . . 1 .0 3B . | . O 'O O ir> N- (o e? . r? co . I 1 2 ^H 4fi o . ^ 9 . - CTi -^ OQ * * * " i' c '-i co -J 3^2 f- f^. -r; *> s 3 s : : : : ill o S "S . O . . t^ . . ^5 . .O '^ . 00 ..*.. . O CN ' ri . . o . 55 . ^! o 3! . co . <* . .JO- - " ^ 11 fi 000 l>0 i^?CN -< C OOCO t>O '-O'-'Ci rf.Ol C> K 'O to O if-* ^ CO" 'C 'C Account. 11 ? Isg M 5 is *^ |S5 a | f , r SCO C- pl H -^ id ||: I'jfd ^ *$ ^ tc^ bo bf;U ao'S ^ c ^ We w .a j* ,s -s iii ri rii m H^r^U- ffih^ ffic/?'( t/5 l-> o >t <2 *i l J^-^L, "".. JBUOSJ3J CN CO < CO cc s "2 3 t>corjt oco oco^t coo^oa g 1 -HG^0 ** *C CO O^Oi-l au-81 ?f^l QJ w> -. 51 0) co .- . * w^^ 'S2J?.S^ SS3 -?2-g g >S (y O. > CJ O an ' K 5; 2- >? .0 k.-D JOURNAL 3d, OR PERPETUAL BALANCE. THIS form possesses the advantage of exhibiting a Perpetual Balance; for, the moment an entry is made, it shews the varia- tion which the face of the general account has undergone. It also supersedes the use of the Day or Waste Book, and admits of every entry being made daily, according to the usual me- thod. The Personal Accounts must, of course, be kept under the two general heads of Accounts Payable and Accounts Receivable, that being the basis upon which the Balance- System is founded. I have already shewn that there is no difficulty in this, if the individual heads are kept in a Subsi- diary Leger, and the two general heads in the General Leger. The plan cannot, therefore, be charged with intricacy on ac- count of its novelty, since it differs only in one simple, though comprehensive, feature from the method already in use. By many I think it will be preferred to the preceding form of the Journal, or Balance-Sheet, though the latter certainly displays the principles of the Italian System in a much more familiar style to the eye of a novice, as almost every one who possesses the least knowledge of arithmetic will readily comprehend the nature of an Account-Current, At all events, it may serve to amuse those whom it fails to convince. 84: K.JJ j 11 9 c 1? ^ TH 11 ^ s s M 1C is]!] 2 T ft s, S CO 8 jd ^ - CO - . .6' o "^ CO VC s TH | m -' 2 2 i A dry Accounts Merchandise No. 29, 104 gall 3 ! j so O 1 rt Merchandise em <^ R a "-" ^ o -5 i 41 o Riwn. For 1 Bills Payable Dr. * Co. to Lambert & Co. paid this Merchandise Dr. To Henry Eggers.Tor 313 loa Oil Accounts Receivable Dr. amps , fio. To To&acco. For 3 . 3 rt g : H 1 1 4 1 ^ i * " * *^ * 00 CO TH * o * H VC * ! ** i t : 1~ ^N. S -H i. i .s 3 1 1 * s 3 sj X ^ ^ "3 si < w ja N in g; 1 I I =S 1 cq 1 ii 1 ^ 3 S ^ 3 *0 * S3 ^ s? ^ t * i ? *: I 1 s 1 -5 i 1 I o Js - "1 * ' S 5 'O Dr. To Sun ible. ( H . Eggers) for s For our commission unt carried forward 1 I . 3 1 ^ ^2 ."2 Q C * ^ o 3 ^ I 1 1 ^ & i ^ ft* Kj % - I 5 1 c$ 1 ^ i ! ^ itaj u 09 O Qs J % 50 ^ J3 Q~ 3 \ Cj 1 1 1 fl i o*.2 % TrH ^ 3 ^4 ^1^ ^^j ai'rt i S 9 .2 1 o - 1 1 * t*. GO * * - 8(5 w^. i 3 oo CO o o g 5 S 22 ^ l ^*j <3 ^* t o. " o . 3 o j t- TH * 00 $*> O .V s *^ S 'O O ex Q~tf J si i 5 o CO GO co c^ <0 CO p|| f rt) v * O <^ CO O O O ex t^ * CO o ^ , | s ^ ^ v* T- 1 ' oi y S ^ 53 ^ tt 00 a g 6 B u 3 <3 s g H : : $ 2 1 A r"7 >^ ** . "i2 W ^^ CO fl p S3 c - 2 1 1 * J d ' o o <.} g ^ C o =5 "s ^> 1 i < HI ,i_> en 5 f 2 2 i 1 i ~ Q& 4-> W ^, Z | o ' i H . 2. c < -0 -g| 3 c o '2 '-v h 2 l 1 || ^> T-l ^5 * 3 S -i 5 | i o 5 * 2 ^ M Q 1 sf 2 ^* o J j. ^ 1 Q * 0) C ^ (^ V t * Q *o **J ^ "5* <2 -a '~ o *** t. 2 s 11 ^ S ^ - s 'e 53 -S ISs 8 ^ 4t ^ ^ t s J* ^1 1 e I o ^ =2 1 1 p S i G ' E5 ^ % * 1 Q i (^ & 3 f*Ny *^ ?2 o 89 M 1 i O tiO f 1 i < <^js 8 J =3'? f^ ^ 1 1" 3 o 1 s a; 3 s 1 ,o> x -g 0> C*i - - II 1 "" - * CO co ^ *c o o 90 CO o O *"* - . ir> o o - N- CO CM Q^ o s 2 "5 ' I v: *^ t< * T* o ^ ^< ^5 S ^ -o ^ CO fc t?" ^ 5 IM .- - r * j 3 87 2 I o o O C<5 j-g | I J v> fi M 2 2 1-1 J>& 13 ^ II fi o .^ 11 rjr, ?il ff i* 1 - a i:i ^il ttl.C^ P'c 88 u o o 00 >< tf D tf PQ W P^ O P ^J s O H vab For I Re 89 o o 2 " CO & o " 8 O ' O o CO TH O CO P o o 01 O TH TH o 1 % 8 , . 0, " " CO CO CO TH O* CO XI TH o o co co o O 'O ^ 2 % t> CO CO u ^* z s ;5 t- -0 CO f^ , 1 6 ^ g 'S G B ^j I i: : ^ % 1 H ^ = 42 I ; ; 11 : & * 1 -s 5? Q 8 0> 1 3 ^ ? **'*!.. S to ^5 | a ! 6 : : 08 3 B ; Z '% TJ j: ! 5 : : * 8 1 , 5* "w > ^ 1 ' ^ s * & v> ^ | a s il ^ i 4 -2 > ^ a ? i o Accounts Receivable D Sievckmg$Co.Fw our remittanc Bills Negotiable Dr. ToSieveking < Co. For our draft Accounts Payable Dr. Johnson <$ Co. To Tobacco deliver Wine Rum Adventure to Hamburg For our note to Roberts & Co. for Sundries Dr. Accounts Receivable. (Sieveking $ Projit fy Loss. To ditto for broker Merchandise Dr. Tobacco. For gain thereby . . . Amount '-0 TH CO rH 50 H o s - TH '0 CO - o * o TH o P? o CO (6 TH <0 I 8 g 8 8 ^ co O 00 03 jf * t- CO ^T ur remittance, ^700, a 35s. 8rf. . . . Ditto .300, a 35s. 8d. . . . Returns Dr. To Accounts To Sievekiiig $ Co. . Ou 9362 8 banco, 1 per mil. . 4012 80 1 per mil. . OQ<1, e Dr. To Accounts f Aggers. For 12 puncheons, bought of hii es ditto . . . To Sun On T. Lewis, 10th Feb On Clarke & Co. 27th OnSieveking&Co. 17th O a z Si i-i , 5 a *' I u ^ -S CO CO 0* Negotiations fy For Brokerage. 25th Ditto 28th Merchandis Molasses. To Henry I Sugar. For 450loav <5 i 1 j jj I * , N ie 2 ^ o "S o S S *0 2 <-* *^ ^ U C?i ^ < ^| , 1 o o ro o 2 o ^ VO 2 u en c *? 91 ~"""^3 o o O o< i i 1 jj 6. 9 1 <0 CO * i- o o o * aj Q t: g^ < 1 " i i- l ^ | I I s & i. S i t * ' i a 2 S s ^ III 1 51 ^ ^ 5 fi^ 5 ^ Ji 1 WD Qj ^3 a S 42 -5 ^ -2 1 g i Jil b "e V3 tuO 1 ill 1 1 a o oo ^ CO Tjt i^ -H 00 C* . 2 *o CO co d e* o 1 i I ^0 < rf ^ * ^O ^O 1 u ^ * go % C &<* 5 5 1 TS o S 5 ar| * i s y TH CO 6. % as T- H -S 3 O M CC U o 1 o o o ' ^H Oi o <^} -H "H _o ~Si f^ 1O CO 00 g o . * ^ 3 ** JD 5?* P Si 1st MARCH, 181 STOCK. ce on 29th February, 1812 . . To Bills Payc James Farrer & Son, per note pay i Dr. To Bills Negc ttance per Ca/enove & Co. 25th F rws Dr. To Accounts / ia/ico commission on 15,013 6 . ba e J)r. 7b Sundrit Loss. Fo? difference of exchang< Ing $ Co.) For balance, banco 14 e ** *0 5i ,~ ^ S * NDON, 1 ^H J ~* if " V 1 ^ (^ 3 * 1 nC -7^ r S o ^ p 1 1 ^ 1 ' 8 1 I a "in . 3 8 <0 ; CO U tJOS TH . . - to *2 T3 o '"s 2, 5 c 4 o " oq 8 S i "o B W o rf 11 o r* r ** s 1 ! * 93 0> ^ c S 2 r-l rH ! o 3S CO 50 CO TH E 1 - , CO '0 CO Accounts Payable Dr. To Accounts Receivable. Sievehing $ Co. To Hope $ Co. banco For their remittance on Raikes & Co 18,770 12 Negotiations fy Returns Dr. To Accounts Payable. % banco To Sieveking $ Co For brokerage 18 12 0(1, Sundries Dr. To Accounts Receivable. (Hope $ Co.) Negotiations $ Returns. For remittance to bunco Sieveking & Co. ^1400 ster. 34s. Wd. 14,630 000 Profit $ Loss. -For brokerage 14 12 1 8 Ditto. Commission 149 5 014 5 4 Ditto. Postages 10 6 9 19 9 Accts Rec J able. (Hope $ Co.) n|a Balance . . 281 021 3 banco 15,025 3 9^37 15 9 ! ^ o . s 1 ^ ^ wa o 35 f 3 ! CO 1 o o ? 3 ^ 1 Decrease of Stock. -e * ; ^* ^ % T-l 1 5 -3 f 2 J 1 1 2 Ov W O ^ rH O ^ 1 fi g . i ^* OH -" - T 1 ^ r * ^ J. "" 1 . all- 1 P 1 1 o ; .1 1 * * . H S S e* 1 *? * 1 d "b S g 4 LONDON, ^2 ^ ^ s ^ f- 1 1 1 Adventure to Ha our commission on pu Bt7/s Receivab Molasses. For Jo/ui Ca Accounts Receiv xt $ Co. To Wine.i jB/7/5 Receivable JnhnsnnA Co. -For bill S o 9 - ^ ta ^ ^ ^ ^s CO 37 CO 1 . II * 3 * . * t N P < N St * >n 00 ;* | 8 r^ W CO C O ^ * w o o ^ " (.-j | 2 lS G< 3! 5 vo CO *S ^^ '-O <0 C?> *9 feJO J -8 1 3 2 i i i T i i ^ | 1 i i i o ! 1 1 5^ i I 1 ' ^ o^ e 1 *s* oq o 1 1 1 ! ~ 3 r - & e l 22(1 ccounts Receivable Dr. nes $ Co. To Molasses. 1 puncheon . To Sugar. 303 loaves . . . Merchandise Dr. To Ace To John James $ Co. 3 puncheons . . To Ditto 3 pipes 141,1 Sundries Dr. To Ace livable For ^675 a 26 ^ 1 1 ( ^ ^ ^ r ?3 i a S e -s ^ ? i f*3 "f! 1 c g a II * to < o GO * 1 -j< CO VO - s CO a c 1 2 W CO 3 1 *" 3 "0 J ISO CO 1 5 s 53 ** C 3 0> G^ 1C 96 sS ti ^ 00 rt u 3 vs ^L| iC HD 00 I * o 1-2:11 w C S Si o Si q~ 8 C | i ~ CO "^ ^. CJ ll CO 6- " 'O CO . * - 3 CO * f, O tj 15 ^ '. s S E? .' HH T3 V- ^ i C/2 . ^^ C -s s ^^ * s g ; -1^5 s* ^ : ^i . * S v ^-' >i1 ' ^ *) o r* o 3 " c ^ t ^' ' ^:I "f 5 S ^ ^ . S c c * *u 5 | S l rj 1 1^ | 1 s 1~ ^ ^ r . **& 41 ^ ce CQ ^ 1 3 4 1 LONDON, 1 $ 11 S ?' " u ii 2 *& '5 s s ills Receivable James c Co. for b >J u S "a 3 z ^ CN* ^H 5 ^ ^ ^ 1 : 5 | 5 (_ j_ ^ ^ h A |J a * ~ . S3 6 II s . + to 1 ^ 2 S O 2 CO '^olf to T ~ l 2 O CO as 5~ tf 2 S % TH s o i * T-H o - ^ c 3^ -^ . GO -^ - o co CO CO Oj Oi O > *5 N- CT> N. o co r-i ^O ^C N j CO CO CO ^j 1 < OJ O J^v ^ O< CO C?> O ^O s* lj .J CM CO CO CO iV * ae ^ T-l T- -n |i "g cSt^ ^ CO O *"! ^O ^ "^ rH t> O^ *O ^ g "*** . u SiL O Si r . : . . ^ >1 s* a, . . ^ CO ^ : : : : 1 1 f-r : : : 2 *4H 1 s - .*H ^r CO O w ''' r 1 ^ ^ ij I CO ^ 2 2 5 .2 . 'g, q g 5 Q | .2 ^ 4 1 CO f. 1 i -2 i i 1 :| i 1 1 i- ; ~ Bs C^ 1^ ffi 1 ' 1 4s H 1 Accounts Payable. Sievek. < Jv O> O