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 PrBLISHED BY STIRLING & KE^^IS^EY . EDI]!rBTrRGH . 
 
 RICHARD GRlFFiy * CO. G1.ASGOW, 
 
 G.B.lS^3TTA30:R,AI?rD TH031AS TBGG, 
 
 L.ONDOIV. 
 
 1828. 
 
Digitized by the Internet Archive 
 
 in 2007 with funding from 
 
 IVIicrosoft Corporation 
 
 http://www.archive.org/details/completesystemofOOmorrrich 
 
A 
 
 COMPL,ETE SYSTEM 
 
 OF 
 
 PRACTICAL BOOK-KEEPING, 
 
 APPLICABLE TO ALL KINDS OF BUSINESS; 
 
 EXEMPLIFIED 
 
 IN FIVE SETS OF BOOKS, 
 
 OF 
 
 INDIVIDUAL AND PARTNERSHIP CONCERNS ; 
 
 ARRANfiED 
 
 By Single Entry ^ Double Entry in Present Practice^ 
 
 AND 
 
 A NEW METHOD OF DOUBLE ENTRY BY SINGLE, 
 
 WHICH OBTAINS THE SAME RESULT BY TWO ENTRIES, AS THE PRESENT PRACTICE BY FOVR : 
 
 WITH 
 
 A COMPARISON OF THESE METHODS. 
 
 AND 
 
 AN APPENDIX, 
 
 CONTAINING QUERIES AND ANSWERS ON THE PRINCIPLES AND PRACTICE OF BOOK-KEEFING 
 
 ON MERCHANTS' ACCOUNTS, AND ON THE NATURE AND NEGOTIATION 
 
 OF INLAND AND FOREIGN BILLS OF EXCHANGE J 
 
 WITH NUMEROUS EXERCISES UNDER EACH HEAD FOB PRACTICE. 
 
 TO WHICH ARE ADDED, 
 
 A SERIES OF LETTERS CONNECTED WITy fJ^E SETS; 
 AND AN EXPLANATION OF COMMERCIAL TtRikis. 
 WITH "• • ' 
 
 ENGRAVED FORMS 
 
 OF THE VARIOUS ACCOUNTS WHICH OCCUR IN BUSINESS, 
 DESIGNED FOR SCHOOLS AND COUNTING-HOUSES. 
 
 BY C. MORRISON, ACCOUNTANT, GLASGOW. 
 It . 
 
 FOURTH EDITION, WITH VALUABLE IMPROVEMENTS. 
 
 Recommended by Eminent Accountants and Masters of Academies. 
 
 STIRLING & KENNEY, EDINBURGH; RICHARD GRIFFIN, 
 & CO., GLASGOW; G. B. WHITTAKER, AND THOMAS TEGG, 
 
 LONDON. 
 
 1828. 
 
• • • 
 • • • 
 
 • • •-' 
 
 •• • • •» • ^ •••••• 
 
 Aft 
 
 \^% 
 
 uwvvvuS 
 
 Edinburgh : — Dukcan Steven son^ 
 Printer to the University. 
 
TO 
 
 SIR GEORGE CLERK 
 
 OF 
 
 PENICUIK, BARONET. 
 
 MEMBER OF PARLIAMENT FOR THE COUNTY OF EDINBURGH, 
 
 AND 
 
 ONE OF THE LORDS OF THE ADMIRALTY; 
 
 THE FOURTH EDITION 
 
 OF 
 
 ENLARGED AND IMPROVED, 
 
 IS GRATEFULLY AND RESPECTFULLY 
 
 INSCRIBED 
 
 BY 
 
 THE AUTHOR. 
 
 854^05 
 
COMMERCIAL EDUCATION, AND 
 ACCOUNTANTSHIP. 
 
 THE AUTHOR respectfully intimates to his friends and the puhUc, that he has re- 
 moved to 315 Argyll Street ; and hopes, by prompt and assiduous attention to the interest 
 of his Employers to merit a continuance of their patronage and support. 
 
 Young Men whose views are directed to Mercantile pursuits, may here have an oppor- 
 tunity of completing their education, in a superior and expeditious manner — their time 
 and attention being exclusively directed to practical utility. From the Improved Plan 
 which he has adopted in teaching, he deems he is enabled to complete their Mercantile 
 Education in One Third of the time usually taken in public Schools. 
 
 Practical Arithmetic. 
 In teaching this branch, such Rules only as are indispensable for business are intro- 
 duced ; and the most easy and concise methods of performing the various operations are 
 exhibited and explained. Beginners, therefore, as well as those who have either been ne- 
 glected in their Arithmetic when young, or have been taught from some obsolete Trea- 
 tise, and who wish to revise it, may, in a short time, acquire the most eligible and expe- 
 ditious methods of performing the various computations which occur in the Shop, or 
 Counting-house. The Examples and Exercises are taken from a Manuscript Copj/ com- 
 posed by himself, and which he intends to publish. 
 
 Practical Book-keeping. 
 In teaching Merchants' Accounts and Book-keeping, appropriate Sets of Books for 
 Retailers — Wholesale Dealers — Manufacturers — Agents and General Merchants; em- 
 bracing both Individual and Partnership concerns, are taught, and separately if required— 
 an advantage, obtained no where else in Town. Only, such Rules and Examples are 
 retained, as are necessary to explain the principles of Book-keeping, and give a connected 
 view of the whole, by which the Art is so simplified that the principles soon become fa- 
 miliar, and their application to every transaction in Trade, attended with the least possi- 
 ble trouble. 
 
 N.B. To accommodate Young Gentlemen engaged through the day, a Morning and 
 Evening Class for Practical Arithmetic and Book-keeping is formed : either a separate 
 liour, or apartment, will be appropriated to those who may desire to be taught alone. 
 The number of Pupils is limited. Terms Moderate. 
 
 Accountantship. 
 C. M. at his leisure hours, continues to write up — Post and Balance; Tradesraens* and 
 Merchants' Books — to make out States of Affairs — to examine and rectify Books or 
 Accounts gone into disorder — to solve complicated, or disputed Accounts either between 
 Individuals or Partners — and to furnish Specimens or Plans of Books adapted to any 
 business, arranged by the most simple, concise, and satisfactory Forms. 
 
 Accounts prepared for Writers, and for the Court of Session— Bonds, and Deeds, 
 &c. neatly transcribed. 
 
 315 Argyll Street, Comer of Eobertson Street, 
 Gr.Ascjow. October 1828. 
 
PREFACE. 
 
 Encouraged by the distinguished reception which the three preced- 
 ing editions of this work have met with from the public, the Author has 
 spared no labour in rendering the present still more worthy of their no- 
 tice. 
 
 This edition being enlarged, and greatly improved both in arrange- 
 ment, and method of teaching, it may be proper to give a brief outline 
 of the work in its present form. The work is divided into Three Parts. 
 The first exemplifies Single Entry ; the second. Double Entry in Present 
 Practice ; and the third, A New Method of Double Entry by Single ; in 
 Five Sets of Books of Individual and Company Concerns, applicable to 
 all kinds of Business. To preserve every variety in stating the Stock 
 and Profit & Loss accounts, Losing as well as Gaining results have been 
 introduced. 
 
 The first Set by Single Entry, has been altered in order to exhibit to 
 the learner in it, and the following Sets, the Stock account stated in the 
 most usual forms which occur in business. An additional Set has also 
 been added, for Wholesale Dealers ; and the second one in the former 
 edition suppressed. The Balances of these Transactions supply Materials 
 with which Set III. commences. This Set on Agency is part of the 
 transactions of Set III. in the former edition, and these two Sets are now 
 included, in order to show the learner, how the Accounts are closed, the 
 Balances brought down, and the Business continued in the same Ledger. 
 
 Introductory to Double Entry, the Transactions of Sets II. and III. 
 are formed into a monthly series, supposed to be collected from the 
 Subsidiary Books, divested of their technical terms of Debtor and Credi- 
 txxTy with simple and concise Rules to Journalise, Post, and Balance 
 these Sets. Thus, by having the Transactions on the left, and the 
 
vi PREFACE. 
 
 Journal entries on the right, it is obvious that the mind of the pupil 
 must sooner become familiarised with the nature of the entries, and be 
 prepared for understanding more fully Set IV. comprising Company 
 Transactions ; of which it is surprising none of our modern School Books 
 on Book-keeping treat, although almost every Trade or Business is now 
 carried on jointly ! An eminent public Accountant of this City writes 
 thus on the subject : 
 
 " I am much obliged by the compliment you have paid me, in asking 
 " me to suggest any improvements I might consider proper to be made 
 « on your System of Book-keeping, of which I am glad to learn another 
 « edition is called for. In the former edition, so little room was left for 
 " improvements or additions of any kind, that I do not think much can 
 " be suggested in this way. Perhaps it would be an advantage, were 
 « you to give a short Set of Copartnery accounts, or alter your last Set 
 ** in the former edition so as to make them the Transactions of a Com- 
 « pany." 
 
 This was done in the last edition, in the fourth Set of Books ; but a$ 
 that Set was arranged by the New Method of Double Entry by Single, 
 it was seldom taught in Schools ; and consequently many of the improve- 
 ments then introduced were comparatively overlooked. In accordance 
 with the wishes of various Teachers and Accountants, the last or princi- 
 pal Set IV., in the present edition, for schools, is now therefore made a 
 Company concern ; and which exemplifies the most approved methods of 
 keeping the Partners' Private and Company Accounts. 
 
 The Transactions are the same as Set III. in the preceding edition, 
 only to increase the result (the better to assimilate a Partnership in the 
 division of the Profits) it is to be observed, that several of the Transac- 
 tions have been doubledf and a loss sustained by a bankrupt, introduced. 
 The arrangement of the Transactions of Sets II. III. and IV. has been 
 adopted for several years by the Author in teaching this Art privately ; 
 and he now begs to recommend it as the best he has yet seen, both for 
 benefit to the Scholar, and ease to the Teacher ; and he is confident that 
 it only requires to be tried, in order to convince every candid and intelli- 
 gent Teacher, of the obvious superiority of this improvement, over the 
 present methods. 
 
 It will be observed, that the whole Sets embrace a period of one year. 
 The introductory Sets occupying a space of three months each ; and the 
 last or principal Set on Company Accounts six months— a period at 
 which some very extensive Houses, both here and in London, balance 
 their Books. 
 
PREFACE. vii 
 
 Though Sets 11. III. and IV. may in general be considered a Complete 
 Course for Schools, (care having been taken to have them within the li- 
 mits of School practice,) yet any of the five Sets may be taught separate- 
 ly, with advantage. But to the Student whose time and inclination allow 
 him to proceed regularly through the whole Sets, it is scarcely necessary 
 to say, that in doing so, he must derive the greatest benefit. By thus 
 arranging the same Transactions according to the diversified modes which 
 prevail in business, his knowledge of the science of Merchants* Accounts 
 will be matured, while his views of the subject will be greatly enlarged — 
 an object of the first importance to the young merchant. 
 
 The Catechetical form in the Appendix on Book-keeping, was prefer- 
 red from a conviction that it was best adapted for communicating instruc- 
 tion to pupils in general, with more ease, distinctness, and eflPect. On 
 the subject of Book-keeping, only such Queries are now introduced, as 
 the learner should commit to memory. Another form, it will be observed, 
 has been adopted on Merchants' Accounts — the Qt^e«ftV>w« corresponding 
 to the number on the text being subjoined. The Exercises on Book- 
 keeping, and on the several sections of Merchants' Accounts, cannot 
 but be considered a valuable addition to the work — in exercising the 
 skill of the learner, and in preparing him for the business of the Count- 
 ing-house. 
 
 The Engraved forms of Merchants Accounts, (which are now thrown 
 into the Appendix), it is presumed, will be found useful to the work. 
 The learner should be taught not only to write with neatness and accu- 
 racy, but also, when occasion requires, to condense in a small space, 
 which is often unavoidable in business. The Letters, being chiefly con- 
 nected with the Sets in the work, will be more easily understood, and 
 therefore more useful to the learner ; and various articles formerly omit- 
 ted in the JExplanation of Commercial Terms are now introduced, and 
 elucidated. 
 
 Upon examination, it is hoped that this Fourth Edition will be found 
 to contain every Transaction of importance necessarily connected with a 
 work of this nature ; and fi^om the improvements now introduced, it is 
 presumed that any farther alterations will be rendered unnecessary ; and 
 with respectful confidence, it is now submitted to the decision of those 
 who are capable of judging on the subject, 
 
 C. MORRISON. 
 Glasgow, October 1828. 
 
Vlll 
 
 POSTCRIPT. 
 
 A Work on this subject lately published by a Mr. Cbonhelm, entitled 
 " Double Entry by Single, a New Method of Book-keeping, applicable to all kinds 
 of business: and exemplified in Five Sets of Books," merits particular notice 
 here.* 
 
 This is a well digested Work, on the Theory and Practice of Book-keeping. 
 In the first part on the Theory, the Author has introduced much new and im- 
 portant matter in neat, perspicuous language ; and from which the Writer of the 
 present System acknowledges to have availed himself of some useful hints. In the 
 second part on the Practice, the Transactions are recorded with great neatness 
 and simplicity ; and for Retailers, several Wholesale Dealers, and Manufacturers, 
 this New Method is certainly the most concise and simple form of keeping their 
 Books. Our principal objection to this method is, the arrangement of the Book 
 of Merchandise, which exposes at one view the whole Result of the business to 
 the subordinate Clerks who are chiefly employed in writing that Book. 
 
 Of the General Merchant'' s Books, we cannot say so much, nor could this be 
 expected while* Mr. Cronhelm imposed such an hard task on himself as that of 
 avoiding " the ever prohibitable means of repetition." As it is, he has certainly 
 done as much as could reasonably have been expected, while he adhered to his 
 maxim. However, from being solicitous to do justice to the Work, we have ar- 
 ranged our last Set by his New Method, as a Contrast with Set IV. by the Pre- 
 sent Practice. To Mr. Cronhelm's objections to the Present Practice by Double 
 Entry, and his recommendation of the New Method by Single, we have opposed 
 our defence of the former, and our objections to the latter, from which the reader 
 will be better able to judge which preponderates. These Remarks, we assure 
 this highly respectable Author have not been dictated by any spirit of hostility 
 to him or his book, but solely with a view of pointing out the advantages and 
 disadvantages of the rival systems. 
 
 Upon the whole, we consider that Mr. Cronhelm has produced a very ingeni- 
 ous and highly useful publication, displaying both an extensive and comprehen- 
 sive knowledge of his subject ; and although we may differ from him in some 
 of his Exemplifications, we do not hesitate to pronounce it a Work, containing 
 much new and important matter connected with the Theory and Practice of 
 Book-keeping. 
 
 * This Work is finely printed by Bensley, upon an Extra Post Quarto, forming an handsome volume, 
 and sells at 51s. 6d. boards.— 1818. 
 
BY THE SAME AUTHOR. 
 Speedily tuill be Published in Duodecimo^ 
 
 AN 
 
 INTRODUCTION 
 
 TO 
 
 THE COUNTING-HOUSE. 
 
 COMPRISING 
 
 All the Rules in Arithmetic necessary to Commercial Transactions, 
 
 the Examples and Exercises deduced from Real Business ; 
 
 with the most concise and approved Methods of 
 
 calculating, and Answers to all the Exercises. 
 
 Rules and Examples for Reducing the Weights and Measures formerly used, 
 into the New Imperial Standard^ and conversely. 
 
 IN THE FORM OF QUESTION AND ANSWER. 
 
 WITH 
 
 A CONCISE AND COMPREHENSIVE VIEW OF THE EXCHANGES, 
 
 Between the principal Trading Cities of Europe. 
 
 Arranged on a New and Improved Plan, and designed as a Text Book 
 for Schools, Counting-houses and Private Tuition. 
 
 The plan of this Work is in several respects new. The arrangement, though contrary to the method 
 usually followed by writers on this subject, is the result of a mature consideration of its superiority 
 over all others ; by its abridging the number of Rules, and exhibiting ji connected view of such ope- 
 rations as depend on the same general principle of calculation. Every different operation is illustrat- 
 ed by an appropriate example ; and every example is accompanied by such simple explanations as are 
 sufficient, it is presumed, to enable the learner to perform it himself. 
 
 This Work has been drawn up in the form of Question and Answer, from a conviction, that it is 
 best adapted for communicating instruction to the generality of learners with more ease, distinctness, 
 and effect. 
 
 The Manuscript has been submitted to several eminent Teachers and Accountants, who have high 
 ly approved of it, and strongly requested the Author to have it published. 
 
TESTIMONIES 
 
 IN FAVOUR OF THE 
 
 FIRST EDITION OF THIS WORK, 
 
 Frotn Ma. T. Henderson, Accountant, Glasgow. 
 
 I have carefully perused Mr. C. Morri- 
 son's " Introduction to Book-keeping," and can 
 safely recommeml it as the best Treatise which I 
 have seen on the subject, either for Schools or Count- 
 ing-houses. 
 
 The General Plan and Execution are excellent ; 
 by arranging the same Transactions by Single Entry, 
 the Italian method by Double Entry, and the Present 
 Practice of the Counting-house, the comparative me- 
 rits of each are exhibited to the Learner in the clear- 
 est point of view. 
 
 The Rules and Examples are stated with much 
 simplicity, conciseness and perspicuity ; and will ap- 
 ply to every transaction of difficulty and importance, 
 which may occur in the most extensive and compU- 
 cated Concerns. 
 
 The Queries and Answers on Bills, Merchants' Ac- 
 counts, and Book-keeping, with which the work con- 
 cludes, are judiciously chosen, and well calculated 
 for the purposes intended, namely, to facilitate the 
 improvement of the Pupil, and to mature his know- 
 ledge of these important subjects. 
 
 Thos. Henderson. 
 Glasgow, 1th Nov. 1815. 
 
 from Mb. James Boaz, Merchant and Accountant, 
 Glasgow, 
 
 I have perused Mr. C. Morrison's Intro- 
 duction to Book-keeping, printed by Ballantyne and 
 Co. Edinburgh, and find that it contains more-of the 
 modern practical improvements in that art, than any 
 Treatise I have yet seen offered to the Public. He 
 seems to be guite master of his Subject, as well in 
 its great leadmg lines as in its minutiae. The variety 
 and judicious selection of the Entries, as well as his 
 occasional Remarks, seem well adapted for the in- 
 struction of persons intended for Mercantile pursuits. 
 James Boaz. 
 Glasgow, \Sth Sept. 1816. 
 
 From Mr. William Jeffrey, Merchant and Ac- 
 countant, Glasgow. 
 
 SlB> 
 
 I have received yours, with a <!opy of your 
 Treatise on Book-keeping, which I have examined 
 with some attention. The' system you have adopt- 
 ed is so plain, that I have no hesitation in saying, it 
 is the best calculated for the instruction of youth, of 
 any publication of the kind I have met with. 1 am. 
 Sir, your most obedient Servant, 
 
 Will. Jeffrey. 
 Glasgow, 26ih Sept. 1816, 
 
 From Ma. D. Kennedy, Accountant, Glasgow. 
 
 Sir, 
 
 I have perused your Treatise of Book- 
 keeping with some attention, and consider it a very 
 useful acquisition to Seminaries where that science 
 is taught. I am. Sir, your obedient humble Servant. 
 Duncan Kennedy. 
 Glasgow, 2ith July, 1816. 
 
 From Mr. James Neil, Commercial Academy, 
 Glasgow. 
 Sir, 
 
 I am in possession of a Treatise of Book- 
 keeping lately published by you. I have most mi- 
 nutely examined that system, and not to trouble you 
 with what I think of this, or that part of the perform- 
 ance,! find it, in cumulo, one of the best upon the sub- 
 ject, either for Schools or Counting-houses, that ever 
 came under my inspection. I must further add, 
 that the Questions and Answers are admirably adapt- 
 ed for the improvement of the Scholar, and 1 had 
 almost said, for the benefit of the Teacher. Wishing 
 you all success in the further prosecution of your 
 studies, I remain. Sir, yours most sincerely, 
 
 James Neil. 
 Glasgow, 25th Nov. 1815. 
 
 From Mr. J. Gray, of the Academy, Ayr. 
 
 Sir, 
 
 I have examined your system of Book- 
 keeping with some degree of attention, and do think 
 it superior to any work on the same subject with 
 which I am acquainted. I shall certainly mtroduee 
 it into the Academy of Ayr, at the commencement 
 of next Session, which will be in the month of Sep- 
 tember. At present I cannot use ft, as my Scholars 
 are going on with Sets which they began long ago, 
 and upon which they are preparing to be examined 
 at our annual Examination, which takes place about 
 the end of next month. I remain. Sir, yours sin- 
 cerely. 
 
 James Gray. 
 Ayr Academy, 2ith June, 1815. 
 
 From Mr. H. Reed, of the Academy^ Dumbarton. 
 
 Sir, 
 
 I have read your Treatise on Book-keep- 
 ing with much satisfaction, and consider it a very 
 valuable Work, and well adapted for the use of 
 Schools ; and you may rest assured, that I shall re- 
 commend it. 1 am. Sir, very respectfully yours, 
 
 Henry Rekd. 
 Dumbarton, ILQth Dec. 1815. 
 
TESTIMONIES IN FAVOUR OF THE FIRST EDITION, xi 
 
 From Ma. Andrew M'Keaw, of the High School, 
 
 Edinburgh. 
 Sib, 
 
 After a careful perusal of your Introduc- 
 tion to Book-keeping, I have no hesitation in saying, 
 that in my opinion, it contains more useful informa- 
 tion, happily arranged for a young Accountant or 
 Merchant, than anv book of the same size 1 have yet 
 met with : And I sliould fail in my duty, were I not 
 to recommend it to my pupils whose views are di- 
 rected to these professions. Wishing you every suc- 
 cess in the line of your profession, I am. Sir, your 
 most humble Servant, Andrew M'Kean, 
 
 Edin. 27th Dec. 1815. 
 
 From Mr. R. Raxkine, of the High School, Leith. 
 
 I have been very particular in the perusal 
 to Book-keeping, and I am 
 
 Sir, 
 
 of your Introduction ^^, 
 
 highly pleased with the general arrangement and the 
 evident improvements you have exhibited through 
 the whole system ; and indeed I consider the Rules 
 you have laid down excellent, and superior to any I 
 have yet seen — being well adapted for the acquisi- 
 tion of a thorough knowledge of Mercantile Trans- 
 actions. I shall certainly take every opportimity 
 in recommending it, and' particularly to all those 
 young persons whose studies are directed to com- 
 mercial pursuits, I may have any influence over, as 
 a Book well calculated for general and improved 
 
 Eractice. I sincerely wish that your indefatigable 
 ibours for the improvement of youth and the good 
 of society may in due time be inply rewarded ; and 
 in my opinion the Work merits the grateful thanks 
 and good wishes of every Teacher ; and I beg to be 
 believed. Sir, your very obliged humble Ser^-ant, 
 
 R. Rankine. 
 LeUh, 26th Sept. 1815. 
 
 From Mb. John Reid, Schoolmaster, Kirriemuir. 
 
 Sir, 
 
 Your Introduction to Book-keeping is, in 
 my opinion, a valuable performance. Wishing you 
 the encouragement w^hich you so justly merit for a 
 Work so excellent and of such extensive utility. I 
 am. Sir, your most obedient hiunble Servant, 
 
 John Rbid. 
 Kirriemuir, 1th May, 1815. 
 
 From Mr. Pj^er MacDovgal, of the Mat/iematical 
 
 School, StirUng. 
 Dear Sir, 
 
 I received a copy of your Introduction 
 to Book-keeping, and have no hesitation in saying, 
 that I have seen no Treatise on the same subject so 
 elegantly printed, or in which the Transactions are 
 so neatly recorded ; and as it combines School In- 
 struction with the modern improvements of the 
 Counting-house, for which you had superior advan- 
 tages to most writers on Book-keeping, I cannot 
 doubt of its being favourably received by the public 
 I am. Dear Sir, yours sincerely, 
 
 Peter MacDouoal. 
 SMrOng, 15th July, 1816. 
 
 ing, I b^ to say, that I am at all times very imwip- 
 ing to give a written opinion of a Book, though m 
 the present case I have less hesitation than usual, as 
 Mr. Morrison's Treatise conUins a great variety of 
 useful matter, not to be found in similar publica- 
 tions. I shall only state, that I know no work on 
 the subject which I would recommend in preference. 
 I am your most obedient Serv^t, 
 
 A. 'Andbbsox. 
 Perth, 26th Jan. 1816. 
 
 From Mb. Adam Axderson, a. m. Sector of tht 
 Perth Academy, to Mr. Thos. Hill, Bookseller, 
 there. 
 
 Dear Sib, 
 
 In reply to your Note, requesting my 
 opinion of Mr. C. Morrison's System of Book-^Oi)- 
 
 From Mb. E. Maclachla:?, Teacher, Aberdeen*- 
 
 Sir. 
 
 Although several years have elapsed 
 since I taught Book-keeping in public, my depart- 
 ment being now confined to the Classical Languages, 
 I have still had occasion to find the utility- of your 
 Work, in making mv private pupils acquainted with 
 the Theory and Practice of keeping Accounts. 
 
 My judgment of the Work, compared with that 
 of the highly respectable names who have recom- 
 mended it by their suffirages, must have little or no 
 weight,— commerce at present hardly forming any 
 branch of my department ; but so far as I have in- 
 spected other works on the same subject, of however 
 recent a date, I cannot hesitate to recommend the 
 Work before me, as the most masterly Treatise on 
 the business of the Counting-room, that ever issued 
 from the British press ; and as such, rest assured I 
 shall recommend it, so far as my influence extends. 
 I am. Sir, your most humble obedient Servant, 
 
 E. MACLACHtAN. 
 
 Old Aberdeen, May 9th, 1817- 
 
 Frxfm Mb. WnxiAM Boyd, Teacher, Glasgow. 
 
 Sib, 
 
 I have been sometime in possession of 
 your Treatise on Book-keeping, but had little occa- 
 sion to look into it till lately, and of course was not 
 duly sensible of its merits. 
 
 After a fair trial of its practical utility, my opinicm 
 is, that you are well entitled to the gratitude of 
 Teachers for such a valuable performance ; because, 
 such a Work as yours combining the principles of 
 Book-keeping with the Present improved Practice 
 of the Counting-house, was, notwithstanding aU that 
 had been written on the subject, a desideratum for 
 the use of Schools. I am. Sir, your most obedient 
 Servant, 
 
 Wm. Botd. 
 48, Dunlop-Street, \ 
 2lst April, 1819. / 
 
 From Mb. M. Porter, Accountant, Glasgow. 
 
 I have looked into Mr. C. Morrison's In- 
 troduction to Book-keeping with some attention, 
 and compared it with Kelly's work on the same sub- 
 ject, which he mentions in his Preface. I can freely 
 say that his appears a well digested performance, 
 comprising in its detail a great deal of that correct- 
 ness which business requires. 
 
 With regard to any remarks of mine, for improve- 
 ments on a New Edition, so much seems to be done 
 in this way already, as when executed, is likely to 
 give the Work such a finished correctness and ele- 
 gance, as cannot fail, if the price be moderate, to 
 meet encouragement. 
 
 M. Porteb.» 
 Antigua Place, \ 
 1st July, 1818. / 
 
 • BAsides th« preceding Wghly respectable Certificatei, the Author hak received a number of others, which for want of r«»ai 
 he must iupprcsf . 
 
TESTIMONIES IN FAVOUR OF THE FOURTH EDITION 
 OF THIS WORK. 
 
 General Certificate from the following Commercial Teachers in Glasgow, ^c. 
 
 *' We, the undersigned, have attentively perused this Fourth Edition of Mr. 
 C. Morrison's System of Book-keeping, which we deem the ingenious Author 
 has greatly improved, for the purposes of Teaching." 
 
 ** The method of arranging and Journalising Sets II. III. and IV. is a feature 
 in the present Edition too obvious to be overlooked ; which, for simplicity and 
 conciseness, must give it a decided superiority over former Editions, or indeed, 
 any other Book on the subject, for benefit to the Scholar, and ease to the 
 Teacher : And we hereby beg to recommend it as an Elementary work, well 
 deserving the patronage of every Commercial Teacher throughout the kingdom ; 
 and hope, that the highly laudable labours of the Author in so successfully sim- 
 plifying this important branch of Mercantile Education, will meet with that 
 support which they so amply merit." 
 
 James Neil. 
 
 Daniel Black. 
 
 John Walker. 
 
 Daniel Macfarlan. 
 
 Jn°. Jamieson, Colmonel. 
 
 General Certificate from the following Public Accountants in Glasgow. 
 
 ** We whose names are subscribed, having perused this Fourth Edition of Mr. 
 C Morrison's Treatise on Book-keeping, recommend it as a performance de- 
 serving the patronage of persons in business, as well as of those who have in 
 charge the Commercial Education of youth." 
 
 " We observe, Mr. Morrison has made the principal Set in his work a Part- 
 nership Concern, in order to illustrate the most approved principle of keeping 
 the Company and Private Accounts of the Partners, and it seems executed in a 
 masterly manner. The Partner's Company Accounts are stated simply and lu- 
 minously." 
 
 ** The judicious selection of the entries is such, that they will apply to those 
 of the most extensive and diversified mercantile transactions — and, as they have 
 not been invented by a Theorist, but taken from real business, this cu-cumstance 
 must render the work more practically useful for Academies and Schools." 
 
 James Boaz. 
 John Mackinlay. 
 John Munro. 
 John Charles. 
 Robert Wallace. 
 
CONTENTS. 
 
 Page 
 
 Frefacs, .••• y 
 
 Testimonies in favour of this Work, —•...^^ x 
 
 Directions for Teaching it, ^ xv 
 
 PART L— BOOK-KEEPING BY SINGLE ENTRY. 
 SET L 
 
 RULES AND MATERIALS. 
 
 Page 
 
 General Principles and Rules, I 
 
 Transactions in Trade, 3 
 
 Remarks on the Day- Book, 14 
 
 Ready Money Sales- Book explained, ib. 
 
 Directions to Open the Accounts, 15 
 
 To Post and take a General Balance, 16 
 
 Inventory of Goods on hand, 30 
 
 Specimen of a Bill-Book, &c 53 
 
 RETAILERS' BOOKS 
 
 Page 
 
 Exemplified. 
 
 Definitions, 7 
 
 Cash-Book 8 
 
 Dat-Book, 10 
 
 Lei>gsr, 17 
 
 State of Affairs 26 
 
 Stock or Warehouse Ledger, 27 
 
 Petty Cash- Book, 31 
 
 PART II.— DOUBLE ENTRY BY THE PRESENT PRACTICE. 
 
 SET II. 
 
 RULES AND MATERIALS. 
 
 Page 
 
 General Principles and Rules, 35 
 
 Observations, 38 
 
 Directions to Open the Accounts, 48 
 
 Comparing the Books, 50 
 
 Trial Balance, 51 
 
 On Balancing, 53 
 
 WHOLESALE DEALERS* BOOKS 
 
 Page 
 
 Exemplified. 
 
 Rules to Journalise, 39 
 
 Traksactions, 40 
 
 JOURKAL, 41 
 
 Rules to Post the Ledger, 49 
 
 Ledger, 71 
 
 Remarks on it, 90 
 
 SET III, 
 
 RULES AND MATERIALS. 
 
 Page 
 
 Directions to Open the Accounts, 48 
 
 Comparing the Books, 50 
 
 On Balancing, 53 
 
 To Prove the Posting, 88 
 
 Calculation of Interest, 91 
 
 Account- Current- Book, 92 
 
 AGENTS' BOOKS 
 
 Pag« 
 
 Exemplified. 
 
 Rules to Journalise, 55 
 
 Transactions 56 
 
 Journal, 57 
 
 Rules to Post the Ledger, 70 
 
 Ledger, 71 
 
 SET IF. 
 
 RULES AND MATERIALS. 
 
 Page 
 
 Partnership Defined, 93 
 
 Rules to Form the Cash- Book, 94 
 
 Transactions for the Cash- Book, 95 
 
 Rules to Form the Bill- Book 97 
 
 Transactions for the Bill- Book 98 
 
 Rules to Form the Day- Book, 100 
 
 Transactions for the Day-Book ib. 
 
 Remarks on the Cash-Book, 112 
 
 Remarks on the Bill- Book 120 
 
 Remarks on the Day- Book 137 
 
 Invoice- Book, 138 
 
 Remarks on it, 144 
 
 Sales-Book, 145 
 
 Remarks oif it, 150 
 
 Page 
 
 MERCHANTS'BOOKSexempUfied,lll 
 
 Cash-Book, 113 
 
 Rules to Journalise it, 118 
 
 Bill-Book, 121 
 
 Rules to Journalise it, 126 
 
 Day- Book 127 
 
 Rules to Journalise it, 137 
 
 Journal, o 151 
 
 Remarks on it, 165 
 
 Ledger, 167 
 
 Remarks on it, 190 
 
 Inventory, 192 
 
 Private Ledger, 195 
 
 Remarks on it, 194 
 
 Docquet to Balance, 200 
 
XIV 
 
 CONTENTS. 
 
 PART IIL— NEW METHOD OF DOUBLE ENTRY BY SINGLE. 
 
 SET V. 
 
 Page 
 
 Explanation of the New Method, 202 
 
 Invariable Rule to Post, 204 
 
 Remarks on the Cash- Book, ib. 
 
 Remarks on the Bill- Book 210 
 
 Remarks on the Ledger, 268 
 
 Comparison of the Foregoing Methods,. 
 
 Page 
 
 Cash Exemplified, 205 
 
 Bills 211 
 
 Commissions, 217 
 
 Adventures, 255 
 
 Ledger, 247 
 
 269 
 
 APPENDIX 
 
 Containing QUERIES and ANSWERS on the following subjects, viz. 
 
 Chap I. On the Principles and Prac- 
 tice of Book-keeping, 278 
 
 Subsidiary Books used in business, ib. 
 
 Chap II. Of the Ledger and its Ac- 
 counts, 279 
 
 Accounts of Persons, ib. 
 
 Accounts of Property, ib. 
 
 Accounts of Profit & Loss, ib. 
 
 Chap III. Or the Journal and Rules 
 for Journalising, the 
 
 Cash- Book, 281 
 
 Bill-Book, ib. 
 
 Invoice- Book, "Jnt/>arrf, , ib. 
 
 Invoice- Book, Outward, ib. 
 
 Account Sales- Book, ib. 
 
 Day-Book, ib. 
 
 Chap IV. On Posting and Compar- 
 ing the Books, 282 
 
 Journal and Ledger, ib. 
 
 Chap V. On Balancing the Ledger, 
 viz. 
 
 Accounts of Persons 283 
 
 Accounts of Property, 284 
 
 Accounts of Profit & Loss, 285 
 
 General Extract and Proof, ib. 
 
 Supplement on 
 
 Partnership, 286 
 
 Accounts in the Private Ledger, ib. 
 
 How Closed, ib. 
 
 Exercises in Book-keeping, 287 
 
 Chap VI. On Merchants' Accounts. 
 
 Bills of Parcels 288 
 
 Exercises in these, 289 
 
 Invoices, 290 
 
 Exercises in these, 291 
 
 Account-Sales 292 
 
 Exercises in these, 293 
 
 Accounts- Current, 294 
 
 Exercises in these, 295 
 
 Chap. VI. Receipts, 296 
 
 Exercises in these, ib. 
 
 Promissory Notes, ^97 
 
 Inland Drafts, 298 
 
 Exercises in these) 500 
 
 Directions in Drawing Bills, 301 
 
 Foreign Bills, 302 
 
 Exercises in these, 305 
 
 A Series of Letters, chiefly connected with the Sets,i 506 
 
 An Ezflanaxion of Commercial Terms, or Expressions, , 310 
 
DIRECTIONS FOR TEACHING THIS WORK. 
 
 Thk Transactions of the several Sets should either be written oa sfae<its, or access to 
 the Exemplifications of the Books themselves kept from the Learner during the Course, 
 by sealir^ up that part of the printed copy which contains them. 
 
 The Pupils should be divided into Classes according to the judgment of the Teacher, 
 the first three Sets may be considered sufficient for the first Class; and for the second, 
 Sets II. III. and IV. may in general, be considered a complete Course. 
 
 The Pupils being formed into Classes, should begin to copy the Transactions and to 
 Journalise and Post these on coarse or waate paper, and which after correction should 
 be neatly transcribed into proper Books. The Entries being successively read over by 
 them, will greatly enliven the Exercise, and facilitate improvement ; besides acting as 
 mutual checks on each other at Balancing. 
 
 The Teacher may either have three wriung Books to Sets II. and III., namely, a 
 "Waste- Book, (or Transactions in Trade), a Journal and Ledger; or, he may have the 
 two former in one Book, arranged as in the printed copy ; that is, the Transactions on 
 the left, and the Journal on the right, by which the form of the latter Book will be more 
 easily impressed on the mind of the learner. — The latter plan is that followed by the 
 Author. 
 
 In order to save unnecessary trouble afterwards, the Teacher should see the Learner 
 post or transfer a few entries, until he finds he has some idea of the nature of the opera- 
 tion. 
 
 The following Directions addressed to the Pupil, the Teacher may have also written 
 on sheets. 
 
 Set I. Retailer's Set. 
 
 First, Peruse with attention the Definitions and Rules on the Cash and Day- Books 
 in pages 1 and 2, from which form the Transactions in pages 3 to 6, into a Cash- Book, 
 and Day- Book. 
 
 2d, Form the Entries for one month, and read them to the Teacher, who having com- 
 pared them with the printed Exemplifications of the Cash- Book and Day- Book, proceed 
 in like manner with the other two months. 
 
 Sd, Next, open the Accounts in the Ledger as in page 15, and post them as directed 
 in page 16. Having thus finished the Posting of both Books, take a General Balance, 
 exhibit a State of Affairs, and Close the Accounts as directed in the same page. 
 
 Note. By perusing the Observations on the "Warehouse Ledger or Stock- Book, in page 
 27, you will readily comprehend the use of, and how that Book is constructed, and which 
 you may copy at the end of your Day- Book.* 
 
 * Being aware that many Teachers, especially in the country, teach exclusively by the old Italian Me- 
 thod, and others approve of it as aa introductory Set, the Transactions of Set I. may to such be given as 
 a Waste-Book arranged by that method. 
 
 Ruled Sets of Writing Books on coarse and fine paper, expressly adapted to this work, may be had of 
 the Author. 
 
xvi DIRECTIONS FOR TEACHING THIS WORK. 
 
 Set II. Wholesale Dealer's Set. 
 Firsts During the time of going through this, and the following Set, commit to me- 
 moiy the Queries and Answers on Book-keeping in the Appendix, which contains Defi- 
 nitions and Rules by which you are to Journalise, Post, and Balance these. 
 
 2d, Journalise for one month, the Transactions in pages 40 — 46, from the Rules given 
 in page 39, submitting as before your work to the Teacher, and then open the Accounts in 
 the Ledger, arranging them as in page 48, and post them as directed in pages 49 and 70. 
 
 5d, Having in like manner. Journalised, and posted the two succeeding months, form 
 a Trial and General Balance, as directed in pages 51 and 52, and exhibit a State of Af- 
 fairs ; — Close the Accounts, and bring down the several Balances on the opposite side 
 of the Account, as directed in pages 48 and 89. 
 
 Set III. Agent's Set. 
 Having Balanced the Accounts of the preceding Set, and carried down the Balances 
 on the opposite side of the Accounts ; next. Journalise, and Post the Transactions till 
 June 30th inclusive, proceeding to form a Trial and General Balance as before. 
 
 Set IV. Merchant's Set. 
 First, Construct a Cash-Book from the Rules and Transactions in pages 94 to 96, a 
 Bill-Book from those in pages 97 to 99, and a Day-Book from those in pages 100 — 110, 
 submitting to the Teacher the arrangement of each Book for one month, as before. 
 
 2d, Journalise the Cash and Bill- Books by the Rules given at the end of each, open 
 the Accounts according to the arrangement in the printed copy, page 166i Notej and 
 post or transfer them month after month, by the Rules already given. 
 
 3d, Having thus Constnicted, Journalised, and Posted the Subsidiary Books, till 31st 
 December, and compared the Entries as directed in page 50, proceed to form first, a 
 Trial, and next a General Balance, by the Rules already given. 
 
 4th, During this important operation, peruse with attention, the Remarks on parti- 
 cular Accounts at the end of the Journal, page 165, and those in the Ledger, in pages 
 190 and 191. 
 
 Note. As this Set completes the Course, the Learner should in addition to those on 
 Book-keeping, commit to memory the Queries and Answers on Merchants' Accounts, 
 including those on Inland and Foreign Bills, and solve the Exercises on each section in 
 the Appendix. 
 
 The Engraved Forms and Mercantile Letters are intended to be copied during the 
 Course. 
 
 ERRATA. 
 
 The following Errata, have been discovered, the Teacher is requested to correct them with the pen. 
 
 Page 15. Ninth line from top, for, as in page 21, read page 17. 
 
 40. After the first sentence, cancel the Note, and read. When more than one purchase has been 
 
 made from, or more than one sale made to one person in the month, these, in place of 
 
 being classed together, are posted separately in the present Set, as being the practice of 
 
 several respectable houses. 
 134. In the first entry, after Rum, insert per Cuba^2d entry, for the 25th, write oOth—and in 
 
 last entry, for bills read bUl. 
 176. At James Agent's Account Dr. side, for Dec. 52, write 31st. 
 178. At Cotton Account, Dr. side, after To Balance, insert in the column 20 Bales. 
 287. In the 3d Exercise on Book-keeping, to the Answer add, A. Bow's Capital L.1275 : 1 7 : 2 ; 
 
 C. Dun's L.1152: 15: 1; and in the 6th Exercise, same page, add, each Partner shares 
 
 equaily of the Net Profit, 
 
ilart iFttrist 
 
 BOOK-KEEPING 
 
 SINGLE ENTRY. 
 
 GENERAL PRINCIPLES AND RULES. 
 
 BoOK-KEEPING is the Art of arranging the Transactions of Persons 
 in Business, so as to exhibit a true State of their Affairs in a regular 
 and systematic manner. 
 
 There are properly speaking only two Methods of Book-keeping, 
 founded on distinct principles, namely, Single and Double Entry. 
 
 By Single Entry each sum or amount is entered only once in the Led- 
 ger, and therefore it is more simple than Double Entry. It is generally 
 adopted by Shop-keepers and others who deal in a great variety of arti- 
 cles, where the sales are small and numerous, and to such it is pecu- 
 liarly applicable, as they have no time to record them particularly, the 
 minuteness of the sales rendering it iinpracticable to keep a check upon 
 their quantity. 
 
 Two Books by Single Entry are here used at posting the Ledger, viz. 
 a Cash-Book and Day-Book. 
 
 The following General Rule is sufficient to direct the learner respect- 
 ing Debtor and Creditor. 
 
 A 
 
2 BOOK-KEEPING BY SINGLE ENTRY. 
 
 Tlie Person^owi whom you Purchase Goods on Credit^ or receive money, 
 is Creditor, and, on the contrary, the Person to whom you Sell Goods on 
 Credit, or pay money, is Debtor in the Ledger, 
 
 For instance, if you buy Goods on Credit from Richard Armour, he 
 being the deliverer is Creditor for the value ; and when you pay him for 
 them, he being the Person who receives is Debtor. On the same princi- 
 ple, if you sell Goods on Credit to Robert Johnson, he being the receiver 
 is Debtor ; and when he pays you for them, he being the deliverer is 
 Creditor, 
 
 The same Rule is observed when you contract or discharge a Debt by 
 any other Transaction : Thus, the Person who becomes indebted to you 
 is Dr., and the Person to whom you become indebted is Cr, In the same 
 manner, the Person whose Debt you pay is made Dr.; and he who pays 
 a Debt to you, or for you, is Cr. 
 
 TO FORM THE CASH AND DAY-BOOKS. 
 
 Divide the running title across the top on opposite pages, writing on 
 those of the Cash-Book, the words Dr. Cash on the left hand page ; 
 those of the Day-Book, Dr. Merchandise, and on the right hand pages, 
 those of Contra Cr. Then 
 
 In the Cash-Book 
 
 Enter the Cash in hand at commencement, and every sum which you 
 afterwards JReceive on the Dr. or left hand page, beginning each entry 
 with the preposition " To ;" and on the Cr. or right hand page every 
 sum which you Pay, with the Balances of Cash in hand on both sides 
 monthly ; beginning each entry with the preposition ^* By." 
 
 In the Day-Book 
 
 Enter the Purchases, the Discounts allowed by you to others, and the 
 monthly Petty Charges on the Dr. or left hand page, beginning each 
 entry with the preposition " To ;" and on the Cr. or right hand page 
 the Sales, the Discounts allowed to you, and the value of the Goods on 
 hand at balancing, beginning each entry with the preposition " By." 
 
 Note. — Insured is the same as Purchases ; and Shipped if, the same as 
 Sales. 
 
SET L—TRANSACTIONS. 
 
 1827. 
 
 Jan, 
 
 Cask in hand at banning business this day,. 
 
 Bought of Richard Armour, MancJiester, 
 
 20 pieces Linen, 500 yds. No. 1, at 3/. .,,,>,.,£75ii -n - 
 
 16 do. 400 2, — 4/9 95ii -m - 
 
 Box, &c. -iilOii - 
 
 Bought of Moore & Gay, Leeds, 
 
 14 pieces Quilting, 168 yds. at 4/9 ^39iiI8n 
 
 12 Cassimere, 360 6/6 117ii -ii 
 
 4 Bought of William Irvine Glasgow^ 
 
 15 pieces Muslin, 360 yds. | wide, at 1/1. «.^19nl0tt 
 
 14 do. 126 I 2/4. «. 14nl4ii 
 
 12 G)ngham,336 blue, at 1/2 19m 12ii 
 
 30 « do. 840 pink, 1/8 70n -ii 
 
 Bought of Greorge Fenton, Glasgow, 
 
 10 pieces Cambric, 200 yds. No. 1, at 2/4.^23tt 6ii 8 
 
 5 do. 100 2,^3/6.^ ITiilOi. - 
 
 4 do. 80 3, ^ 4/6.«, I8ii -ii 
 
 Paid George Fenton in part 
 
 14 
 
 26 
 
 26 
 31 
 
 Bovght of Moore & Gay, Leeds, 
 
 2 pieces S. fine Cloth, 42 yds. mixt, at 14/. £29n 8ii 
 
 5 do. 105 blue, «. 17/. 89n 5i! 
 
 3 do. 63 black,... 18/. 56iil4ii 
 
 Packing,,.,^^. -n 8ii - 
 
 £ 
 
 110 
 
 170 
 
 156 
 
 10 
 
 18 
 
 123 
 
 58 
 30 
 
 16 
 
 16 
 
 Sold to Robert Johnson, Glasgow, 
 
 2 pieces S. fine Cloth, 42 yds. blue, at 19/.,.je39(il8n - 
 1 piece do. 21 black, ^21/.^ 22m In - 
 
 Sold for Cash, 
 
 1 piece Muslin, 9 yds. | wide, at 2/8. 
 
 Paid for Shop Furniture, V account. 
 
 Paid for Family Expenses this month, ^-^ 
 for Cliarges on Merchandise, 
 
 175 
 
 61 
 
 1 
 26 
 15 
 
 15 
 
SET I.— TRANSACTIONS. 
 
 1827. 
 Feb. 3 
 
 10 
 
 14 
 17 
 20 
 
 20 
 24 
 
 26 
 
 26 
 26 
 
 27 
 
 Sold to Joseph Edmond, Glasgow ^ 
 
 3 pieces Cambric, 60 yds. No. 2, at 3/6. 
 
 Sold to John Kemp & Co., Glasgow, 
 
 3 pieces Quilting, 36 yds. at 6/9. ^ 
 
 4 Cassimere, 1 20 7/6 
 
 1 piece Mixt Cloth, 21 23/6.. 
 
 .£12ti 3m - 
 , 45ii -II - 
 , 24iil3n 6 
 
 Bought of Pringle & Son, Manchester, 
 
 30 pieces Muslin, 840 yds. | wide, at l/8.^£70ii --m 
 BoXw,^^^.,^wv^ -iilOii 
 
 Paid George Fenton in full, ^. 
 
 Paid Thomas Sharpe in part Salary. 
 
 Sold to Richard Howie, Edinburgh, 
 
 3 pieces Muslin, — 72 yds. | wide, at 1/6 £5u S\\ - 
 
 4 do. 36 I 2/7.^ 4ii13m 
 
 6 Gingham,^168 — blue, ^ 1/6.^ 12i!l2ii - 
 
 4 do. ^112 pink, ^2/1. «. 11m13ii 4 
 
 1 piece S.fineCloth,21 blue, ^21/.«. 22m 1m 
 
 Received from Richard Howie in part, 
 
 Sold for Cash, 
 
 30 pieces Muslin, 840 yds. f wide, at 1/8. 
 
 Sold to Robert Johnson, Glasgow, 
 
 6 pieces Liiien, 150 yds. No. 2, at 5/6 £4^^ 5m 
 
 4 Cambric, 80 3, ^ 5/9 23m -m 
 
 Received payment of R. Johnson's bill No. 1, 
 
 Settled with Moore & Gay, as imder : 
 
 Charged for 2 yds. Quilting, short measure, at 4/9., 
 
 Paid them in Cash, 
 
 Discount on ^156m8m6 at 5 ^ cent.. 
 
 Sold for Cash, 
 
 5 yds. S.fine blue Cloth, at 21/ 
 2ji — do. black 24/6 
 
 ^G5m 5m - 
 3m 1m 3 
 
 £ 
 10 
 
 70 
 28 
 10 
 
 10 
 
 16 
 
 10 
 16 
 
 56 
 30 
 
 70 
 
 64 
 61 
 
 148 
 
 7 
 
SET L^TRANSACTIONS. 
 
 18-27. 
 Feb. 28 
 
 Mar. 3 
 
 10 
 
 14 
 
 18 
 
 20 
 
 20 
 
 21 
 23 
 
 Paid for Family Expenses this month, , 
 for Charges on Merchandisey, 
 
 Bought of Thomas Ryder, York, 
 
 12 pieces Cassimere, 240 yds. at 5/ ^£60ii -n 
 
 Packing,,.,.,,^^ -n 5ii 
 
 Received from Joseph Edmond in full. 
 Discount allowed him, , 
 
 Bought for Cashy 
 
 10 pieces Calico, 240 yds. at 1/1 0. 
 
 Sold to Joseph Edmond, Glasgow, 
 
 2 pieces Linen, 50 yds. No. 2, at 5/^ 
 
 Sold to Joseph Edmond, Glasgow, 
 
 2 pieces Gingham, 56 yds. pink, at 1/ £2nl6ii 
 
 3 Cambric, 60 No. 1,^ 2/6 TulOi. 
 
 Paid William Irvine's Bill, No. 1, 
 
 Sold to John Kemp & Co. Glasgow^ 
 10 pieces Calico, 240 yds. at 1/10.. 
 
 Sold to Richard Howie, Edinburgh^ 
 
 10 pieces Cassimere, 300 yds. at 2/4. 
 
 Received from Richard Howie in full. 
 
 lyiscount allowed him, 5 W cent, on i26ii7ii4,. 
 
 Lost a Bank Note* oL 
 
 Sold to John Kemp 8c Co. Glnsgoiv, 
 6 pieces Cassimere, 180 yds. at 1/6. 
 
 « As there U no Profit and Loss account in this Set, the above is put to the 
 account of Family Expenses, at it in5ght at once have been put to the debit of 
 Stock. 
 
 60 
 10 
 
 22 
 12 
 
 10 
 50 
 
 22 
 
 35 
 
 60 
 
 10 
 
 10 
 
 13 
 
 10 
 
SET L— TRANSACTIONS. 
 
 1827. 
 Mar. 24 
 
 25 
 
 31 
 
 31 
 
 31 
 
 31 
 
 Received for J, Kemp & Co. bill No. 5, discounted,. 
 .y,„^..v,„^ for R. Johnson, «w,««v,..,^ 2, do. 
 
 Paid Thomas Sharpe part Salary 
 
 J tf</t^^«M^^^«^rf^M>MMV^#MMt#«^M^lMWlrfVi/<^t#«^lMV^^lA^rf<M 
 
 Sold to Richard Howie, Edinburgh, 
 
 19 pieces Linen, 475 yds. No. 1, at 3/. 
 
 Pflic? William Irvine's bill. No. 2, 
 
 yMViA«kM«^A«V« 
 
 Paid Moore & Gay, bill No. 4, 
 on John Kemp & Co 
 
 Insured with James Risk, 
 
 on ^55 Goods ¥' Fanny, for Halifax, 
 at 2 Guineas, and policy 5/6. W cent.^ 
 
 Shipped W Fanny, for James Denny & Co. Halifax, 
 by their order, viz. 
 
 11 pieces Quilting, ^130 yds. at 4/ ^£2611 -n - 
 
 1 piece Mixt Cloth, 21 23/6 24m13ii 6 
 
 Charges till on boards 
 
 Insurance on £55 as W contra. 
 
 50.1 13ii 6 
 Inllii 6 
 111 8ii 7 
 
 Taken for Family use, 
 
 25 yds. Linen, No. 1, at 3/.«,«w«-wr«w. 
 
 9^ Black Cloth, ^18/ 
 
 ^^l<^»»wv^»^>r/y»V■»>^|^<V■«^tf^Vtf1»tf* 
 
 £3ii15m 
 illii 
 
 Due to Thomas Sharpe, my Clerk, 
 
 For 3 months' S^Jary at ^60 ^ annum. 
 
 Paid for Family Expenses this month, 
 for Charges on Merchandise, 
 
 The Balance of Goods on hand is. 
 
 Required the difference of the two sides of the Merchan- 
 dise account, or in other words the Gain or Loss last 
 3 months. 
 
 £ 
 
 41 
 64 
 
 10 
 
 71 
 73 
 
 40 
 
 d. 
 
 16 
 
 53 
 
 12 
 
 15 
 
 17 
 5 
 
 220 
 
 13 
 
DEFINITIONS. 
 
 I. CASH-BOOK. 
 
 On the J>r, or left hand page of this Book, is entered the money Be- 
 cdved; and on the Cr. or right hand page, is entered the money Paid, 
 The difference betwixt the two sides is called the Balance^ and which 
 should always agree with the money remaining in hand, and is entered 
 on the Cr. to make both sides equal, and likewise upon the Dr, side of 
 the succeeding month, as in pages 8 and 9. 
 
 For a description of a Petty Cash-Book, see page 31. 
 
 II. DAY-BOOK. 
 
 On the Dr, or left hand page of this Book, is entered the Purchases, 
 Sfc. ; and on the Cr. or right hand page, is entered the Sales, Sfc. Before 
 taking a General Balance, the value of the Goods remaining on hand is 
 entered on the Cr. side, being the Balance of the account ; after which, 
 the difference betwixt the Dr, and Cr, side exhibits the Gain or Loss, as 
 in page 13. 
 
 III. LEDGER. 
 
 This Book collects together the dispersed accounts in the Cash-Book 
 and Day-Book, by arranging them under their respective heads, on the 
 Dr. and Cr. sides, as the transactions occur ; in order to show how each 
 account has been affected, after these entries shall have been made, and 
 the general result of the whole. 
 
 The Dr. side of any Person's account contains the sums by which that 
 Person has become indebted to you, or those which you have paid to him ; 
 and the Cr. side contains the sums by which you have become indebted 
 to him, or those which he pays to you. The difference betwixt the Dr, 
 and Cr, sides is called the Balance , and shows how much is owing. 
 
SET L— CASH BOOK, BY 
 
 Dr. 
 
 CASH. 
 
 1827. Foi. 
 
 Jan. 1 
 26 
 
 Feb. 1 
 20 
 24 
 26 
 27 
 
 Mar. 
 
 1 
 
 5 
 
 20 
 
 24 
 
 II 
 28 
 
 Apr. 1 
 
 Receipts, &c. 
 
 To Stock,, 
 
 To Merchandise, 
 
 Capital in Trade, 
 ^ Day-Book 
 
 y*tirrft't-ti'0t<t^r^f^ftt^e^ 
 
 To Balance^ « 
 
 To Richard Howie 
 
 To Merchandise, 
 
 To Robert Johnson, 
 To Merchandise,*^,***^ 
 
 Jrom last month, 
 
 "n part, 
 
 ?^ Day-Book, 
 bill No. 1,^ 
 .F Day-Book,, 
 
 »y^^»»rf»v>wvy/<ww»^^^iy 
 
 To Balance, 
 
 ~^from last month, 
 Jn full, 
 
 To Joseph Edmond, 
 
 To Richard Howie, in full, 
 
 To John Kemp & Co — ^bill No. 5, 
 To Robert Johnson,-., — bill No. 2, 
 To John Kemp & Co.««.bill No. 4, 
 
 To Balance, 
 
 An. hand. 
 
 ^s/Sfi/^A^#^AA^/«^A^^^lMA^« 
 
 £ *. d, 
 
 110 
 1 
 
 HI 
 
 35 
 
 9 
 
 30 
 
 _ 
 
 70 
 
 __ 
 
 61 
 
 19 
 
 8 
 
 6 
 
 205 
 
 15 
 
 5 
 10 
 60 
 41 
 64 
 40 
 
 221 7 3 
 
 1 16 ^ 
 
SINGLE ENTRY. 
 
 CONTRA. 
 
 Cr. 
 
 1827. Foi. 
 
 Jan. 4 
 26 
 31 
 
 ti 
 II 
 
 Feb. 14 
 17 
 
 26 
 
 28 
 
 Mar. 
 
 6 
 14 
 
 21 
 25 
 26 
 
 28 
 31 
 
 Payments, &c. 
 
 By George Fenton, — 
 By Shop Furniture,-.— 
 By Family Expenses,- 
 
 By Merchandise, 
 
 By Balance^ >...^ ....«>.. 
 
 part, 
 
 J^ account, 
 
 -.this month, 
 
 --charges this month,, 
 -to next month, 
 
 By George Fenton,^— .-in full,. 
 
 By Thomas Sharpe, in part. 
 
 By Moore & Gay, in full, ,.. 
 
 By Family Expenses, — this month, 
 
 By Merchandise, ^....charges this month, 
 
 By Balance, ^ ,...m>,to next month,. 
 
 By Merchandise, 
 
 By William Irvine, — 
 By Family Expenses,,, 
 By Thomas Sharpe,.,- 
 By William Irvine, — 
 
 By Moore & Gay, 
 
 By Family Expenses,, 
 
 By Merchandise, 
 
 By Balance, 
 
 -^ Day-Book, 
 
 .bill No. 1, 
 
 .lost a Note of. 
 -part Salary, — 
 
 -bill No. 2, 
 
 -bill No. 4, 
 
 -this month, — 
 
 -charges this month,, 
 -in hand, 
 
 £ s. d. 
 
 30 
 26 
 15 
 3 
 35 
 
 111 
 
 28 
 
 10 
 
 148 
 
 8 
 • 4 
 
 205 
 
 16 
 
 12 
 
 17 
 
 4 
 
 4 
 
 15 
 
 22 
 
 50 
 
 1 
 
 10 
 
 73 
 
 40 
 
 17 
 
 5 
 
 1 
 
 221 
 
 16 
 
 1 
 13 
 16 
 
 7 3 
 
 B 
 
10 
 
 SET I— DAY-BOOK, tY 
 
 1 
 
 Dr. 
 
 MERCHANDISE. 
 
 1827. 
 Jan. 3 
 
 31 
 Feb. 10 
 
 Purchases, &c. 
 
 To Richard Armour, Manchester^ 
 
 20 pieces Linen, 500 yds. No. 1, at 3/ £75m -m 
 
 16 .^.^...^ do. 400,..,.,.,__ 2, 4/9 95i. -n 
 
 Box, &c. -II lOii 
 
 To Moore & Gay, Leeds, 
 
 14 pieces Quilting, 168 yds. at 4/9. , 
 
 12 Cassimere, 360 .^ 6/6. , 
 
 ,^e39iil8M 
 .117m -I. 
 
 15 pieces Muslin, 360yds. | wide, at 1/1. ^£19iil0ii 
 
 14 do. 126 I 2/4.^ 14m14ii 
 
 12 Gingham,336 blue, at 1/2 19ii 12ii 
 
 30 do. 840 pink, 1/8 70(1 -ii 
 
 To George Fenton, Glasgow, 
 
 10 pieces Cambric, 200 yds. No. 1, at 2/4...^23ii 6ii 8 
 
 5 do. 100 2, ^ 3/6.^ 17iil0ii - 
 
 4 do. 80 ......^_. 3, ^ 4/6.^ 18m -i. 
 
 To Moore & Gay, Leeds, 
 
 2 pieces S. fine Cloth, 42 yds. mixt, at 14/. ^29ii 8m 
 
 5 do. 105 blue, ^ 17/. 89m 5m 
 
 3 do. 63 black, ^ 18/. 56m I4m 
 
 Packing, -m 8m 
 
 To Cash for Petty Charges this month, 
 
 To Pringle & Son, Manchester, 
 
 30 pieces Muslin, 840 yds. | wide, at 1/8. ^^70m -m 
 Box, -mIOm 
 
 To Cash, for Petty Charges this month, 
 
 Continued, £ 
 
 d. 
 
 170 
 
 156 
 
 10 
 
 18 
 
 123 
 
 58 
 
 16 
 
 16 
 
 175 
 
 70 
 
 763 
 
SINGLE ENTRY. 
 
 11 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 Jan. 14 
 
 26 
 Feb. 3 
 
 20 
 
 24 
 
 26 
 
 27 
 
 Sales, &c. 
 
 By Robert Johnson, GlasgoiVy 
 
 2 pieces S.fine Cloth, 42 yds. blue, at 19/..v>£39iil8ii 
 1 piece do. 21 black,«.21/.^ 22ii In 
 
 By Cash, for 
 
 1 piece Muslin, 9 yds. | wide, at 2/8. 
 
 By Joseph Edmond, Glasgow, 
 
 3 pieces Cambric. 60 yds. No. 2, at 3/6. 
 
 By John Kemp & Co., Glasgow, 
 
 3 pieces Quilting, 36 yds. at 6/9 £12ii 3ii - 
 
 4 Cassimere, 120 7/6 45m -m 
 
 1 piece Mixt Cloth, 21 23/6 24iil3ii 6 
 
 By Richard Howie, Edinburgh, 
 
 3 pieces Muslin, — 72 yds. | wide, at l/6.«w^5ii 8i! 
 
 4 do. 36 I 2/7.^ 4m 13m - 
 
 6 Gingham,^168 blue, «. 1/6.^ 12m12m 
 
 4 do. ^112 pink, ..2/1.^ 11m13ii 4 
 
 1 piece S.fineCloth,21 blue, ^21/.^ 22m In 
 
 By Cash, for 
 
 30 pieces Muslin, 840 yds. f wide, at 1/8. 
 
 By Robert Johnson, Glasgow, 
 
 6 pieces Linen, 150 yds. No. 2, at 5/6.»«-»^G41m 5ii 
 
 4 Cambric, 80 3, ^ 5/9 23m -v 
 
 By Moore & Gay, Leeds, 
 
 2 yds. Quilting, short measure, at 4/9. 
 DUcount on £156ii8i!6 at 5 ^ cent — 
 
 ,£-\\ 9m 6 
 . 7m16m 6 
 
 By Cash, for 
 
 5 yds. S.fine blue Cloth, at 21/, 
 2\ do. black 24/6. 
 
 ,£o\y 5i 
 3m 1m 3 
 
 Continued, £ 
 
 61 
 
 s.\d. 
 
 19 
 
 10 
 
 81 
 
 10 
 
 16 
 
 56 
 
 70 
 
 64 
 
 8 
 362 
 
l^ 
 
 SET L—DAY-BOOK, BY 
 
 2 
 
 Dr. 
 
 MERCHANDISE. 
 
 1827. 
 Mar. 3 
 
 20 
 
 28 
 
 31 
 
 31 
 
 Apr. 1 
 
 Purchases, &c. 
 
 Continued, 
 
 To Thomas Ryder, York, 
 
 12 pieces Cassimere, 240 yds. at 5/. .,>~«««^^60ii -ii 
 
 To Joseph Edmond, for discount allowed him,. 
 
 To Cash, for 
 
 10 pieces Calico, 240 yds. at 1/10. , 
 
 To Richard Howie, for discount allowed him, 
 
 To James Risk, Glasgow, 
 
 For Insurance on £55 on Goods W Fanny, 
 for Halifax, at 2 Guineas, W cent, and policy 5/6. 
 
 To Thomas Sharpe, mi/ Clerk, 
 For 3 months* Salary due him. 
 
 To Cash, for Petty Charges this month 
 
 Amount Purchased, S^c. last 3 months £ 
 
 To BalancCi 
 
 763 
 
 13 
 
 60 
 
 10 
 
 22 
 1 
 
 15 
 
 13 
 
 869 
 
 220 
 
SINGLE ENTRY. 
 
 13 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 Mar. 7 
 
 10 
 
 18 
 20 
 
 23 
 
 26 
 
 28 
 
 Sales, &c. 
 
 Continued, 362 14 1 
 
 By Joseph Edmond, Glasgow, 
 
 2 pieces Linen, 50 yds. No. 2, at 5/. 
 
 By Joseph Edmond, Glasgow, 
 
 2 pieces Gingham, 56 yds. pink, at 1/ , ;€2nl6it 
 
 3 Cambric, 60 No. 1,^2/6 7..10i. 
 
 By John Kemp & Co. Glasgow ^ 
 
 10 pieces Calico, 240 yds. at 1/10. 
 
 By Richard Howie, Edinburgh, 
 
 10 pieces Cassimere, 300 yds. at 2/4. 
 
 By John Kemp & Co. Glasgow, 
 
 6 pieces Cassimere, 180 yds. at 1/6. 
 
 By Richard Howie, Edinburgh, 
 
 19 pieces Linen, 475 yds. No. 1, at 3/. 
 
 By James Denny &: Co. Halifax, 
 
 Shipped by their order, V Fanny, viz. 
 
 11 pieces Quilting, 130 yds. at 4/ 
 
 1 piece Mixt Cloth, 21 23/6 
 
 31 
 
 31 
 
 II 
 
 i26ii —II 
 24nl3ii 
 
 50m13ii 6 
 
 liillii 6 
 
 Insurance on £55 as ^ contra, In 8n 7 
 
 Charges till on board. 
 
 By Family Expenses, 
 
 25 yds. Linen, No. 1, at 3/.^ 
 9^ Black Cloth, ^ 18/. 
 
 ^3iil5ii 
 . 811II11 
 
 By Stock,_ 
 By Balance,. 
 
 Amount Sold last 3 months, £ 
 
 .Loss last 3 months 
 
 „Goods on hand, as W valuation, , 
 
 12 
 
 10 
 
 22 
 
 35 
 
 13 
 
 71 
 
 10 
 
 53 
 
 12 
 
 593 
 
 56 
 
 220 
 
 869 
 
 10 
 
 13 
 
 16 
 
14 
 
 REMARKS, 
 
 The preceding Day-Book is added up and the amounts carried forward, 
 till the period for taking a General Balance, which is supposed to be 
 on 31^^ March. It then appears, that the Purchases, 8^c, amount to 
 £869m16ii9 as in page 12, and the Saks to £593!.4.i8 as in page 13. 
 In order to ascertain the Gain or Loss, we add to the Sales the value of 
 the Goods on hand, being £220ii2ii8, which make the amount £813ii7m4. 
 But as this sum is less than that of the Purchases, the difference, being 
 ^56ii9m5, is the Loss on the Business; and which we enter on the Dr, 
 of the Stock Account, after making a corresponding entry in the Day-* 
 Book, as in page 13. 
 
 In selling Goods for Cash, the particulars are immediately entered on 
 the Credit side of the Day-Book, thus. By Cash for, S^c, extending the 
 sum received in the money column, and transferring it at the same time 
 to the Debit of the Cash-Book, thus, To Goods as V Day-Book, inserting 
 the folio of the one book opposite to the entry in that of the other, as in 
 Jan. 24 and Feb. 27, In buying Goods for Cash, as also the monthly 
 charges paid on these, it is almost unnecessary to say, that the above 
 operation is just reversed. See March 6, and 31. 
 
 In the present Set no Bill-Book is used, the few bills that occur being 
 only entered to the person's account when the money is received or paid, 
 from the Cash-Book. 
 
 A Ready-Money Sales-Book containing the sums drawn daily, might 
 have been given. However, it may be suflScient to observe, that the ad- 
 ditions of this Book are entered at stated periods in the Cash-Book, and 
 Day-Book, such as weekly, or monthly, as is found to be most conve- 
 nient. First, on the Dr. side of the Cash-Book, To Goods, Ready Money 
 Sales, and, at the same time, on the Cr. side of the Day-Book, By Cash, 
 Ready Mo7iey Sales, entering the amount, filling up the folio of each 
 Book opposite the entries, by which the process is completed. 
 
15 
 
 DIRECTIONS TO OPEN THE ACCOUNTS. 
 
 Write an account for each person or article as these occur in the Day- 
 Book and Cash-Book, and in order to leave room for subsequent entries, 
 open only three, or at most five accounts in the same folio, as in the fol- 
 lowing Ledger.* For distinction, write the Titles of the accounts in a 
 half-text hand. 
 
 In order to have as easy a reference to every account in the Ledger as 
 possible, the Titles are entered in an Index, as in page 21, that is, by 
 the first letter of the Person's surname ; Companies by the surname of the 
 person who stands first in the firm ; and every other account by the first 
 letter of the first word. 
 
 Wlien the space allotted for any account is filled up, it must be trans- 
 ferred to another folio ; for this pui-pose, write on each side, opposite 
 where the sums will be placed when the account is added. To amount 
 carried tofol., — and By amount cairied tofoL, — and insert the folio where 
 the account is opened anew. Then write the title of the new account, 
 entering the new folio in an Index ; and on the Dr. side of the account 
 say. To amount brought from fol.^ — and on the Cr. side, JBy amount brmight 
 from fol., — inserting on each side the folio where the account was first 
 opened. Tlie sums to be carried forward should be left blank till the 
 books be compared, as an error in any of the entries will occasion an al- 
 teration in the sum. 
 
 Wlien either side of an account is full, both sides must be transferred, 
 and a diagonal line drawn, to fill up the vacant space on the side that 
 requires it. 
 
 * The following is the arrangement of the Accounts in the Ledger to Set I., dividing 
 the folios into the proper spaces accordingly — 
 
 In Folio 3, jnit 
 
 In Folio 1, jnit 
 Stock, 
 
 Family Expenses, 
 Shop Furniture. 
 
 In Folio 2, put 
 Richard Armour, Manckester^ 
 Moore & Gay, Leeds, 
 William Irvine, Glasgow, 
 George Fenton, Glasgow. 
 
 Robert Johnson, Glasgow, 
 Joseph Edmond, Glasgoiv, 
 John Kemp & Co. Glasgow, 
 Thomas Sharpe, mt/ Clerk. 
 
 In Folio 4, put 
 Richard Howie, Edinburgh, 
 Thomas Ryder, York; 
 Pringle & Son, Manchester, 
 James Risk, London, 
 James Denny & Co. Halifax. 
 In opening the Stock Account, write Dr. Stock on the left hand side, and the word Ac- 
 count, on the Cr. or right hand page. In the next two, write the first word of each on 
 the Dr., and the last word on the Cr. side ; and in the remaining Accounts, write the 
 name of the party on the Dr.^ and the place of residence, or designation, on the Cr. 
 
16 
 
 TO POST AND TAKE A GENERAL BALANCE. 
 
 TO POST THE CASH-BOOK AND DAY-BOOK. 
 
 Write the date on the margin, and say, 
 
 On the Dr. side. 
 
 To Cash, for cash paid. 
 
 To Goods, »-for goods sold. 
 
 On the Cr. side. 
 Bj/ Cash,.^for cash received. 
 Bi/ Goods, ^or goods bought, or 
 
 If the transaction consists of any thing else than the above, adopt that 
 term at the account, and place the sum in the money column. Then 
 insert, in the book from which you are posting, the folio of the Ledger 
 in which you have posted the entry, and in that of the Ledger, the folio 
 of the book where the entry stands. 
 
 The invariable Rule is, to post from the left of the above Boohs to the 
 right of the Ledger ; and from the right side of these Boohs, to the left 
 side of the Ledger. 
 
 TO TAKE A GENERAL BALANCE. 
 
 First, credit the account of Family Expenses, B?/ Stock for the amount 
 or difference of it, and debit the Stock Account To Family Expenses for 
 the same. Next, prepare a sheet ruled in the form of Dr. and Cr. upon 
 opposite pages, and title it, Dr. State of Affairs, Contra Cr. Then take 
 the difference between the Dr. and Cr. sides of every account except 
 Stock, in the following manner. 
 
 When the Dr. side exceeds the Cr., the difference is a debt due to you, 
 which place on the Cr. side of said sheet; but when the Cr, side exceeds 
 the Dr., the difference is a debt due by you, and is therefore placed 
 on the Dr. side of that sheet, inserting folio, name of the account, and 
 sum at each. Having in this manner gone through all the accounts in 
 the Ledger, add up both sides of the state. To the Cr. side, add the Cash 
 in hand, taken from the Cash-book, and the value of the Goods unsold, 
 taken by an Inventory ; these constitute the debts due to you, and other 
 property in your possession. From the amount of these, subtract that 
 of the Dr. side of said sheet, which is the debts due by you ; the dif- 
 ference will be equal to the balance of the Stock Account, and which 
 compared with the original capital, will shew the Gain you have made 
 since, or the Loss you have sustained. See page 26. 
 
INDEX 
 
 TO 
 
 THE FOLLOWING LEDGER 
 
 BY 
 
 SINGLE ENTRY. 
 
 Armour, Richard, 
 
 Fol. 
 2 
 
 B 
 
 Balance, see State of Affairs, 
 
 D 
 
 Denny, & Co. James, ,.v«v«»«^ 
 
 E 
 
 Edmond, Joseph, 
 
 «W^rMMWMV<MAM^#i/MW^mA#«'i'V>i^MVtA^tfA 
 
 Family Expenses, ..,■■. 1 
 
 Fenton, George,.. — ^ ^...^ »,,^9, 
 
 H 
 Howie, Richard,,,w«w«y»«wv».ww 
 
 Irvine, William,. 
 
 Johnson, Robert, 
 
 *f*fif*tf***f*tii>ffr*it¥finn»t»^i0ii> m tf *. 
 
 Fol. 
 3 
 
 Kemp, & Co. John, 
 
 "ffmfff^tf^f^ntr***'^ 
 
 M 
 
 Moore & Gay,«v«»„«^ 
 
 W^^#/V«MVM«IMWAM^AAMl^MVWIMW 
 
 Pringle & Son, 
 
 »»»^^»»^^^»ff»/»i»»^<w»^^^^»»^»>r/»r\<»r»wfi»r»»f» 
 
 Ryder, Thomas, 
 .Risk, James,«yvv« 
 
 Stock, I 
 
 Shop Furniture, ,..,1 
 
 Sharpe, Thomas, , « 3 
 
 State of Affairs, 
 
18 
 
 SET I— LEDGER, BY 
 
 1827. 
 
 Mar. 31 
 
 Apr. 1 
 
 Jan. 31 
 
 Feb. 28 
 
 Mar. 21 
 
 31 
 
 Dr. 
 
 Stock 
 
 To Goods, Loss last 3 months,. 
 To Family Expenses, 
 
 To Balance^ my deficiency. 
 
 Dr. 
 
 To Cash, 
 To do 
 
 Family 
 
 To do. «.»^<«»«^ 
 
 X O CIO* t/<^w(MiMVMftf« 
 
 To Goods,. 
 
 Jan. 26 
 
 Dr. Shop 
 
 To Cash, 
 
 £ 
 
 56 
 54 
 
 111 
 
 d. 
 
 15 
 
 8 
 
 1 
 
 17 
 
 12 
 
 54 
 
 19 
 
 26 
 
 16 
 
SINGLE ENTRY. 
 
 19 
 
 1827. 
 
 Jan. 1 
 Mar. SI 
 
 Account, 
 
 By Cash, for Capital in Trade,- 
 By Balance, my deficiency, 
 
 Mar. 31 
 
 Expenses, 
 By Stock, — 
 
 Furniture, 
 
 Cr. 
 
 Or. 
 
 Cr. 
 
 110! - 
 9 
 
 111 
 
 54 
 
 54 
 
 19 
 
 19 
 
 11 
 
 11 
 
20 
 
 SET I — ^LEDGER, BY 
 
 1827. 
 
 Feb. 26 
 
 It 
 
 Mar. 28 
 
 31 
 
 Mar. 14 
 26 
 
 Jan. 4 
 Feb. 14 
 
 Dr. 
 
 Richard Armour, 
 
 Dr. 
 
 To Cash,. 
 
 Moore & Gay, 
 
 To Discount, &c. — 
 To Cash, bill No. 4, . 
 To Balancef^ 
 
 Dr. 
 
 William Irvine, 
 
 To Cash, bill No. 1, 
 To do 2, 
 
 Dr. 
 
 To Cash,. 
 
 George Fenton, 
 
 To do. 
 
 148 
 
 8 
 
 40 
 
 185 
 
 332 
 
 13 
 
 50 
 73 
 
 16 
 
 123 
 
 16 
 
 30 
 
 28 
 
 58 
 
 16 
 
 16 
 
SINGLE ENTRY. 
 
 21 
 
 1827. 
 Jan. 3 
 
 Jan. 4 
 6 
 
 Apr. 1 
 
 Jan. 4 
 
 Jan. 4 
 
 Manchester, 
 By Goods 
 
 Leeds, 
 
 By Goods,. 
 By do 
 
 By Balance,. 
 
 Glasgow, 
 By Goods, 
 
 Glasgow, 
 
 By Goods,, 
 
 Cr. 
 
 170 
 
 2 
 
 10 
 
 Cr. 
 
 156 
 175 
 
 332 
 
 135 
 
 13 
 
 15 
 
 Cr. 
 
 123 
 
 16 
 
 Cr. 
 
 58 
 
 16 
 
d^ 
 
 SET I. -LEDGER, BY 
 
 1827. 
 
 Jan. 14 
 Feb. 26 
 
 Feb. 3 
 
 Mar. 7 
 
 10 
 
 Apr. 1 
 
 Feb. 5 
 
 18 
 
 Mar. 23 
 
 Apr. 1 
 
 Feb. 17 
 Mar. 25 
 
 Apr. 1 
 
 Dr. 
 
 To Goods, 
 To do — 
 
 Robert Johnson, 
 
 Dr. 
 
 To Goods, 
 To do. 
 To do. 
 
 Joseph Edmond, 
 
 To Balaru;ef. 
 
 Dr. John Kemp & Co., 
 
 To Goods, 
 To do — 
 To do 
 
 To Balance^, 
 
 Dr. 
 
 To Cash, 
 To do.^ 
 
 Thomas Sharpe, 
 
 To Balance^ 
 
 61 
 64 
 
 d. 
 
 126 
 
 10 
 12 
 10 
 
 33 
 
 22 
 
 16 
 
 81 
 22 
 13 
 
 117 
 
 35 
 
 10 
 
 10 
 10 
 
 20 
 
SINGLE ENTRY. 
 
 23 
 
 1827. 
 
 Feb. 26 
 
 Mar. 24 
 
 Mar. 3 
 31 
 
 Glasgow, 
 
 By Cash, bill No. 1,-. 
 By Cash, 2, ^ 
 
 Glasgow, 
 By Cash, 
 
 2 ; By Discountjw. 
 I By Balance, ^ 
 
 Glasgow, 
 
 Mar. 24 1 ^J Cash, bill No. 5, ^ 
 
 28 1 ^y Cash, 4, ^ 
 
 31 By Balance^ 
 
 Mar. 31 
 
 H 
 
 j My Clerk, 
 
 2 : By Salary, 
 
 By Balance, ^ 
 
 Cr. 
 
 Cr. 
 
 £ 
 
 6119 
 64: 5 
 
 126 4 - 
 
 10 - 
 
 -10 
 
 2216 
 
 Cr. 
 
 Cr 
 
 33,6, 
 
 4116 
 
 401 -' 
 3510 
 
 117, 6 
 
 ■I: 
 
 20 J 
 
 I I 
 
24 
 
 SET I.— LEDGER, BY 
 
 1827. ^,,, 
 
 Feb. 20 1 
 
 Mar. 20 2 
 
 26 2 
 
 April 1 
 
 Dr. 
 
 To Goods, 
 To do — 
 To do 
 
 Richard Howie, 
 
 To Balance^ 
 
 »l»^w^»w^»/^*w^»*^»/'^^'*ww^/l»'/^^i^/^#^/>»^'/^w^rrfvv^»f^^ 
 
 Mar. 28 
 
 Dr. 
 
 Thomas Ryder, 
 
 Dr. 
 
 Pringle & Son, 
 
 Dr. 
 
 James Risk, 
 
 £ 
 
 8. 
 
 56 
 
 7 
 
 35 
 
 . 
 
 71 
 
 5 
 
 16212 
 
 71 5 
 
 Dr. James Denny & Co. 
 
 To Goods, ^ Fanny, 
 
 rf^^'ftfttfrMviffitfitrift(r*^itf*H>rt'frf^^ 
 
 5313 
 
SINGLE ENTRY. 
 
 25 
 
 1827. 
 
 Edinburgh, 
 
 Feb. 20 1 By Cash, — 
 Mar. 20 1 i By do . 
 
 31 
 
 Mar. 3 
 
 Feb. 10 
 
 Mar. 28 
 
 2 By Discountj 
 By Balance,^ 
 
 York, 
 By Goods, 
 
 Manchester, 
 By Goods, 
 
 Glasgow, 
 By Insurance, 
 
 Halifax, 
 
 Cr. 
 
 Cr. 
 
 Cr. 
 
 Cr. 
 
 Cr. 
 
 30 -^ 
 60 1 
 
 4 
 d. 
 
 16212 4 
 
 60 
 
 7010 
 
•26 
 
 
 'XS 
 
 Too 1 1 1 1 1 i> 
 
 CO "* 
 
 '- 1 
 
 
 
 CO G^ to CO O 1 xO CO 
 
 Ci Ci 
 
 » 1 
 
 
 •0 j 
 
 -H ^ .-. ^ ^ 
 
 p-H 
 
 
 
 r-lOC0Gvi»0^'-HC0 
 
 CO r^ 
 
 QO 
 
 
 
 ^ 
 
 G^i Cv^ Gvi CO i> lO 
 CM 
 
 CO 
 
 CO 
 
 
 
 i> 
 
 
 
 
 
 
 
 
 
 \ 
 
 ^ 
 
 
 00 
 
 
 
 
 
 
 
 
 : 
 
 
 
 ^ 
 
 
 
 
 
 
 
 
 
 
 
 
 "^ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 !| 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Rl 
 
 
 
 
 
 
 
 
 r >; 
 
 
 
 1 
 
 
 a 
 o 
 
 rn 
 
 1 
 
 
 d 
 '^ a 
 
 5 3: 
 11 
 
 3 Denny & Co 
 , my deficienc 
 
 
 
 1 
 
 i1flll|i 1 
 
 
 
 §^ 
 
 >»>>> >^ >.>%>»>» >» >» 
 
 
 
 (i 
 
 pQpqcc 
 
 PQ pq pq PQ PQ pq 
 
 
 
 
 
 i 
 
 OQ^COCOCO-fJi-* '-^ 
 
 
 •^ 
 
 I 1 1 1 I> 
 
 ^ II 
 
 
 
 O iO ^ O GO 
 
 QO 
 
 1 
 
 
 
 ^H F-^ ^^ 
 
 
 1 
 
 
 
 O XO'O O i-i 
 
 00 
 
 
 
 ^ 
 
 i> CO CO i> 
 
 3 
 
 
 
 
 
 
 
 
 
 \ 
 
 2^ 
 
 
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 t- 
 
 
 
 
 
 
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 GQ 
 
 
 
 
 
 
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 00 
 
 
 
 
 
 
 \ 
 
 
 
 
 
 
 
 
 
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 1 
 
 
 
 
 
 
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 "tj 
 
 
 
 
 
 
 \ 
 
 
 
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 CO 
 
 
 ^ 
 
 
 
 
 \ 
 
 
 
 »^ 
 
 s 
 
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 •^ ^ 
 
 \ 
 
 
 
 
 2 >^ « a 
 
 
 
 ■<>! 
 
 S ^'^ o ^ \ 
 
 
 
 4^ 
 
 1 
 
 ^ <^ „ f p^ \ 
 
 
 
 ^ 
 
 To Ricli 
 To Moo 
 To Tho 
 To Prin 
 To Jam 
 
 ^ 
 
 
 i 
 
 1 (M (N •<? "^ ■«? 
 
 
 C+-( rtj I 
 
 « ^ * 
 
 2J ^ 
 
 - I he 
 o o3 cj 
 a 2 '^ 
 
 CJ *^ CD 
 
 C <u »^ 
 
 ^ ^ -^ 
 
 ^ g s 
 
 S O ? 43 
 
 o « § « 
 
 O 
 
 <« c: 
 
 C 5/2 g M 
 
 2 o -3 
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 <j c 
 
 3 "5 
 
 ro O 
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 CXtS 
 
 j= <u 
 
 
 r. 5 ^ 
 
 Oh CJ ^ 
 CO O -. 
 
 0^ Ss ^ 
 C _^ bo 
 
 O C W3 ^ 
 
 5 I 
 
 
THE STOCK 
 
 OR 
 
 WAREHOUSE-LEDGER. 
 
 This Book is made up, by entering, from the Invoices, the quantity of 
 each article purchased, in the upper columns ; and in the under part of 
 the page, the quantities sold. The prices at which the several articles 
 were bought are stated, in order to save trouble in affixing the cost of 
 such as may remain on hand at balancing ; for when these are nume- 
 rous, and when several articles of a similar kind occur, it will sometimes 
 be difficult to know the cost of each, which inconvenience is here avoid- 
 ed. It is not so necessary to preserve the prices of the Sales, as these 
 can be seen by a reference to the date and page of the Day-Book ; how- 
 ever, in the present case, they are omitted for the convenience of print- 
 ing. This Book should nearly keep pace with the Day-Book. 
 
 When all the Sales have been posted, and before taking a General Ba- 
 lance^ the several columns are to be added up, when the Defidences, if 
 all are correct, will agree with the Goods remaining in the Warehouse, 
 which may easily be known by proceeding regularly through the whole, 
 and marking off the articles as they are examined. It is better to begin 
 a new Stock-Book at every General Balance, to which a copious Index 
 to each article purchased, should be annexed. 
 
 It may be observed, that a Book of this kind is only kept in Whole- 
 sale Trade, or where the quantities sold are distinctly entered, which, in 
 a Retail Business, becomes impracticable from the minuteness of the 
 Sales. 
 
 INDEX TO EACH ARTICLE. 
 
 Broad Cloths, Page 2 
 
 Cassimeres,^.,,^ — ^ .».>.»,..w.w,..^2, 1 
 
 Cambrics, .^ „, 2 
 
 Calico, ^-.^ 2 
 
 GinghamSy^w.,.,,,^^,,..,,^..,,,^^..^,,.^,,..,^ 1 
 
 Muslins, 2, 1 
 
 Qui] tings, .>^^^.,,,^.,^ . »»> ,^^ 1 
 
28 
 
 SET L—THE STOCK-BOOK ; OR 
 
 (1) 
 
 
 ) 
 
 1 - 
 
 (M 
 
 
 CO 
 
 
 
 
 05 
 
 o5 
 
 CO 
 
 i-H 
 
 i 
 
 GvJ 
 
 00 
 
 
 
 
 5^ 
 
 ^^ 
 
 
 
 
 -^ 
 
 
 
 
 CO 
 
 "* 
 
 -* 
 
 CO" 
 
 l-< 
 
 ^ 
 
 1— • 
 
 1— 1 
 
 
 
 tS 
 
 i 
 
 { 
 
 i 
 
 i 
 
 I 
 
 I 
 
 i 
 
 
 
 ^ 
 >> 
 
 
 
 
 
 
 
 1 
 
 
 
 o 
 
 Q 
 
 00 
 
 o 
 
 
 o 
 
 CO 
 
 CO 
 
 o 
 
 
 
 o 
 
 (^ 
 
 CO 
 
 cc 
 
 
 CO 
 
 CM 
 
 CO 
 
 ■^ 
 
 
 Invoices. 
 
 ii- 
 
 
 ^ 
 
 
 
 cr 
 
 
 1 
 
 i^ 
 
 
 CO 
 
 a 
 
 
 1827. 
 
 No, 1. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Jan. 3 
 
 i?. Armoury Manch. 
 No. 2. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 4i Moore Sf Gai/, Leeds. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 No.S. 
 
 
 ; 
 
 
 
 
 
 
 
 
 
 
 3 
 
 -i 
 
 4 
 
 W. Irvine, Glasgow. 
 
 
 
 
 p 
 
 E 
 
 i 
 
 C 
 
 r 
 
 3 
 
 'a. 
 o 
 
 '4^ 
 
 
 
 
 d 
 
 •13 
 
 •§ 
 
 3 
 
 
 ■| 
 
 •1-1 
 
 s 
 
 
 
 JZi 
 
 ^ 
 
 Gf 
 
 5 
 
 ^hf 
 
 «oH« 
 
 3 
 
 
 1827. 
 
 Sales jD, B. 
 
 Fol. 
 
 
 
 
 
 
 
 
 Jan. 26 
 Feb. 5 
 
 Cash,u..........x......^rr 
 
 
 
 
 
 
 
 9 
 
 
 
 J. Kemp & Co. ^ 
 
 
 
 36 
 
 120 
 
 
 1 1 
 
 20 
 
 R. Howie, 
 
 
 
 
 
 
 72 
 
 36 168 112 
 
 26 
 
 R. Johnson, 
 
 
 
 150 
 
 
 
 
 II 
 
 Moore & Gay, 
 
 J. Edmond, 
 
 
 
 
 2' 
 
 
 
 1 
 
 Mar. 7 
 
 2 
 
 
 50 
 
 1 
 
 
 
 
 ■ 1 
 
 10 
 
 J. Edmond, 
 
 2 
 
 
 
 1 
 
 
 
 
 56 
 
 20 
 23 
 
 R. Howie, 
 
 J. Kemp & Co. -. 
 
 R. Howie, 
 
 2 
 2 
 
 
 
 
 60 
 180 
 
 
 
 
 
 
 
 
 
 26 
 
 2 
 
 475 
 
 
 
 
 
 
 
 
 28 
 
 J. Denny & Co... 
 
 2 
 
 
 
 130| 
 
 
 
 
 
 3J 
 
 Family use, 
 
 2 
 
 25 
 
 
 1 
 
 
 
 
 
 II 
 
 On ^^t??</,.wwuw^^^ 
 
 
 
 200 
 
 1 
 
 288 
 
 81 
 
 168 
 
 67^ 
 
 
 
 
 500 
 
 400 
 
 168 
 
 360 
 
 360 
 
 126 
 
 336 
 
 840 
 
 
 
 
 
 
 
 
 
 
WAREHOUSE LEDGER. 
 
 29 
 
 (2) 
 
 Invoices. 
 1827. 
 
 Jan. 4 G» Fenton, London 
 
 I No. 5. 
 
 6 Moore 8^ Gay, Leeds, 
 
 I No. 6. 
 
 Feb. lOPnTZ^/e^/SoWjManch. 
 
 I No. 7. 
 
 Mar. 3 T. Ryder, York. 
 I No. 8. 
 
 QFor Cash, Glasgow. 
 
 n3 
 
 © 
 o 
 
 CM 
 
 O 
 
 ^ 
 
 O 
 X 
 
 
 - 
 
 OD 
 
 
 
 o 
 
 
 
 — «. 
 
 
 *"* 
 
 r- 1 
 
 *0 
 
 J^ 
 
 1 
 
 i 
 
 f 
 
 { 
 
 CO 
 
 o 
 
 o 
 
 o 
 
 CC' 
 
 Tt 
 
 ^ 
 
 "^I 
 
 
 
 OD 
 
 (N 
 
 o 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 JZ 
 
 
 
 
 
 
 
 
 
 o 
 
 n 
 
 
 
 
 
 
 
 o 
 
 
 V 
 
 
 ^ 
 
 OQ 
 
 3 
 
 s 
 
 8' 
 
 ^ 
 
 ^ 
 
 CO 
 
 pq 
 
 Ho 
 
 U 
 
 u 
 
 1827. 
 
 Jan. 
 Feb. 
 
 Sales. D. B. foi 
 
 R. Johnson, — 
 
 J. Edmond, 
 
 J. Kemp & Co. -. 
 R. Howie, 
 
 24 Cash,. 
 
 26; R. Johnson,* 
 
 27: Cash, 
 
 Mar. 10 J. Edmond,, 
 
 42 
 
 60 
 
 18 J. Kemp & Co. -. 2 
 
 20 R. Howie, '2 
 
 28 J. Denny & Co.J 2 
 
 31 Family use, 2 
 
 On hand,. 
 
 140 
 
 60, 
 
 21. 
 
 21 
 
 211 
 
 840l 
 
 80 
 
 5 n 
 
 21 
 
 40 
 
 J I 
 
 200 100 
 
 80 
 
 42 
 
 37 
 
 103 
 
 30 
 
 63 
 
 240 
 
 8401 240 
 
so 
 
 INVENTORY OF GOODS ON HAND. 
 
 SUeMarcL 1827. 
 
 Taken from the preceding Stock-Book. 
 
 Linen 
 Muslin, 
 
 -200 yds No. 2, at 4/9. 
 
 .288 ^^wide, 1/1 £l5nl2, 
 
 9i. 9i. - 
 
 Broad Clotb, 
 
 Entered Merchandise, page 13,- 
 
 47 
 25 
 65 
 23 
 
 58 
 
 10 
 
 16 
 
 220 2 8 
 
 N. B. In the above Inventory, the several articles are set down at 
 Jirst cost, although it is obvious this practice in actual business may often 
 prove fallacious ; for it is not the cost, but the present price of the arti- 
 cle, especially if that be less than the cost, that must be taken into con- 
 sideration ; because the design of affixing any value is to point out the 
 Gain or Loss ; and the gain is in reality obtained as soon as the prices 
 rise, or the loss suffered as soon as they fall. 
 
PETTY EXPENSE-BOOK, 
 
 SI 
 
 1827. 
 
 Jan. 
 
 3 
 
 6 
 
 12 
 
 26 
 
 II 
 
 31 
 
 Feb. ^4 
 II 
 
 14 
 16 
 18 
 20 
 28 
 
 Mar. 4 
 12 
 21 
 
 II 
 24 
 
 31 
 
 Postage from R. Armour,^ 
 
 A Stone moulded Candle,- 
 
 Postage of 3 Letters, 
 
 Carriage of Linen from Manchester,. 
 
 Carriage of Cloth from Leeds, 
 
 ««wvw->£wferec? ^ Cash, and Day Books,^ 
 
 Postage of 3 Letters,, 
 2 Waggons of Coals,, 
 
 Carr. of Kerseys and Quilt, from Leeds, 
 
 Porterage of a parcel, 
 
 Account Books, &c. as ^ note, 
 
 Postage of 2 Letters,, 
 
 .,-, — Entered ^ Cash, and Day Books,. 
 
 Postage of 2 Letters,* 
 
 Porterage of a Parcel, 
 
 Carriage of Muslin from Manchester,. 
 
 Carriage of Cassimere from York, 
 
 Discount on Bills No. 2 and 5, 
 
 Stationery Account, ^ receipt, 
 
 Charges on Goods ^ Fanny, 
 
 ^ .Entered ^ Cash, and Day Books,^ 
 
 Paid, 
 
 J^ 
 
 14 
 
 3 
 
 13 
 
 1111 
 
 ^3ii 3«fi 3 
 
 £4i. 4« 3 
 
 £5,1 13.. 8 
 
 The above is a specimen of a Petty Expense-Book, which is alwaj's 
 found convenient for entering small incidental charges incurred in Trade, 
 which would be improper to enter singly into the Principal Cash- 
 Book. The Petty Expense-Book is generally added up once a-month, 
 and the amount expended carried to the credit side of the Cash-Book, 
 Tims the sum expended in January is £3!i3n3, as above, which we carry 
 to the Cash-Book, as in page 9 ; and so of the other months. 
 
 When the Petty Expense-Book is kept by a separate Person, as is usual, 
 it is ruled with columns for Dr, and Cr. On the Dr, side are entered 
 the sums he receives, and on the Cr, those he expends. The Balajice 
 shows how much he should have in hand, and which is carried to the 
 Dr. side of the succeeding month. 
 
32 ■ REMARKS ON BILLS. \ 
 
 ] 
 
 As some Teachers may approve of keeping a Bill-Book for Set L at posting } 
 
 the Ledger, we have here given the form of one on next page. It will readily \ 
 
 occur to the learner that in posting the entries from it, he will require to make ^ 
 
 the necessary alterations at all those bill transactions in the Cash-Book, — such j 
 as To Bills Receivable, By Bills Payable, instead of the personal account as at 
 
 present. The Balances of these accounts are collected from the Bill-Book, same \ 
 as that of the Cash, from the Cash-Book. 
 
 L BILLS RECEIVABLE. | 
 
 In this part of the Bill-Book, are entered all bills you receive, and are^ there- 
 fore called Bills Receivable. 
 
 Here are arranged, in separate columns, the names of the parties on whose ac- 4 
 count you received the bills, on whom drawn, with the number, when due, \ 
 and sum ; and how they have been disposed of. j 
 
 In general, only two parties are concerned in an Inland Bill — the Drawer and the , 
 
 Accepter. In the Engraved Draft, (see Inland Bills, Appendix,) A. Buchanan is 
 
 the Drawer; R. Johnson is the Drawee, or person on whom drawn, and when he 
 
 agrees to pay it, by writing his name under that of the Drawer, he is also called ; 
 
 the Accepter^ j 
 
 \ 
 The second form is a Promissory Note, granted by R. Johnson to A. Buchanan, ' 
 
 (who is supposed to be the owner of the Books), for Goods which he had a second 1 
 
 time purchased of him. Both forms are of equal obligation, subject to the same 
 
 regulations, and are entitled to the same privileges. j 
 
 Form of a Draft. ■ 
 
 ^£6511?/. due May lOtk. Edin. March 7th, 1827, I 
 
 Two months after date, pay to the order of Mr. Richard Hoivie, Slvty- 
 
 ■flve pounds seven shillings, value received. I 
 
 Mr. William Haix, j) John Bayley. ; 
 
 Paternoster -Row, > Accepted William Hall. ; 
 
 No. 3. T. S. London. ) Payable at Down, Thornton ^ Go's. 
 
 The above is a bill given to you by R. Howie, in part of Goods which he pur- 
 chased. Bayley is called the Drawer, or person who makes out the Draft; Howie 
 is called the Payee, or person to whose order it is made payable; and Hall is called 
 ihii Drawee, or person on whom it is drawn, and when he accepts it, he is also called 
 the Accepter. As the bill is made payable to Howie, before he can pay it away, he 
 must indorse it, that is, write his name upon the back of it, by which, he becomes 
 responsible for the payment, as he is supposed to have done before he gave it to you. 
 
 * In computing the time when the Engraved draft falls due, you reckon 1 7 days to run in January, and 23 
 days in February, which make 40 days, the term of the Bill ; to which add three days of Grace, making it 
 fall due on the 26th February. For the method of entering the above bills, see Bills Receivable, as num. 
 bered. Days of Grace are a certain number of days granted after the term mentioned in the bill is expired. 
 These vary according to the custom of different places. In Great Britain and Ireland 3 days are allowed. 
 Bills drawn at Sight, however, must be paid or protested when presented ; and bills whicli fall due on Sun- 
 day, or any Holiday, must be paid on Saturday or the day before. 
 
SET. I.— BILL-BOOK BY SINGLE ENTRY. 
 
 33 
 
 ^ 
 
 i 
 
 1 o r 1 
 
 ^H 
 
 
 5 
 
 , , . 1 Ml ' 
 
 Ci -^ 1 i> 
 
 ^11 
 
 2 2 i2 1 '^ II *^ 
 
 O O "* -o 
 
 CO 
 CM 
 
 
 §5 g § 1 
 
 O CO 
 
 CO o 
 
 ^ CO 
 
 •a 
 
 . 1 
 
 T o 
 
 1 1 
 
 T 6 
 
 1 1 
 
 ^ 1 
 
 •a 
 
 
 
 'M 
 
 
 
 
 
 OO ^ 
 
 
 
 
 - 
 
 
 
 ^ 
 
 
 
 
 
 3j 1 
 
 
 
 
 •4 
 
 §^ 
 
 §g 
 
 sg 
 
 
 
 
 • ^ o 1 f-s 
 
 
 
 
 
 
 ""^ 
 
 
 
 
 
 
 
 
 »o t- (O o 
 
 05 Ol 
 
 
 ^ 
 
 —1 lO <N -*< CO 
 
 
 
 
 1 
 
 
 
 'i 
 
 1 
 
 1 ■ «* 
 
 
 
 
 
 
 
 1 
 
 ••3 
 
 1 
 
 2i g 
 
 
 
 
 £ 
 
 i! II 
 
 4K -;w 
 
 i «^ 
 
 ? 
 
 
 
 t> Ol 00 otn 
 
 i 
 
 -- <M CO ""f^ 
 
 »o o 
 
 
 1 
 
 
 a 
 
 « 1 
 
 i ■ 1 
 
 
 S 
 
 r? 
 
 III CO 
 
 CO II 1 
 
 CI o t> «o 
 
 -ir 
 
 -tHO - 
 
 CO 
 
 >o 
 
 
 CO O O X 
 
 t- 
 
 o 
 
 
 
 o ^ 
 
 > 
 
 1— 1 
 
 
 
 ^ 
 
 
 PL, 
 
 3 
 
 
 
 1^ «^ 
 
 PQ PP 
 
 -3 
 
 
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 =^ 
 
 
 
 
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 * 
 
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 w 
 
 
 
 _ _ 
 
 
 
 
 ■■C5 O 
 
 OD ^ 
 
 PI 
 
 ^ 
 
 \ 
 
 5:; 
 
 
 
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 O C5 O <5 ?0 
 
 
 c 
 
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 (M (M ^ -- •» 
 
 Its 
 
 
 
 r; 
 
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 < 
 
 
 i 
 
 ' ' • 1 ' II 1 
 
 1 
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 > 
 
 S K ^ ?i H 
 
 
 fl 
 
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 l-H 1 
 
 o CO o 
 
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 o 
 
 ^c^. \ 
 
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 1— ' (M CO ■* O 
 
 
 CO 
 
 
 
 
 
 
 
 
 
 
 
 , 
 
 ll«t 
 
 
 1 
 
 
 ■■2 
 
 
 
 
 
 
 
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 *^^ll 
 
 
 ^ 
 
 
 ^ 
 
 iJi 
 
 
 
 
 
 
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 o o o 
 
 
 
 
 
 
 ^ 
 
 
 ^e2^^ 
 
 
 ^ 
 
 
 
 ^b^b^ 
 
 1 
 
 TS 
 
 » 
 
 ^ 
 
 
 
 C^ ^ ^ CO 
 
 
 
 .000-- 
 
 
 ■-^ 
 
 
 t- (M r-. (N (N 
 
 
 _^ 
 
 £ 
 
 oj c, 
 
 
 
 
 fM . t: 
 
 
 •c 
 
 
 S 
 
 X) S 
 
 
 -< 
 
 k 
 
 00 C K! 
 '^ H, ^ 
 
 
 a. 
 
 ^ 
 
 
 
 E 
 
34 REMARKS ON BILLS. 
 
 II. BILLS PAYABLE. 
 
 In this part of the Bill-Book, are entered all bills which you accept^ or agree? 
 to pay, and which are therefore called BiUs Payahle. 
 
 Here are also arranged in separate columns, the names of the parties on whose 
 account you accepted the bills, and to whose order they have been made payable; 
 with the number, date, sum, when, and to whom paid. 
 
 The following specimen of a bill', drawn by W. Irvine upon, and accepted by, 
 A. Buchanan, will show the form of, as well as how such bills are recorded in Bills 
 Payable. 
 
 ^50. due I5th March.* Glasgow, \2th Jan, 1827. 
 
 Two vionths after datct pay to the order of Mr. James Gray, 
 ^fty pounds sterling, value received. 
 Mr. Alex. Buchanan, ^ William Ievine. 
 
 Merchant, > Accepted, A. Buchanan. 
 
 No. l,T.S. Glasgow. ) 
 
 In the above Draft, like the preceding one, there are three parties concerned — 
 the Drawer, the Payee, and the Drawee, or Accepter. 
 
 If the Accepter has an account with a Banker in London, he generally makes 
 his bills payable at the Banker's office, as in the preceding bill page 32 ; which 
 form of accepting is, at the same time, an order to the Banker to pay it when due. 
 Every bill discounted at the Bank of England must be accepted in this manner. 
 
 As the above bill is in the possession of James Gray, he is called the Holder, 
 but if he disposes of it before it becomes due, he writes his name upon the back of 
 it, which is called Indorsing the bill, and every Indorser is an additional security 
 for the payment. The person to whose order a bill is drawn must be the first In- 
 dorser, and the person to whom it is thus made payable is called the Indorsee. 
 
 Indorsements are of two kinds. Blank and Special. A bill is said to be blank, 
 or generally indorsed, when the Holder writes only his name upon the back of it; 
 but when he indorses it in favour of another person, it is called a special indorse- 
 ment ; and this last kind of indorsation is always preferable in remitting bills by 
 post, as it prevents, as far as possible, fraud or forgery ; because, in the event of 
 the bill's falling into improper hands, the name of the person to whom it was in- 
 dorsed must be forged before it can be passed. 
 
 * When a Bill is drawn at so many months. Calendar months are always understood ; thus, 
 A bill dated on the 1st January, and made payable at one month after date, the term or month expires on 
 the 1st February ; and if a bill be dated on the 29th, 30th, or 31 st January, and made payable at one month's 
 date, the term expires on the last or 28th day of February, in common years, but on the 29th in leap years. 
 Also, a bill dated on the 29th May at three months, the term expires on the 29th August ; to which, add the 
 three Days of Grace, which makes it fall due on the 1st September. 
 
 When bills are drawn at so many weeks after date, reckon seven days to the week, and compute the num- 
 ber of days from the date of the bill until it falls due. 
 
3?att §econtr 
 
 BOO K-K E E P I N G 
 
 BY 
 
 DOUBJLE ENTRY. 
 
 GENERAL PRINCIPLES AND RULES. 
 
 BoOK-KEEPING, by Double Entry, means, that for every sum en- 
 tered on the one side of an account in the Ledger, the same sum or 
 amount must be entered on the opposite side of some other account or 
 accounts : Hence, it is a natural consequence of this method, that when 
 these entries are made, the amounts of the Debit and Credit sides will 
 be equal. 
 
 This method of keeping accounts is absolutely necessary in an exten- 
 sive and complicated trade, in order that the Books may exhibit in a con- 
 cise and satisfactory manner what debts the merchant owes, and are ow- 
 ing him : what property he is possessed of; and how much he has either 
 gained or lost in trade. 
 
 In the infancy of Commerce, when trade was simple, or not so diver- 
 sified as it now is with bills and other occurrences, one book, called a 
 Waste-Book, was considered sufficient for recording all transactions in 
 business ; but in extensive modern practice, it has been found indispen- 
 sable to divide the transactions of this book, into a number of others, 
 adapted to the kind of business carried on. 
 
 As a particular description of these Books is given in Sets IV. and V., 
 it is unnecessary to notice them here ; but we shall proceed to give an 
 explanation of the accounts in the Ledger, which is proper before laying 
 down rules for Journalising, as the Journal cannot be well understood 
 until the accounts in the Ledger be explained. 
 
Se DEFINITION OF THE LEDGER ACCOUNTS. 
 
 I. Parts of Property. 
 Are accounts of Persons, Money, and Goods, 
 
 1. Accounts of Persons. 
 
 The Dr. side of any Person's account, contains the sums by which that 
 person has become indebted to you, or those which you have paid to 
 him ; and the Cr. side contains the sums by which you have become in- 
 debted to him, or those which he pays to you. The Balance shows how 
 much is owing. 
 
 2. Accounts of Money. 
 
 Cash — contains on the Dr. side the sums you receive, and on the Cr. 
 those sums you pay. The Balance shows the Cash in hand. 
 
 Bills Receivable — Contains on the Dr. side the bills you receive, and 
 have not to provide for when due, and on the Cr. those of which you 
 either receive payment, discount, or otherwise dispose of. The Balance 
 consequently is the sum owing you in bills in hand. 
 
 Bills Payable — Contains on the Cr. side the bills you accept, and have 
 to provide for when due, and on the Dr. those you have paid. The Ba- 
 lance consequently is the sum you owe in accepted bills. 
 
 3. Accmints of Goods. 
 
 An Account of Goods on the Dr. contains the purchases and all char- 
 ges connected with the cost, and on the Cr. the sales or other returns. 
 The quantity on hand is called the Balance of the account, the value of 
 which being placed on the Cr. side, shows the Gain or Loss. 
 
 In general, accounts of Ships, Houses, or Lands, like the above, contain 
 on the Dr. side the value with all charges, such as repairs, wages, taxes, 
 &c. ; and on the Cr, the sales or other returns arising from them, as 
 freights, rents, or the like. The present value of the Property is the Ba- 
 lance of the account, which being placed on the Cr. side, shows the 
 Gain or Loss. 
 
 IL Whole Property 
 Is Stock, and Profit and Loss, with its branches and ramifications. 
 
DEFINITION OF THE LEDGER ACCOUNTS. 37 
 
 Stock On the Cr. side is originally entered the amount of the pro- 
 perty brought into trade, and afterwards the Gain the owner has made ; 
 and on the Dr, side, the amount of his Private Expenses, and the Loss 
 he has sustained when that exceeds the Gain. The Balance therefore 
 shows his Net Capital at that time. 
 
 Profit and Loss* — Contains on the Dr. side every article of LosSf and 
 on the Cr. every article on which there has been a Gain. The difference 
 shows the Net Gain or Loss on the business, and is accordingly trans- 
 ferred to the proper side of the Stock account. 
 
 House Expenses or Private Account — On the Dr, the money or value 
 of any thing taken for family or private use. If there be any thing en- 
 tered on the Cr. side, it must be part of a sum already entered on the 
 Dr. and not all expended at balancing the books. The amount or 
 difference of the two sides, as it is not properly Loss, (although it has 
 the same effect in diminishing the Stock), is either transferred to the Dr. 
 side of Profit and Loss, or to that of Stock. 
 
 Charges — On the Dr. all sums paid for Warehouse or Counting-house 
 Rent, Clerks' Salaries, Charges on Exportations,Postages, &c. ; and on the Cr. 
 the sums which you charge your employers for bill stamps, postages, &c. 
 
 Interest — On the Dr. the sums you pay for discount on bills, accounts, 
 or interest incurred ; and on the Cr. side, such discounts on accounts or 
 interest, at are allowed to you. 
 
 Commission — On the Cr. the sums you receive or charge for transact- 
 ing business for others. There are seldom any entries on the Dr. ; but 
 sometimes it contains such sums as you owe Inland Agents for transact- 
 ing business for you. 
 
 The difference of the three last accounts is placed on the proper side 
 of the Profit and Loss account. 
 
 When you have posted a few accounts into the Ledger, you will readily 
 perceive, that every sum which is entered on the Dr. side of any account, 
 is also entered on the Cr. side of some other account or accounts ; and 
 it follows from this, that, if all the accounts in the Ledger be added, the 
 amount of the sums of the Dr. side will be equal to those of the Cr. side. 
 
 » In Set II. this account is divided into two, namely, one for Profit and another for Loss, and which are 
 ultimately closed by transferring the less to the greater, and the net result to the proper side of Stock. See 
 Remarks on Ledger IV. Account of Profit and Loss. 
 
S8 
 
 OBSERVATIONS. 
 
 Those who have been in the practice of teaching by the old Italian method 
 of Double Entry only, have assigned two reasons for it. First, that it affords 
 to the learner a more simple view of the nature of Debtor and Creditor, and 
 therefore ought at all events to be taught as an introductory Set ; and se- 
 condly, the trouble which would be experienced by pupils in general, in mak- 
 ing the original entries in the subsidiary books, and Journalising from these ac- 
 cording to the present practice, renders it exceedingly troublesome to be taught 
 in Schools. 
 
 That the old Italian method affords the learner a very imperfect idea of the 
 present practice cannot be denied ; and therefore to prevent the learner from 
 imbibing erroneous ideas as to the arrangements of the two methods, and yet re- 
 tain the advantage of Journalising from one book only, the transactions of the 
 two following Sets are here formed into a monthly series, supposed to be collect- 
 ed from the subsidiary books, divested of their technical terms of Debtor and 
 Creditor, and preceded by simple Rules to Journalise them. Thus, by suppres- 
 sing the arrangement of the Italian method, which is now seldom used even in 
 those limited concerns to which it can with any propriety be applied, the nume- 
 rous complex entries which exclusively apply to that method, are here entirely 
 avoided. 
 
 The simplicity and conciseness of the Rules and arrangement here laid down, 
 will appear striking when contrasted with the tedious and complicated forms given 
 in the old systems of Book-keeping. 
 
 The following Set being introductory to Double Entry, the transactions are 
 all of a simple nature, which with the assistance of the Rules on next page, it is 
 presumed the learner will easily comprehend. In Set III. the difficulty of the 
 transactions are gradually increased, in order to prepare him for understanding 
 the General Merchant's or Company's Set, which contains every necessary va- 
 riety. 
 
 Should the Teacher wish a complete Set of subsidiary books for Sets II. and 
 JII., he can easily form them from the following transactions ; as the Cash en- 
 tries belong to the Cash-Book ; the Bill entries to the Bill-Book ,* and every 
 other transaction to the Day-Book. 
 
39 
 
 RULES FOR JOURNALISING SET II. 
 
 1. Receiving and Paying Cash. 
 When Cash is received, or paid on several accounts in the month, say 
 
 For all sums received Cash Br To each accounL 
 
 For all sums paid Cash Cr By each account. 
 
 Specifying particulars, and classing articles of the same kind together, 
 as in Joumaly pages 41 — 45. 
 
 2. Receiving and Accepting Bills. 
 
 When bills are received from, or accepted to several persons in the month, say. 
 
 For all bills received Bills Receivable Dr To each account. 
 
 For all bills accepted Bills Payable Cr. By each account. 
 
 IS from one person, say Bills Receivablcy Dr. to him; or to one person^ say that 
 Person Dr. to Bills payable^ as in Journal^ pages 41 — 45. 
 
 3. Purchasing and Selling (joods. 
 
 For all purchases Goods Br To each account. 
 
 For all sal es .w>>.ww> Go ops Cr. ^ — By each account. 
 
 If only one person, say Goods Dr. to that person ; or the Person Dr. to Goods. 
 When the article bought or sold is bulky, name it instead of the term Goods, 
 a* in Journal i pages 41 — 43. 
 
 In Set II. the above is the form of the Journal entry, which avoids the term 
 Sundries, or Sundry, in that book, and which is according to the practice of some 
 Tery respectable Counting-houses both in Scotland and England. 
 
 In Set III. however, the following form is adopted, as being perhaps more ge- 
 neral. 
 
 For all sums received Cash Br. to Sundry To each account. 
 
 For all sums paid Sundry Br. to Cash Each account. 
 
 The Bills, Goods, and other entries in a similar manner. 
 
 General Rvle. 
 
 Whatever is received, or Person accountable to you is Debtor. 
 
 Whatever is delivered, or Person to whom you are accountable, is Creditoii. 
 
40 
 
 SET II. 
 WHOLESALE DEALERS, 
 
 TRANSACTIONS IN TRADE. 
 
 ^ January, 1827. 
 
 * 
 1 
 
 I 
 
 I 
 
 2 
 
 3 
 
 3 
 
 10 
 
 15 
 
 Cash in my possession^ on entering 
 
 1000 
 980 
 
 1408 
 455 
 375 
 190 
 455 
 190 
 
 15 
 12 
 
 7 
 12 
 
 7 
 
 6 
 3 
 
 10 
 
 3 
 
 10 
 
 
 Deposited in the Commercial Bank, 
 
 InfPrPSt at 4* ^ cent, j^^^^^j^™ jj^j j^^/^^j^Lr^^ .«>»^r^^x^ ^r^rrrrrrrrrr^^r.--^ 
 
 
 Bought of Kilgour S^ Co, London, 
 
 955 ft) Cochineal, as ^ Invoice, 
 
 Bought of Jame* Finlay 8^ Co, Glasgow, 
 
 35 Bags Bahia Cotton, at 1 month, — ^ 
 
 Sold to Morley 8^ Co, Paisley, 
 
 250 ft) Cochineal Cash in 1 month. ..a^^,.,^..,..,,.rr^,r^r,,„^.,.rr. 
 
 
 Sold to J?. Owen Sf Co, Glasgow, 
 1 4 Bap's Bahia Cotton, at 1 month. 
 
 
 Accepted a Bill drawn by J. Finlay <?y Co, viz. 
 No 1 navable to their order, due Februarv 5, 
 
 
 Beceived from JR, Owen 8f Co, a Bill, 
 
 No. 1, on themselves, due February 6,-- 
 
 * This column refers to the day of the month. When more than otic purchase 
 or sale have been made to one person in the same month, these, in place of being 
 classed together, are posted separately in the present Set, as being the practice of 
 several res).)ectable houses. See February, Cotton bought and sold. 
 
SET II, 
 JOURNAL, 
 
 BY THE PRESENT PRACTICE, 
 
 41 
 
 January, 1827. 
 
 10 
 
 15 
 
 Cash, Br. to Stock, 
 
 For Capital brought into IVade,. 
 
 2 Commercial Bank, Dr, to Cash, 
 
 Deposited with them, ^ receipt. 
 
 Cochineal, Dr. to Kilgour Sf Co. 
 For 955 lb as ^ Invoice, 
 
 Cotton, Dr. to J. Finlay 4' Co. 
 For 35 Bags Bahia, at 1 month, 
 
 Mo RLE Y & Co. Dr. to Cochineal, 
 For 250 lb Cash in 1 month, — ^ 
 
 R. Owen & Co. Dr. to Cotton, 
 For 14 Bags Bahia, at 1 month,. 
 
 J. Finlay & Co. Dr. to Bills Payable, 
 For No. 1, due February 5, 
 
 Bills Receivable, Dr. to R. Owen 8f Co. 
 For No. 1, due February 6, 
 
 1000 
 
 980 
 
 1408 
 
 455 
 
 15 
 
 12 
 
 * The outer column is for the day of the month, 'and the inner for the folios 
 of the Ledger in which the accounts are posted. ^Thus, 2, is the folio for Cash, 
 and 1 the folio for the Stock Account. 
 
 375 
 
 190 
 
 455 
 
 10 
 
 12 
 
 190 
 
 10 
 
42 
 
 SET II.— TRANSACTIONS. 
 
 February, 1827. 
 
 28 Received Cash this month, 
 On account of 
 
 1 Morley & Co 
 
 5 Bills Receivable, 
 
 6 Commercial Bank, 
 
 .in full, — 
 .No. 1, R. 
 .¥" order, 
 
 Owen & Co. 
 
 369 
 190 
 300 
 
 859 
 
 13 
 
 28 Paid Cash this month, 
 On account of 
 
 Cochineal,- 
 
 II Commercial Bank,, 
 
 6 Bills Payable, 
 
 28 Private Account, 
 
 for carriage, 
 J^ receipt, 
 No. 1, J. Finlay & Co. 
 for 2 months,, 
 .charges this month,. 
 
 8 
 
 360 
 
 455 
 
 20 
 
 8 
 
 852 
 
 28 
 
 Purchased Cotton this month, 
 
 Of the following persons : viz. of 
 
 James Finlay & Co 
 William Kelly, 
 
 James Finlay & Co- 
 William Kelly, 
 
 Buchanan & Co. 
 
 . 8 Georgia,. 
 .20 Bahia, 
 ..15 Orleans, 
 v>21 Georgia, 
 ..43 Orleans, 
 
 107 Bags, 
 
 152 
 265 
 201 
 411 
 492 
 
 1524 
 
 14 
 13 
 10 
 12 
 13 
 
 10 
 
 28 Sold Cotton this month. 
 
 To the following persons : viz. to 
 
 8 
 9 
 11 
 12 
 
 R. Owen & Co. 
 Monteath & Co 
 R. Owen «& Co. 
 Monteath & Co, 
 
 14 Georgia, 
 
 21 Bahia,...., 
 
 27 Orleans, 
 
 1 Orleans, 
 
 294 
 286 
 352 
 
 93 Bags,. 
 
 1330 
 
 Allowed to Mcyrley &; Co. 
 A discount of 1^ F cent, on £375 paid, 
 
 12 
 
SET II JOURNAL. 
 
 43 
 
 February, 1827. 
 
 28 
 
 Cash, 
 
 Received this month, 
 
 To Morley & Co 
 
 To Bills Receivable, No. 1,~ 
 To Commercial Bank, 
 
 J>r, 
 
 369 
 190 
 300 
 
 859 
 
 15 
 
 28 
 
 Cash, 
 
 Paid this month, 
 
 Cr. 
 
 3 By Cochineal, 
 
 2 By Commercial Bank, 
 
 6 2 By Bills Payable, No. 1,. 
 
 28 1 By Private Account, 
 
 1 By Loss, ««».«......w.,.w~~- 
 
 8 
 
 360 
 
 455 
 
 20 
 
 8 
 
 852 
 
 10 
 
 12 
 
 8 
 
 10 
 
 28 
 
 Cotton,- 
 
 Purchased 107 Bags this month, 
 
 J>r. 
 
 4 To J. Finlay & Co.^ 
 
 4 To William Kelly,^ 
 
 4 To J. Finlay & Co.^ 
 
 4 To William Kelly,-^ 
 
 4 To Buchanan & Co. 
 
 . 8 Georgia,, 
 -20 Bahia,, 
 .15 Orleans,, 
 -21 Georgia,, 
 -43 Orleans,, 
 
 107 Bags, 
 
 152 
 
 265 
 201 
 411 
 492 
 
 1524 
 
 10 
 
 28 
 
 Cotton, 
 
 Sold 93 Bags this month. 
 
 .Cr. 
 
 8 
 
 9 
 
 11 
 
 12 
 
 By R. Owen & Co.^ 
 By Monteath & Co.. 
 By R. Owen & Co.,. 
 By Monteath & Co., 
 
 -14 Georgia,. 
 .21 Bahia, ,,-. 
 
 ,27 Orleans,. 
 ,.31 Orleans,. 
 
 93 Bags, — 
 
 Loss, Br, to Mcyrley 8^ Co. 
 For discount allowed them, 
 
 294 
 286 
 352 
 396 
 
 1330 
 
 12 
 
 « At the accounts of Cash, Bills and Cotton, the last day of the month is 
 used in the Ledger. 
 
14 
 
 SET II.— TRANSACTIONS. 
 
 March, 1827. 
 
 31 
 
 Received Cash this month, 
 On account of 
 
 Commercial Bank, 
 Bills Receivable, 
 
 John Rich, 
 
 -¥" order, ~«.-^ 
 
 .No. 5, due 11th April,£350., -n 
 7, 15th May, 683.. 8,. 
 
 500 
 
 -on Bond, 
 
 1033 
 500 
 
 2033 
 
 31 
 
 1 
 
 4 
 
 12 
 
 Paid Cash this month, 
 On account of 
 
 Cotton, 
 
 Buchanan & Co. 
 Loss,- 
 
 Kilgour & Co 
 
 Commercial Bank^^ 
 Private Account, 
 
 .for charges,. 
 Jn full, 
 
 liscount on 2 bills,, 
 .draft on London, 
 J^ receipt, 
 -this month, « 
 
 .charges this month, 
 
 21 
 
 487 
 
 7 
 
 900 
 
 600 
 
 10 
 
 6 
 
 2032 
 
 31 
 
 Received Bills this month, 
 On account of 
 
 R. Owen & Co.. 
 Morley & Co.. 
 
 Henry Halset, 
 
 .No. 2, due 12th May 
 
 .. 3, _ 10th AprU,£150 
 4, ^ 28th May, 225 
 
 If —II — 
 
 11th April, 
 24th May, 
 
 646 
 375 
 
 15 
 
 10 
 
 350n -u 
 
 152., 10.. 
 
 10 
 
 Monteath & Co. 
 
 7, — 15th May,. 
 
 Indorsed to William Kelly, Bill, 
 No. 6, on Halset, due May 24, .. 
 
 502 
 
 683 
 
 2207 
 
 152 
 
 10 
 
SET IL— JOURNAL. 
 
 45 
 
 March, 1827. 
 
 31 
 
 4 
 
 12 
 
 31 
 
 1 
 
 4 
 
 12 
 
 31 
 
 12 
 
 31 
 
 31 
 
 Cash,. 
 
 ^Dr. 
 
 Received this month, 
 
 To Commercial Bank,. 
 
 To Bills Receivable, — No. 5, 
 
 To John Rich, 
 
 .£350,, -„ - 
 < 683), 8ii 4 
 
 Cash, 
 
 .Cr. 
 
 Paid this month, 
 
 By Cotton, 
 
 By Buchanan & Co. 
 By Loss, .> ^. 
 
 .£7„ 
 . 6., 
 
 8., 
 2u 
 
 By Kilgour & Co 
 
 By Commercial Bank,, 
 By Private Account, ^ 
 
 Bills Receivable, 
 
 J>r, 
 
 8 
 10 
 
 8^ 
 
 Received this month, 
 
 To R. Owen & Co. No. 2, due 12th May, 
 
 To Morley & Co 3, ^ 10th April,jE150„ -„ 
 
 4, ^ 28th May, 225,t -,. 
 
 To H. Halset, 
 
 To Monteath & Co. 
 
 6, 
 
 _7, 
 
 llthApril,£330i, -„ 
 24th May, 152,, 10„ 
 
 15th 
 
 William Kelly, Dr. to Bills Receivable, 
 For No. 6, due May 24th, 
 
 500 
 
 1033 
 500 
 
 2033 
 
 4 
 
 21 
 
 487 
 
 13 
 900 
 600 
 
 10 
 
 3 
 15 
 
 10 
 
 11 
 
 2032 
 
 646 
 375 
 
 502 
 
 683 
 
 15 
 
 10 
 
 10 
 
 8 
 
 2207 
 
 14 
 
 152 
 
 10 
 
46 
 
 SET II.— TRANSACTIONS. 
 
 March, 1827. 
 
 31 
 
 31 
 
 Accepted Bills this month, 
 On account of 
 
 James Finlay & Co. — 
 William Kelly,, 
 
 No. 2, due May 3,^ 
 .3, 16,. 
 
 Sold Cochineal this month. 
 
 To the following persons : viz. to 
 
 31 
 
 20 
 
 27 
 
 31 
 
 31 
 
 Morley & Co. . 
 Henry Halset, 
 
 250 lb at 2 months, 
 333 2 
 
 383 1b. 
 
 Allowed by Bttchanan 8^ Co. 
 A Discmint of 1 ^ cent, on £492nl3.. 6,. 
 
 Sold Cotton this month. 
 
 To the following persons : viz. to 
 
 Monteath & Co. 
 R. Owen & Co.. 
 
 20 Bahia, — 
 
 ,,^ 13 Georgia,. 
 
 33 Bags, 
 
 Interest due to John Rich^ this day 
 On £300 from March 12, ^ 
 
 354 
 324 
 
 878 
 
 375 
 502 
 
 877 
 
 10 
 
 10 
 
 18 
 
 22813 
 248 4 
 
 476 
 
 17 
 
 Interest due by Commercial JBank^ 
 at 4 ^ cent, to this date, .»>,^<» 
 
 17 
 
 N. B. When the Learner has Journalised and Posted all the Entries till this date, 
 a Trial, and Gerural Balance, are to be taken, agreeably to the directions given in 
 pages 50, 53, and 54. These being finished, the Accounts closed, the Balance of 
 
SET II.— JOURNAL. 
 
 47 
 
 March, 1827. 
 
 31 
 
 31 
 
 Bills Payable,, 
 
 Cr, 
 
 Accepted this month, 
 
 By J. Finlay & Co. 
 By William Kelly, 
 
 .No. 2, due May 5, 
 3, 16,. 
 
 Cochineal, 
 
 ,Cr, 
 
 Sold 585 lb this month, 
 
 By Morley & Co. , 
 By Henry Halset,. 
 
 J50 lb at 2 months,. 
 J35 2 
 
 585 lb. 
 
 Buchanan & Co. Dr, to Profit^ 
 For Discount allowed by them, 
 
 31 
 
 20 
 27 
 
 31 
 
 31 
 
 Cotton,- 
 
 .O. 
 
 Sold 35 Bags this month, 
 
 By Monteath & Co. 
 By R. Owen & Co. . 
 
 . 20 Bahia, 
 
 - 15 Georgia, 
 
 35 bags, 
 
 Loss, Dr. to John Rich. 
 For Interest due to him, — 
 
 Commercial Bank, Dr. to Profit, 
 For Interest due by them,„> ».....„ 
 
 each brought down on the opposite side of the Account, and the General Ex- 
 tract of these Balances copied into the end of the Ledger, as in pages 84 and 
 85, he proceeds to construct in the same order, the following Journal of Set IIL 
 
 354 
 524 
 
 878 
 
 375 
 502 
 
 877 
 
 10 
 
 10 
 
 18 
 
 228 
 248 
 
 476 
 
 17 
 
48 
 
 DIRECTIONS 
 TO OPEN THE ACCOUNTS IN THE LEDGER. 
 
 Dividing the Pages into (lie spaces required^ viz. 
 
 FOR 
 
 SET II. 
 
 SET III. 
 
 In Folio 1, open 
 
 In Folio 9, 
 
 Stock, 
 
 Goods, 
 
 Private Account. 
 
 Charges, 
 
 
 Commission. 
 
 In Folio 2, 
 
 
 Loss, 
 
 In Folio 10, 
 
 Profit. 
 
 Insurance, 
 
 
 Interest, 
 
 In Folio 3, 
 
 James Risk, Glasgow. 
 
 Cash, 
 
 
 Commercial Bank. 
 
 In Folio 11, 
 
 
 James Denny & Co. Halifax. 
 
 In Folio 4, 
 
 George Smith, Grenada, 
 
 Bills Receivable, 
 
 Sales, F Amu 
 
 Bills Payable. 
 
 
 
 In Folio 12, 
 
 In Folio 5, 
 
 Dawson & Co. Glasgow, 
 
 Cotton, 
 
 Thomas Sharpe, my Clerk. 
 
 Cochineal. 
 
 
 In Folio 6, 
 Kilgour & Co. London, 
 James Finlay & Co. Glasgow. 
 Morley & Co. Paisley, 
 
 In Folio 7, 
 William Kelly, Glasgow, 
 Buchanan & Co. Glasgow. 
 Robert Ow^en & Co. Glasgow, 
 
 In Folio 8, 
 Monteath & Co. Glasgow, 
 Henry Halset, Paisley, 
 John Rich, Glasgow. 
 
 Profit and Loss, and Balance Ac- 
 counts in Folio 13. 
 
 N. B. This Set being a continuation 
 of the former, the learner opens its ac- 
 counts in the same Ledger, in order to 
 show him how the accounts are closed, 
 the Balances brought down, and the bu- 
 siness continued in the same book. 
 
RULES TO POST THE LEDGER. 49 
 
 The Posting of the Ledger, is the transferring of the Debtors and Oe- 
 ditors of the Entries in the Journal, in order to show the state of each 
 account, after these entries shall have been made. 
 
 L When the Entry contains one Dr. and one Cr. 
 Turn to the account in the Ledger that stands Dr. in the Journal 
 post, and Debit* it To the title of the account which is O., then turn to 
 the account that is Cr. and Credit it By the title of the account that is 
 Dr. 
 
 Example. In the first Journal entry, page 41, viz. 
 Cash, Dr. to Stock. 
 
 For Capital in trade, £1000 
 
 Here you turn to the account of Cash in the Ledger, and on the Dr. 
 side say, Jan. 1, To Stocky £1000 ; then for the second part of the 
 entry, turn to the account of Stock, and on the Cr. side say, Jan. 1, By 
 Cash £l000 ; writing the page of the Journal where the entry stands; 
 and in the marginal column of the Journal allotted for that purpose, in- 
 sert the folio of the Ledger where the entry is posted. 
 
 2. When the Entry contains one Dr. and several Crs. 
 Debit the account that stands Dr. To Sundry, for the whole amount ; 
 then Credit the accounts that are Crs. By the title of the Dr. each for the 
 sum belonging to it. 
 
 Example. In the first Journal entry, page 43, viz. 
 
 Vy A. S ri • I - -r- ii - » -rmr i i rcf i r rnrrrriffrnrfWrrrrT ) rrr p i ^ r ■ 
 
 To Morley Sf Co £369m 7., 6 
 
 To Bills Receivable, 190.. 7h10 
 
 To Commercial Bank, „^ SOOn -n - 
 
 £839.. 15,. 4 
 
 Here you turn to the Dr. side of the Cash account, and write Jan. 31, 
 To SvMry, £859i,15..4; then turn to the Cr. side of Morley & Co's. 
 account, and write Jan. 1, By Cash, £369ii7ii6 ; next, to the Cr. side of 
 Bills Receivable, and write Jan. 5, By Cash, £190ii7iil0 ; and lastly, to 
 the Cr. of Commercial Bank, and write Jan. 6, By Cash, £300, inserting 
 folios &c. as before. 
 
 3. When the Entry contains several Drs. and only one Cr. 
 Credit the account that stands Cr. By Sundry, for the whole amount ; 
 then Debit each of the accounts that are Drs. To the title of the account 
 that is Cr. each for its respective sum. See the second Journal entry 
 page 43. 
 
 * To Debit, is here meant any thing entered on the debit or left hand page ; and to Credit is meant, any 
 thing entered on the Credit, or right hand page c^ the Ledger. 
 
 G 
 
50 
 
 COMPARING THE BOOKS. 
 
 The Books should be kept with the greatest correctness, and every 
 entry in them should be examined before it be Journalised and Posted. 
 After Journalising the Subsidiary Books, the Journal must be carefully 
 compared with each Book, before Posting the entries into the Ledger ; 
 for a mistake in any of ihem must, necessarily, run through the Journal 
 and Ledger. 
 
 In comparing the Journal and Ledger, it will be necessary that two 
 persons be employed. One has the Journal, and reads the Ledger-folio 
 title of the account, and the Drs and Crs,, while the other turns to the 
 account in the Ledger, and marks off the entry with a dot if correct. 
 The dots in the Journal show how far the comparison is advanced, and 
 the marks in the Ledger show what entries are compared. When all 
 the accounts have been gone over, glance over the Ledger to observe if 
 the mark of comparison be affixed to each entry. If not, turn to the en- 
 try in the Journal which had not been marked, and observe if it be right. 
 
 In order to know whether the Ledger has been correctly posted, or, at 
 least, that the same amount have been entered first on the Dr, side, and 
 then on the Cr. side of the several accounts, a Trial Balance should be 
 made, similar to the following specimen. The principle on which the 
 Trial Balance is founded is, that in every Journal entry posted into the 
 Ledger, like sums are entered on the Dr, and Cr. sides ; consequently the 
 amount of the debit of all the accounts taken together must correspond 
 with that of the credit side. 
 
 When you have gone through all the accounts, add both sides of the 
 Trial Balance^ and if the amounts of these are equal, it is presumed that 
 the Ledger has been correctly posted, or at least that you have made a 
 Dr, to the amount of every O., and vice versa. If the sides do not a- 
 gree, some mistake has been committed, and which must be discovered 
 before you proceed farther. 
 
 Before, however, you begin to compare the Ledger a second time, it 
 is proper to examine if the additions of the accounts be correctly taken 
 off, and if these in the Journal entries be right. If it be necessary to 
 repeat the comparison before the error be discovered, either new marks 
 may be used, or the former ones crossed. 
 
 1 
 
St 
 
 SET II.— TRIAL BALANCE. 
 
 The Trial Balance is a statement of the amounts of the Debtors and 
 Creditors in the Ledger, and is used to prove the posting of that Book. 
 
 Add up the Dr. and Cr. sides of every account in the Ledger, the 
 amounts of which place in their respective columns ; and if the Journal 
 has been correctly posted into the Ledger, the two amounts will be the 
 same. Accounts having both sides equal, may be oiiiitted for the pur- 
 pose of abridging it. 
 
 March ^\st 1827. 
 
 Stock, 
 
 Private Account,. 
 
 Loss, 
 
 Profit, 
 
 Cash, 
 
 Dr. 
 
 Commercial Bank,-^ 
 
 Bills Receivable, 
 
 Bills Payable, 
 
 Cotton, 
 
 Cochineal, 
 
 Kilgour & Co. _ 
 R. Owen & Co.. 
 Monteath & Co. 
 John Rich, 
 
 30 
 
 28 
 
 3893 
 1949 
 2398 
 
 455 
 2000 
 1387 
 
 900 
 1085 
 
 912 
 
 15041 
 
 11 
 
 Cr, 
 
 1000 
 
 1416 
 
 3865j - 
 
 800 - 
 
 1376| 6 
 
 1334:11 
 
 1997 9 
 125210 
 
 1378 
 837 
 683 
 501 
 
 15041 6 
 
 11 
 
 The following are the most usual mistakes committed in Posting the 
 Ledger, without affecting the Trial Balance, viz. 
 
 1st. A sum entered to a wrong account, but on the same side of the 
 Ledger as that to which it belongs. 
 
 2d. A Journal Entry wholly omitted. 
 
 Sd. A Journal Entry twice entered. 
 
 At the end of the Ledger of Sets II. and III. a Check is given, which 
 will discover such errors or omissions as the second and third of the above. 
 But the most effectual remedy against the first, or indeed any other mis- 
 takes that can possibly happen, is the comparison of the Books by two 
 persons, as akeady noticed. 
 
5S 
 
 SET II.— LIST OF DIFFERENCES. 
 
 Cash. 
 
 Dr £389311 3ii 8 
 
 Cr 3865it -n 2 
 
 EffecUs .» ^ 28n 3n 6 Dr. Balance. 
 
 JDr_ 
 
 Cr 
 
 Effects, 
 
 Commercial Bank. 
 .^1949111711 6 
 ^ 8OO11 -II - 
 
 114(9h17ii 6 Dr. Balance. 
 
 Bills Receivable, 
 
 ;2398ii 2ii - 
 ^ 1376.1 6.1 2 
 
 Effects, £1021.1 15ii 10 Br. Balance. 
 
 Cr., 
 Dr., 
 
 Bills Payable. 
 ^1334.. 111! 7 
 ^ 4551.12.1 3 
 
 BebU^ £878.1191. 4 Cr. Balance. 
 
 Cochineal. 
 Cr. sold, 835 lb£l 252.1 1 0.1 - 
 on han d, 120 lb I8O11 -i. - Dr.Balance, 
 
 Value, 955 lb£ 14321.10.1 - 
 Dr.cost,955 lb 1387.. 61. - 
 
 Gaiiiy £ 45m 4.. - Cr. Profit. 
 
 Cotton. 
 Dr.Cost 147 bags, ^2000.. 18.. 7 
 
 Cr. sold, 147 1997.. 9ii 6 
 
 LosSy£ 3.1 9.1 1 Dr. Loss 
 
 Cr. 
 
 Br 
 
 Bebtsy 
 
 Br. 
 
 Cr.,. 
 Effects, 
 
 Br 
 
 Cr 
 
 Effects,. 
 
 Kilgour & Co. 
 
 £1378..l5.i 6 
 
 ^ 900.1 -I. - 
 
 £ 478.. 15.. 6 Cr. Balance. 
 
 R. Owen & Co. 
 
 .£1085.1 7.. 8 
 ^ 837.1 3.. 8 
 
 248.. 4.1 -Dr. Balance. 
 
 Monteath & Co. 
 
 £912.. liilO 
 
 — 683.1 811 4 
 
 £228.1 13.1 6 Dr. Balance. 
 
 John Rich. 
 Bebts, Cr..^£501.i 6.1 
 
 Cr. Balance. 
 
 EXPLANATION. 
 
 Cash. — The balance of this account being the Cash in hand, is part of your ef- 
 fects. 
 
 Commercial Bank. — The Br. side of this account contains the cash you lodged 
 with the Bank, and the Cr. side all sums drawn out of it ; the balance is also part 
 of your effects. 
 
 Bills Receivable. — The balance of this account being the Bills in hand, is also 
 part of your effects. 
 
 Bills Payable. — The balance of this account being the Bills you owe, is part of 
 your debts. 
 
 Cotton. — By comparing the inner columns, we find that the Cotton is all sold, 
 147 bags being purchased, and the like quantity sold j the Br. side which shows 
 what it cost, being more than the Cr. side which shows what it sold for, the dif- 
 ference is therefore a Loss. 
 
 Cochineal. — Here there are 955 lb bought, 835 }b of which have been sold ; to 
 the sum of the latter we add the value of the remaining 120 lb on hand, and from 
 this sum we deduct the cost on the Br. side, which being less than the Cr. side, 
 the difference is Profit. 
 
 The Personal accounts being debited for debts due to you, or for property re- 
 ceived from you, and credited for the reverse, the differences of these accounts 
 are consequently either your effects or debts. 
 
»3 
 
 ON BALANCING. 
 
 The Balancing of the Ledger is the closing of all the accounts, and ex- 
 hibiting a Statement of the debts owing to, and by you ; the Property 
 you have on hand, together with the Gain you have made, or the Loss 
 you have sustained since you commenced business, or since a former Ba- 
 lance. 
 
 Having seen from the Trial Balance in page 51, that the Ledger has 
 been correctly posted, or at least that the amounts of both sides agree, 
 proceed in the following manner : 
 
 First, transfer the amount of the Private Account to Stock, by debit- 
 ing it To Private Account for the sum you have taken out of the capital 
 employed by you, and then credit the Private Account By Stock for the 
 same amount. 
 
 Next, prepare two sheets of paper, ruled with money columns, in the 
 form of Dr. and Cr. ; write Profit and Loss as the title of the one, and 
 Balance as that of the other. Pass by such accounts as are already clos- 
 ed ; also the accounts of Stock and Profit and Loss, which are always 
 the last of being balanced. 
 
 The Balance of an account is what is owing to, or by you at that ac- 
 count, and which are divided into two kinds — Effects and Debts. But 
 if the difference is neither effects nor debts, it belongs to the account of 
 Profit and Loss ; a difference in favour of the Z>r. side being a Loss ; 
 and a difference in favour of the Cr. side being a Gain, 
 
 Then take the difference between the Dr. and Cr. sides of every other 
 account, which enter on the sheet that the nature of the article points 
 out, and on the side of that sheet which corresponds to the greater sura 
 of the account. More particularly 
 
 1. Accounts of Persons, 
 In Personal accounts, if the Dr. side be greater, enter the difference 
 which is a debt owing to you on the Dr. side of the Balance sheet, but if 
 the Cr. side be greater, enter the difference which is a debt owing by 
 you, on the Cr, side of said sheet* 
 
54 ON BALANCING. 
 
 2. Accounts of Money. 
 
 In the Cash account, enter the difference, which is tlie money in hand 
 on the Dr. side of the Balance sheet. 
 
 In Bills Eeoeivahh^ enter the difference, which is the sum owing to 
 you in bills, on the Dr, side ; and. 
 
 In Bills Payable, enter the difference, which is the sum owing by you 
 in bills, on the Cr. side of the Balance sheet. 
 
 3. Accounts of Goods. 
 
 In accounts of Goods or other property, if there be nothing on hand, 
 enter the difference, which is the Gain or Loss, on the proper side of the 
 Profit and Loss sheet. 
 
 If the whole be still on hand, enter the present value on the Dr. of 
 the Balance sheet ; and, if this be different from the prime cost, charges 
 included, enter the difference on the proper side of the Profit and Loss 
 sheet. If part be sold, place the value of the quantity on hand under the 
 sum of the Cr, and add them. The sum is the whole return that will be 
 obtained, if the rest of the goods be sold at the estimated value ; and 
 this, being compared with the sum of the Dr. which is the whole ex- 
 pense, shows the Gain or Loss. Enter the same on the proper side of 
 the Profit and Loss sheet, and enter the quantity and value on hand on 
 the Dr. of the Balance sheet.* 
 
 In accounts subsidiary to Profit and Loss, enter the difference on the 
 proper side of the Profit and Loss sheet. 
 
 When you have collected all the Balances, sum up both sheets, and 
 add to the Profit and Loss sheet the sums of the Profit and Loss account 
 in the Ledger : then subtract the lesser sum of each sheet from the 
 greater. 
 
 This being done, mark the sums of the Stock account on your compu- 
 tation paper, and add thereto the difference of the Profit and Loss sheet, 
 on the side which corresponds with the greater sum of that account. 
 Then subtract the lesser sum from the greater. The remainder will be 
 equal to the difference of the sides of the Balance sheet, if the Books be 
 correct, and the Balances exactly collected. The reason of this is given 
 in page 89, JRemarks on the Ledger. 
 
 • Observe if the quantities in the inner columns be equal on both sides, when the goods are all sold : or, 
 if the difference when only part is sold, be equal to the quantity on hand. If they correspond, you have 
 a just account of tlie gootis. If tlie Dr, Ixj greater, there is something amissing, which you must enter on 
 the Dr. of the Balance sheet, ami mark the cause of the deficiency, as inlake, waste or tlie like. If tlie Cr. 
 be greater, there is an excess which you must enter on the Cr. of the Balance sheet, together with the occa- 
 sion of it, as difibrcnce of measure, or the like. 
 
55 \ 
 
 RULES FOR JOURNALISING SET III. 
 
 The Insurance account contains on the Dr. side the premiums on Goods both ' 
 
 imported and exported, effected by Brokers or Underwriters ; and on the CV. : 
 
 these premiums when charged to the respective accounts on which they were in- 
 sured.* 
 
 Insurances. 
 
 1. On ExportatioTis : enter, ^ 
 Insurance, Dr. to the Broker. \ 
 For premium and policy on £ Goods, W \ 
 
 as in pages 57, and Go. 
 
 2. On Importations : enter, 
 LvsuRANf^E, Dr. to the Broker. 
 
 For premium and policy on £ Produce, 'IT \ 
 
 Then enter, j 
 
 T7ie Person (for whom insured) Dr. to Sundry. , 
 
 To Insurance — on £ for the above premium. j 
 
 To Commissionye^t h ^ cent., as in page 57. | 
 
 3. Average or total Losses. , i 
 For all Losses sustained : enter. 
 
 The Broker, (less his brokerage) Dr. to Sundry. \ 
 
 To Comniissiouy^or 2 V cent, at settling. ■; 
 
 To tJie Person^ov whom insured, 
 as in page 61. 
 
 Shipping Gooi>s. \ 
 
 For all Goods exported to order : enter, \ 
 
 The Person, (for whose account shipped) Dr. to Sundry. \ 
 
 To Goods, ^for amount of Goods. \ 
 
 To Charges, for Shipping Charges. 
 
 To Commission, for the Agent's Commission. \ 
 
 To Insurance, for premium and policy. 1 
 
 as in pages 57, and 65. j 
 
 C0NSIGN3fENTS. ] 
 
 When you sell Goods consigned to you : enter, 
 7%e Purchaser, Dr. to Sales, W such a ship, | 
 
 as in page 61. 
 
 When the Sales are made up : enter, i 
 
 Sales, (^ the ship's name) Dr. to Sundry. ' 
 
 To Charges, for sums paid out, &c. 
 
 To Interest, for that on money advanced. 
 
 To Commissiony„.,„^or the Agent's Commission. \ 
 
 To the Consigner, for net proceeds, as in pages 61 and 65. 
 
 * The Rules given in page 39 with the above on Insurance*, Shipping Gooda, and ComigruaenU, will 
 be sufiFicient to enable the learner to Journalise this Set- 
 
56 
 
 SET III. 
 AGENTS 
 
 TRANSACTIONS IN TRADE. 
 
 April, 1827. 
 
 12 
 
 Bought of Monteath 8^ Co, 
 Sundry Goods as ^ B, P, ,.»^ 
 
 Effected an Insurance with James Bisk, 
 on £230 Goods ^ Jane for Halifax, 
 at li Guineas l?* Cent, and policy 16/6 
 
 Shipped on board the Jane for Halifax, for 
 account and risk of James Benny S^ Co.* 
 
 Sundry Goods amounting to. 
 Charges at shipping,. 
 
 Insurance on i230, as above, 
 Commission ^ W cent on ditto. 
 
 .£202n 5m 2 
 
 6n 6.r 9 
 
 5nl3,. 1 
 
 1.1 3ii - 
 
 Insured with Jam£s Bisk on Produce 
 Consigned me from Grenada to Clyde, 
 £375 on 15 Hhds. Sugar, and 
 300 on 20 Bales Cotton. 
 
 £675 W Ann, at 2 Guineas F Cent 
 
 Policy duty at 5/6. -^ Cent 
 
 .£14.1 3n 6 
 
 In 18)1 6 
 
 Effected for account of George Smithy Grenada, 
 
 The preceding Insurance £675 ^ Ann, £l6ii 2ii 
 
 My Commission, ..»..,. ,v^^>,at J ^ Cent.>» 3ii 7ii 6 
 
 Returned to Morley 8^ Co. Bill 
 
 No. 3, on Day, unpaid, ,^ 
 
 Expense of protesting ditto. 
 
 ^150,. -. 
 -II 10, 
 
 « See Engraved Invoice, Appendix. 
 
 197 
 
 11 
 
 13 
 
 215 
 
 16 
 
 19 
 
 150 
 
 10 
 
SET III. 
 JOURNAL, 
 
 BY THE PRESENT PRACTICE. 
 
 57 
 
 April, 1827. 
 
 12 
 
 Goods, Dr, to Monteath 8^ Co, 
 For amount as ^ B. P. 
 
 Insurance, Dt. to James Risk. 
 For premium and policy on £230 Goods, ¥* Jane, 
 
 James Denny & Co. Dr, to Sundry, 
 For Invoice ^ Jane, for Halifax, 
 
 To Goods, 
 To Charges,^ 
 
 To Insurance, 
 
 To Commission,,.^ 
 
 Insurance, Dr, to Jam£s Risk, 
 For premium and policy on £675 on Produce, 
 consigned me ^ Ann from Grenada, 
 
 George Smith, Dr, to Sundry, 
 For cost of insuring £675 on the above, 
 
 To Insurance, W Ann, --.r.,-..-.... 
 
 To Commission, J '^ Cent, 
 
 Morley & Co. Dr. to Sundry, 
 
 To Bills Receivable, No. 3, unpaid,. 
 
 To Charges, ^protesting it, ^ 
 
 H 
 
 197 
 
 202 
 6 
 5 
 
 1 
 
 215 
 
 16 
 
 19 
 
 150 
 
 13 
 
 10 
 
 15010 
 
 11 
 
58 
 
 SET IIL—TRANSACTIONS. 
 
 April, 1827. 
 
 30 
 
 30 
 
 6 
 12 
 13 
 
 30 
 
 30 
 
 16 
 
 Received Cash this month, 
 On account of 
 
 Commercial Bank, — (including interest), 
 Morley & Co. in lieu of Day's bill^ 
 
 499 
 150 
 
 650 
 
 Paid Cash this month, 
 On account of 
 
 Kilgour & Co 
 
 Commercial Bank, 
 Thomas Sharpe, ^ 
 Private Accountf^ 
 Charges, 
 
 bank draft, 
 ^ receipt,, 
 part salary, 
 this month, 
 this month,, 
 
 508 
 
 120 
 
 10 
 
 10 
 
 7 
 
 657 
 
 15 
 
 10 
 IG 
 10 
 
 12 
 
 Received Bills this month, 
 On account of 
 
 R. Owen & Co. 
 Monteath & Co., 
 
 .No. 8, due June 20, 
 30, 
 
 2*8 
 
 228 
 
 476 
 
 4 
 13 
 
 Accepted 2 bills drawn by G. Smith, viz. 
 No. 4, payable to J. West, due lOth May, £400ii 
 5, to W. Smith, ^ 29th 150.f 
 
 550 
 
SET III.— JOURNAL. 
 
 59 
 
 April, 1827. 
 
 30 
 
 6 
 12 
 
 Cash, Dr, to Sundry^ 
 Received this month, 
 
 To Commercial Bank, 
 To Morley & Co. 
 
 499 
 150 
 
 650 
 
 17 
 10 
 
 30 2 Sundry, Dr. to Cash, 
 
 Paid this month, 
 
 6 3 Kilgour & Co 
 
 12 2 Commercial Bank, 
 
 13 3 Thomas Sharpe, 
 
 30 1 Private Account, >,^»^. 
 
 6 Charges, 
 
 508 
 
 120 
 
 10 
 
 10 
 
 15 
 
 657 
 
 10 
 16 
 10 
 
 12 
 
 30 
 
 Bills Receivable, Dr, to Sundry, 
 Received this month, 
 
 To R. 0\N^en «& Co. No. 8, due June 20, 
 To jVIonteath & Co 9, _ 30, 
 
 248 
 228 
 
 476 
 
 16 7 George Smith, Dr, to Bills Payable. 
 
 2 For No. 4, due May 10, £400.. -,i 
 
 550 
 
60 
 
 SET III— TRANSACTIONS. 
 
 May, 1827. 
 
 Sold Henry Halset, at 2 months, 
 120 ib Cochineal, at 30/. ^ 
 
 180 
 
 2S 
 
 30 
 
 31 
 
 Sold Monteath Sf Co. at 1 month, 
 20 Bales Cotton, consigned ^ Ann, 
 Net 3950 lbat2/^ib.^ 
 
 395 
 
 Sought of Monteath Sf Co, 
 Cotton Checks, as ^ B. P. 
 
 484 
 
 Made up the account Sales of G. Smith's 
 20 Bales Cotton, ^ Ann, due June 28th,* and 
 
 Clmrgedy 
 Commission, ^.^ 
 George Smith,. 
 
 -for duty &c. 
 
 -4 ^ Cent, on Sale,. 
 -Net proceeds, 
 
 £44., 9m 
 
 15Ml6n 
 
 334,1 15m - 
 
 395 
 
 31 
 
 Procured by James Risk, the settlement of a total 
 Loss of Goods W the Jane, lost on her voyage to 
 Halifax, 
 
 The sum insured being, £230ii -m 
 
 Less his brokerage ^ ^ Cent. « li, 3n 
 
 Net Recovery due June 30,. 
 
 228., 17u 
 
 My Commission, — 2 ^ Cent, at settling, — 
 James Denny & Co. for net recovery. 
 
 4 
 224 
 
 228 
 
 17 
 
 20 
 
 Received from, and discounted for H, Halset, 2 bills, viz 
 
 No 10, on J. Watt, due June 13, £150m -„ - 
 
 11, on E. Mann, 30, 250., -„ 
 
 400 
 
 * See Engraved Account Sales, Appendix. 
 
SET III.—JOURNAL. 
 
 61 
 
 May, 1827. 
 
 Henry Halset, Dr. to Cochineal, 
 For 120 tb at 30/. at 2 months, 
 
 180 
 
 -28 
 
 MoNTEATH & Co. Br, to Sales V Ann, 
 For 20 Bales Cotton, at 1 month, 
 
 30 
 
 31 
 
 Goods, Dr, to Monteath 8^ Co, 
 For Cotton Checks, as V B, P_ 
 
 395 
 
 484 
 
 Sales ^ Ann, Br. to Sundry, 
 For proceeds «&c. of 20 Bales Cotton, due June 28, 
 
 To Chnrgpsy 
 
 To Commission, 
 
 To George Smith, 
 
 44 
 
 15 
 
 334 
 
 395 
 
 31 
 
 James Risk, Br. to Sundry, 
 
 For total Loss on Goods ^ Jane, £230ii -m 
 
 Less his Brokerage J ^ Cent. ^■... In 3ii 
 
 228.il7n 
 
 To Commission, 
 
 To J. Denny & Co. 
 
 ~2 ^ Cent, at settling, 
 «.for net recovery, 
 
 4 
 224 
 
 228 
 
 20 
 
 Bills Receivable, Br. to Henry Halset, 
 
 For No. 10, due June 13, £150n 
 
 11, 30, 250., 
 
 400 
 
62 
 
 SET III TRANSACTIONS. 
 
 May, 1827. 
 
 31 
 
 5 
 10 
 12 
 15 
 
 16 
 20 
 
 28 
 
 II 
 
 29 
 
 Received Cash, this month, 
 On account of 
 
 Commercial Bank, — ^ order, 
 ,,^„,^^ ditto. 
 
 Bills Receivable^ 
 Stocky ^ 
 
 Commercial Bank,. 
 
 Interest, 
 
 Commercial Bank,. 
 
 Rills Receivablcy 
 
 Commercial Bank, 
 
 _No. 2, Owen & Co. 
 ^.Legacy from late Uncle, 
 -..^ order, 
 
 ^discount on 2 bills,. 
 .J^ order,.. 
 
 No. 4, Morley & Co, 
 'W order, 
 
 #^Ar<rwiA^tfvvwv>/<rrrw< 
 
 350 
 400 
 Qm 
 1000 
 530 
 1 
 220 
 225 
 150 
 
 15 
 
 18 
 
 10 
 
 3523 
 
 13 
 
 10 
 
 31 
 
 5 
 
 10 
 12 
 15 
 16 
 20 
 29 
 30 
 
 II 
 31 
 
 Paid Cash this month, 
 On account of 
 
 Bilb Payahlcy 
 
 .No. 2, Finlay & Co 
 4, G. Smith, 
 
 Commercial Bank, 
 
 Bills Payable,^ 
 Henry Halset,. 
 Bills Payable,, 
 Charges, 
 Thomas Sharpe, . 
 Private Account,, 
 Charges,, 
 
 ^ receipt, 
 
 ^ ditto, 
 
 No. 3, Buchanan & Co 
 
 for 2 bills, 
 
 No. 5, G. Smith,.... 
 
 luty on Cotton, ^ Ann, 
 -part salary,, 
 .this month,. 
 .^ P. C B„ 
 
 354 
 
 400 
 
 650 
 
 1000 
 
 524 
 
 400 
 
 150 
 
 16 
 
 5 
 
 12 
 
 5 
 
 3519 
 
 15 
 
SET ni.— JOURNAL. 
 
 63 
 
 May, 1827. 
 
 31 
 
 5 
 10 
 16 
 
 28 
 29 
 
 12 
 
 28 
 
 13 
 
 20 
 
 Cash, Dr. to Sundry, 
 Received this month. 
 
 2 To Commercial Bank,. 
 
 31 
 
 5 
 
 10 
 16 
 
 29 
 
 12 
 15 
 
 20 
 30 
 31 
 
 30 
 31 
 
 £350.1 -M 
 
 40011 -II 
 
 530ii -II 
 
 220.1 -II 
 
 150ii -II 
 
 To Bills Receivable^ No. 2, 
 
 A, 
 
 B646iil5,il0 
 225i. -.1 
 
 To Stock, — 
 To Interest, 
 
 Sundry, Dr, to Cash, 
 Paid this month. 
 
 Bills Payable, No. 2, , 
 
 .4,^ 
 .5,. 
 
 .£354.1 4ii 4 
 
 . 400.1 -II - 
 
 524,1 15,1 - 
 150,, -,i 
 
 Commercial Bank, 
 
 £650ii -II 
 
 1000., -M 
 
 Henry Halset, 
 Charges, 
 
 — V Ann,. 
 
 Thomas Sharpe, 
 
 Private Accou?it,„^,.„.^^ 
 
 .V^ P.C.B. 
 
 .£16.il9.. 
 . 5.1 7.1 4 
 
 1650 
 
 871 
 1000 
 
 1 
 
 10 
 
 3523 
 
 13 
 
 10 
 
 1428 
 
 1650 
 400 
 
 19 
 
 22 
 
 5 
 
 12 
 
 3519 
 
64 
 
 SET III.— TRANSACTIONS. 
 
 June, 1827. 
 
 12 
 
 13 
 
 EiFected Insurance with James Risk 
 On £530 Goods, W Spooner, for Jamaica, at 
 2 Guineas W Cent., and policy 33/„ 
 
 12 
 
 15 
 
 Shipped ^ the Spooner for Jamaica, by order and for 
 account and risk of George Smith, Grenada, and 
 consigned by his order to W. Hanway, 
 
 Sundry Goods, amounting to. 
 Charges at shipping. 
 
 Commission 2J ^ Cent, on goods and charges 
 
 Insurance on £530, as above, >...»....> ^ 
 
 Commission ^ ^ Cent, on ditto. „v^,>^> — ^»>^ 
 
 £484.1 6n 
 . 16.1 2m 
 
 12nl0.. 
 
 121.15.. 
 
 2„13^^ 
 
 528 
 
 30 
 
 23 
 
 Sold to the following persons, this month, 
 15 Hhds. Sugar, V Ann, 
 
 Buchanan & Co. — 
 Dawson & Co. 
 
 _5 Hhds. at 2 months, £261ul4ii 2 
 JO 2 573.. -., 4 
 
 834 
 
 14 
 
 15 
 
 Paid 3Ionteath 8^ Co. 
 in settlement of their Account, 
 
 Bill No. 12, on Morley & Co. due Aug. I3,£261.,I4., 2 
 Discount allowed by them, 12.. 5.. 3 
 
 273 
 
 19 
 
 30 
 
 Made up the account Sales of George Smith's 
 15 Hhds. Sugar, W Ann, due Aug. 17, and 
 
 Charged,. 
 
 Interest, 
 
 Commission, 
 
 George Smith, . ibr net proceeds,. 
 
 .for duty, &c. 
 
 .on ditto. ,~« 
 
 ^4 ^ Cent, on Sales, 
 
 .£375nl7,r 5 
 
 3.1 8n 8 
 
 33„ 7i,10 
 
 , 422.. -.. 7 
 
 834 
 
 14 
 
SET. Ill— JOURNAL. 
 
 65 
 
 June, 1827. 
 
 12 6 Insurance, Dr. to James JRisk, 
 
 7 For premium and policy on £530, ^ Spooner, 12 15 
 
 13 7 George Smith, Dr. to Sundn/, 
 
 For Invoice, ^ Spooner, for Jamaica, 
 
 To Goods, 
 To Charges,, 
 
 To Commission,, 
 To Iftsurance, ^ 
 
 484 
 16 
 15 
 12 
 
 528 
 
 30 
 
 11 
 
 18 
 
 Sundry, Dr. to Saks ^ Ann, 
 For 15 Hhds. Sugar sold this month, 
 
 Buchanan & Co., 
 Dawson & Co. ^ 
 
 . 5 Hhds. at 2 months,- 
 .10 ditto 
 
 261 
 573 
 
 14 
 
 15 
 
 23 5 Monteath & Co. Dr. to Sundry, 
 For the following settlement, 
 
 2 To Bills Receivable, — No 12 due Aug. 13 
 7 To Interest, for discount, ^^,..,. 
 
 834 
 
 261 
 12 
 
 14 
 
 30 8 Sales ^ Ann, Dr. to Sundry, 
 
 For proceeds, &c. of 15 Hhds. Sugar, due Aug. 17. 
 
 6 To Charges, 
 
 7 To Interest, 
 
 6 To Commission, 
 
 7 To George Smith,. 
 
 273 
 
 375 
 
 3 
 
 33 
 
 422 
 
 19 
 
 5 
 
 8 
 10 
 
 7 
 
 834 
 
 14 
 
66 
 
 SET III:— TRANSACTIONS. 
 
 10 
 
 June, 1827. 
 
 SO 
 
 13 
 
 20 
 
 II 
 
 SO 
 
 n 
 
 M 
 
 Received Cash this month, 
 On account of, 
 
 Henry Halset, 
 
 Commercial Bank,, 
 Bills Receivable^ 
 
 in full. 
 
 James Risk, 
 
 -No. 10, J. Watt, now due, 
 
 8, Owen & Co. ditto 
 
 .13, Dawson & Co. due Aug. 21. 
 
 9, Monteath & Co. now due, 
 
 — 11, E. Mann, ditto. 
 
 — in full, .r^ — «,.»«wv.«,.w,,,.w^,«..« — 
 
 180 
 150 
 150 
 248 
 573 
 228 
 250 
 194 
 
 1974 
 
 6 
 
 4 
 
 10 
 
 30 
 
 6 
 13 
 16 
 20 
 
 II 
 
 II 
 
 23 
 30 
 
 II 
 II 
 
 II 
 
 H 
 
 II 
 II 
 
 Paid Cash this month, 
 On account of 
 
 Charges^. 
 Commercial Bank,, 
 Charges, 
 
 Interest, 
 Commercial Bank, 
 Monteath & Co. ^ 
 Charges 
 
 «duty on Sugar, W Ann,. 
 ^ receipt, ^ 
 
 reight on goods, ^ Spooner,, 
 
 freight on produce, ^ Ann, ^ 
 
 iscount on bill No. 13, 
 
 rrJv receipt, •r^^^trr^^ ,■»<aov»»^«^>w^««v«»v»«»■>.v.■» 
 
 ,-Jn full, 
 
 James Denny & Co, 
 John Rich,^ 
 
 Commercial Bank, 
 Thomas Sharpe, 
 Private Account, 
 Charges, 
 
 .brokerage, ^ Ann, 
 — ^paid Sim, ^ order, 
 ,^n full, , 
 
 receipt. 
 
 .balance of Salary, 
 this month,. 
 W P.CB.. 
 
 302 
 
 100 
 
 16 
 
 90 
 
 4 
 
 600 
 
 12 
 
 6 
 
 8 
 
 507 
 
 300 
 
 9 
 
 10 
 
 8 
 
 1976 
 
 8 
 11 
 17 
 10 
 
 5 
 
 10 
 
 3 
 
 18 
 
SET III.— JOURNAL. 
 
 67 
 
 June, 1827. 
 
 10 
 
 30 2 
 
 It 
 13 
 
 It 
 30 
 
 30 
 
 6 
 16 
 20 
 30 
 
 13 
 20 
 30 
 
 20 
 23 
 30 
 
 n 
 II 
 fi 
 
 Cash, Dr. to Sundry, 
 Received this month. 
 
 To Henry Halset, 
 
 To Commercial Bank, ^ 
 To Bills BeceivablCf No. 
 
 10, 
 > 8, 
 A3,, 
 . 9,. 
 .11,- 
 
 .£150.1 - 
 248,. 4 
 573.. - 
 
 228,. 13 
 250,. - 
 
 To James Risk,- 
 
 Sundry, Dr. to Cash, 
 Paid this month, 
 
 Charges,, 
 
 .^ Ann,, £302n 9.i 3 
 
 J^ SpooTier,.....,,,.,^ 16,1 2ii - 
 
 .^^ Ann, ^„„ 90.1 4ii 5 
 
 ^^ ditto. 6.1 111! 4 
 
 ^ P.C.B 8,1 3„ 6 
 
 Commercial Bank, , 
 
 ,^ receipt,,, 
 
 litto.„..^„^ 
 
 Aitto.. 
 
 -£100„ -„ 
 . 600.1 -HI 
 . 300,1 -,t 
 
 Interest, 
 
 Monteath & Co. 
 J. Denny & Co. 
 John Rich, 
 
 Thomas Sharpe,. 
 Private Accotmt,, 
 
 180 
 150 
 
 1449 
 194 
 
 1974 
 
 10 
 
 423 
 
 1000 
 
 4 
 
 12 
 
 8 
 
 507 
 
 9 
 
 10 
 
 1976 
 
 10 
 
 'I 
 
 17 
 
 10 
 
 5 
 
 10 
 
 18 6 
 
68 
 
 SET IIL— TRANSACTIONS. 
 
 11 
 
 June, 1827. 
 
 30 
 
 30 
 
 Received Bills this month, 
 On account of 
 
 Buchanan & Co. 
 Dawson & Co. 
 
 .No. 12, due Aug. 13, 
 13, 21, 
 
 261 
 573 
 
 14. 2 
 
 834 
 
 14 2 
 
 Due by George Smith, 
 
 As ^ account Current to this date,* 
 
 For Interest 
 
 Commission, 
 Charges, 
 
 J^ account, £-iil4ii 1 
 
 i r Cent, on £550 bills, 2., 15,, 
 
 -for postages, 
 
 -„12„ 6 
 
 30 Interest, due to John Rich, 
 On £500 from 31st March,^ 
 
 30 
 
 30 
 
 Interest due by Commercial Bank, 
 at 4 r Cent, till this date,. 
 
 10 
 
 Due to Thomas Sharpe, my Clerk, 
 For 3 months Salary at this date, . 
 
 25 
 
 » Stfi Engraved Account Current, Appendix. 
 
SET III— JOURNAL. 
 
 69 
 
 June, 1827. 
 
 11 
 
 30 
 
 12 
 20 
 
 Bills Receivable, Dr. to Sundry, 
 Received this month, 
 
 To Buchanan & Co. 
 To Dawson k Co. 
 
 -No. 12, due Aug. 13,, 
 .13, 21,. 
 
 261 
 J 573 
 
 834 
 
 14 
 
 14 
 
 30 7 George Smith, Dr. to Sundry y 
 
 As V account Current, at this date, 
 
 To Interest, 
 
 To Commission, 
 
 To Charges,^ 
 
 14 
 15 
 12 
 
 30 7 Interest, Dr. to John Rich, 
 5 On £500 from 31st March, 
 
 30 2 Commercial Bank, Ih. to Interest, 
 7 For amount due by them, 
 
 10 
 
 30 6 Charges, Dr. to Thomas Sharpe, 
 
 3 For 3 months Salary now due him,. 
 
 25 
 
70 
 
 TO POST THE FOLLOWING JOURNAL ENTRIES, VIZ. 
 FOR SETS II. AND lU. 
 
 C Debit Cash, To Sundry y for the whole amount ; 
 ChiHt»^^.,^„».,.,J)r. ■< Credit the several accounts By Cashy each 
 C for its respective sum. ♦ 
 
 f Credit Cash, By Sundry, for the whole amount ; 
 
 Cash, «^ Cr. < Debit the several accounts To Cash, each 
 
 ( for its respective sum. 
 
 C Debit Bills Receivable. To Sundry y for the amount ; 
 BiLLsRECEiVABLE^r. < Credit each Person, from whom they were received, 
 ( By BiUs Receivable, for their respective amounts, 
 
 C Credit Bills Payable, By Sundry, for the amount ; 
 Bills Payable, «^Cr. < Debit each Person, to whom they were accepted, 
 ( To BUis Payable, for their respective amounts, 
 
 C Debit Goods, To Sundry, for the amount purchased ; 
 Goods, ,^**m,^,e,**»,,„t^Dr. < Credit each Person, from whom purchased, 
 ( By Goods, for their respective amounts. 
 
 C Credit Goods, By Sundry, for the whole mnount sold ; 
 Goods, >^,>»y..v>^>««>>C!r. < Debit each Person, to whom these were sold, 
 ( To Goods, for their respective amounts. 
 
 c r» * c ; ( Credit Sales, (W Ship's name,) By Sundry, for amount ; 
 
 JS-^ct;- f ' < Debit each Person, separately. To Sales, (W Ship's 7uime,) 
 
 {V Shtpsnanie.) ^ for the respective amounts sold. 
 
 <5ATi.e fV^hin*c«n^ \ ^ ^^^^^ Sales, (^ Ship's name,) To Sundry, for amount ; 
 SALYS,{WShtpsname,) \ ^ ^ ^ Account, By Sales, {W Ship's name,) 
 Dr. tQ Sundry. ^ for the sums annexed to each! ' ^ 
 
 * Prefix to each post the date ; nafe of the Journal in which the entry stands ; and in the maigiiul OO- 
 iumn of the Joumal, the fblio of the Ledger in whidi you have posted it 
 
INDEX TO LEDGERS 
 
 FOR 
 
 SETS II. AND III. 
 
 Arranged acc<yrding to the Present Practice of the ConntiTtg-hokse. 
 
 71 
 
 Bills Receivable, 
 
 Bills Payable, 
 
 Buchanan & Co. . 
 Balance, 
 
 Cash, ,,^^ — ^>^,,,,,.^>.w»v^ 
 
 Commercial Bank,, 
 
 Cotton, 
 
 Cochineal, ^ 
 Charges, 
 
 Commission, 
 
 D 
 
 Denny, James & Co. 
 Dawson, & Co.. 
 
 Finlay, James & Co. 
 
 G 
 
 Goods, „»^ — .w>,>v> 
 
 H 
 
 Halset, Henry. 
 
 Insurance, 
 Interest, «* 
 
 
 ^7 
 
 Kilgour, & Co. 
 Kelly, William . 
 
 Loss, 
 
 M 
 
 Morley, & Co. ^ 
 Monteath, & Co., 
 
 ( 
 Owen, Robert & Co. 
 
 P 
 
 Private account, — 
 Profit, 
 
 Profit & Loss, 
 
 Rich, John 
 
 Risk, Jame&«^ 
 
 Stock, 
 
 Smith, George ^ 
 
 Sales W Ann, 
 
 Sharpe, Thomas 
 
 .8 
 
 S 
 
72 
 
 SETS II. III.— LEDGER, 
 
 Dr. 
 
 Stock 
 
 1827. 
 Mar. 
 
 31 
 
 June 
 
 30 
 
 To Private Account, 
 To LosSy ^ 
 To Balance,. 
 
 To Private Account, 
 To Balance,, 
 
 30 
 
 2 
 
 967 
 
 1000 
 
 34 
 
 1996 
 
 2030 
 
 Dr. 
 
 Private 
 
 Feb. 
 Mar. 
 
 April 
 May 
 June 
 
 To Cash,- 
 To ditto. , 
 
 To Cash,. 
 To ditto. . 
 To ditto. . 
 
 6 
 8 
 10 
 
 20 
 10 
 
 30 
 
 10 
 12 
 10 
 
 34 
 
 Dr. 
 
 Loss 
 
 Feb. 
 Mar. 
 
 To Cash, 
 
 To Morley & Co. 
 To Cash, 
 
 To John Rich,, 
 To Cotton, 
 
 8 
 
 5 
 
 13 
 
 1 
 3 
 
 32 
 
 Dr. 
 
 Profit 
 
 Mar. 
 
 31 
 
 To Transfer, to Loss, ^ 
 
 It was preferred beginning with the first Transaction in Trade, to 
 show the learner more clearly how the Stock account is originally 
 stated. In the first Balance, a small Loss occurs, and in the second, 
 a Gain is the result, which preserves every variety in stating the 
 Stock and Profit and Loss accounts. In order to simplify Set II. as 
 much as possible, no accounts subsidiary to Profit and Loss are given ; 
 
 30 
 
BY PRESENT PRACTICE. 
 
 73 
 
 Account, 
 
 1 
 
 Cr. 
 
 1827. 
 Jan. 
 
 Mar. 
 May 
 June 
 
 1 
 
 31 
 15 
 30 
 
 By Cashj.xxj^j.^xv.jj^u.^j^capitalj .....,s.^^^.s,..,.s..^ ,^,^ ^^^^.^s. 
 
 1 
 
 8 
 8 
 8 
 
 1000 
 
 - 
 
 - 
 
 ■ 
 By Bnlancey.,^ ..brought down, 
 
 1000 
 
 - 
 
 - 
 
 967 
 
 1000 
 
 62 
 
 13 
 13 
 
 6 
 6 
 
 By Profit and Loss,^net gain, ,..,. 
 
 2030 
 
 7 
 
 — 
 
 Account, 
 
 Cr, 
 
 Mar. 
 June 
 
 31 
 30 
 
 By Stocky 
 
 1 
 1 
 
 80 
 
 
 - 
 
 By Stock, . __ 
 
 30 
 
 
 - 
 
 34 
 
 3 
 
 6 
 
 34 
 
 3 
 
 6 
 
 Account, 
 
 Cr. 1 
 
 Mar. 
 
 31 
 
 By Trayisfer from Profitj,.,..^.^.^^.^,,^, ^j^^j ,u.j srjsrrrj.ss,-^ 
 
 1 
 I 
 
 30 
 2 
 
 6 
 
 6 
 
 By StOChyrsrss^r.sr.rssr^. ,-, . .s r. .. s ,:..,■ rs .,.„ 
 
 
 32 
 
 6 
 
 6 
 
 Account, 
 
 Cr, 
 
 Mar. 
 
 4 
 31 
 
 II 
 
 By B'lrhanan, ^ Co. ........ ., .....,.....x........ .. . r 
 
 4 
 4 
 2 
 
 4 
 
 9 
 
 15 
 
 18 
 
 17 
 
 4 
 
 6 
 6 
 
 By r.OmmPrrial Bankj.r, ,.„nrun,^.rxn.,„„..,„.,^r.. ....... S.J.S.S 
 
 By C,nrhi/n^4jl ,,,„,,,,,,,,,,, .„„,„,,,„,,,,^,,,.,,,^,„,^,.^ .......r^r 
 
 
 30 
 
 _ 
 
 _ 
 
 only one for Profit, and another for Loss ; and which are finally clos- 
 ed by transferring the less to the greater, and the net result to the 
 proper side of Stock. In Set III. however, the usual branches of the 
 Profit and Loss account, namely. Charges, Commission and Interest 
 are given ; the differences of wKich are uansferred at Balancing, to 
 the proper sides of the former account opened in pages 86 and 87. 
 
 
 
 
 K 
 
H 
 
 SETS 11. Ill— LEDGER, 
 
 Dr. 
 
 Cash 
 
 1827. 
 Jan. 
 Feb. 
 Mar. 
 
 Mar. 31 
 April 30 
 
 May 31 
 June '30 
 
 To Stock, ^ 
 To Sundry,, 
 To Sundry,. 
 
 To Balance,, 
 To Sundry, 
 To Sundry, 
 To Sundry, 
 
 1000 
 
 859 
 
 2033 
 
 3893 
 
 28 
 
 650 
 
 3523 
 
 1974 
 
 j6176 
 
 Dr, 
 
 Commercial 
 
 Jan. 
 
 1 
 
 Feb. 
 
 1 
 
 Mar. 
 
 12 
 
 
 31 
 
 Mar. 
 
 31 
 
 April 
 May 
 June 
 
 12 
 31 
 30 
 
 
 H 
 
 To Cash, . 
 To ditto. . 
 To ditto. ^ 
 To Profit,. 
 
 To Balance,. 
 To Cash, — 
 
 To ditto 
 
 To ditto. — 
 To Interest,.^ 
 
 980; 
 
 360 
 
 600 
 
 9 
 
 17 
 
 194917 6 
 
 1149,17 
 
 120, - 
 
 1650| - 
 
 1000 - 
 
 s'lo 
 
 39281 7 10 
 
 Br, 
 
 Bills 
 
 Jan. 
 Mar. 
 
 Mar. 
 April 
 May 
 June 
 
 To R. Owen & Co. 
 To Sundry,, 
 
 No. 1, 
 
 2, 3, 4, 5, 6, 7, 
 
 To Balance,. 
 
 To Sundry, 
 
 To H. Halset,^ 
 To Sundry,. 
 
 * This column is for inserting the number of the Bills either 
 received, accepted, or paid ; and which will more readily point 
 out the number of those which constitute the Balances of these 
 accounts. 
 
 190 
 2207 
 
 2398 
 
 1021 
 476 
 400 
 834 
 
 2733 
 
 710 
 14 2 
 
 2 - 
 
 1510 
 
 17 6 
 
 14 2 
 
BY PRESENT PRACTICE. 
 
 75 
 
 Account. 
 
 Cr. 
 
 1827. 
 Jan. 
 Feb. 
 Mar. 
 
 April 
 May 
 June 
 
 By Commercial Bank,. 
 
 By Sundry, 
 
 By Sundry, 
 
 By balance, 
 
 By Sundry,- 
 By Sundry,- 
 By Sundr}^- 
 By Balance,. 
 
 980 
 
 832 
 
 2032 
 
 28 
 
 3893 
 
 657 
 
 3519 
 
 1976 
 
 22 
 
 6176 8 8 
 
 Bank. 
 
 Cr. 
 
 Feb. 
 
 6 
 
 Mar. 
 
 4 
 
 
 31 
 
 April 
 May 
 June 
 
 6 
 
 31 
 
 6 
 
 
 30 
 
 By Cash, 
 
 By ditto 
 
 By Balance f. 
 
 By Cash, 
 
 By ditto. 
 
 By ditto 
 
 By Balance,, 
 
 300 
 
 500 
 
 1149 
 
 1949 
 
 499 
 1650 
 
 150 
 1628 
 
 17 
 
 17 
 
 17 
 
 10 
 
 3928 710 
 
 Receivable. 
 
 Cr. 
 
 Feb. 
 Mar. 
 
 April 
 May 
 June 
 
 By Cash, No. 1 
 
 By Cash, ^ 
 
 By W. Kelly, 
 By Balance, ^ 
 
 .5, 7,. 
 
 .2, 3, 4, in hand, , 
 
 1 2 By Morley & Co. 
 3l! By Cash,„ 
 
 23 By Monteath & Co.. 
 30j By Cash, 
 
 In thejirst Balance we have inserteti the miming numbers 
 at the Bill accounts; although this seems in a great measure 
 unnecessary, by the insertion of the inner column already de- 
 scribed. 
 
 190 
 1033 
 
 152 
 1021 
 
 2398 2 
 
 7|10 
 
 8 
 10 
 15 
 
 150 
 
 871 
 
 261 
 
 1449 
 
 2733 
 
 10 
 
 1510 
 
 7 6 
 
76 
 
 SETS II. Ill— LEDGER, 
 
 Dr. 
 
 Bills 
 
 1827. 
 Feb. 
 Mar. 
 
 May 
 
 31 
 
 To Cash, 
 
 To JBalance,. 
 
 .No. 1,. 
 
 2, 3, unpaid, 
 
 To Cash, 
 
 BiUs. 
 1 
 
 2 
 
 455 
 
 878 
 
 1334 
 1428 
 
 12 
 19 
 
 11 
 
 19 
 
 Dr. 
 
 Cotton 
 
 Purchases, 8;c. 
 
 Jan. 
 Feb. 
 Mar. 
 
 To J. Finlay & Co. 
 
 To Sundry,. 
 
 To Cash, Charges, 
 
 Total 
 Bagi* 
 
 35 
 
 107 
 
 142 
 
 58 
 
 58 
 
 29 
 
 35 
 20 
 
 55 
 
 '45a 
 1524 
 21 
 
 2000 
 
 18 
 
 Dr. 
 
 Cochineal 
 
 Jan. 
 Feb. 
 Mar. 
 
 Mar. 
 
 31 
 
 To Kilgour & Co. 
 To Cash, Carriage 
 To Profit,^ 
 
 To Balance^ 
 
 lb 
 955 
 
 955 
 120 
 
 1408 
 8 
 15 
 
 1432 
 
 180 
 
 Dr. 
 
 Kilgour & Co. 
 
 Mar. 
 
 April 
 
 To Cash, — 
 To Balance, 
 
 To Gash,. 
 
 900 
 
 508 
 
 15 6 
 
 . 6 
 
 140815 6 
 
 508 15 6 
 
 * The several inner columns here, are for recording the specific 
 quantities bought and sold, and a head column for the totality. This 
 total column is extremely useful, answering the object of a Stock ac- 
 count, and bearing the same relation to the other columns as the 
 Stock bears to the other accounts ; for being always equal to the sum 
 of the other columns, its entries, additions, and Balances, are a con- 
 stant cheek on their operations. 
 
BY PRESENT PRACTICE. 
 
 77 
 
 3 
 
 Payable. Cr. 
 
 1827. 
 
 Jan. 
 
 Mar. 
 
 Mar. 
 
 April 
 
 10 
 31 
 
 31 
 16 
 
 By J. Finlay & Co. No. 1 
 By Sundry, 2, 
 
 
 BUU. 
 . 1 
 
 - 2 
 
 3 
 
 . 2 
 . 2 
 
 4 
 
 1 
 4 
 
 8 
 6 
 
 45512 
 
 878|l9 
 
 3 
 4 
 
 ^, 
 
 
 ^y Balance J ..s^,,.^r^ .-^.^.^^ .^j^^ss^.,sru^, .. 
 
 1334J11 
 
 7 
 
 878|l9 
 
 550 - 
 
 4 
 
 RV CrPOrP'P Smith. .rnr,..n,r„,.r^. ,, r" JJJJJJJjrr 
 
 
 1428ll9 
 
 4 
 
 Account. Cr. 
 
 Jan. 
 Feb. 
 Mar. 
 
 3 
 
 28 
 31 
 
 II 
 
 SaJUi, S^c. 
 
 By R. Owen & Co.^ — 
 
 By Sundry, ..s^ss^,j.,s.^...s. ..,,:.,. 
 
 Total 
 Bags. 
 
 14 
 93 
 35 
 
 142 
 
 Orlean$. 
 
 Georgia. 
 
 Bahia. 
 
 14 
 
 21 
 20 
 
 I 
 
 4 
 
 1 
 
 190 
 
 1330 
 
 476 
 
 3 
 
 •7 
 4 
 
 17 
 9 
 
 10 
 2 
 6 
 1 
 
 58 
 
 14 
 15 
 
 By Sundry, . ...^^r^^„r^...^.^.r.rr 
 
 By I/^ss^ ..... ... .... .... .... ...^.. 
 
 
 
 
 
 58 
 
 29 
 
 55 
 
 2000 
 
 18 
 
 7 
 
 Account. Cr. 
 
 Jan. 
 Mar. 
 
 May 
 
 3 
 31 
 
 H 
 
 6 
 
 Ry IVfnrley ^ Co. 
 
 tb 
 
 250 
 585 
 120 
 
 i 
 
 8 
 
 7 
 
 375 - 
 877 10 
 180 - 
 
 - 
 
 Bv Sundrv.„„....n.L,...^...... ...........r...^...^..... ...... ........ 
 
 By Balance^ ...,...u....^.. 
 
 By Henrv Halset.. rru .... . .... ,.r.r........ 
 
 955 
 
 1432 
 
 10 
 
 - 
 
 120 
 
 180 
 
 
 - 
 
 
 London. Cr. 
 
 Jan. 
 Mar. 
 
 1 
 
 31 
 
 By COChinealj .r«»«,.^..rr...rr.x.. .rr - .. v.XLrr.j.,, j .r^.^.A,.. ... 
 
 1 
 8 
 
 1408 
 
 15 
 
 6 
 
 ^y Balance, - 
 
 1408 
 
 15 
 
 6 
 
 1 508 
 
 15 
 
 6 
 
 The above accounts of Cotton and Cochineal afford sufficient ex- 
 amples of iZca/ accounts, being debited for the Cost and Charges, and 
 Credited for the amount of the Sales. The difference then of the two 
 sides, when all is sold, as in the case of the fonner ; or, when the 
 value on hand is entered on the Credit side, as in that of the latter 
 account shows the Profit or ix«*— being Loss on Cotton, and Profit 
 on Cochineal. 
 
 
 
 
T8 
 
 SETS II. Ill— LEDGER, 
 
 Dr. 
 
 Thomas Sharpe, 
 
 1827. 
 April 
 May 
 June 
 
 13 To Cash, 
 30 To ditto. . 
 30 To ditto. . 
 
 25 
 
 Dr 
 
 James Finlay & Co. 
 
 Jan. 
 Mar. 
 
 To Bills Payable, No. 1,. 
 To ditto 2,. 
 
 455 
 354 
 
 80916 
 
 Dr. 
 
 MORLEY & Co. 
 
 Jan. 
 Mar. 
 
 April 
 
 12 
 
 To Cochineal, 
 To ditto. 
 
 To Sundry, 
 
 375 
 375 
 
 750 
 
 150 
 
 10 
 
 Dr. 
 
 William Kelly, 
 
 Mar. 
 
 To Bills Receivable, No. 6,^ 
 To Bills Payable, 3,_ 
 
 152 
 524 
 
 677 
 
BY PRESENT PRACTICE. 
 
 79 
 
 My Clerk. 
 
 Cr. 
 
 1827, 
 Jan. 
 
 30 
 
 By Charges, 
 
 11 
 
 25 
 
 25 
 
 Glasgow. 
 
 Cr. 
 
 Jan. 
 
 2 
 
 Feb. 
 
 1 
 
 
 3 
 
 By Cotton, 
 By ditto. ^ 
 By ditto. ^ 
 
 455 
 152 
 201 
 
 809il6 
 
 Paisley. 
 
 Cr, 
 
 Feb. 
 Mar. 
 
 April 
 
 By Cash, 
 By Loss, „„^ 
 
 By Bills Receivable, No. 3, 4, 
 
 By Cash,, 
 
 369 
 
 5 
 
 375 
 
 750 
 
 150 
 
 10 
 
 Glasgow. 
 
 Cr. 
 
 Feb. 
 
 By Cotton, 
 By ditto. ^ 
 
 265 
 411 
 
 677 5 
 
80 
 
 SETS II. III.— LEDGER, 
 
 Dr. 
 
 Buchanan & Co. 
 
 1827. 
 Mar. 
 
 June 
 
 11 
 
 To Cash,^ 
 To Profit,, 
 
 To Sales, ^ Ann, 
 
 487 
 4 
 
 492 
 
 261 
 
 Dr. 
 
 Robert Owen & Co. 
 
 Jan. 
 
 3 
 
 Feb. 
 
 8 
 
 
 11 
 
 Mar. 
 
 27 
 
 Mar. 
 
 31 
 
 To Cotton, 
 To ditto. — 
 To ditto. ^ 
 To ditto. ^ 
 
 To JBaUtnce. 
 
 190 
 294 
 352 
 
 248 
 
 1083 
 248 
 
 Dr. 
 
 MONTEATH & Co. 
 
 Feb. 
 Mar. 
 
 Mar. 
 May 
 
 To Cotton, 
 To ditto. ^ 
 To ditto. ^ 
 
 To Balance, ^. 
 
 To Sales ^ Ann,. 
 To Sundry,. 
 To Cash,. 
 
 8 
 7 
 9 
 10 
 
 286 
 396 
 
 228 
 
 912 
 
 228 
 
 395 
 
 273 
 
 12 
 
 910 
 
 10 
 6 
 5 
 
 11 
 
 Dr. 
 
 Henry Halset, 
 
 Mar. 
 May 
 
 To Cochineal, 
 To Cochineal, 
 
 20 To Cash,.,^ 
 
 502 
 
 180 
 400 
 
 580 
 
 10 
 
BY PRESENT PRACTICE. 
 
 81 
 
 Glasgow. 
 
 Cr. 
 
 1827, 
 Feb. 
 
 June 
 
 12 
 
 By Cotton, 
 
 By Bills Receivable, No. 12, 
 
 11 
 
 492 
 
 261 
 
 13 
 
 14 
 
 Glasgow. 
 
 Cr. 
 
 Jan. 
 Mar. 
 
 By Bills Receivable, Na. 1, 
 
 By ditto 2, 
 
 By Balance, 
 
 April 6 By Bills Receivable, No. 8,< 
 
 190 
 646 
 
 248 
 
 1085 
 
 248 
 
 7!lO 
 1510 
 
 4 - 
 
 7 8 
 
 4 - 
 
 Glasgow, 
 
 Cr, 
 
 Mar. 
 
 10 
 
 
 31 
 
 April 
 
 1 
 
 
 8 
 
 May 
 
 30 
 
 By Bills Receivable, No. 7, 
 By Balance, — 
 
 By Goods, — 
 
 By Bills Receivable, No. 9, 
 By Goods, 
 
 683 
 
 228 
 
 912 
 
 197 
 
 228 
 
 484 
 
 10 
 
 910 Jll 
 
 Paisley. 
 
 Cr. 
 
 Mar. 
 
 May 
 June 
 
 By Bills Receivable, No. 5, 6, — 
 
 By Bills Receivable, No. 10, 11, 
 By Cash,^ 
 
 50210 
 
 400 
 180 
 
 580 
 
82 
 
 SETS II. III.— LEDGER, 
 
 Dr. 
 
 John Rich, 
 
 1827. 
 Mar. 
 
 June 
 
 31 
 
 30 
 
 To Balance, 
 
 To Cash, 
 
 10 
 
 501 
 
 601 
 
 507 
 
 10 
 
 Dr. 
 
 Goods 
 
 April 
 May 
 June 
 
 To Monteath & Co 
 
 To ditto 
 
 To Profit 8f Loss, 
 
 197 
 
 484 
 
 5 
 
 68611 8 
 
 Dr. 
 
 Charges 
 
 April 
 May 
 June 
 
 To Cash,..^ 
 
 To ditto. 
 
 To ditto 
 
 To Thomas Sharpe,, 
 
 V 
 
 22 
 
 423 
 
 25 
 
 10 
 
 6 
 
 10 
 
 478 7 4 
 
 Dr. 
 
 Commission 
 
 June 
 
 30 
 
 To Profit 8f Loss, 
 
 At the above account of Goods, there appears a small Gain, arising 
 solely from the Shipment made to J. Denny & Co. ; the goods being 
 supposed to be Invoiced at a higher price tHan purchased, as no Com- 
 mission is here charged ; but the Shipment to G. Smith having been 
 
 76 
 
 76 
 
BY PRESENT PRACTICE. 
 
 83 
 
 Glasgow 
 
 Cr. 
 
 1827. 
 Mar. 
 
 Mar. 
 June 
 
 By Cash, ^ 
 By Loss, ^ 
 
 31] By Balajice,, 
 30 By Interest,-. 
 
 500 
 
 I 
 
 501 
 
 501 
 6 
 
 507 
 
 Account. 
 
 Cr. 
 
 April 
 June 
 
 By James Denny & Co. 
 By George Smith, 
 
 202 
 484 
 
 686 11 8 
 
 Account. 
 
 Cr. 
 
 April 
 
 May 
 June 
 
 By James Denny & Co. 
 
 By Morley & Co 
 
 By Sales, V" Ann, 
 
 By George Smith, ..,-..,-^ 
 
 By Sales, V" Ann, 
 
 By George Smith, 
 
 By Profit S^ Loss, ,^....». 
 
 44 
 
 16 
 
 375 
 
 34 
 
 6 
 10 
 
 9 
 
 2 
 17 
 12 
 
 9 
 
 478 7 4 
 
 Account. 
 
 Cr. 
 
 April 
 May 
 June 
 
 By James Denny & Co. 
 By George Smith, «w.v«-. 
 
 By Sales F Ann,..., „» 
 
 By James Risk, 
 
 By George Smith, 
 
 By Sales, V Ann, — 
 By George Smith, — 
 
 purchased on Commission, are charged ai first cost. In general, this 
 account in an Agency business, exhibits neither Gain nor Loss, the 
 goods being Invoiced at prime cost, as in Merchandise Account, Set 
 
 1 
 
 3 
 15 
 
 4 
 15 
 33 
 
 2 
 
84 
 
 SETS II. Ill — LEDGER, 
 
 Dr, 
 
 Insurance 
 
 1827. 
 
 
 April 
 
 1 
 
 
 6 
 
 June 
 
 12 
 
 To James Risk, 
 To ditto. 
 To ditto. 
 
 34 
 
 10 
 
 Dr 
 
 Interest 
 
 June 
 
 To Cash, 
 
 To John Rich, 
 To Prqfit 4" LoaSy 
 
 26 
 
 16 
 
 Dr. 
 
 James Risk, 
 
 May 
 
 31 
 
 To Sundry, 
 
 22817 
 
 2281 17 
 
 Dr, 
 
 James Denny & Co. 
 
 April 
 June 
 
 To Sundry, 
 To Cash,. 
 
 213 
 
 8 
 
 224 
 
 Dr. 
 
 George Smith, 
 
 April 
 June 
 
 To Sundry, 
 
 To Bills Payable, No. 4, 5, . 
 
 To Sundry, 
 
 To Sundry, 
 
 19 9 
 330 - 
 
 528 
 
 4 
 
 1101 
 
 18 9 
 
 A'ofe-.—By comparing George Smith's AcGOUiit as above with the Engraved Atcojint Current, they will 
 be found to agree iu every particular. 
 
BY PRESENT PRACTICE. 
 
 8S 
 
 Account. 
 
 Cr. 
 
 1827. 
 April 
 
 June 
 
 By James Denny & Co. 
 By George Smith, .,.,».,^ 
 By George Smith, ^..^.^ 
 
 34 
 
 10 
 
 Account. 
 
 Cr. 
 
 May 
 June 
 
 By Cash, 
 
 By Monteath & Co 
 
 By Sales W Ann, 
 
 By George Smith, — 
 By Commercial Bank, 
 
 26 
 
 16 
 
 Insurance Broker. 
 
 C/' 
 
 April 
 June 
 
 By Insurance, 
 
 By ditto 
 
 By ditto 
 
 By Cash, 
 
 5 
 
 16 
 
 12 
 
 194 
 
 228 
 
 17 
 
 Halifax. 
 
 Cr. 
 
 May 
 
 31 
 
 By James Risk,. 
 
 224 
 
 224 
 
 Grenada. 
 
 Cr. 
 
 xMay 
 June 
 
 By Sales, ^ Ann, 
 
 By ditto 
 
 By Balance, ,«....,^ 
 
 33415 
 422 - 
 345' 3 
 
 1110118 
 
86 
 
 SETS II. III.— LEDGER, 
 
 Dr. 
 
 Sales, 
 
 1827. 
 May 
 June 
 
 To Sundry, «^ 
 To Sundry, ^ 
 
 395 
 834. 
 
 1229 
 
 14 
 
 14 
 
 Dr. 
 
 Dawson & Co. 
 
 June 
 
 18 
 
 To Sales ^ Ann, 
 
 573 
 
 573 
 
 Dr. 
 
 Profit and 
 
 June 
 
 30 
 
 Losses, 
 To Chargesy 
 To Dawson Sf Co. 
 To Stock, for Net Gain,. 
 
 34 
 62 
 97 
 
 - 4 
 13 
 
 Dr. 
 
 Balance 
 
 1827. 
 Mar, 
 
 3] 
 
 June 
 
 Effects, 
 
 To Cash, ^., in hand,. 
 
 To Commercial Bank, Glasgow. 
 
 To Bills Receivable,. 
 To Cochineal, ..wv-«~-~ 
 
 .No. 2, 3, 4, in hand, 
 .120 lb on handy ^ 
 
 To Robert Owen & Co. Glasgow,. 
 To Monteath & Co ditto. 
 
 To Cash, — .^,^^ in hand, 
 
 To Commercial Bank,^Glasgow, 
 To George Smith, ««««... G^rewodct, 
 
 Note. Instead of bringing the Profit and Loss, and Balance ac- 
 counts, through the Journal previous to closing these, a General Ex- 
 tract of each is recorded in the Ledger, which saves trouble, and yet 
 accomplishes every thing wanted. At opening a New Set of Books, 
 these Balances are transferred directly to the Ledger, without any in- 
 termediate process. 
 
 28 
 
 1149 
 
 1021 
 
 180 
 
 248 
 
 228 
 
 2856 
 
 22 
 1628 
 345 
 
 1996 
 
 3 
 17 
 15 
 
 4 
 13 
 
 14 
 
 10 
 
 10 
 
 3 
 
BY PRESENT PRACTICE. 
 
 87 
 
 ^ Ann. 
 
 Cr. 
 
 1827. 
 May 
 June 
 
 By Monteath & Co. 
 By Sundry, 
 
 395 
 834 
 
 U 
 
 1229 
 
 14 
 
 Glasgow. 
 
 Cr. 
 
 June 
 
 By Bills Receivable, No. 13, 
 By Profit Sf Loss, ^,> 
 
 4. 
 
 11 
 
 573 
 
 
 8 
 
 - 
 
 - 
 
 
 573 
 
 - 
 
 - 4 
 
 Loss. 
 
 C?^ 
 
 June 
 
 30 
 
 By Goods, 
 
 By Commission, 
 
 By Interest 
 
 Gabis, 
 
 5 
 76 
 15 
 
 97 
 
 Account. 
 
 Cr, 
 
 1827.1 
 Mar. 
 
 31 
 
 June 30 
 
 Debts, 
 By Bills Payable, No. 2, 3, unpaid,^ 
 
 By Kilgour & Co. London 
 
 By John Rich, Glasgow, 
 
 By Stock 
 
 y »ffw»w^»»»w^^»»«»rw<wr»»»*»-i. 
 
 Net Capital,. 
 
 By Stock, ^ 
 
 rNet Capital, 
 
 In the second Balance taken on the 3 'th June, it is to be observed, 
 that it contains only Effects, without any Debts, which very rarely 
 happens in business. The amount therefore, of these Assets, show 
 the owner's Net Capital, and which must always agree witli the differ- 
 ence of the Stock account. 
 
 878 
 508 
 501 
 
 1889 
 967 
 
 2856 
 
 1996 
 
 1996 
 
 13 
 
 14 
 
 10 
 
 3 6 
 
88 
 
 TO PROVE THE POSTING OF THE LEDGER. 
 
 After all the Entries in the Transactions in Trade, have been made in the 
 Journal, and thence posted into the Ledger, before taking a General Balance, it 
 may be proper 
 
 t 
 
 To Prove the Posting of the Ledger. 
 
 For this purpose, add the amount of all the Transactions in Trade, (or, which 
 is the same thing, the contents of all the subsidiary Books,) with the sum of such 
 Balances as have been brought forward? and as these comprise the whole entries 
 in the Journal, it follows that their sura, if all be correct, will correspond with the 
 amount of the Ledger accounts. The following are checks upon Sets XL and 
 III., and which the learner may use after posting the entry for the former 31st 
 March, and for the latter 30th June* 
 
 FOR SET IL 
 
 
 FOR SET III. 
 
 I^rom January Isty to March Z\st. 
 
 
 Frovi April Ui, to June 30th. 
 
 it 
 
 Trantactioru. 
 
 
 the two ride* qftht Ledger added. 
 
 1 
 
 Transadiona. 
 
 
 The tivo tides of the Ledger added. 
 
 i 
 1 
 
 Amoutat. 
 
 fol. 
 
 I 
 
 Dr. 
 
 Cr. 
 
 Amouitt*. 
 
 fol. 
 
 1 
 
 Dr. 
 
 Crt 
 
 5055 
 
 15 
 
 8 
 
 58 
 
 17 
 
 5 
 
 1014 
 
 16 
 
 
 5 
 
 604 
 
 3 
 
 6 
 
 34 
 
 3 
 
 6 
 
 1967 
 
 13 
 
 6 
 
 2 
 
 4572 
 
 5 
 
 7 
 
 2 
 
 8696 
 
 15 
 
 5 
 
 7375 
 
 17 
 
 11 
 
 6 
 
 2334 
 
 17 
 
 _ 
 
 2 
 
 14267 
 
 3 
 
 4 
 
 12616 
 
 3 
 
 _ 
 
 3 
 
 6426 
 
 1 
 
 11 
 
 3 
 
 4318 
 
 4 
 
 7 
 
 4658 
 
 15 
 
 - 
 
 7 
 
 2083 
 
 3 
 
 6 
 
 3 
 
 713 
 
 15 
 
 6 
 
 713 
 
 15 
 
 6 
 
 4 
 
 2249 
 
 8 
 
 10 
 
 4 
 
 2729 
 
 15 
 
 1 
 
 2729 
 
 15 
 
 1 
 
 8 
 
 7043 
 
 2 
 
 - 
 
 4 
 
 412 
 
 4 
 
 2 
 
 412 
 
 4 
 
 2 
 
 
 
 
 
 5 
 
 2499 
 
 19 
 
 6 
 
 2524 
 
 8 
 
 - 
 
 9 
 
 2484 
 
 11 
 
 8 
 
 5 
 
 2245 
 
 15 
 
 7 
 
 2245 
 
 15 
 
 7 
 
 
 
 
 
 
 
 
 
 
 
 
 10 
 
 3951 
 
 2 
 
 4 
 
 6 
 
 1194 
 
 5 
 
 5 
 
 1241 
 
 4 
 
 11 
 
 
 
 
 
 
 
 
 
 
 
 
 11 
 
 878 
 
 10 
 
 9 
 
 7 
 
 1566 
 
 2 
 
 9 
 
 1236 
 
 13 
 
 11 
 
 £ 
 
 18,303 
 
 12 
 
 — 
 
 £ 
 
 
 12 
 
 — 
 
 
 12 
 
 — 
 
 * 
 £ 
 
 2856 
 
 14 
 
 4 
 
 8 
 
 1802 
 
 14 
 5 
 
 10 
 
 1802 
 
 14 
 5 
 
 6 
 
 1 
 
 18,303 
 
 18,303 
 
 22,236 
 
 5 
 
 1 
 
 £ 
 
 22,236 
 
 1 
 
 22,236 
 
 The above Check will detect any omission in the posting; and when any mis- 
 takes have been made, it leads to an easy discovery of them. As the two sides 
 of the Ledger when added, either monthly or before taking a Balance, will agree 
 with each other, and as the Balance Check will correspond with either side, or, in 
 case of a mistake, with the side of the Ledger which is correct ; this points out 
 the side where the error lies, and, of course, directs the Accountant's search in 
 examining the Books. 
 
 ♦ Balances 31st March, amount of Efiects, page 86. 
 
89 
 
 REMARKS. 
 
 Merchants usually Balance their Books once, and sometimes twice a year. 
 Their design in doing so is, to know whether they have Gained or Lost in trade 
 since the former Balance, and to exhibit a concise and accurate state of their af- 
 fairs at the present period. In order to explain the preceding State or Balance 
 sheet on 31st March in pages 86 and 87, it may be observed, that 
 
 The balance of Cash in hand, is ^ £28ii 3ii 6 
 
 The balance of Cash in the Bank,_] 1149!il7ii 6 
 
 The balance of Bills Receivable, 1021nl5ulO 
 
 The value of Cochineal on hand, 180n -n - 
 
 The amount of the Debts due to you, .„ „ 476iil7ii ,6 
 
 Thescy when added together, amount to ^^2,856ii14;h 4 
 
 Which sum is the Gross amount of your effects, and from 
 
 which you deduct the amount of your debts, being 1889ii -iilO 
 
 The Difference is £967m13ii 6 
 
 And which sum is of course the Net Property you have employed in trade, and 
 is the Balance of the Stock account. This compared wdth the money with v^^hich 
 you commenced business, will show the Gain you have made, or the Loss yon 
 have sustained since. Thus, 
 
 You commenced business on 1st January with .., — > £1000ii -n - 
 
 And as your present Stock, according to the above State, is 967iil3ii 6 
 
 Consequently your Net Loss for last three months, is ^,> ^32ii 6ii 6 
 
 Which includes ^30 you have expended for your Private Account' 
 
 It is not necessary to begin New Books after Balancing, nor to open the Ac- 
 counts anew, unless the present folios in the Ledger be filled up. The Balances 
 may be brought down, and the Accounts continued in the same folios, as in the 
 preceding Ledger : but if the present Ledger appear insufficient to contain the 
 business till another Balance^ a new one must be commenced, and the several Ba- 
 lances in the old Ledger transferred to the new one. 
 
 Though the Accounts in the Ledger must Balance, if free from error, yet it is 
 sometimes difficult to adjust them exactly, especially when the business is exten- 
 sive and the error trifling. If there be still a difference, which we do not think 
 it worth while to investigate further, we may close the account by making Profit 
 and Loss Dr. or Cr. for it. This introduces an aiticle on one side of the Ledger, 
 which has none corresponding to it on the other, but is balanced by some undii- 
 covercd error. 
 
 M 
 
90 
 
 REMARKS ON BALANCING SET II. 
 
 The Balance Account contains on the Dr. side, the Effects and Debts due to 
 you ; and on the Cr, side, the Debts due by you : hence, it follows, that all the 
 Accounts on the Dr. side of it, must be credited By Balance ; and those on the 
 Cr. side, must be debited To Balance, each for its respective sum. 
 
 The Profit and Loss Account contains on the Dr, side your Losses; and on the 
 Cr. side your Gaim : hence, all the accounts on the Dr. side of it, must be cre- 
 dited Bj/ Profit and Loss ; and those on the Cr. side must be debited To Profit 
 and Loss, each for its respective sum. 
 
 The difference of Profit and Loss must now be transferred to the Stock Ac- 
 count ; and as this difference is in favour of the Dr. side, it is to be entered on 
 the same side of the Stock Account by debiting Stock To Profit and Loss, and 
 then crediting the account of Profit and Loss By Stock for it. 
 
 The Balance of the Stock account, which now shows your Net Capital, or 
 present worth, agrees with the difference of the Balance account, and this shows 
 that the Ledger has been correctly posted exclusive of the Trial Balance. The 
 reason of this will appear from what follows : 
 
 The Balance account contains on the Dr. side every kind of Property belong- 
 ing to you, and every debt due to you ; and the Cr. side contains every debt due 
 by you : therefore, the Difference of the two sides shows your present Net Stock. 
 
 There is another method of finding your Net Stock, which is by adding your 
 Profits, or subtracting your Losses from your original Stock ; and when this sum, 
 which is your Net Stock, is put on the Cr. side of Balance, which is the amount 
 of your debts, it will of course be equal to the Dr. side, or gross amount of your 
 Estate, if the books be correct. 
 
 Hence the proof of Book-keeping by Double Entry, consists in two methods 
 of ascertaining what your Net Stock or Capital is. The one from a view of 
 your present Effects and Debts ; the other from your former Stock, allowance 
 being made for your Gains or Losses, and they will correspond, because both 
 must harmonize. 
 
 Thus, the State of a Person's affairs is at once exhibited to his view ; and the 
 Balance account supplies materials for a new Inventory * It is most convenient 
 to arrange all the accounts of Property, and all the Personal ones together, as is 
 done in the above Set. 
 
 * See Remarks, end of Ledger, Set IV. 
 
SET II.— CALCULATION OF INTEREST. 
 
 91 
 
 Br, COMMERCIAL BANK. Cr, 
 
 DaU. 
 
 ReceipU. 
 
 Stmu. 
 
 Day,. 
 - 
 
 89 
 58 
 19 
 
 £ 
 
 Itderat. 
 
 DaU. 
 
 PaymcnU. 
 
 Sums. 
 
 Day.. 
 
 53 
 
 27 
 
 £ 
 
 InUrut. 
 
 1827. 
 Jan. 
 Feb. 
 Mar. 
 
 1 
 
 1 
 12 
 
 To Cash,_ 
 To ditto — 
 To ditto — 
 
 £ 
 
 £ 
 980 
 360 
 600 
 
 1940 
 
 11 
 
 2 
 
 1 
 
 18 
 17 
 11 
 
 11 
 2 
 3 
 
 1 1827. 
 
 1 Feb. 
 
 Mar. 
 
 6 
 
 4 
 
 31 
 
 By Cash,_. 
 
 By ditto 
 
 By Balance, 
 
 £ 
 
 £ 
 
 300 
 
 500 
 
 1140 
 
 1940 
 
 
 
 2 
 
 12 
 
 3 
 
 17 
 
 6 
 
 6 
 10 
 
 16 
 
 7 
 
 4 
 
 16 
 
 7 
 
 4 
 
 Balance of Interest due, at 5 ^ Cent. £12ii 611IO 
 Deduct i, or 1 ^ Cent. 2» 9ii 4 
 
 Interest due by the Bank at 4 ^ Cent. je9n 17ii 6 * 
 
 
 
 Method 2d, 
 
 
 
 Method 3d. 
 
 
 
 DaU. 
 
 Sumt. 
 
 Days. 
 
 Product*. 
 
 Date. 
 
 1827. 
 
 Jan. 1 
 Feb. 1 
 Mar. 12 
 
 Feb. 6 
 Mar. 4 
 
 Dr. side. 
 
 To £ 980 
 To 360 
 To 600 
 
 Days. 
 89 
 
 58 
 19 
 
 53 
 
 27 
 
 PnnlucU. 
 
 1827. 
 Jan. 
 Feb. 
 
 Mar. 
 
 1 
 1 
 
 6 
 
 4 
 
 12 
 
 To 
 To 
 
 By 
 
 By 
 
 To 
 
 £ 
 
 980 
 360 
 
 1340 
 300 
 
 1040 
 500 
 
 540 
 600 
 
 1140 
 
 31 
 
 5 
 
 26 
 
 19 
 
 '89 
 
 30380 
 6700 
 
 27040 
 4320 
 
 21660 
 
 87220 
 20880 
 11400 
 
 1 10*100 
 
 £1940 
 
 Cr. side. 
 
 By £ 300 
 By 500 
 
 15900 
 13500 
 
 £800 
 
 . . . ^Oion 
 
 
 
 
 9125) 90100 
 
 ) 90100 
 
 91 '^5 
 
 £9i!l7ii 6 
 as before. 
 
 £9iil7n 6 
 
 
 
 
 
 
 
 
 Remarks. Of the above three methods of calculating Interest on Accounts 
 Current, we prefer the second; because it is more expeditious, and exhibits the 
 balances at the different dates ; besides the number of days that intervene be- 
 tween the commencement and settlement, is proved, before calculating the pro- 
 ducts. The ^rst method is more tedious than the third, occasioned by interest 
 being calculated on each product separately, which requires as many divisions as 
 there are sums in the account. In the third method the labour is greatly short- 
 ened by the Interest being calculated only on the difference of the products, 
 which reduces the whole to one division. 
 
 * See Transactions, page 46. 
 
93 
 
 ACCOUNT CURRENT BOOK. 
 
 An Account Current contains a state of such Mercantile Transactions 
 with Correspondents as are not separately settled for ; drawn out in a 
 plain circumstantial manner, in the form of Dr, and Cr., showing how 
 affairs stand between the parties at the time when the account is made 
 up. 
 
 Accounts Current are most commonly kept by Agents with their Em- 
 ployers, and are generally rendered every six or twelve months. In such 
 it is common to charge, and allow Interest on the sums on the Dr, and 
 Cr, sides, be-sides J ^ Cent. Commission on the Cash and Bills which 
 they pay, as well as Postages, as in the Engraved account. 
 
 There are several ways of making out an Account Current ; Sometimes 
 the Interest is annexed opposite to each sum, similar to the Bank account 
 on the preceding page, and somtimes it is subjoined at the foot, as in the 
 Engraved one, in the Appendix, 
 
 In making up Accounts Current to a certain period, it may be ob- 
 set-ved that, when any of the sums on either side, are not due at the date 
 when the account is made up, the discount on those sums on the Dr, 
 side, are entered on the Cr, side of the Interest account : and in like 
 manner, the discount on those sums on the Cr, side are brought to the 
 Dr. side of that account, in order that the whole balance of the ac- 
 count may become due on that particular day. Thus, in the Engraved 
 account, a sum on the Dr, side becomes due after the 30th June, (the 
 date at which the account is made up,) the discount on which is carried 
 to the Cr. side of the Interest account ; and on the Cr. side, a sum be- 
 comes due after that date, the discount on which is carried to the Dr, 
 side of that account accordingly. The balance of the Interest account is 
 then transferred to the Account Current. 
 
 The best method of calculating Interest, on Bank Accounts, and Ac- 
 counts Current, is that given on the preceding page, Method 2d. It is 
 the most expeditious, exhibits the balances at the different dates, and 
 reduces the computation to one division. 
 
 Although Tables of Interest, are not recommended to save the trou- 
 ble of calculating Interest on Accounts, yet they may be very useful as 
 a check, and should only be used in this manner. 
 
93 
 
 SET IV. 
 PARTNERSHIP. 
 
 Partnership is a contract entered into by t^o, or more persons, i<^ 
 carry on a certain trade or business, for which, they agree to join either 
 their money, goods, labour and skill, or all of therri ; and to divide the 
 Gairif or sustain the Loss^ in proportion to the terras of Copartnership. 
 
 Merchant's Books should contain every particular which relates to their 
 affairs. They should be so full and so well arranged as to afford ready 
 information on every point' on which they may be consulted. They 
 should exhibit the State of all the branches of their business, the connec- 
 tion of the different parts, and the amount or result of the whole. 
 
 William Simson, George Monteath, and John Thomson, form a 
 Copartnery as General Merchants, under the Firm o^ Simson, Mon- 
 teath & Co. Besides acting as Agents, they agree to embark occa- 
 sionally in speculations or adventures on their own, or on joint account. 
 
 They ctMsider that Three Thousand pounds will form a Capital 
 sufficient to enable them to carry on their business, and which they accord- 
 ingly advance on tlie \st July 1827 in the following proportions : 
 
 William Simson, £1500 or, |^ths. 
 
 George Mmteath, 1000 or, |ths. 
 
 John Thomson, 500 or, ^th. 
 
 £3,000 or, fths. 
 
 Each Partner holding an interest in the Concern, egttal to his Capital, 
 which is divided into six shares. 
 
 John Thomson to keep the Books of the Company, for whidi ke is to 
 be allowed £100 ^ Annum in name of Salary. 
 
94 
 
 SET IV.— RULES TO FORM THE CASH-BOOK. 
 
 To MAKE THE ENTRIES WHICH OCCUR ON THE 
 
 Dr. side, in Receiving, 
 1. Accounts of Persons, enter 
 ■>»«.».. ^ on whose account received, for the sum.* 
 
 To the Person,, 
 
 2. Accounts of Property, enter 
 
 To StocJe,^ 
 
 To Goods, 
 
 To Debentures, 
 
 To Ship, 
 
 To House in ««« 
 
 To Funded Property, 
 To Bills Receivable, — 
 
 ^for Capital in Trade, or a Legacy received. 
 ~for Goods bought for Cash, as ^ Day-Book. 
 
 for drawbacks or bounties on exports. 
 
 jf sold for cash, or for freights, gain, &c. 
 .Jf sold for cash, rents or the like, 
 •.for sales in the Funds, or ^ Cents. 
 ^No. — and whole sum of the Bill.-j- 
 
 3. Accounts of Profit and Loss, enter 
 To Interest, . >. .,>,>^.,>>.w>>.>.>„>>>,..>..,on money lent, discount received, &c. 
 To Commissions,^. . .^ .>.>>»» » on agency received, &c. 
 
 By the Person, , 
 
 To MAKE THE EnTRIES WHICH OCCUR ON THE 
 
 Cr. side in Paying, 
 1. Accounts of Persons, enter 
 ...^.vv....^ on whose account paid, for the sum.* 
 
 By Stock,. 
 By Goods,. 
 
 By Furniture..........^ 
 
 By Ship, 
 
 By House in 
 
 By Funded Property, , 
 By Bills Payable,....^ 
 By Consignments, 
 
 By Household Furniture^. 
 
 2, Accounts of Property, enter 
 
 for a Legacy given away. 
 
 if bought for cash, or charges paid on them. 
 
 ^if bought for Shop or Counting-house, 
 bought for cash, repairs, wages, &c. 
 
 if bought for cash, repairs, &c. 
 
 for purchases in the Funds, or W Cents. 
 .>No. — and whole sum of the Bill, 
 .^for duty, &c. paid on imports consigned to you. 
 .if bought for cash, &c. 
 
 3. Accounts of Profit and Loss, enter 
 
 By Interest, for discount paid on bills, or on cash borrowed. 
 
 By Promiscuous Charges, for incidents in trade, exports, &c. 
 
 By Profit and Loss, >>.for money lost, &c. 
 
 By Private Account, for family use, or house expenses. 
 
 ♦ In Set II. when you allow a Discount on a Personal Account, the net sum received is entered in the Cash- 
 Book ; and in the Day-Book the Discount allowed to the person. The same principle is observed, when a 
 Discount is allowed to you in paying Personal accounts; by entering in the Cash -Book only the net sum 
 paid, and in the Day-Book, the Discount which the person has allcnved you. 
 
 In Set IV. when Discount is allowed by you on Personal Accounts, enter in the Cash-Book only ; thus, 
 on the Debit side To A. B. for the whole sum ; then credit Cash By Interest for the discount. The like 
 principle is observed in paying Personal Accounts on discount by crediting Cash By A. B. for the whole 
 amoimt of the account ; and then debiting it To Interest for the sum allowed by him. 
 
 t This method of entering Discounted bills is stated as if you received first the whole sum, and then re- 
 turned the discount, by crediting Cash, By Interest for the same. The same principle is observed in pay- 
 ing bills on discount. 
 
SET IV.— TRANSACTIONS FOR THE CASH-BOOK. 95 
 
 Construct the foUomng Transactions into a Cash-Book, according to the Rules 
 given on the preceding page ; andjind the Balance of Cash in hand monthly ^ prefix^ 
 ing the dates on the margin, 
 
 1827. 
 
 July 1 Cash in hand, on entering into business this day, ^3000. 
 
 Aug. 4 Paid for Furniture to Counting-house, to John Wright, £69m6/. 
 
 8 Paid for £1000 Stock in the Four ^ Cents, at 78^ F Cent, and | ^ 
 Cent, for brokerage, £782iil0/. 
 20 Received difference of Interest on Bills exchanged with James Thom- 
 son, £l!ilOnl. 
 u Paid William Simson for his Private Account, £60. 
 31 Received payment of Bill No. 1, J. Stirling, £100. 
 ti Paid Promiscuous Charges this month, as ^ Petty Cash-Book, £7ii IO116. 
 II By Balance to next month, £ 
 
 Sep. 1 To Balance from last month, £ 
 
 2 Paid Duty on our 100 Bales Cotton ^ Ann, from Lisbon, £190itl0ii8. 
 4 Bought one sixth of Ship Mars, and paid £430. 
 
 12 Paid Bill No. 1, Murray & Co. £200. 
 
 13 Received payment of Bill No. 4, John Stirling, £100. 
 
 15 Bought at public sale (jointly with J, Ramsay) 16 Chests Spanish Indi- 
 go, containing 1696tb at 11/ F lb and paid £932iil6. 
 20 Paid Freight, &c. on 100 Bales Cotton, W Ann, from Lisbon, £93ii2ii4. 
 II Paid George Monteath, Private Account, £30. 
 26 Sold £1000 Stock, in the 4 ^ Cents, at 79| W Cent, brokerage ^ F 
 
 Cent, and received £792iilO/. 
 30 Paid Promiscuous Charges this month, as ^ P. C. B. £15nl7ii4. 
 II By Balance to next month, £ 
 
 Oct. 1 To Balance from last month, £ 
 
 u Paid John Ramsay in full, £50ii9/. 
 11 Paid BHl No. 2, Murray & Co. £200. 
 II .. — 3, ditto. £100. 
 
 19 Received from Dawson & Co, in full, £1060. 
 
 20 Received payment of Bill No. 2, J. Thomson, £200. 
 22 Paid Bill No. 4, J. Thomson, £550. 
 
 II 7, R. Manford, £755m6m8. 
 
 24 Received for Bill negotiated on Vanderpoole & Co. 20th, £788. 
 
 29 Paid Duty, &c. on Produce consigned us, F Cuba, from Jamaica, 
 
 £374ii8n8. 
 
 30 Paid John Thomson, Private Account, £30. 
 
 31 Paid Promiscuous Charges this month, as W P. C. B. £15iil0n6. 
 " By Balance to next month, £ 
 
 2 
 
96 SET IV.— TRANSACTIONS FOR THE CASH.BOOK. 
 
 J 827. 
 
 No.y. 1 To Balance from last month, £ 
 
 4 Paid Freight, &c. on Goods, W Spoonery for Jamaica, ^70iil5;r6. 
 
 6 Paid ditto ,. W Aurora, for Rotterdam, £34ii6ii3. 
 
 10 Paid James Agent, to account, ^20. 
 
 I. Paid Bill No. 5, John Ramsay, ^411. 
 
 1 1 Paid William Simson, Private Account, ^50. 
 
 tt Paid George Monteath, ditto £30. 
 
 M Paid John Thom son, ditto £20. 
 
 M Paid Counting-house Rent for half a year, £25. 
 20 Received Drawback on Sugar, W Aurora, £902. 
 
 I! Paid Duty, &c. on Produce, ^ Cuba, from Jamaica, £523ii5itO. 
 25 Received from Edward Robinson in full, £355ii5/. 
 
 It Paid for a Bill remitted Ross & Son on the 22d. £565iilii8. 
 
 II Received payment of Bill No. 3, J. Thomson, £350. 
 
 29 Paid Freight, &c. on Produce consigned to us W Cuba, £317ii7ii7. 
 
 30 Received from James Risk, balance of accounts, £152itl8ii5. 
 M Paid Bill No. 6, Ross & Son, £545iil5i!l0. 
 
 M Received from Hazard & Co. balance of accounts, £864ii2/. 
 II Paid Promiscuous Charges this month, as W P. C. B. £14iil0ii6. 
 It By Balance to next month, £ 
 
 Pec. 1 To Balance from last month, £ 
 
 It Paid John Ramsay, balance, £124iil2/. 
 2 Paid Thomas Ryder, in full, £350itI9/. 
 II Discount allowed by T. Ryder, £10m16/. 
 10 Paid Bill No. 8, W. Irvine, £475iilit6. 
 
 12 ditto 9, J. Thomson, £500. 
 
 It ditto 11, J. Ramsay, £353itl7/. 
 
 13 Paid W. Gray on^iccount of John Stirling, F order, £200. 
 
 14 Paid Bill No. 10, J. Thomson, £500. 
 
 20 Discounted 2 Bills at Le Fevre & Co. as under, viz. 
 No. 9, on Rees & Co. due Jan. 30, £500. 
 
 10, on Curtis' & Co 30, £500. 
 
 II Paid Discount on the above 2 bills, £5iil2ii4. 
 w Paid John Thomson, Private Account, £20. 
 25 Received our share of Gain of Ship Mars, £93iilii6. 
 27 Received payment of Bill No. 5, Robinson, now due, £351ii8/. 
 
 30 Paid Brokerage, &c. on 15 Hhds. Sugar, 10 Tierces Coffee, W Cuba, 
 £6m18m1. 
 
 31 Paid Promiscuous Charges this month, as ^ P. C. B. £I2!i1Sm1 1. 
 II By Balance in hand. 
 
SET IV.— RULES TO FORM THE BILL-BOOK. 97 
 
 The Bill Book records the particulars of all Bills whether Receivable or 
 Fayable, and may therefore be considered as a general index to these. 
 
 BUls ReceivcJ}l€ are such as you receive in payment of some debt or contract — 
 and 
 
 Bills Payable are those which are drawn upon you, and which you must pay 
 when due. 
 
 When Bills Receivable come to hand, the particulars are entered in their re- 
 spective columns of the Bill-Book ; and the particulars of Bills Payable are also 
 inserted in their proper columns as soon as accepted.* The use of the Bill-Book 
 will be understood by observing how the two following Bills are entered. 
 
 Copy of a Bill of Exchange^ received by uSy July 9t\\,from John Stirling, entered 
 in Bills Receivable, No. 1, pages 122 and 123. 
 
 ^100 Sterling. (due 3Ut August, f) Jamaica, 25th May, 1827. 
 
 Fifty days after sight, pay this my second of exchange, first and 
 third of the same tenor and date unpaid, to the order of Messrs Simson, Monteath 8f 
 Co. One hundred pounds Sterling, value received as advised, 
 
 Messrs Forster & Co. -v John Stirling, 
 
 Aldermanbiiry, / Accepted, July 9, payable at 
 
 London. | Messrs. Ransom Sf Co. 
 
 No, \, } Forster & Co. 
 
 Cojyy of a Bill drawn on us by James Thomson, I9th August, and entered in 
 Bills Payable, No. 4, pages 1 24 and 1 25. 
 
 £550. (due 22d October.) London, 19th August, 1827. 
 
 Two months after date, pay to my order Five hundred and fifty 
 poundsy value received. 
 
 Messrs. Simson, Monteath & Co. ^ James Thomson, 
 
 Merchants, Cheapside, f Accepted, payable at 
 
 London. C Messrs. Le Fevre Sf Co. 
 
 No. 4. y Simson, Monteath & Co. 
 
 * For the conveniency of printing, (fee. several columns in the Bill-Book for Set IV. are omitted, such as 
 By whom drawn, place, to whom, and where payable. These are given in the Bill Book for the fifth, or 
 last Set. 
 
 The column towards the right of Bills Receivable, entitled How dispoted of, and of Bills Payable, fFhen 
 paid, contains the page of the Journal where the bills appear either discounted, indorsed, paid, or protest- 
 ed. At Balancing, the blank- spaces or lines wiU exhibit those bills still in hand in BiUs Receivable; and 
 those under acceptance in Bills Payable. 
 
 t For Days of Grace, and how bills drawn at so many months after date, are calculated, see Notes on 
 pages 32 and 34. 
 
 N 
 
98 SET IV.— TRANSACTIONS FOR THE BILL-BOOK. 
 
 Enter the following Transactions into a Bill-Book, and find when each Bill be- 
 comes due according to the directions given on the preceding page ; also the amount 
 of Bills Receivable and Payable each month, by adding up these monthly, and 
 prefixing the dates on the margin. 
 
 1827. 
 
 July 9 Received on account of John Stirling, 
 
 No. 1, on Forster «& Co. July 9,* at 50 days sight, £100ii 
 
 Aug. 9 Accepted Murray 4r Go's 3 drafts, viz. 
 
 No. 1, payable to J. Fraser, Aug. 9, at 31 days sight, ^200ii -n - 
 
 2, to Williamson «& Co. Aug. 9, at 60 days sight, 200ii -it - 
 
 3, to Willis & Co. Aug. 9, at 60 days sight, lOOti -it - 
 
 20 To accommodate James Thomson, Ve have 
 received his 2 bills, viz. 
 
 No. 2, on J. Mills, July 18, at 3 months date, £200n -n - 
 
 3, on W. Bell, July 22, at 4 months date, 350ii -ii - 
 
 20 For which we have granted him our acceptance, 
 
 No. 4, payable to his order, Aug. 19, at 2 months date, ^550h ^i * 
 
 20 Accepted John Ramsay's draft, 
 
 No. 5, payable to his order, Aug. 7, at 3 months date,.^£4t\l» -ii - 
 
 21 Received on account oi John Stirling, 
 
 No. 4, on Lloyd & Co. Aug. 21, at 20 days sight, £\00\\ -n - 
 
 27 Accepted Ross Sf Son^s draft. 
 
 No. 6, payable to R. Feild, Aug. 27, at 3 months date, £545iil5iilO 
 31 Received in Cash, No. 1, due this day. 
 
 Sep. 12 Paid No. 1, to Ransom & Co. 
 
 13 Received in Cash, No. 4. 
 
 20 Accepted R. Manford's draft. No. 7, at Usance,^ in fa- 
 vour of C. Tyson, (for the balance of our accounts) 
 being drawn for 3021,340 Reas exchanged at 60d. F 
 Milrea,^,^^ ^^...^ .>...^ ..^....^^...^^^..^ .v>.,^755ii 6ri 8 
 
 * In the Bills drawn after sight in the following Bill-Book, it may be observed that, for the purpose of 
 abridging the number of columns, the one allotted for the date of such bills is omitted, it not being indis- 
 pensable, especially in School practice. For instance, in bill No. 2, explained in page 119, the date of ac- 
 ceptancc, namely, Aug. 9, is only noticed, and not that of the bill, which is the 15th June. 
 
 f The twance on Bills drawn from Portugal is 30 days after sight. 
 
SET IV.--.TRANSACTIONS FOR THE BILL-BOOK. 99 
 
 1827. 
 Oct. 
 
 4 Accepted William Irvine's drafts 
 
 No. 8, payable to his order, Sep. 7, at 3 months date, «-«^475ii In 
 1 1 Accepted James Thomson* s 2 drafts, 
 
 No. 9, payable to his order, Oct. 9, at 2 months datey^^ȣ500\\ -n 
 10, to ditto. Oct. 11, at 2 months datCy,,,,^ 500ii -n 
 
 1 1 Paid No. 2, and 3, to Denison & Co. 
 
 12 Accepted John Ramsay's drafts 
 
 No. 11, payable to his order, Sep. 9, at 3 months da^^,.«*^353Ml7ii 
 20 Received in Cash, No. 2. 
 22 Paid No. 4, and 7, to Jones, Lloyd & Co. 
 
 Nov. 
 
 10 Paid No. 5, to Ransom & Co. 
 
 25 Received E. Robinson's Promissory Note, 
 
 No. 5, dated Oct. 25, at 2 months date, 
 II Received in Cash, No. 3. 
 I! Received from Vanderpoole Sf Co. 
 
 No. 6, on Vanderloo, Nov. 20, at 2 months sighty, 
 
 11 Indorsed to James Thomson, No. 6. 
 
 26 Received from Pringle Sf Son, 
 
 No. 7, on themselves, Oct. 26, at 3 months date,^ 
 30 Paid No. 6, to Le Fevre & Co. 
 
 •35 In 8ii 
 
 jeSOOii -n - 
 
 ,^704»10ii - 
 
 ^668n 4n 9 
 
 ^500.t -n - 
 
 . 500ii -II - 
 
 . 345m 1. - 
 
 Dec, 1 Received Fenn and Parks* acceptance, 
 
 No. 8, on themselves, Nov. 26, at 2 months date,.,^ 
 4 Received from Vanderpoole Sr Co. 3 drafts, viz. 
 
 No. 9, on Rees & Co. Nov. 27, at 2 months sight, ^ 
 
 10, on Cmtis & Co. Nov. 27, at 2 months sight, . 
 
 11, on Jones & Co. Dec. 4, at 2 months sight,..^ 
 10 Paid No. 8, to Denison & Co. 
 
 12 Paid No. 9, and 11, to Le Fevre & Co. 
 14 Paid No. 10, to Jones & Co. 
 
 20 Discounted at Le Fevre & Co's. 2 bills. No. 9, and 10. 
 
 21 Settled with James Thomson, as under 
 n Indorsed him Bills No. 8, and 11. 
 
 II Accepted him Bill No. 12, dated Dec. 20, at 50 days date, £250(il0ii - 
 27 Received in Cash, No. 5. 
 30 Received from John Black, 
 
 No. 12, on Caution, Dec. 12, at 5 months date, rfr^^,^,^„,,,^£57\^12\\l0 
 
100 SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 
 
 Construct the following Transactions into a Day-Booh, according to the Rules 
 as marked hy the figure at the foot of the pages, arranging each entry in the Jour- 
 not form ; and placing the dates in the centre of the page. 
 
 2d July, 1827. 
 
 Bought o^ John Ramsay, 
 
 Sundry Cottons, as W B. P . ^641 In -n 8 
 
 (0 
 
 3. 
 
 Injured with James Risk, 
 .£440 on Goods, ^ Fame, for Lisbon, premium at 1^ Guineas 
 
 ^ Cent, and policy 27/6.* £ 8.i 6ii 
 
 (2) 
 
 4. 
 
 Shipped on board the Fame for Lisbon, consigned for sale to R. 
 Manford, on our own account and risk, as ^ Invoice-Book, 
 page 1. 
 
 Sundry Goods, nmniinfing t^rr o.......... , . , ^4.1 In -n 8 
 
 CVirtrge* at shipping, ,..,.„. ^ ...^.^ 16nl4ii 6 
 
 Insurance on £440, as above, 8ii 6ii 1 
 
 (3) ^. ^64361 
 
 Rules to Journalise the above entries. 
 
 (1) 
 
 When you purchase Goods on credit, enter 
 
 Merchandise, Dr. to the Seller, 
 
 For amount of his Bill of Parcels. 
 
 (2) 
 When you effect Insurance on exportations, enter 
 
 Insurance, Dr. to the Broker, 
 
 For premium and policy specifying sum insured, 
 
 rate, name of ship, and where bound. 
 
 (3) 
 
 When Goods are shipped on your own account, enter 
 
 Adventure to such a place. Dr. to Sundries. 
 
 (Here insert ship's name, to whom consigned, as ^ I. B. p.) 
 
 To Merchandise, for amount of the goods. 
 
 To Promiscuous Charges, — for charges at shipping. 
 To Insurance, .^.^.^..^^.w for premium and policy. 
 
 * Tlie Policies of Insurance are always charged upon even Mindreds, that is, for every part of a L 100 
 the same as L lOO. The Duty is 5?. per Cent, but the brokers generally charge sixpence per Cent, (or 10 
 per Cent, additional on it), for drawing tlie Policy, &c. making it ia all 5s. 6d. per Cent 
 
SET IV^TRANSACTIONS FOE T^Ei D^Y-B05Q'K.. lOt 
 
 ISth-Jttlyy 1827. 
 
 Effected an Insurance on £1700, on the following Produce con- 
 signed to us, ^ the Cuba, from Jamaica, viz. 
 
 On account of John Stirling^ 
 £250 on 10 Hhds. Sugar, and 
 360 on 30 Puncheons Rum, 
 
 £610 at 2 Guineas ^ Cent £12.. 16m 2 
 
 Policy, 5/6 W Cent 1.-18.. 6 
 
 On account of Murray Sf Co. 
 £750 on 30 Hhds. Sugar, 
 250 on 10 Tierces Coffee, and 
 90 on 40 planks Mahogany. 
 
 £1090 at 2 Guineas ^ Cent £22.. 17.. 10 
 
 Policy, 5/Q W Cent 3.. -.. 6 
 
 £14.. 14.1 8 
 
 £25.. 18.. 4 
 
 £40nl3. 
 
 Hazard & Co. have taken £610 of the above, £14.. 14.. 8 
 
 We have Underwritten, 1090 — ditto 25.. 18.. 4 
 
 (1) 
 
 £40m13.i - 
 
 Rules to Jouenalise the above entries. 
 
 When you effect Insurance on importations, enter 
 Insurance, Dr. to Sundries, viz. 
 
 For premium, &:c. on £ Produce, ^ such a ship from such a place. 
 
 To the Brokers, for premium on sum taken by them. 
 
 To Assurance, for premium on sum underwrote by you.* 
 
 * When you act as an Underwriter, as in the above instance, an account, entitled Assurance must be 
 opened. It is credited for the premiums, and debited for average and total Losses on sums which you bad 
 underwritten or insured. 
 
 When you frequently insure Personal Debts, which is called Guarrantee or Del-Credere, instead of en- 
 tering the premiums on these to the account of Commission, as is usually done, a separate account, entitled 
 Guarantee, should be opened, because it is a real Adventure, and ought therefore to be separately recorded. 
 Like the former account of Assurance, it is credited for the premiums, and debited for the Losses. The 
 premiums on Risks, pending at taking a General Balance, are the balances of both accounts, after which 
 they are closed To or By Profit and Los^, and which will show the Gain you make, or the Loss you sustain, 
 by being concerned in this species of Adventure. 
 
 It will be observed, that no Return of premium for convoy and arrival occurs in the present Set on Fo- 
 reign Agency. This takes place only in time of war, when the Risk is greater, and consequently the Bate 
 of Insurance higher. 
 
 When any part of the premium becomes returnable, the Person or Office owing the same is Debited to In- 
 surance. 
 
 Here it may be observed that the Definition of the Insurance account in the present Set, is different from 
 Uiat in the foregoing Agency Set. There the premiums are put to the Personal debtor as soon as effected ; 
 here these reniam at the Insurance account until the Produce insured is sold, or, at all events, tiU it comes 
 to an issue ; when the Insurance account is credited from the Sales-Book. The di^fference consequently of 
 the Insurance account in the present Set, is the sums owing vou for premiums, not accounted for in the 
 Sales. This method must be adopted, when the Employer wishes every charge on the Sales to come from 
 them. See Remarks on Ledger, Set IV. Insurance account. 
 
j^; .sKriiyi^TtiAi?i§ACTioNs for the day-book, 
 
 20th July, 1827. 
 
 Ordered from Robert Manfordt Lisbon, 
 
 100 Bales Cotton, which he has shipped ^ the Ann, to London, 
 as ^ Invoice, being 4712,500 Reas, Exchange at 59^d. ^ Mil- 
 rea, „w«^jeil68u 6ii 2 
 
 Insured with James Risk, on the above 
 
 ^1200 at 1^ Guineas F Cent £18m18ii - 
 
 Policy, 5/6 ^ Cent 3ii 6ii - 
 
 (1) 22m 4it - 
 
 £1190iil0i. 2 
 
 20th August. 
 
 Effected an Insurance on £1200, on 25 Tons Hemp, ^ Vrow, 
 
 from Riga, at 1|^ Guineas ^ Cent, and policy 66/.f»..^<..^ — £22ii 4ii 
 
 James Risk has taken, £200 £3iil4ii - 
 
 Hazard & Co. have taken, 900 16iil3ii - 
 
 We have Underwritten, 1 00 ^^.r..^ Iiil7ii - 
 
 £1200 £22ii 4m 
 
 \st September. 
 
 Bought of William Irvine, 
 
 Sundry Goods, as ^ B.P £475m 1m 6 
 
 Bought of John Ramsay, 
 
 Sundry Goods, as F B. P. £283m 1. 
 
 Bought of Thomas Ri^er, 
 
 Sundry Goods, as'F B. P. , ^350m19m - 
 
 Bought of John Ramsay, 
 
 Sundry Goods, as F B. P. .^ ^ £70m16m - 
 
 Rules to Jouknause the above entries. 
 
 Upon receiving the Invoice and Bill of Lading, enter 
 
 Adventure*' from such a place. Dr. to Sundries. 
 
 To the Agent, for amount of his Invoice, inserting the foreign and Sterling 
 
 money at his account in the Ledger. 
 
 To the Broker, (if insured) for the premium and policy on £ 
 
 When the Agent ships Goods in return, the entry is the same 
 
 as the last ; and to close the Adventure outward, enter 
 
 The Agent, Dr. to Adventure to such a place. 
 
 For amount of the latter account. 
 
 * If the Goods shipped by the Agent consist of one article only, as in the above instance, an account for 
 it may at once be opened, by which an account for the Adventure is avoided. 
 
 t At those entries where no Rule to Journalise is given, an entry of the same kind has previously oc- 
 curred; or the Debtor and Creditor are too obvious to require one. 
 
SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 103 
 
 1 2th September, 1827. 
 
 Effected an Insurance on £1400 on Goods ^ Spooner, for Jamai- 
 ca, at 2 Guineas W Cent, and policy, 77/ >.....■. .jPSSm 3ii 
 
 James Risk has taken, ..>>,>....^500 .^ ,.... jgll«17» 6 
 
 We have Underwritten^ 900 2 In 7m 6 
 
 ^1400 £33ii 5n - 
 
 13 
 
 Shipped on board the Spoonery for Jamaica, by order, and for ac- 
 count and risk of the following persons, as ^ Invoice-Book, 
 pages 2 and 3. 
 
 For John Stirling, 
 
 Sundry Goods, amounting to £421iil5ii - 
 
 Charges at shipping, 32itl8nl0 
 
 Commission on £454!i 13ii9 at 2\ ^Cent. 1 In 7ii 4 
 
 Insurance on £500, lliil7ii 6 
 
 Commission on ditto. ^ per Cent. ,^.. 2u lOn - 
 
 je480»i 8h 8 
 
 For Murray & Co. 
 
 Sundry Goods, amounting to^..ww.,.,»^£758ii 2h 6 
 
 Charges at shipping, 47ii 6ii 6 
 
 Commission on £80om9/ at 2^ V Cent. 20ii 2ii 8 
 
 Insurance on £900, . 2 In 7ii 6 
 
 Commission on ditto. ^ ^ Cent. 4iil0it - 
 
 (0 £831.1 9m 2 
 
 £1331nl7MlO 
 
 Rules to Journalise the above entries. 
 
 When you ihip Goods for Sundry persons, to order, enter 
 
 Sundries, Drs. to Sundries. 
 For Goods W (such a ship for such a place), as^ I. B. 
 — Drs. — 
 Each person, (in columns as under) for his amount. 
 —Crs.^ 
 
 To Merchandise, .^.^.^..^for amount of the goods. 
 
 To Promiscuous Cliarges, ^^or charges at shipping. 
 
 To Commission, ..^.^Z..^ ...for your commission. 
 
 To Insurancey ,y^..., ^...ibr premium and policy. 
 
104. SET IV^TRANSACTIONS FOR THE DAY-BOOK. 
 
 I5tk September, 1827. 
 
 Ordered on Joint account and risk with Ross ^ Son, Riga, each 
 party one half concerned, 25 Tons Hemp, which they ad\'ise hav- 
 ing shipped for our address W the Vrow, as ^ Invoice received 
 this day, W post, amounting to 25559 Rubles. 
 
 Our I of which is 12779 Rubles, 50 Copecks, at 
 
 lOJ^d f Ruble, ..^£54!5v 1 5m 1 
 
 (1) 
 
 19 
 
 Sold to Dawson 4" Co. London, 
 
 16 Chests Joint Spanish Indigo, containing 
 
 1696ib at 12/6, cash in 1 month, ^ei060ii -m - 
 
 (2) 
 
 20 
 
 Sold to Edward Robinson, Manchester, 
 
 20 Bales of our Cotton, ^ Ann, 
 
 Net 28421b at 2/6, cask in 2 months, £355ii 5i 
 
 (3) 
 _ 20 
 
 Received from Robert Manford, Lisbon, 
 
 An account Sales of Goods consigned to him, ^ Fame, 
 
 Net Proceeds being 1691,160 Reas, at 60d. W Milrea, £422rtl5iiI0 
 
 (4) 
 
 30 
 
 Bought o£ James Thomson, London, 
 
 40 Hhds. Refined Sugar, as ^ S. P.____ £3110ii In 8 
 
 Rules to Journalise the above entries. 
 
 (1) 
 
 When you order the Goods and the shipper is concerned,* enter 
 The Joint article. Dr. to the Shipper. 
 For your share of the Invoice only. 
 
 (2.) 
 When you sell Joint Goods, enter 
 The Purchaser, Dr. to the Joint article. 
 For the quantity, price, terms, and sum. 
 
 (3) 
 
 The Purchaser, Dr. to the article sold. 
 
 For the quantity, ship, and terms. 
 
 (4) 
 
 When the Agent, sends an Account Sales, enter 
 
 The Agent, Dr. to Adventure to such a place. 
 
 For the Net proceeds, inserting, at the Agent's account in the 
 
 Ledger, both the Foreign and Sterling money, but only the 
 
 Sterling at that of the Adventure.f 
 
 * Like Adventures outward, there are two methods of stating such Transactions, but a preference is due 
 to the above. It is more concise and satisfactory ; and exhibits the extent of the interest each party has in 
 the speculation. 
 
 t Should one Sale not include the whole Adventure, it will readily occur to the learner at taking a Gene- 
 ral Balance, to estimate the Goods still remaining with the Agent, the amount of which must be placed on 
 the Credit side of the Adventure, being the balance of the account, after which the difference or the two 
 sides will show the Gain or Loss on what has been sold. 
 
SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 105 
 
 30/A September, 1827. 
 
 Finished the Sales of Our Joint Indigo ^ 
 as ^ Sales-Book, page 1, and charged for 
 
 Interest, on the cost tiil due, £4ii 6m II 
 
 Commission, for 2 ^ Cent, on sale, 2 In 4ii - 
 
 Promisevaus Charges, — for incidents at delivery, -iil5ii I 
 
 John Ramsay, 1<~-Jbr his half of gain, oOn On - 
 
 Ourselves, for our half of gain, 50i! 9ii - 
 
 (1) £127.1 4m 
 
 20th October. 
 
 Shipped ^ the Aurora, for Rotterdam, on Joint account and risk 
 of J. Ramsay, Vanderpoole Sf Co. and Ourselves, each ^ concerned, 
 as W Invoice-Book, page 4. 
 
 40 Hhds. Refined Sugar, (less drawback), £2208.i In 8 
 
 Charges at shipping, &c. .,>^,>.^ 42ii 7m - 
 
 Commission on £3152M8n8, at 2 ^ Cent 63n In - 
 
 Assured by us on £2400, at 1 G. F Ct. and pol. 132/. 31ii16m - 
 
 Commission on ditto, at ^ ^ Cent 12ri -n - 
 
 (2) £23o7m 5m 8 
 
 Rules to Journalise the above entries. 
 
 (1) 
 
 The Joint article. Dr. to Sundries, 
 
 For the following to close that account. 
 
 To Interest, — To Commission, — To Promiscuous Charges^ 
 
 To Partner for his, — and To Profit for oui" share. 
 
 When the Goods have been furnished and shipped by you,* enter 
 Sundries, Drs. to Sundries. 
 For Goods, W such a ship for such a place, as ^ /. B. p. 
 —Drs. — 
 
 Each Partner, for his share. 
 
 Adventure to such a place, for our share. 
 
 —Crs.— 
 To Merchandise, — To Promiscuous Charges, 
 To Commissionj — and To Insurance. 
 
 * There are two methods of stating such Transactions ; the other is 
 
 Joint Adventure to Dr. to Sundries, viz. 
 
 To Merc7iandise,—To Promiscuotis Charges,— To Commission,— and To Insurance. 
 
 JVhen the Agent furnishes an Account Sales on which there has been a Gain, enter 
 
 The Agent, Dr. to Sundries, for the Net proceeds, viz. 
 
 To Joint Adventure to for amount at outfit. 
 
 To Each Partner, — , for his share of gain. 
 
 To Profit Sf Loss, .w^for your share of gain. 
 
 Had there been a Imss on the Adventure, the necessary eutry woiild have been. 
 
 Sundries, Drs. to Joint Adventure to viz. 
 
 Agent, r for net proceeds of the Sales. 
 
 Each Partner, for his share of the loss. 
 
 Profit Sf Loss, for your share of the loss- 
 
 TVhen you are not the Manager, enter 
 
 Adventure to Dr. to the Manager. 
 
 For your share of the shipment omy. 
 JVhen the Manager furnishes you with an Account Sales, enter 
 
 The Manager, Dr. to Adventure to 
 
 For your share of the proceeds only. 
 
 O 
 
106 SET IV—TRANSACTIONS FOR THE DAY-BOOK. 
 
 20th October, 1827. 
 
 The Drawback on the Sugar, W the Aurora, is ^,«»v~v«.£902ii -n - 
 
 (1) 
 
 23 ■ 
 
 Charged Vanderpoole Sf Co. Rotterdam, 
 
 For postages and charges on bill negotiated on them this day, 
 
 being ^788, >^... w,.«,vw«£2n 4iil0 
 
 _ 24 
 
 Sold to E. Robinson, Manchester, at 2 months, 
 
 20 Bales of our Cotton, ¥' Ann, 
 
 Net 3012ft) at 2/4 £351m 8ii - 
 
 ^ . 25 
 
 Sold to Pringle Sr Son, Manchester, at 3 months, 
 40 Bales of our Cotton, W Ann, 
 
 Net 5636ft) at 2/6 ,.,.,.^ £704iil0ii - 
 
 ___ 25 ■ 
 
 Procured from the following Brokers, a settlement of a total Loss 
 on Hemp, W the Frow, lost on her voyage from Riga to Lon- 
 don, insured by them 20th August, due in 1 month. 
 
 James Risk, .,...,>^ (less his brokerage,) ^^, £ 1 99ii -ii - 
 
 Hazard & Co their ditto , 895iil0ii - 
 
 Assurance, our ditto.,vwv»,„-,^ 99iil0ii - 
 
 £11 94m -II 
 
 For the following accounts : 
 
 Insurance, for premium and policy, £22ii 4ii - 
 
 Commission, ^ W Cent, on insurance, £6 
 
 2 W Cent, at settling, 24 
 
 30ii -M - 
 
 Ross & Son, their ^ of net recovery, 570iil8ii - 
 
 Joint ^<?7wpy,».^.»,,..«».„wv,,«^our ^ of ditto. ^.„^^»^ — 570ii 18ii - 
 
 (2) 
 
 £11 94m -m - 
 
 Rules to Journalize the above entries. 
 
 (1) 
 
 Debentures, Dr. to Merchandise. 
 
 For drawback, W such a vessel. 
 
 (2) 
 
 Sundries, Drs. to Sundries. 
 
 For total Loss of such an article, lost ^ such a ship, on her voyage 
 
 from to 
 
 —Drs.— 
 Each Broker, for premium deducting his brokerage. 
 
 —Crs.— 
 To Insurance, — To Commission^ — To Partners, and To Joint Article.* 
 
 * Had the Goods arrived safe, and been sold by you, enter 
 The Purchaser, Dr. to Sales of Consignments. 
 For amount of his purchase. 
 
 When the Sales are finished and made up, enter 
 Sales of Consignments, Dr. to Sundries, viz. 
 To Insurance, ».^.>.>^»JL^>.^ » » f or premium Mid poUey. 
 
 To Consignments, ^.*^ ^ for freight, &c. paid by you. 
 
 To Commission, ~^>^»^^.>>~^>~^>*>on insurance, and on sales. 
 
 To the Shipper, *t^^^..^,^^^ — for his share of proceeds. 
 
 To Adventure from — - ^,,v«,.««,for your share of proceeds. 
 
SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 107 
 
 2d Kovhnber, 1827. 
 
 Sold to Fenn 8f Park, London, at 2 months, 
 
 6 Punclieons Rum consigned ^ Cuba, as W S. B. page 2, 
 
 Net 653 Gallons, at 4/6 ,^ ^ei46iil8M 6 
 
 (1) 
 
 10 
 
 Sold to Fenn Sr Park, London, at 3 months, 
 
 20 Puncheons Rum consigned ^ Cuba, as ^ S. B. page 2, 
 
 Net 2195 Gallons, at 4/9 £52 In 6m 3 
 
 12 
 
 Sold to John Black, London, at 2 months, 
 
 4 Puncheons Rum consigned W Cuba, as ^ S. B. page 2, 
 
 Net 427 Gallons, at 4/6 £96m In 6 
 
 16 
 
 Made up the account Sales of John Stirling's 30 Puncheons Rum 
 consigned W Cuba, as W Sales-Book, page 2, and charged for 
 
 Insurance, on £360 at 2 Guineas ^ Cent £7iillii 2 
 
 Policy 5/6 W Cent In 2.. - 
 
 Consignments, for Freight, &c. 81iil7ii 6 
 
 Promiscuous Charges, &c ^ .^ 12iil8n 3 
 
 Commission, for 2^ ^ Cent, on the Sales, 19ii 2ii 2 
 
 ^ ^ Cent, on Insurance, I11I611 - 
 
 8m13ii 2 
 94iil5ii 9 
 20ii18m 2 
 
 John Stirling,««for net proceeds due Jan. 29, 639iil9ii 2 
 
 (2) 
 
 £764ii 611 3 
 
 Rules to Journalise the above entries. 
 
 (I) 
 When you sell Goods on Commission, enter 
 
 The Purchaser, Dr. to Sales of Consignments, 
 For the article, quantity, ship, terms, and sum. 
 
 (2) 
 When the Sales are finished and made up, enter 
 
 Sales of Consignments, Dr. to Sundries. 
 For proceeds, &c. of such an article, ^ such a ship. 
 
 To Insurance, for premium and policy. 
 
 To Consignments, for duty and other charges. 
 
 To Commission, for yours on insurance and sales. 
 
 To the Consigner, for net proceeds due him. 
 
108 SET IV— TRANSACTIONS FOR THE DAY-BOOK. 
 
 - 25th November, 1827. 
 
 Indorsed to James Thomson, Bill 
 
 No. 6, on Vanderloo, due Jan. 20th ^£500ii -ii - 
 
 (1) 
 
 — — 30 
 
 Received from Vanderpoole 8f Co. Rotterdam, 
 
 their Account Sales of Sugar, consigned them, W the Aurora, 
 Two-thirds of the Net proceeds being 19749 florins, 14 stivers, 
 6 pennings. Exchange at ^5/7^ Flemish W £ Sterling. 
 
 John Ramsay, ^his } £923iil8ii 6 
 
 Adventure to Rotterdam, our ^ 923iil8ii 6 
 
 (2) ^1847Ml7n - 
 
 30 
 
 Charged John Ramsay, for 
 
 Interest, on ^923m18ii6 till Jan. 30th £7iilli. - 
 
 Commission, at ^ W Cent, on ditto. ^nllulO 
 
 £12m 2nl0 
 
 30 
 
 Charged Ross 4" Son, Riga, 
 
 For Commission on £565iilii8, at ^ ^ Cent ^SitlGn 6 
 
 Brokerage on ditto remitted, ,.^,^^ 2 1 1 1 9 1 1 1 
 
 £3m16ii 4 
 
 1*^ December. 
 
 The Loss by the Exchange on the remittance made 
 
 by Vanderpoole ^ Co. is £2iil7ii 
 
 John Ramsay, his ^ ..r....,..,,..............,....,.^.^^^ ^Gln 8ii 6 
 
 Adventure to Rotterdam, ^our ^ .»w>..,..»^ li» 8ii 6 
 
 £2Ml7n - 
 
 11 
 
 Sold to James Thomson, London, at 3 months, 
 
 5 Hhds. Sugar, consigned W Cuba, as ^ S. B. 
 
 Net 63cwt. Oqrs. 7lb at 83/ W cwt £261iil4ii 2 
 
 21 — 
 
 Settled with James Thomson, as under ; 
 
 Indorsed him BUls No. 8, & 11, £1013ii 4ii 9 
 
 Granted him BUI No. 12, at 50 days, 250nlOM - 
 
 Z)wcoMW^ allowed by hun, ,.«w...,.,>,.>.„ 84iil2i! 9 
 
 £134811 7ii 6 
 
 Rules to Journalise the above entries. 
 
 (I) 
 
 The Person to whom indorsed. Dr. to Bills Receivable. 
 For No. on when due, and sum. 
 
 (2) 
 
 When the Agent furnishes you ivith a Joint account Sales, enter 
 
 The Agent, Dr. to Sundnes, viz. 
 
 To each Partner, for his share of proceeds. 
 
 To Adventure to ^for your share of proceeds. 
 
SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 109 
 
 2lst December, 1827. 
 
 Sold to Attwood Sf Co. London, at 2 vionths, 
 
 15 Hhds. Sugar consigned ^ Cuba, as F S. B. fol. 5, 
 Net 188 cwt. Iqr. 21tb. at 83/6, ^ cwt 
 
 23 
 
 ,^6786.114.. 6 
 
 Sold to Dawson Sf Co. London, at 3 months, 
 
 10 Tierces Coffee consigned F Cuba, asW' S.B. fol. 5, 
 Net 60 cwt. 2qrs. at 127/, — 
 
 .£384n 3n 6 
 
 30 
 
 John Black having become insolvent, has offered his Creditors 1 2/ 
 ^ ^, at 5 months, with security ; and considering it more for 
 the interest of my employer, I have accepted of his offer, and 
 received the bill accordingly. 
 
 The Loss to John Stirling on £96ii1m6, at 8/ ^ £ is, £38ii 8ii 8 
 
 (1) 
 
 31 
 
 Made up Account Sales of Murr^ & Go's 15 Hhds. Sugar, and 
 10 Tierces Coffee, W Cuba, as W Sales Book, fol. 3. 
 
 Murray & Co. for Net proceeds of 
 
 15 Hhds. Sugar, due 21st Feb £393nl6iiI0 
 
 10 Tierces Coffee, due 23d March, 238m 8ii 5 
 
 Insurance, 
 
 Consignments, 
 
 Interest, 
 
 Commission, 
 
 Sov premium on £625,, 
 Sot duty, freight, &c. ^ 
 .on ditto 
 
 £632ii 5ii 
 
 15ii 111 
 
 486m 1m 
 
 5ii 2m 
 
 „on Sales and Insurance, 
 
 32m 7m 11 
 
 31 
 
 ^1 170m 18m - 
 
 Due James Agent, as W account to this date, for 
 
 Consignments, on imports, £20m 2m 4 
 
 Promiscuous Charges, — on exports, 12m 10m 6 
 
 £32nl2nlO 
 
 Rules to Journalise the above entries. 
 
 (1) 
 
 The Proprietor, Dr. to the Bankrupt. 
 For loss sustained by the latter.* 
 
 * When the Loss is sustained by yourself, instead of the above Rule, the following must be adopted. 
 1. When a Total Loss is sustained, enter 
 Profit S( Loss, Dr. to the Bankrupt. 
 For the whole debt lost 
 2. When a Partial Loss is sustained, enter 
 Projit Sf Loss, Dr. to'the Banhrupt, 
 For the sum lost, by his failure. 
 5. When the composition is known at Balancing, enter 
 Projit Sf Loss, Dr. to the Bankrupt, 
 For the sum which you will lose : after whidi, the difference of nis account is the sum to be received. 
 4. Shoxdd the Bankrupt at any after period volitntaeily pay up the deficiency. 
 Debit Cash To Projit ^ Loss, 
 For the sum received. 
 
110 SET IV.— TRANSACTIONS FOR THE DAY-BOOK. 
 
 3Ut December, 1827. 
 
 Due on the following Accounts at this date, as W Account Cur- 
 rent Book, viz. 
 
 Ship Mars, — for interest on our one-sixth, „^>>.^.,^.£7ii 4ii S 
 
 John Stirling, 
 
 For Interest ^ Account, ^liil5ii 1 
 
 Commission ^ F Cent, on £400 paid and received, 2ii -n - 
 Postage of Letters, ^...^ 1 n 1 1 n - 
 
 Murray & Co. 
 
 For Interest F Account, £13iil8ii 5 
 
 Commission ^ W Cent, on £500, paid, „, ,..„^ 2iil0ii - 
 
 Postage of Lettersy — > ...... «., In 5n - 
 
 (1) 
 
 31 
 
 £5\} 6ii 1 
 
 £17m13i» 5 
 
 £30ii 3ii 9 
 
 Due by the Partners for Interest at this date 
 on their Private Accounts, viz. 
 
 William Simson, .^^ . ^..^ £ 1 n 5ii - 
 
 Oeorge Monteath, ,.... -iil2ii 6 
 
 £1m17ii 6 
 
 31 
 
 Due to John Thomson, (Private Account). 
 
 For 6 months Salary, due him as managing partner, ,>.,., „. ,£50it -n 
 
 31 
 
 Due for Interest on Stock, 
 
 For 6 months on Capital of £3000, ., £75ii -ii 
 
 31 
 
 Previous to the Balancing of our Books, we have taken an 
 Inventory of the following accounts.* 
 
 20 Bales Cotton, F Ann, as ^ Valuation, £3I5ii 9ii 4 
 
 Ship Mars, having been estimated, and valued at £2580, 
 
 Our one sixth share is £430u -» _ 
 
 {See these two Accounts in the Ledger.) 
 
 Rules to Journalise the above entries. 
 
 (1) 
 
 Sundries, Drs. to Sundries. 
 (AsW Account Current Book.) 
 —Drs.— 
 Ship Mars, — John Stirling and Murray 4" Co. 
 For Interest, Commission, and Postages. 
 —Crs.— 
 To Interest, — Commission and Promiscuous Charges, 
 For their respective amounts. 
 
 •» fn Business there is a separate Book kq)t for recording such entries as the above, called the Invtntory, 
 where the particulars are entered. 
 
SET IV. 
 THE BOOKS 
 
 OF 
 
 SIMSON, MONTEATH & Co. 
 
 GENERAL MERCHANTS, LONDON. 
 
 L CASH-BOOK. 
 
 2. BILL-BOOK. 
 
 3. DAY-BOOK. 
 
 4. JOURNAL. 
 6. LEDGER. 
 
 6. PRIVATE LEDGER. 
 
 CoNCERN,,,-.^ A Partnership. 
 
 Business, Commenced. 
 
 Result, Profitable. 
 
112 
 
 REMARKS ON THE CASH-BOOK, 
 
 The most important purposes for which this Book is kept, are to en- 
 able the person who keeps the Cash, to ascertain at any time the money 
 he has Received and Paid ; and also how much he ought still to have in 
 hand : the keeping of it correct, therefore, must be of the greatest conse- 
 quence. 
 
 In business, it is found necessary to shorten the Casli-Book, by keep- 
 ing a petty Expense-Book, a specimen of which is given in page 31; for 
 entering small incidents which would be inconvenient to bring separately 
 through the principal Cash-Book, and carrying only the amount of these 
 at stated periods to the Credit side of this Book. In the following Cash- 
 Book, such charges are entered once a-month, which is the most general 
 method. 
 
 It is a practice with some houses in London, to have separate co- 
 lumns allotted in the Cash-Book for money kept at the Bariky at the 
 Bankers', and at hyme. The Banker's Book is frequently found useful 
 in checking and abridging the Cash-Book. 
 
 When money is borrowed or lent for a few days, which frequently hap- 
 pens in business, it is improper to carry such sums into the Journal and 
 Ledger ; it is sufificient to short extend such entries in the Cash-Book, 
 and when paid, they, of course, balance themselves. 
 
 When one side of the Cash-Book becomes full before the end of the 
 month, both sides must be added, the amounts placed opposite to each 
 other, the blank side filled up with a diagonal line, and the amounts car- 
 ried to the following pages. The same method, when necessary, is 
 adopted at the end of the month. 
 
CASH-BOOK. 
 
114 
 
 SET IV—MERCHANT'S BOOKS. 
 
 Dr. 
 
 CASH. 
 
 1827. 
 
 July 
 Aug 
 
 Sep. 
 
 Oct. 
 
 Receipts. 
 
 To Stock, 
 
 To Interest, 
 
 To BiUs Receivable,. 
 
 .Capital in hand, ^ 
 .from J. Thomson, 
 ,No. 1, J. Stirling, 
 
 Entered Journal, Pages 1, 4' 2. 
 
 To Balance, .^wv../....^ 
 To BiUs Receivable, 
 To Four F Cents. ^ 
 
 ^from last month, 
 
 .No. 4, J. Stirling,, 
 „^1000, at 79| # Cent. 
 
 XOOffUH/ J 
 
 Entered Journal, Page 3. 
 
 from last month. 
 
 Jn full. 
 
 To Balance, ,««--.« 
 
 To Dawson 8^ Co. 
 
 To BiUs Receivabley.^1^0. 2, J. Thomson, 
 
 To Vanderpoole Sf Co.^bill negotiated on the 20th, 
 
 Entered Journal, Page 5. 
 
 3000 
 
 1 
 
 100 
 
 3101 
 
 2192 
 100 
 792 
 
 3084 
 
 1172 
 
 1060 
 
 200 
 
 788 
 
 3220 
 
 10 
 
 10 
 
 10 
 
 13 
 
cash-book. 
 
 115 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 
 Aug, 
 
 Sep. 
 
 Oct. 
 
 Payments. 
 
 ^^ account. 
 
 By Furniture, 
 
 By Feur ^ Cents £1000 Stock, at 78^ V Cent. 
 
 By William SimsoUy »„.*,*,JPrivate Account,. 
 By Promiscuous Charges^Jthis month, „.^,^.^^ 
 By Balance, ..».*.^»^ ^.to next month,.-.-.. 
 
 Entered Journal, Page 2. 
 
 £. 
 
 69 
 
 782 
 
 60 
 
 7 
 
 2192 
 
 3101 
 
 By Cottony. 
 
 By Ship Mars, ^ share. 
 
 By Bills Pat/able,^ 
 By Joint Indigo, — 
 By Cotton,, 
 
 duty, &c. ^ Ann, 
 
 ,No. 1, Murray & Co. 
 
 .1696tbat 11/. 
 
 ireight, &c. ^ Ann, . 
 
 By Geo. Monteath, Private Account, 
 
 By Promiscuous ChargeSjJih\s month, .—«,.« 
 By Balance, ..,>^to next month, ^ 
 
 Entered Journal, Page 3, 
 
 £ 
 
 By John Ramsat/f 
 By BiUs Payable,. 
 
 By Bills Pat/abky^ 
 
 By Consig7iments,^ 
 
 By John Thomson, 
 
 By Promiscuotis Charges, ^tlds month, 
 
 By Balance,^. ^.,,>.to next month. 
 
 Entered Journal} Page 5, 
 
 ^n fiillj^ 
 
 ^No. 2, Murray A Co. 
 
 3, ditto. 
 
 4, J. Thomson,, 
 
 ^ . 7, R. Manford, 
 
 duty, &c. on Produce, W Cuba,..^ 
 
 _P. ^ 
 
 190 
 
 450 
 
 200 
 
 932 
 
 93 
 
 30 
 
 15 
 
 1172 
 
 3084 
 
 50 
 
 200 
 
 100 
 
 650 
 
 755 
 
 374 
 
 30 
 
 15 
 
 1144 
 
 3220 
 
 10 
 
 13 
 
116 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 CASH. 
 
 1827. 
 
 Nov. 
 
 Dec. 
 
 1828. 
 Jan. 
 
 Receipts. 
 
 To Balance^ 
 To Debentures, 
 To B. Robinson. 
 To BiUs Receivable, 
 To James Risk, ^ 
 
 To Hazard ^ Co. 
 
 <fw9ittiM>m0iti0mt0m' 
 
 from last month, ^>.^ — ^ 
 
 ^drawback W Aurora, 
 
 .in full of 20 Bales Cotton, , 
 •No. 3, J. Thomson, ......w^-- 
 
 .balance of accounts,. 
 
 ditto, 
 
 JEntered Journal, Page 7, 
 
 3768 
 
 To Balance 
 
 To Interest^ 
 
 To Bills Receivable,. 
 
 To Ship Mars,, 
 To Bills Receivable, 
 
 com last month, 
 .discount from T. R. 
 ,No. 9, on Rees & Co. due Jan. 30, 
 10, on Curtis & Co. 30, 
 
 ^^ of Gain, ^ 
 
 To Balance, , 
 
 »yi«»#«>»Mi<»>»w«i«<i«xw««iM»«w«nw»«w w «wiwwi»«»iw»w>*.*»»^* 
 
 1144 
 902 
 356 
 350 
 152 
 864 
 
 17 
 
 10 
 
 1141 
 
 10 
 
 500 
 
 500 
 
 93 
 
 351 
 
 47 
 
CASH-BOOK. 
 
 117 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 
 Nov. 
 
 Dec. 
 
 Payments. 
 
 By 
 
 By 
 By 
 
 By 
 By 
 
 By 
 By 
 
 5^ 
 By 
 
 Promiscuous ChargeSy^W Spooner, for Jamaica,^ 
 
 -.^ Aurora, for Rotterdam, 
 
 James Agent, on account, --.^ 
 
 Bills Payable, No. 3, John Ramsay, 
 
 ^Private Account, 
 
 ^ditto 
 
 .ditto. 
 
 William Simson, ^ 
 George Monteath 
 
 John Thomson,.^ 
 
 Promiscrwus C%arge5^Counting-house rent, 
 
 Consignments, duty on produce, ^ Cuba, . 
 
 Ross Sf Son, ,^.>.,.>>.w» remitted them, 
 
 Consignments, „«..„.w— ^freight, &c. W Cn 
 
 Bills Payable, No. 6, Ross & S< 
 
 Promiscuous Charges,^th{s month, 
 
 Balance ^ ..,, >,..w^^ to next month, ^ 
 
 ^Entered Journal, Page 7. 
 
 By John Ramsay,.^ 
 By TJiomas Ryder,. 
 By Bias Payable,^ 
 
 1 
 
 2 
 
 10 
 
 12 
 
 II 
 
 13 By Jb^n Stirling,, 
 14: By Bills Payable,. 
 20 'By Interest, 
 
 By John Thomson, 
 By Consignments, 
 
 .balance,- 
 in full^ 
 
 ^No. 8, W. Irvine, _ 
 -, 9, J. Thomson, 
 - 11, J. Ramsay, . 
 
 ^r Gray, ^ 
 
 .No. 10, J. Thomson, 
 .discount on 2 bills,... 
 .P. A. 
 
 Jbrokerage, &c.on produce,^Cuba, 
 
 By Promiscuous Charges,^th\s month, -—-, „ -,-, ., , ^,,^, , 
 
 By Balance, in hand, r:---r, .^r^^,, u ., 
 
 Entered Journal, Page 9. 
 
 70 
 
 34 
 
 20 
 
 411 
 
 50 
 
 30 
 
 20 
 
 25 
 
 523 
 
 565 
 
 317 
 
 545 
 
 14 
 
 1141 
 
 15 
 
 3768 
 
 9 
 
 8 
 7 
 
 10 
 6 
 
 10 
 
 124 
 
 350 
 
 475 
 
 500 
 
 353 
 
 200 
 
 500 
 
 5 
 
 20 
 
 6 
 
 12 
 
 47 
 
 17 
 
 2597 
 
118 RULES TO JOURNALISE THE CASH-BOOK. 
 
 Cash is Dr ^for every sum received. 
 
 Cash is O for every sum paid. 
 
 Therefore, 
 
 To Journalise the Dr, side Monthly, say, 
 Cash Dr, to Sundries,* viz. 
 
 To eack Account for its respective sum : and when more than one sum 
 has been received on the same account during the month, insert these in 
 the inner, and extend their sum into the outer column of the Journal, a$ 
 in page 9, which sum post into the Ledger. 
 
 As soon as each sum is entered in the Journal, mark it off on the 
 double line of the pound column, which will more readily direct the eye 
 to those sums which still remain to be entered, and prevent omissions. 
 
 To Journalise the Cr. side Monthly, say, 
 Sundries Drs, to Cash, viz. 
 
 Each Account for its respective sum ; also classing articles of the same 
 kind in the inner, and extending their sum into the outer column, as in 
 Journal, page 3, which sum post into the Ledger. 
 
 If only one sum has been received during the month, make Cctsh Dr, 
 to the person from whom, or the Account on which it was received ; and 
 if only one sum has been paid, make the person to whom, or the Account 
 on which it was paid, Dr, to Cash, 
 
 In Journalising both Receipts and Payments, dates, names, and sums, 
 only are in general inserted, except at such entries as from their nature 
 require it, particularly, ConsignmeMs, by naming the vessel. 
 
 « The Balances of Cash in hand, on either side of the Cash-Book, are omitted at Journalising. 
 
 At every General Balance, the difFerence between the two sides of the Cash Account in the Ledger, must 
 always agree with the difFerence or Balance of the Cash-Book. 
 
EXPLANATION OF FOREIGN BILLS OF EXCHANGE. 119 
 
 By the negotiation of foreign Bills of Exchange, money is remitted 
 from one Country to another without the risk or expense of making such 
 remittances in specie. In the following engraved specimen of a Foreign 
 Bill in the Appendix there are four parties : two at Jamaica where it is 
 drawn, namely, Murray & Co. the drawers, and John Ramsay the bui/er 
 or remitter ; and two at London where it is payable, namely, Williamson 
 & Co. the payees, and Simson, Monteath & Co. the drawees. 
 
 To explain to the learner the circumstances attending the negotiation 
 of this bill, it may be observed that Murray & Co. having made a Con- 
 signment of West India produce to Simson, Monteath & Co. (who are sup- 
 posed to be the owners of the books) upon receiving the Invoice and Bill 
 of Lading they agree to accept for them bills to a certain amount ; the 
 form of one of which is supposed to be that exhibited on the engraved 
 specimen. This bill, Murray & Co. sell to John Ramsay from whom 
 they receive the value, and agreeably to his desire they make it payable 
 to Williamson & Co. at London, to whom Ramsay remits it on account 
 of transactions supposed to be betwixt themselves. Williamson & Co. 
 who are called the holders, upon receiving the Bill, present it for accep- 
 tance to Simson, Monteath & Co. who agree, by writing their name, date, 
 and place of payment upon it, after which they are called the accepters, 
 and the former may either keep the bill until it becomes due ; or they 
 may discount or pay it away to another by indorsing it, and thus it may 
 pass through any number of hands by successive Indorsements. 
 
 In London, Bills for acceptance are genarally left until the next day, 
 and if refused acceptance, they are put into the hands of a Notary PubHc, 
 and noted for non-acceptance. If an accepted bill be refused payment, 
 it is noted or protested accordingly, and returned to the Drawer, by 
 which he, or any of the Indorsers, are liable to pay the Bill wath all 
 costs ; but if the Holder make any unnecessary delay in returning it, he 
 can sue the Accepter only. Inland Bills may be kept fourteen days, 
 but no longer. Foreign Bills should be returned with Protest in course 
 of Post, or at all events within three Posts. 
 
 As the Julian Calendar is still in use in Russia, 1 2 days must be added 
 to the date of bills drawn from Russia, to make up the difference be- 
 tween the old and new style. For instance, bill No. 6, which you ac- 
 cepted on account of Ross & Son, Riga, being dated on the 15th August, 
 at 3 months' date, became due, including the 3 days of grace, on the 30th 
 November. In order to prevent mistakes, the style is sometimes men- 
 tioned, and sometimes the date by both styles is expressed. Thus, in 
 the bill in question 15th August old style, or \^ August. 
 
 Bills are generally drawn in the money of the country in which they 
 are to be paid. If the sum be expressed in the currency of the place 
 where it is drawn, the rate of exchange is mentioned, and sometimes the 
 sum in sterling money for which it is accepted. 
 
120 
 
 REMARKS ON THE BILL-BOOK, 
 
 When you receive another person's acceptance, or grant your accep-. 
 tance, and receive the proceeds merely for your own accommodation, such 
 bills may be stated by either of the following methods. 
 
 First, Enter the bill under Bills Payable to the account of Bills 
 Receivable, Private Account^ and when it is discounted it passes to the 
 Cr. side of the latter account ; when you pay the Bill, credit Cash Bi/ 
 Bills Payable, it having originally been put to the Cr, side of the latter 
 account. 
 
 Second, Enter the bill under Bills Receivable to the account oi Bills 
 Payable, (as you will have to provide for this bill when it falls due,) and 
 when it is discounted, debit Cash To Bills Receivable, and when you pay 
 it, credit Cash By Bills Payable, By these methods an account for the 
 accepter in the one instance, or in the other with the person with whom 
 the negotiation took place, is avoided in the Ledger, if his name did not 
 formerly appear there ; and although it had, it would have been impro- 
 per to have entered such Transactions as originated entirely for your ac- 
 commodation, to his account. 
 
 When you grant your acceptance merely to accommodate another per- 
 son, it is unnecessary that such a bill should pass through the Journal and 
 Ledger. It is sufficient to note in your Monthly Register of Bills when 
 it falls due, because the person's obligation that he is to provide for it, 
 is a sufficient voucher until it becomes due, when if he be unable to pay 
 it, he is debited To Cash for the same, as in any proper transaction. 
 
 When two merchants draw bills on each other, and each agrees to pay 
 his own bills, it is better to open two separate accounts, distinguished by 
 the marks hja and mja, signifying his account and my account. For the 
 bills which he draws upon me, he is debited at the former account To 
 Bills Payable, and when he furnishes me with funds to retire them, he is 
 credited By Cash, For the bills which I draw upon him, the latter ac- 
 count is credited By Bills Receivable, and when I furnish him with the 
 means of payment, he is debited To Cash. 
 
 Merchants, whose bill Transactions are considerable, keep a Mont/ily 
 Register-Bill Book, in which are entered all bills they receive, and those 
 for which they become bound to pay, each day entered in separate places, 
 in order to enable them to regulate their payments so as to meet them 
 without embarrassment. 
 
BILL-BOOK, 
 
122 
 
 I^T IV.— MERCHANT'S BOOKS. 
 
 1 
 
 BILLS 
 
 
 Jour. 
 
 When 
 ReeHved. 
 
 On AceoutU ((f. 
 
 No. 
 
 Upon. 
 
 DaU and Term. 
 
 
 1827. 
 
 
 
 
 
 
 
 1 
 
 July 
 
 9 
 
 John Stirling. 
 
 1 
 
 Forster & Co. 
 
 July 9 
 
 50 d/s. 
 
 2 
 
 Aug. 
 
 20 
 
 James Thomson. 
 
 2 
 
 J. Mill. 
 
 July 18 
 
 3 mos. 
 
 2 
 
 
 II 
 
 Ditto. 
 
 3 
 
 W. Bell. 
 
 July 22 
 
 4 mos. 
 
 2 
 
 
 21 
 
 John Stirling. 
 
 4 
 
 Lloyd & Co. 
 
 Aug. 21 
 
 20 d/s. 
 
 7 
 
 Nov. 
 
 25 
 
 E, Robinson. 
 
 5 
 
 Himself. 
 
 Oct. 25 
 
 2 mos. 
 
 7 
 
 
 11 
 
 Vanderpoole & Co. 
 
 6 
 
 Vanderloo. 
 
 Nov. 20 
 
 2 mos. 
 
 7 
 
 
 26 
 
 Pringle & Son. 
 
 7 
 
 Themselves. 
 
 Oct. 26 
 
 3 mos. 
 
 9 
 
 Dec. 
 
 1 
 
 Fenn & Park. 
 
 8 
 
 Themselves. 
 
 Nov. 26 
 
 2 mos. 
 
 9 
 
 
 4 
 
 Vanderpoole & Co. 
 
 9 
 
 Rees & Co. 
 
 Nov. 27 
 
 2 mos. 
 
 9 
 
 
 II 
 
 Ditto. 
 
 10 
 
 Curtis & Co. 
 
 Nov. 27 
 
 2 mos. 
 
 9 
 
 
 II 
 
 Ditto. 
 
 11 
 
 Jones & Co. 
 
 Dec. 4 
 
 2 mos. 
 
 9 
 
 
 30 
 
 John Black. 
 
 12 
 
 J. Caution. 
 
 Dec. 12 
 
 5 mos. 
 
BILL-BOOK. 
 
 128 
 
 RECEIVABLE. 
 
 1827. 
 Aug. 31 
 
 Oct. 21 
 Nov. 25 
 Sep. 13 
 
 Dec. 28 
 Jan. 23 
 Jan. 29 
 
 Jan. 29 
 Jan. 30 
 Jan. 30 
 Feb. 7 
 May 15 
 
 100 -' - 
 
 200 
 350 
 100 
 
 650 
 
 351 
 500 
 
 704 
 
 1555 
 
 668 
 
 500 
 
 345 
 
 57 
 
 I _i 
 j _l 
 
 10, 
 
 18: 
 
 4 9 
 
 500 - - 
 
 1210 
 
 207017 7 
 
 1827. 
 Aug. 31 
 
 Oct. '20 
 Nov. 25 
 Sep. 13 
 
 Dec. 27 
 Nov. 25 
 
 Dec. :21 
 
 ^01 
 
 21 
 
 How dUpo4ed qf. 
 
 In Cash,. 
 
 In Cash,, 
 In Cash,, 
 In Cash^ 
 
 In Cash,....., 
 
 James Thomson,, 
 
 James Thomson,. 
 
 Discounted, 
 
 Ditto 
 
 James Thomson, , 
 
 10 
 9 
 9 
 
 10 
 
12i 
 
 SET IV.— MERCHANTS BOOKS. 
 
 1 
 
 BILLS 
 
 Page 
 Jour. 
 
 When 
 Accepted. 
 
 Drawn ij; 
 
 No. 
 
 PayabU to 
 
 Date and Term. 
 
 2 
 2 
 2 
 2 
 2 
 2 
 
 1827. 
 Aug. 
 
 9 
 
 It 
 
 11 
 20 
 
 II 
 27 
 
 Murray & Co. 
 
 Ditto. 
 
 Ditto. 
 
 James Thomson. 
 
 John Ramsay. 
 
 Ross & Son. 
 
 1 
 
 2 
 3 
 4 
 5 
 6 
 
 J. Eraser. 
 Williamson & Co. 
 Willis & Co. 
 His order. 
 Ditto. 
 R. Field. 
 
 Aug. 9 
 Aug. 9 
 Aug. 9 
 Aug. 19 
 Aug. 7 
 Aug. 27 
 
 31 d/s. 
 60 d/s. 
 60 d/s. 
 
 2 mos. 
 
 3 mos. 
 3 mos. 
 
 3 
 
 Sep. 
 
 20 
 
 R. Manford. 
 
 Beat, 8021,340 at 60d. 
 
 7 
 
 C. Tyson. 
 
 Sep. 20 
 
 Usance. 
 
 5 
 5 
 5 
 5 
 
 Oct. 
 
 4 
 11 
 
 II 
 12 
 
 William Irvine, 
 
 James Thomson. 
 
 Ditto. 
 
 John Ramsay. 
 
 8 
 
 9 
 
 10 
 
 11 
 
 His order. 
 Ditto. 
 Ditto. 
 Ditto. 
 
 Sep. 7 
 Oct. 9 
 Oct. 11 
 Sep. 9 
 
 3 mos. 
 2 mos. 
 
 2 mos. 
 
 3 mos. 
 
 10 
 
 Dec 
 
 21 
 
 James Thomson, 
 
 12 
 
 His order. 
 
 Dec. 20 
 
 50 days. 
 
BILL-BOOK. 
 
 125 
 
 PAYABLE. 
 
 1827. 
 Sep. 12 
 Oct. 11 
 Oct. 11 
 Oct. 22 
 Nov. 10 
 Nov. 30 
 
 Oct. 23 
 
 Dec. 10 
 Dec. 12 
 Dec. 14 
 Dec. 12 
 
 Feb. 11 
 
 200 
 200 
 100 
 550 
 411 
 545 
 
 ;2006 
 
 755 
 
 475 
 500 
 500 
 353 
 
 1828 
 
 250 
 
 15 
 
 15 
 
 10 
 
 10 
 
 Whom paid. 
 
 1827. 
 Sep. 
 Oct. 
 
 Nov. 
 
 Oct. 
 
 Dec. 
 
 ^ 
 
 Ransom & Co. 
 
 Denison & Co. 
 
 Ditto 
 
 Jones, Lloyd & Co. 
 Ransom & Co — w* 
 Le Fevre & Co..^>„, 
 
 Jones, Lloyd & Co. 
 
 Denison & Co 
 
 Le Fevre & Co 
 
 Jones, Lloyd & Co. 
 Le Fevre & Co 
 
126 RULES TO JOURNALISE THE BILL-BOOK. 
 
 BILLS RECEIVABLE. 
 
 Bills Receivable is Dr for all Bills received, and 
 
 Bills Receivable is Cr.«..««,when any of these are disposed of. 
 
 Therefore, 
 
 To Journalise Bills Receivable, say 
 Bills Receivable Dr. to Sundries, 
 
 when Bills have been received from more persons than one during the month. 
 If from one person only, make JBUls Receivable Dr. to that Person, as in Journal, 
 page 1. After the name, add the No. and time when each Bill falls due, and in- 
 sert the sum in the money column. 
 
 The first column on the left hand page of the Bill-Book, is for inserting the page 
 of the Journal where the Bills are entered, when received or accepted; and the 
 outer column on the right hand, contains the page of the Journal where the Bills 
 appear either discounted, indorsed, paid, or protested. 
 
 BILLS PAYABLE. 
 
 ' Bills Payable is Cr for all Bills accepted, and 
 
 W^ Bills Payable is Dr, ^when any of th^se are paid. 
 
 Therefore, C 2i | .:f>0 . 
 
 To Journalise Bills Payable, say 
 Sundries, Drs. to BiUs Payable, 
 
 when Bills have been accepted to several perons during the month. If accepted 
 for one person only, make that Person Dr. to BiUs Payable^ 
 
 When several Bills have been received or accepted for one person in one month, 
 insert the sum of each Bill in the inner, and extend the amount to the outer co- 
 lumn of the Journal, which sum post into the Ledger, as in Journal, page 2.* 
 
 * The following additional Rules for Journalising Bills, will apply to every case that can occur in busi- 
 ness. 
 
 Drawing Bills, enXet,^*^BUls Receivable Dr. to the Person on: whom draws. 
 
 Remitting Bills, r^^The Person for whom remitted. Dr. To BiUs Receivable. 
 
 Indorsing Bills, — ,^,^^,^^The Person to whom indorsed. Dr. to Bills Receivable. 
 /'1st, If the Bill be in your own hand, make 
 I A. B. the Accepter, Dr. to Bills Receivable, for it, and 
 
 -RcNvwfwn Ri¥i<! / -Si^ Receivable, Dr. to A. B. for the new bill. 
 
 itENBWiNO iJiLLS, .**^ '. 2d, If the BiU has been discounted. Credit Cash 
 
 f By A. B. for the sum you pay for him ; then make 
 ^ Bills Receivable Dr. to A. B. for the new bill, f 
 /• 1st, If the Bill be i7i your own hand, make 
 1 ^. £. the accepter or indorser Dr. to Sundries, viz. 
 
 ■D ^„-.,.„^ TJ..WO J ^0 -S*^ Receivable, for the sum of the bill ; 
 
 Pbotbsting Bills, < ^^ charges, for expense of Protest. 
 
 I 2d, If the Bill has been disposed of. Credit Cash 
 ^ By A. B. on whose account you pay, for the sum. 
 
 t If Interest has been included in the new Bill for the time it is renewed, A. B. must be made Dr. to In- 
 terest for the same from the Day Book, which will balance his account ; but if the Interest be received in 
 Cash, DebU Cash To Interest, as in the case of James Thomson, 20th August. 
 
DAY-BOOK. 
 
128 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 (1) 
 
 July 2d, 1827. 
 
 Merchandise^ Dr, to John Ramsay, 
 For Cottons, as ^ B. P,. 
 
 Insurance, Dr. to James Risk, 
 
 For premium on £440 on Goods, ^ Fame, for Lisbon, 
 at 1^ Guineas ^ Cent., and policy, 27/6. 
 
 4 
 
 Adventure to Lisbon, Dr, to Sundries, 
 
 For Invoice of Goods ^ Fame, consigned for Sale to 
 E. Manford on our own account and risk, as ^ L JB. 
 1. 
 
 .£411i. -M 8 
 
 16iil4ii 6 
 
 8h 6h 1 
 
 To Merchandise, 
 
 To Promiscuous Charges,^ 
 
 To Insurance, ^ 
 
 18 
 
 411 
 
 436 1 
 
 Insurance, Dr, to Sundries, 
 
 For premium and policy on £1700 on Produce con- 
 signed us ^ the Cuba, from Jamaica : viz. 
 
 On account of John Stirling, 
 £250 on 10 Hhds. Sugar, and 
 360 on 30 Puncheons Rum, 
 
 £610 at 2 Guineas F Cent — £12f.l6f. 2 
 Policy, 5/6 r Cent. I1.I811 6 
 
 14)1 14ii 8 
 
 On account of Murray 8^ Co, 
 £750 on 30 Hhds. Sugar, 
 250 on 10 Tierces CoflPee, 
 90 on 40 Planks Mahogany, 
 
 £1090 at 2 Guineas ^ Cent. 
 Policy, 5/6 W Cent. 
 
 .£22., 17,1 10 
 
 3i, —II 6 
 
 25„18,. 4 
 
 To Hazard & Co«vfln £610 insured by them, £14,il4,i 8 
 To Assurance, ,,,^oi\ 1090 underwrote by us, 25nl8ii 4 
 
 £1700 
 
 £40.1 ISn 
 
 40 
 
 13 
 
DAY-BOOK. 
 
 129 
 
 Cottofif Dr. to Sundries^ 
 
 For Invoice of 100 Bales, F the Ann, 
 To Robert Manford, Lisbon, for 
 
 4712,500 Reas at 39^. ^ Milrea, £1168h 6n 2 
 To James Risk, for insurance on 
 
 £1200, at 1^ Guineas ^ Ct, & policy, 22i. 4i. - 
 
 20^ July, 1827. 
 
 20^ August 
 
 1190 
 
 10 
 
 Insurcmee, Dr. to Sundries^ 
 
 For premium on ,£1200 on 25 Tons Hemp, ^ Vrow, 
 from Riga, at 1^ Guineas ^ Cent., policy 66/. due 
 
 To James Risk — 
 To Hazard & Co. 
 To Assurance. 
 
 Merchandise, Dr. to William Irvine, 
 For Sundry Goods, as ^ J?. P. — 
 
 on £200. 
 
 : 900. 
 
 ^100. 
 
 £1200 
 
 ist September. 
 
 -£3nl4u 
 16..13m - 
 
 In 17,1 - 
 
 Merchandise, Dr. to John Rammy, 
 For Sundry Goods, as V" B. P. 
 
 22 
 
 475 
 
 Merchandise, Dr. to Thomas Ryder, 
 For Sundry Goods, as V B. P.^ 
 
 8 
 
 Merchandise, Dr. to John Ramsay, 
 For Sundry Goods, as ^ B.P.^ 
 
 283 
 
 350 
 
 19 
 
 70 
 
 16 
 
 R 
 
130 
 
 SET IV.— MERCHANTS BOOKS. 
 
 3 
 
 ^Drs 
 
 John Stirling, for 
 Merchandise,- 
 Promiscuous Charges,. 
 Commission,, 
 Insurance,. 
 
 4 
 
 4 
 
 \9.th September y 1827. 
 
 Insurance, Dr. to Sundries, 
 
 For premium on £ 1400 on Goods, V Spooner, for Ja- 
 maica, at 2 Guineas ^ Cent, policy 77/. due 
 
 To James Risk, , 
 To Assurance, ^ 
 
 m £500. 
 900. 
 
 ,£lli.l7n 6 
 , 21.1 7n 6 
 
 £1400 
 
 13 
 
 Sundries, Drs, to Sundries, 
 
 For Goods shipped W the Spooner, for Jamaica, by 
 order of the following persons, as ^ /. J? pages 2, 
 and 3, 
 
 £421m15m - 
 32.1 18,. 10 
 13., 17., 4 
 11.,17m 6 
 
 480,, 8„ 8 
 
 Murray & Co. for 
 Merchandise, 
 
 Promiscuous Charges,. 
 
 Commission,. 
 
 Insurance, 
 
 .£758.. 2.. 6 
 - 47.. 6.. 6 
 24.. 12.. 8 
 21.. 7.. 6 
 
 851,, 9„ 2 
 
 To Merchandise, 
 
 ^s above - 
 
 To Promiscuous Charges, ..^ditto. 
 
 To Commission, ditto. 
 
 To Insurance, ditto. 
 
 £1179,, 17.. 6 
 
 80.. 5,. 4 
 
 38., 10., - 
 
 33.1 5., — 
 
 33 
 
 1331 
 
 17 
 
 10 
 
 £1331nl7HlO 
 
 15 
 
 Joint Hemp, Dr. to Boss Sf Son, 
 
 For 25 Tons, ^ Vrow, from Riga, as ^ Invoice, 
 Our i being 12,779 Rubles, 50 Copecks, at lO^d. ^ 
 
 545 
 
 1510 
 
DAY-BOOK. 
 
 ISl 
 
 19^ September, 1827. 
 
 Dawson Sf Co, Dr. to Joint Indigo, 
 For 16 Chests containing 
 16961b at 12/6, Cash in one months ^ 
 
 E. Robinson, Dr, to Cotton^ 
 
 For 20 Bales, ^ Ann, at 2 months, 
 Net 2842tb at 2/6. 
 
 20 
 
 20- 
 
 Robert Manford, Dr. to Adventure to Lisbon, 
 
 For Net proceeds of Goods consigned him, ^ Fame, 
 being 1691,160 Reas at 60d. ^ Milrea, 
 
 1060 
 
 335 
 
 422 
 
 15 
 
 10 
 
 30- 
 
 Merchandise Dr. to James Thomson, 
 
 For 40 Hhds Refined Sugar, as ^ J?. P. 
 
 30- 
 
 Joint Indigo, Dr. to Sundries, 
 
 For the following to close that account, 
 as V Sales Book, page 1, 
 
 4 To Interest,,.^ 
 
 >....«.. >^^,on the cost till due,~-.^£4ii 6ii 1 1 
 
 To Commission, for 2 ^ Cent, on sale, 21 n 4ii - 
 
 To Promiscuous Charges,^foT incidents at delivery, -n 1 5 n 1 
 
 To John Ramsay, — I for his ^ of gain, 50n 9ii - 
 
 To Profit,,^,. ,.for our ^ of gain, ,,v«., 50ii 9ti - 
 
 3110 
 
 127 
 
132 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 20th October, 1827, 
 
 Sundries, Drs. to Sundries, 
 
 For amount of 40 Hhds. Refined Sugar, ^ Aurora, 
 for Rotterdam, as ^ /. ^. page 4. 
 
 — 2)r5 
 
 John Ramsay, ^his ^ £785i!l5n 2 
 
 Vanderpoole & Co. ^their ^.^^ ,. 783.il5ii 2 
 
 Adventure to Rotterdam, >,.,.K/^ouri ,^^,„„,^^ — 785iil5ii 4 
 
 £2357,1 5iv 8 
 
 To Merchandise,, 
 
 To Promiscuous Charges,. 
 
 To Commission, 
 
 To Assurance, 
 
 .£2208» 1., 8 
 
 42r. 7n 
 75n 1m 
 31„16ii 
 
 20 
 
 Debentures Dr. to Merchandise, 
 
 For drawback on Refined Sugar, ^ Aurora, 
 
 23 
 
 Vanderpoole & Co. Dr. to Promiscuous Charges, 
 For Postages and Charges on Bill negotiated on them 
 this day, being £788, 
 
 24 
 
 E. Robinson, Dr. to Cotton, 
 
 For 20 Bales, ^ Ann, at 2 Months, 
 
 Net 3012tb, at 2/4 
 
 25 
 
 Pringh 8^ Son, Dr. to Cotton, 
 
 For 40 Bales, ^ Ann, at 3 mcmths, 
 Net 5636tb. at 2/6, 
 
 2357 
 
 902 
 
 10 
 
 351 
 
 704 
 
 10 
 
DAY-BOOK. 
 
 133 
 
 James Risk,^ 
 Hazard & Co. 
 Assurarice, 
 
 2otk October, 1827. 
 
 Sundries, Brs. to Sundries, 
 
 For total Loss of Hemp, ^ Vrow, from Riga, 
 insured the 20th August last, due in one month, viz. 
 
 —Drs 
 
 .(less his brokerage,) 
 
 ^their ditto 
 
 w^our ditto 
 
 .£199,, -„ 
 . 895,, 10., 
 , 99.,10„ 
 
 £1194., 
 
 ^Crs.— 
 
 To Insurance, 
 To Commission,^ 
 To Ross & Son,, 
 To Joint Hemp, . 
 
 Soy premium and policy,^ 
 
 )n insuring and setthng,^ 
 
 .their i of net recovery, ^ 
 
 jQxxv ^ of ditto.,.^ ^ 
 
 2d November. 
 
 Feim 4" Park, Dr. to Sales of Consignments, 
 For 6 Puncheons Rum, P" Cuba, at 2 mos. ^ S. 
 Net 653 Gallons at 4/6., 
 
 22 
 
 30 
 
 570 
 
 570 
 
 4 -j 
 
 18 
 18 
 
 10 
 
 Fenn S^ Park, Dr. to Saks of Consignments, 
 For 20 Puncheons Rum ^ Cuba, at 3 mos. ^ S, 
 Net 2195 Gallons at 4/9, 
 
 12 
 
 8 
 
 John Black, Dr. to Sales of Consignments, 
 
 For 4 Puncheons Rum, ^ Cuba, at 2 mos. ^ S. B. p. 2. 
 Net 427 Gallons, at 4/6 
 
 1194 
 
 146 
 
 18 
 
 521 
 
 96 
 
134 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 To Insurance, 
 
 To Consignments, 
 To Commission,^ 
 To John Stirling,, 
 
 Vanderpoole S^ Co. Dr to Sundries, 
 For two thirds of proceeds of Sales, ^ Aurora,* 
 
 To John Ramsay, ^his^ of proceeds,£923nl8n 6 
 
 To Adventure to Bx)tterdam,^\xr ^ of ditto 923i! ISti 6 
 
 8 
 
 16^ N(yDember, 1827. 
 
 Sales of Cmisignments, Dr, to Sundries, 
 
 For proceeds, &c. of 30 Puncheons Rum, due 
 January 29, as ¥" Sales Book, page 2. 
 
 premium, &c. 
 Freight, &c. 
 
 <^£8iil3n 2 
 . 94nl5., 9 
 
 .on insurance and Sales, 20iil8ii 2 
 Net proceeds, 639..19ii 2 
 
 25 
 
 23 
 
 James TJiomson, Dr. to Bills Receivable, 
 For No. 6, on Vanderloo, due Jan. 20th, 
 
 30 
 
 John Ramsay, Dr, to Sundries, 
 
 For the following ; Interest to January 30th, 
 
 To Interest, 
 To Commission,. 
 
 .on£923nl8n6, ,~v^ 
 t ^W Cent, on ditto.. 
 
 £7h1Ii. 
 . ^iillnlO 
 
 30 
 
 Ross & Son, Dr, to Sundries, 
 
 For the following expenses on bills remitted them. 
 
 To Commission, on £565m1ii8, at J ^ Cent. £2ii 16m 6 
 
 To Promis, C%ar^e5,^brokerage on remittance, 2iil9iil0 
 
 * The foreign money is not noticed in the present Set, but it is inserted in the 
 Bill-Book and Ledger to Set V. 
 
 764 
 
 1847 
 
 17 
 
 500 
 
 12 
 
 10 
 
 16 
 
DAY-BOOK. 
 
 135 
 
 10 
 
 John Ramsay, 
 
 Adventure to Rotterdam, — our ^ ^ 
 
 10 James Thomson, Dr. to Sales af Consignments, 
 
 For 5 Hhds. Sugar, ^ Cvba, at 3 mos, as V S, B. folio 
 Net 63cwt. Oqr. 7tb at 83/. ^ cwt 
 
 21 
 
 10 
 
 James Thomson, Dr, to Sundries^ 
 For the following settlement, 
 
 To Bills Receivable,, 
 To BiUs Payabky^ 
 To Interest,, 
 
 10 
 
 10 
 
 11 
 
 \st December, 1827. 
 
 Sundries, Drs. to Vanderpoole Sf Co. 
 For Loss by Exchange on Remittance, 
 
 _hisj 
 
 .£1m 8i. 6 
 
 111 8n 6 
 
 11 
 
 .No. 8 & 11, £1013u 4.. 
 
 .No. 12 due Feb. 1 1^ 250.. 10.. 
 Jbr discount, 84iil2.i 
 
 21 
 
 IQAttwood 8f Co. Dr. to Sales of Consignments, 
 
 For 15 Hhds. Sugar, ^ Cuba, at 2 mos. as ^ S. B. fol. 3 
 Net ISScwt. Iqr. 21ft). at 83/6. V Cwt 
 
 23 
 
 Dawson Sf Co. Dr. to Sales of Consignments, 
 For 1 Tierces Coffee, V Cuba, at 3 mos. as ^ S. B. fol. 
 Net eOcwt. 2qrs. at 127/. -^ cwt 
 
 30 
 
 John Stirling, Dr. to John Black, 
 
 For Loss of 8/. ^ £ on his debt of £96..L.6 
 lost by the latter, ^— — 
 
 31 
 
 Sundries, Drs. to James Agent, 
 
 For amount of his accounts to this date, 
 
 Consignments, 
 Promiscuous Charges, 
 
 m imports, 
 .on exports. 
 
 .£20,. 2,. 4 
 . 12.. 10m 6 
 
 * This Sale is not entered in the Sales Book until the Consignment is complet- 
 ed. — See page 130, Remarks on Consignments. 
 
 261 
 
 17 
 
 14 
 
 1348 
 
 786 
 
 14 
 
 384 
 
 38 8 
 
 3212 
 
 10 
 
136 
 
 SET. IV.— MERCHANT'S BOOKS. 
 
 10 
 
 Sales of Consignments i Dr, to Sundries, 
 
 For proceeds, &c. of Produce, ¥" Cuba, as ^ S, B, fol. 3, 
 
 To Murrat/Sf Co, 15 Hhds. Sugar, due Feb. 21,£393Ml6t,10 
 10 Trees. Coffec^March 23, 238m 8.i 5 
 
 To Insurance, 
 
 To Consignments, 
 
 To Interest, 
 
 To Commission, ^ 
 
 11 
 
 Slst December, 1827. 
 
 premium, &c.. 
 br duty, &c.^ 
 -.on ditto. 
 ~.on insurance and Sales, ~ 
 31 
 
 Sundries, Drs. to Sundries, 
 
 For Interest, i ^ Cent. Commission on sums paid, & 
 received ; and postages, as ^ Account Current Book, 
 
 ^Drs,— 
 
 Ship Mars, ^Interest, £!» 4ii 3 
 
 John Stirling, ^ditto.w-.w.-.v, £liil3ii 1 
 
 Commission,., 
 Postages, 
 
 2i. -I. ~ 
 ImIIh - 
 
 Murray & Co. 
 
 .Interest, 
 
 Commission, 
 Postages, — 
 
 ,£13m18„ 5 
 , 2.1 lOn - 
 . 1., 5m - 
 
 632 
 15 
 
 486 
 
 5 
 
 32 
 
 2 
 
 8 
 
 11 
 
 1170 
 
 18 
 
 5m 6ii 1 
 
 17nl3M 5 
 
 To Interest,. 
 
 To Commission, >^^^ 
 
 s above, £22m17m 9 
 
 ditto 4m 10m - 
 
 To Promiscuous CJiarges,^dt\ito ^..^ 2m 16m - 
 
 £30m 3m 9 
 
 31 
 
 11 
 
 11 
 
 11 
 
 Sundries, Drs. to Interest, 
 
 On the Partner's Private Accounts, 
 
 William Simson, 
 
 George Monteath, 
 
 -^£1m 5m 
 ^ -m12m 6 
 
 31 
 
 Promiscuous Charges, Dr, to John Tlvomson, 
 For 6 months Salary due him as Manager, 
 31 
 
 Interest, Dr. to Stock, 
 
 For half a year's Interest on Capital, 
 
 30 
 
 17 
 
 50 
 
J37 
 
 REMARKS ON THE DAY-BOOK. 
 
 To avoid increasing the number of Subsidary Books, which in school 
 practice has been found very inconvenient, every Transaction (the Cash 
 and Bills excepted) is entered in the preceding Day-Book. In an ex- 
 tensive trade, it is preferable to keep an Invoice-Book Inward, on which 
 is pasted, when checked, the orignal Invoices, or Bills of Parcels, of all 
 the Purchases, and which ought to be Journalised from that book alone. 
 The pages of it should be distinctly numbered, with the addition of an 
 alphabetical Index for the names of the Sellers, by which any single 
 Bill of Parcels may be referred to, with as much faciUty as to an account 
 in the Ledger. 
 
 The amount of each Shipment, as well as that of each Sale on Con- 
 signment, is here brought through this book, with a reference to the In- 
 voice-Book Outward, and Sales-Book for particulars ; but when these are 
 numerous, it is usal to Journalise them from the above two books, espe- 
 cially the Shipments. When entries of Insurances become frequent, it 
 will be better to enter them with the returns and settlements therewith 
 connected, in a separate book kept for that purpose. The remaining entries 
 of your own Goods sold by yourself (the particulars of which must here 
 be supposed to be entered,) and the amounts of the Net-proceeds of the 
 Sales of such as you had consigned for sale to Agents, exclusively belong 
 to the Day-Book. When the Sales of Consignments are entered in the 
 Day-Book, it is usual, in business, to affix such marks as are necessary 
 to determine to whom the property belongs, as the initials of the Con- 
 signer, &c., as is done with the Imports in the Book of Commissions to 
 Set V. 
 
 It will be observed, that the entries in the preceding Day-Book, are 
 expressed in the Journal form, by pointing out the Debtors and Creditors 
 of each, and in general, retaining no more by way of explanation than 
 what appears in the Journal. This practice is now becoming more general 
 in business, and certainly preferable to that of making the entries in 
 common language, because, when Journalising these afterwards, an un- 
 necessary exertion of the mind is required, to express the entries in a 
 clear, concise manner, which is best done at the time the transaction takes 
 place, when the circumstances must be supposed to be better understood. 
 
 S 
 
138 
 
 THE INVOICE-BOOK. 
 
 An Invoice is an account of Goods generally sent off by sea, either in 
 consequence of an order from the person to whom they are sent, or at 
 his risk ; or consigned to him for sale, at the risk of the shipper. 
 
 The Invoice-Book Outward, or Book of Shipments, contains an account 
 of all Goods Exported, with the different Charges attending the shipment 
 added at the foot of the Invoice. 
 
 It will be observed from the following specimens, that the title contains 
 first, the name of the vessel, place of destination, the person to whom the 
 Goods are sent, and at whose account and risk : next, follows an account 
 of the quantity and value of the Goods, with the marks or numbers : 
 lastly, the Charges attending the shipment ; and when a commission is 
 charged for purchasing and shipping, it is usually calculated on the value 
 of the Goods, including the charges. 
 
 When the Goods are insured by the Agent who ships them, it is also 
 common to charge J "^ Cent. Commission on the sum insured ; and this 
 Bum is generally a little more than the value at risk, in order to cover 
 expenses, in case of Loss. 
 
 In the first of the following Invoices, no commission upon the value of 
 the Goods is charged, it being a shipment on your own account, or as it 
 is called an Adventure. 
 
 When the Goods shipped consist of different kinds of the same articles, 
 the Invoice is generally ruled with columns for the description, quantity, 
 price, &c. Sometimes the seller's Bills of Parcels are not copied, but 
 sent along with the Goods, and only the amount of each stated in the 
 Invoice for the satisfaction of the employer. 
 
 It is usual for the shipper to add the words Errors Excepted before 
 his signature at the foot of the Invoice, as in the Engraved one in the 
 Appendix, to enable him to correct any mistake which may afterwards 
 be discovered. 
 
 It will be found very convenient to have an Index to the Invoice-Book, 
 pointing out the vessel, place of destination, and on whose account the 
 Goods are shipped, similar to that annexed to the Book of Commissions 
 to Set v., which will enable you to turn to any particular Invoice with 
 the same ease as you turn to an account in the Ledger. 
 
THE INVOICE 
 
 AND 
 
 SALES-BOOKS. 
 
140 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 (1) 
 
 Invoice of Cottons Shipped on board the Fame, John Dixon, Master, for 
 Lisbon, consigned to Robert Manford, Merchant there, for Sale on ac- 
 cou7it and risk of Simson, Monteath 8f Co. of London, 
 
 London, Uh July 1827. 
 
 In 3 Boxes, as under : 
 
 J Muslin,«^22 Pieces,^616 yds at 1/8..^ £51.. 6.. 8 
 
 I ditto., 24 576 1/1 31„ 4., - 
 
 {ditto 18 162 2/4 — I8..I8.1 - 
 
 No. 1, 
 
 64 Pieces, 1354 yds. 
 
 J Muslin, — 38 Pieces,~>1064 yds. 
 
 I Calico, ^20 480 
 
 I Cambric,^! 4 280. 
 
 I ditto 4 80. 
 
 No. 2. 76 Pieces, 1904 yds. ^ 
 
 at 1/8 £88nl3M 4 
 
 — 1/10.«. 44.1 -.. 
 
 .2/4 32..13,, 4 
 
 3/2 12., 13.. 4 
 
 I Gingham, 12 Pieces,_336 yds. blue, at 1/2 — £19.. 12.. - 
 I ditto 48 1344 pink, « 1/8 112.. -.. 
 
 No. 3. 60 Pieces, 1680 yds. 
 
 »*M*tr*rf*t*f*tr**<Mrrf* 
 
 Charges. 
 
 9 r<«WfVlMVWIAMN^MMtfWMAMW^VW/^^M>«M< 
 
 Boxes, Ropes and Packing 
 
 Cartage, Wharfage and Shipping, 
 
 Custom-house Entry and Fees, 
 
 Bills of Lading and Agency, »^ 
 
 £ 
 
 .£9,.11„10 
 
 . 1,.18.. 8 
 . 3.. 2.. - 
 « 2.. 2„ - 
 
 Insurance on £440 at 1^ Guineas, and policy SjQ ^ Cent. «. 
 
 £ 
 
 Entered Day-Book, Page 1. 
 
 101 
 
 178 
 
 131 
 
 411 
 
 436 
 
 12 
 
 8 
 
INVOICE-BOOK. 
 
 141 
 
 Invoice of Goods Skipped by Sims&n, Monteath % Co. of London, on 
 board the Spooner, Tkornas Seaman, Master, far Jamaica, by order and 
 for ojccount and risk of Jokn Stirling, Merchant there, and to kim con- 
 signed, 
 
 London, 13^ September, 1827. 
 
 20 Casks, containing each 
 
 100 Dozen Check Shirts, at 30/ 
 
 Cost of Casks, at 6/ each,. 
 
 .£250.. -.. - 
 
 6.1 —II 
 
 6 Bales, containing each 
 
 72 Pieces Negro Blanketmg, at 26/ £93i.l2.i 
 
 Canvas and Rope, « In 7ii 
 
 20 Puncheons, containing 
 36 Quarters of Oats, at 26/. 
 
 Cost of Puncheons, at 24/.. 
 
 Charges. 
 
 Cartage, Wliarfage and Shipping, 
 Custom-house Entry and Fees 
 
 Freight, Primage and Bills of Lading,, 
 
 Commission 2^ ^ Cent, on £454iil3ii9, 
 
 Insurance on <£500 at 2 Guineas, and policy, 
 5/6 ^ Cent. 
 
 Commission on ditto, at ^ ^ Cent. 
 
 Entered Day-Book, Page 3. 
 
 .£46,1 16.1 - 
 
 . 24.1 -„ - 
 
 .£4ii 2.1 2 
 
 lull.. 6 
 
 27,1 5.. 2 
 
 JB11..17.I 6 
 
 ^ 2.1 lOi. - 
 
 £ 
 
 256 
 
 94 
 
 70 
 
 421 
 
 32 
 11 
 
 14 
 
 480 
 
 19 
 
 16 
 
 15 
 
 8 
 
142 
 
 SET IV—MERCHANT'S BOOKS. 
 
 (3) 
 Invoice of Goods Shipped by Simson, Monteath S^ Co. of London, <m 
 
 hoard the Spooner, Tlwmas Seaman^ Master, far Jamaica^ by m-der and 
 
 for account and risk of Murray 8^ Co, Merchants there, and to them con- 
 
 LoNDON, ISth September, 1827. 
 
 24 Pieces § wide Bleached 
 Russia Sheeting, at 72/. 
 
 Packing and Case, .. 
 
 «~~ 111 dii 
 
 2 Casks, containing 
 15 doz. 10 Negro Jackets, at 81/«« 
 
 Cost of Casks and Stowage; 
 
 ><«»<^»><M^>^^W^i^^^/W>^ 
 
 «*-*«~.j664n 2ii 6 
 .»«««. — iil5ii 6 
 
 4 Hogsheads, containing 
 48 Pieces Milled Kerseys, at 33/. 
 
 Cost of Hogsheads, at 16/6. 
 
 £127,1 4.1 
 3m 6ii — 
 
 12 Hhds. of Bedding, as ^ B. P. enclosed, 
 
 4 Bales White and Brown Osnaburgs, as ^ B. P. ditto.. 
 
 6 Boxes of Saddlery, as ^ B. P. ditto. >^.>y^..,^,/>w>/,w^.y>wM^^> 
 
 £ 
 
 Charges. 
 
 Cartage, Wharfage and Shipping; 
 Custom-house Entry and Fees, 
 Freight, Primage and Bills of Lading, 
 
 S»^#^WWl»»t^»W*#»<M»»»WW>»»^^. 
 
 £511 6,. 8 
 2ii11m 6 
 39m 8m 4 
 
 Commission 21 ^ Cent, on £805m9/ — 
 Insurance on £900 at 2 Guineas, and policy 
 5/6 ^ Cent 
 
 Commission on ditto, at J^ ¥ Cent., 
 
 Entered Day-Book, Page 3. 
 
 .£21m 7n 6 
 4m10.i - 
 
 £ 
 
 87 
 
 64 
 
 130 
 226 
 113 
 134 
 
 758 
 
 47 
 20 
 
 25 
 
 851 
 
 17 
 
INVOICE-BOOK. 
 
 143 
 
 (4) 
 
 Invoice of 40 JThds. Refined Sttgar, Shipped ^ the Aurora, Captain 
 Ford, for Rotterdam, consigned to Messrs. Vanderpoole 8^ Co, there, for 
 Sale, on account and risk ofth£ said Vanderpoole 8^ Co,, John Ramsay ^ 
 and the Shippers, each one third concerned. 
 
 London, 20^ Octobery 1827. 
 
 Nos, 
 
 1 to \0^ 
 
 11 to 20^ 
 
 21 to 30^ 
 
 31 to 40^ 
 
 lids. Gross, 
 10™ .,«110„-..,26™ 
 
 10 100„3„ 2 
 
 10 108„1.,20 
 
 Tare, 
 
 -,~-.16i,— „ 6 
 
 — 13,.1„10 
 
 14„3„20 
 
 10 107„2„ 8 
 
 ™14„1„26 
 
 40 Gross 427,,-., - 
 — Tare 57„3„ 6 
 
 57., 3,1 6 
 
 
 369„-„22 
 Deduct for paper 3„l,i 6 
 
 Net 365„3„16 at 170/ ^ Cwt. 
 
 Drawback on 369,,-,, 22 
 Less draft 31b V Cwt. 9„3„16 
 
 Net 359,, 1„ 6 at 50/2^ ^ Cwt. 
 
 Charges. 
 
 Promiscuous Charges at shipping, . 
 Cost of 40 Hhds. at 9/. 
 
 Brokerage i ^ Cent, on £3110„ln8, ^ 
 
 _€8,fl6„ - 
 -,. 18,1 —II 
 ^ 15„11„ - 
 
 3110 
 
 902 
 
 2208 
 
 8 
 
 Commission 2 W Cent, on £3152„8„8, 
 
 Assurance on £2400, at 1 Guinea ^ Cent £23,, 4„ - 
 
 Pohcy 5/6 ^ Cent 6.,12„ 
 
 Commission i ^ Cent, on ditto. 12,i -„ 
 
 Entered Day-Book, Page 5. 
 
 42 
 63 
 
 43 
 
 2357 
 
 16 
 
 8| 
 
IM 
 
 REMARKS ON THE INVOICE-BOOK. 
 
 In general, only such goods as are shipped to order, are entered in 
 the Invoice-Book Outward, although it may also contain occasionl con- 
 signments, made on your own, or on joint account. Should these, how- 
 ever, become frequent, it would be preferable to enter them in a seperate 
 Book, reserving always the opposite or right hand page for the Sales, as 
 in the Book of Adventures to Set V. 
 
 When the articles shipped on consignment consist of pieces, yards, do- 
 zens, or the like, these, along with the prices, are frequently arranged 
 in separate columns, by which the quantity unsold will not only be ea- 
 sier seen when the Sales are made partially, but likewise a comparison 
 of the prices on certain articles — an object of no small importance to the 
 merchant. 
 
 It will sometimes be necessary, when the articles and Sales are nume- 
 rous, to trace the particular quantity of each kind remaining unsold, by 
 a Stock-Book a form of which is given in pages 28 and 29. 
 
 When two persons mutually act as Agents and Employers to each 
 other, and especially if they reside in countries in which different monies 
 are used, it will be necessary to keep the transactions of each party in 
 separate accounts, unless the settlement of the one be inseparably con-« 
 nected with that of the other, as in the account of Robert Manford in the 
 following Ledger. The one is entitled Foreign, and the other Sterling 
 account, or, as they are usually called, his account and my account. At 
 the former, are entered the Transactions which he executes for me ; 
 and at the latter those which I execute for him ; as in the accounts of 
 Vanderpoole & Co., Rotterdam, and those of Ross & Son, Riga, in 
 SetV. 
 
 This distinction is peculiarly useful in cases of Bankruptcy : for should 
 one of the parties become insolvent, his creditors can claim of the other 
 party the consignments or any balances due to the Bankrupt, although 
 he must take such a composition on the debts due to him as the Bank- 
 rupt's Estate will pay. 
 
THE SALES-BOOK. 
 
 An Account Sales is an account of Goods sold on Commission, drawn 
 out by the Agent to whom they were consigned, to be sent to his Employ- 
 er, or the person who made the Consignment. 
 
 The Preamble contains the species of the Goods sold, the name of the 
 ship by which the Consignment was received, and that of the Consigner ; 
 then follow, the quantity and value, the charges attending the sale, the 
 Agent's Commission, and the Net Proceeds, or what is due to the Em- 
 ployer. 
 
 It is proper that the Account Sales-Book contain exact Copies of the 
 Sales, as rendered to the Employers. 
 
 The Forms of making out Account Sales are various, but the following 
 Specimens are the most general ; and though the forms are different, all 
 have the same object in view, that of ascertaining the Net Proceeds. 
 
 The Engraved Form in the Appendix comprises the Sale and Charges 
 upon one page, and is frequently adopted in small Consignments. The 
 Printed Form, in pages 148 and 149, is ruled in the manner of Dr, and 
 Cr. upon opposite pages, with a Preamble over both, setting forth the de- 
 scription of the Goods, the name of the Ship, and party from whom the 
 Consignment has been received. The lyr. side, or left-hand page, con- 
 tains an account of the various Charges incurred by the sale, such as In- 
 surance, Duty, Freight, &c. together with the Agent's Commission, which 
 last is generally charged upon the amount of the Sales. The Cr. side, 
 or right-hand page, contains the particulars of the Goods sold, with 
 the purchasers' names, and time of payment. The difference between 
 this amount, and the Charges on the opposite side, is called the Net Pro- 
 ceeds ; which sum the Agent enters to the Credit of his Employers. 
 
 It is customary for the Agent to affix at the foot of every Invoice and 
 Account of Sales, the words Errors Excepted, with his signature or initials 
 and date, as in the Engraved Sale, in order that he may have it in his 
 power to rectify any mistakes which may be aftewards discovered. 
 
 An Index similar to the one recommended for the Invoice-Book, may 
 be used to the Sales-Book with the same advantage, mentioning the species 
 of the Goods, marks, by what vessel received, and on whose account 
 sold, &c. similar to that annexed to the Book of Commissions to Set V. 
 
 T 
 
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 I 
 
 I 
 
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 6 
 
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 O <M I (M CO 
 
 03 o loo 
 
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 OCO'^CDOJOCO'"^ 
 
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 1 
 
 i-H,-HOi— IrHi-^i— II— ( 
 
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 Oi-HCMCO-^^COt* 
 
 
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 GM 
 
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SET IV.— SALES-BOOK. 
 
 147 
 
 (2) 
 
 Sales o/'30 Puncheons Rum received ^ the Cuhaifrom Jamaica^ and sold 
 on account of John Stirling ^ Merchant tJtei^e, 
 
 1827. 
 Nov. 2 
 
 10 
 
 Sold to Fenn & Park, London, 
 6 Puncheons at 2 months. 
 Net 633 Gallons, at 4/6 
 
 Sold to Fenn & Park, London, 
 20 Puncheons, at 3 months. 
 Net 2195 Gallons, at 4/9. 
 
 12 
 
 Sold to John Black, London, 
 4 Puncheons, at 2 months, 
 Net427Gallons, at 4/6., 
 
 Charges. 
 
 Insurance on £360, at 2 Guineas, and policy 
 
 5/6 ^ Cent £8,. 13,. 2 
 
 Freight on 3275 Gallons, at 6d 81 h 17(1 6 
 
 Charges at import and delivery, sampling,&c. 12ii 2ii 7 
 
 Interest on Freight till in Cash, -iil5n 8 
 
 Commis«.2iFCent.ontheSales,£19,. 2,, 2 
 ^^Cent. on insurance, I11I611 - 
 
 20nl8n 2 
 
 Net proceeds for account of J. Stirling, due Jan. 29, £ 
 
 Entered Day-Book^ Page 6. 
 
 The particulars of the above oO Puncheons have been purposely omitted, 
 not to crowd the page ; but they are given in the Book of Commissions to 
 Set V. 
 
 146 
 
 521 
 
 96 
 
 764 
 
 124 
 
 639 
 
 18 
 
 19 
 
148 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 (3) 
 
 Dr, Sales of 15 EMs» Sugar, and 10 Tierces Coffee, received ^ tlt£ 
 
 1827 
 July 
 
 Oct, 
 
 Nov. 
 
 Dec. 
 
 I 
 18 To Insurance on £375 on the Sugar, and 
 250 on the CoflPee, 
 
 £625 at 2 Guin. ¥'Cent.£13 
 Policy 5/6 ^ Cent 1 
 
 29 
 
 29 
 
 30 
 
 31 
 
 To Duty on Sugar, viz. 
 
 18Scwt.lqr.21ib at 30/ ^Cwt. £282, 
 on Coffee, viz. 
 
 60cwt. 2 qr., at 28/ ^ Cwt. 84i 
 
 Entry and Fees, 1 1 
 
 To Dock Rate on Sugar, at 9d ^ Cwt £7i 
 
 on Coffee, at 2/2 ^ Cwt.^ 6. 
 
 To Freight, on Sugar, at QjQ ^ Cwt. £61 1 
 
 on Coffee, at 10/6 ^ Cwt. 3 1 , 
 Primage, Pierage, and Trade,^ 2i 
 
 To Brokerage, J ^ Cent, on Sales, 
 
 Insurance against Fire, 
 
 Advertising, 
 
 Sampling 15 Hhds. Sugar, at 6d. 
 
 -£5, 
 . li 
 li 
 
 To Interest on £368n8nl. Duty till in Cash,£4, 
 on 117nl3Ml, Freight, &c. do. li 
 
 To Commission, 2^ ^ Cent, on Sales, — £29 
 ^ ^ Cent, on Insurance, 3 
 
 2„ 6 
 
 18n 6 
 
 13m 1 
 
 I4n - 
 1m - 
 
 1m 4 
 11m 1 
 
 4m10 
 
 15m S 
 
 5m 
 
 17m 1 
 
 10m - 
 
 1m - 
 
 7m 6 
 
 1m 5 
 
 1m 3 
 
 5m 5 
 2m 6 
 
 To Murray & Co. for Net proceeds of 
 
 15 Hhds. Sugar, due 21st Feb.~«£393Ml6MlO 
 10 Tierces Coffee, — 23d March, 238m 8m 5 
 
 £ 
 
 Entered Day-Book, Page 9. 
 
 15 
 
 368 
 
 13 
 
 95 
 
 32 
 
 538 
 
 632 
 
 1170 
 
 12 
 
 12 
 
 18 
 
SALES-BOOK. 
 
 149 
 
 Cuba, from Jamaica, on account and risk of Murray 8^ Co. there. 
 
 (3) 
 Cr, 
 
 1827 
 Dec 
 
 23 
 
 21 
 
 By Attwood & Co. London, 
 
 13 Hhds. Sugar, at 2 months. 
 
 ■No. 
 1. 
 2. 
 3. 
 4. 
 5. 
 
 Cwt. qr. tb 
 14n3nl6 
 l2nlM 7 
 13n3n21 
 13n2Ml4 
 12n3n25 
 
 No 
 6. 
 7. 
 8. 
 9. 
 10. 
 
 Gross,.-, 
 Tare, ^ 
 
 Net,_; 
 
 Cwt.qr. tb 
 13M-nI2 
 l2n2MlO 
 
 13„2m11 
 13„l„ 1 
 
 14n2nl4 
 
 No. 
 
 11. 
 
 12. 
 
 13. 
 
 14. 
 
 15. 
 
 83/6. 
 
 Cwt.qr. Vb 
 Unln 6 
 12M3n 6 
 
 13i.2m 4 
 12m3,, 7 
 
 l4.rlM - 
 
 
 67m2m27 
 
 71„_m20 
 67M2n27 
 
 67n2n23 
 
 67„2m23 
 
 
 
 
 
 .206m2m14 
 
 . 18i.-m21 
 
 <■ 
 
 
 .188nln21 at 
 
 ^ Cwt. ..^ 
 
 By Dawson & Co. London, 
 
 10 Tierces Coffee, at 3 months, 
 
 No. 
 
 Cwt.qr.\h 
 
 No. 
 
 Cwt.qr 
 
 tb 
 
 140. 
 
 6M2nl7 
 
 145. 
 
 6„3. 
 
 10 
 
 141. 
 
 6i.3i. - 
 
 146. 
 
 7m-, 
 
 4 
 
 142. 
 
 6m2m10 
 
 147. 
 
 6ii2. 
 
 11 
 
 143. 
 
 6Mln24 
 
 148. 
 
 6,.3n24 
 
 144. 
 
 6n2M20 
 
 149. 
 
 6..1. 
 
 12 
 
 
 33n— 1(15 
 
 33ti3i 
 
 5 
 
 
 
 
 33ii— 1 
 
 15 
 
 
 Gross,-. 
 
 
 
 66M3n20 
 
 
 Draft & Tare 
 Net, 
 
 6..1, 
 
 20 
 
 
 .60n2, 
 
 - 
 
 Entered Day-Book, Page 8. 
 
 786 
 
 14 
 
 384 
 
 1170 
 
 18 
 
150 
 
 REMARKS ON CONSIGNMENTS. 
 
 hi order to avoid the impropriety of entering money paid upon Goods consign- 
 ed to you for Sale, to the general account of Charges, as is usually done, an ac- 
 count, entitled Consignments, is debited for every sum paid, as well as for any 
 sums on these that may be due by you at taking a General Balance ; and Credited 
 when these are charged to the Employer in the Account Sales. 
 
 When the Consignments are all sold, the difference of the two sides of this ac- 
 count, is transferred to the Credit of the account of Charges, being for such items 
 as are frequently not a direct outlay. 
 
 But when any of these are on hand at Balancing, it will in general be found 
 sufficiently accurate, to consider the difference between the Dr. and Cr. sides, as 
 the Balance of the account, which is the outlay still due to you ; for although the 
 Sales may occasionally include a few trifling sums which are not a direct outlay, 
 and consequently affect the present Balance, yet these come, when the consign- 
 ments are all sold, to be easily adjusted, by closing the account. To Charges for the 
 surplus of the Cr. side. See Account of Consignments ^ folio 5. 
 
 Another Account entitled Sales of Consignments, is credited for the amount 
 of the Sales; and debited for the Net Proceeds, and all charges from the Day- 
 Book. 
 
 Should it however, be intended before Balancing not to enter the Net Proceeds 
 of any small sale to the credit of the Employer until his Consignment be all sold, 
 the difference of the account of Sales of Consignments will exhibit the amount 
 of such Sales, being the Gross sum owing by you to the Employer ; and which 
 is accordingly carried to the debit of the Extract of Balances, as is done in. the 
 case of John Stirling's 5 Hhds. Sugar, sold J. Thomson on 11 December. In 
 such cases, this is sufficiently accurate ; for what is against the present Balance, 
 will be in favour of the next. 
 
 Where the Sales of Consignments monthly are numerous, it will be found very 
 convenient before Journalising to arrange the respective Charges in columns, such 
 as Insurance^ Duty, Freight, Charges, Interest, 8^ Commission, which promotes both 
 accuracy and dispatch, and greatly abridges these entries in the Journal and Led- 
 ger. 
 
 In consigning Manufacturer's Goods for Sale to an Agent who resides in, or 
 near the same place with yourself, for instance, Glasgow, the charge on these, 
 when the debts are at your own risk, is seldom more than a small Commission for 
 effecting Sales and collecting Debts : and which is therefore only noted at the 
 foot of the Account Sales without being deducted. As such Sales are often 
 made to a number of persons in small sums, the clearest method of Journalising 
 them is to make The Agent Dr. to Goods, particularising each purchaser and sum 
 when due, in a Memorandum-Book ; which will enable you to see the debts as 
 they fall due, and consequently direct the Agent to collect them. 
 
151 
 
 THE JOURNAL. 
 
 The Journal contains an arrangement of the whole Transactions, 
 collected from the Subsidiary-Books monthly,* with the Debtors and Cre- 
 ditors pointed out, that they may be easily posted into the Ledger. As 
 it therefore is made up from these, it may very properly be considered a 
 General Index to the Subsidiary-Books, as the Ledger itself is only an 
 Index to the Journal. 
 
 Respecting the Ruling of tlie following Journal, it may be observed, 
 that the first column towards the left hand contains the date of the entry, 
 and the next refers to the Folio of the Ledger, in which the account is 
 posted. The inner Column, towards the right hand, is in general reserv- 
 ed for inserting the several sums of those accounts where more than one 
 sum occurs for these in the month ; and the outer column for the amounts 
 which are carried into the Ledger. 
 
 The Subsidiary Books are Journalised in the following order, agreeably 
 to the Rules given at the end of each of these Books, viz. 
 
 The Cash Book, Pages 114—117. 
 
 The Bill Book, 122—125. 
 
 The Day Book, 128—136. 
 
 Wlien the Learner has posted all the Entries till the end of December, 
 a Trial, and also a General Balance, are to be taken agreeably to the pre- 
 ceding Directions. Before making the General Balance he should prove 
 the Posting of the Ledger, as described at the end of Ledger, Set III. 
 
 * Journal, signifying a daily record, is improperly applied to a monthly abstract ; however general cus- 
 tom has sanctiooed this title. 
 
152 
 RULES FOR JOURNALISING THE SUBSIDIARY BOOKS. 
 
 1. TO JOURNALISE THE CASH-BOOK, say 
 
 Cash Dr. to Sundries, 
 For the sums received on the Dr. side, and 
 
 Sundries Drs.* to Cash, 
 
 For the sums paid on the Cr. side. 
 
 Specifying particulars, as described in page 118. 
 
 2. TO JOURNALISE THE BILL-BOOK, say 
 
 Bills Receivable Dr. to Sundries, 
 For the Bills received in the month; and 
 
 Sundries Drs. to Bills Payable, 
 
 For the Bills accepted in the month, 
 
 Specifying particulars, as described in page 126. 
 
 3. TO COMBINE THE ENTRIES IN THE DAY-BOOK. 
 
 The following are the only combinations in this Book : 
 
 1. Merchandise Dr. to Sundries, 
 
 When Goods are purchased from sundry persons, as in Sept. page 156. 
 
 2. Sundries Drs. to Cotton, 
 
 When Cotton is sold to several persons, as in October, page 159. 
 
 3. Sundries Drs. to Sales of Consignments, 
 When Consignments are sold to several persons, as in pages 161 & 163.^ 
 
 « With respect to using Dr. or Drs. after plural accounts. Book-keepers are divided in opinion. The 
 proper way seems to be, to use it in the plural, after Sundries only ; and in the singular, after plural titles, 
 which stand but for one firm or account ; as. Bills Receivable Dr., Profit & Loss Dr., Moore & Gay Dr., 
 &C. This remark sufficiently explains the seeming solecisms in pages 118 and 126, viz. Bills Receivable 
 is Dr., Bills Payable is Cr., that is, the account o/" Bills Receivable is Dr., &c. 
 
 Some Book-keepers have also objected to the word Sundries as being ungrammatical ; but it may here 
 be viewed as an abbreviation of Sundry Accounts, and its use is sufficiently sanctioned by the custom of 
 merchants. Its propriety, too, is supported by analogy, for several other adjectives are thus converted 
 into substantives ; as. Goods, Blacks, Whites, &c. 
 
 -J- When several shipments are journalised together in columns (as in page 4 of the Journal,) the whole 
 amounts of Merchandise, Charges, Commission and Insurance are each posted in one entry. The like 
 method is applicable in making up the Account Current Book as in page 1 1. This arrangement not only 
 saves labour and repetition in the Journal, and affords checks against error, but also greatly shortens and 
 simplifies the Ledger. 
 
JOURNAL. 
 
 u 
 
134 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 London, Jvly 1827. 
 
 18 
 
 20 
 
 Cash Dr, to Stock, 
 For Capital, as ¥* Cash-Book, folio 1. 
 
 Bills Receivable Dr. to J. Stirling, 
 For No. 1, due Aug. 31, as ¥ B. B. fol. 1, 
 
 Merchandise Dr, to John Bamsay, 
 For Cottons, as ^ B, P.. 
 
 Insurance Dr. to James Risk, 
 For premium and policy on £440, ^ Fame,^ 
 
 Adventure to Lisbon Dr. to Sundries, 
 
 For Invoice per Fame, consigned for Sale to 
 R. Manford, as per Invoice-Book, page 1. 
 
 To Merchandise, 
 
 To Promisctums Charges, 
 To Insurance, — 
 
 Insurance Dr. to Sundries, 
 
 For premium and policy on L1700 Produce, per Cuba, 
 from Jamaica, at 2 Guineas per Cent, due 
 
 To Hazard & Co. 
 To Assurance, — 
 
 .£610 
 a 090 
 
 £1700 
 
 Cotton Dr. to Sundries, 
 
 For Cost of 100 Bales, per Ann, as per Invoice. 
 
 To R. Manford, Lisbon, for 
 
 Reas 4712,500 at 59-id. F Milrea,, 
 To James Risk, insurance on £1200,, 
 
 3000 
 
 100 
 
 411 
 
 411 
 16 
 
 8 
 
 436 
 
 14 
 
 25 
 
 40 
 
 1168 
 
 22 
 
 1190 
 
JOURNAL, BY PRESENT PRACTICE. 
 
 135 
 
 London. August 1827. 
 
 31 
 
 20 
 31 
 
 Cash Dr. to Sundries^ 
 
 As per Cash-Book, folio 1. 
 
 To Interest, 
 
 To Bilk Receivable, No. 1,. 
 
 1 
 100 
 
 10 
 
 131 
 
 4 
 
 8 
 
 20 
 
 31 
 
 Sundries Drs. to Ckish, 
 
 As per Cash-Book, folio 1. 
 
 Furniture, 
 
 Four ^ Cents, 
 
 .£1000 Stock,, 
 
 William Simson, Private Account, 
 
 Promiscuous Charges, >^, > ^. 
 
 101 
 
 69 
 
 782 
 50 
 
 7 
 
 10 
 
 31 
 
 20 
 
 21 
 
 909 
 
 2 Bills Receivable Dr. to Sundries, 
 
 As per Bill-Book, folio 1. 
 
 9 To James Thomson, No. 2, due Oct. 21, £200.. -.. 
 
 3, Nov. 25, 350.. -.. 
 
 To John Stirling, 
 
 A 
 
 Sep. 13, 
 
 550 
 100 
 
 650 
 
 31 
 
 9 
 
 2o| 
 
 I. 
 
 27 
 
 Sundries Drs. to Bills Payable, 
 
 As per Bill-Book, folio 1- 
 
 Murray & Co No. 1, due Sep. 12, £200.. -,. 
 
 2, Oct. 11, 200m -,. 
 
 3, 11, 100,. -.. 
 
 James Thomson,. 
 
 John Ramsay, 
 
 Ross & Son, 
 
 22, 
 Nov. 10, 
 30, 
 
 500 
 550 
 411 
 545 
 
 15 
 
 10 
 
 20 3 Insurance Dr. to Sundries, 
 
 For premium and ix)licy on Hemp, per Vrow, from Riga, due 
 
 To James Risk, „ 
 To Hazard & Co 
 To Assurance, 
 
 .£200. 
 ^900. 
 
 100_ 
 
 2006 
 
 3 
 
 16 
 
 1 
 
 15 
 
 10 
 
 £1200 
 
 22 
 
156 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 London, September ^ 1827. 
 
 30 
 
 13 
 
 26 
 
 ^0 
 
 feo 
 
 4 
 12 
 15 
 20 
 30 
 
 Cash Dr. to Sundries, 
 
 As per Cash-Book, folio 1. 
 
 To Bills Receivable^ No. 4, 
 
 To Four ^ Cents £1000 Stock, 
 
 Sundries Drs. to Cash^ 
 
 As per Cash-Book, folio 1. 
 
 Cotton,. 
 
 20 
 
 30 
 
 lOl 
 9 
 
 101 
 9 
 
 12 
 
 3 
 
 .Duty, &c.^ ^7?«,£190m10.. 8 
 .Freight, ^ ditto — 93m 2.i 4 
 
 Ship Mars, 
 
 Bills Payable, 
 Joint Indigoy 
 George Monteath, 
 Promiscumis Charges,, 
 
 X share,- 
 -No. 1, ^ 
 .1696ft, 
 
 100 
 792 
 
 R. Manford, Dr. to Bills Payable, 
 For No. 7, as F Bill-Book, folio 1, 
 
 Reas 3021,340, due October 22d. 
 
 Merchandise Dr. to Sundries, 
 
 Purchased this month. 
 
 To William Irvine,, 
 To John Rarasay,~, 
 
 .1st, 
 
 8,. 
 
 .£283n 1„ 
 70m16„ 
 
 To Thomas Ryder, ^3, 
 
 To James Thomson,~.30, 
 
 Insurance Dt. to Sundries, 
 
 For premium and policy on LI 400 Goods, per Spooner. 
 
 To James Risk, ^ 
 To Assurance, 
 
 .^500. 
 ^900. 
 
 892 
 
 283 
 450 
 200 
 932 
 30 
 15 
 
 1912 
 
 755 
 
 475 
 
 353 
 
 .350 
 
 3110 
 
 £1400 
 
 10 
 
 10 
 
 13 
 
 16 
 
 17 
 
 4289 
 
 33 
 
 19 
 
JOURNAL, BY PRESENT PRACTICE. 
 
 167 
 
 London, September 1827. 
 
 13 
 
 15 
 
 19 
 
 20 
 
 20 
 
 J. Stirling,-- 
 Murray&Co 
 
 -Crs 
 
 ToMerchandise 1 1 79 1. 1 7 n 6 
 
 To Promiscuous Charges 
 To Commission^ 
 To Insurance, ^ 
 
 30 
 
 Sundries Drs. to Sundries^ 
 
 For Groods per Spooner, for Jamaica, as per order. 
 
 421,.15m- 
 
 758m 2n6 
 
 32nl8nl0 
 
 47m 6m 6 
 
 Charge*. 
 
 80m 5m 4 
 
 13m 17m 4 
 
 24m12m8 
 
 llnl7M6 
 21m 7n6 
 
 38m 10. 
 
 33m 5m- 
 
 JoiNT Hemp Dr. to Ross ^ Son, 
 For 25 Tons, V Vrow, from Riga, as ^ Invoice 
 Our one half of which is, — 
 
 Dawson & Co. Dr. to Joint Indigo, 
 For 1696ft) at 12/6, Cash in 1 month,,. 
 
 E. Robinson Dr. to Cotton, 
 For 20 Bales, at 2 months 
 
 R. Manford Dr. to Adventure to Lisbon, 
 For Net proceeds of Goods consigned him, F Fame, 
 being 1691,160 Reas, at 60d. W Milrea, 
 
 Joint Indigo Dr. to Sundries, 
 
 For the following as per Sales -Book, page 1. 
 
 To Interest,^ 
 
 To Commission, 
 
 To Promiscuous Charges, 
 
 To J. Ramsay, ^ .^ 
 
 To Profit, 
 
 480 
 851 
 
 1331 
 
 545 
 
 1060 
 
 355 
 
 422 
 
 4 
 21 
 
 17 
 
 15 
 
 15 
 
 6 
 4 
 15 
 50 9 
 50 
 
 127 
 
 10 
 
 10 
 
 10 
 
 11 
 
16fe 
 
 SET IV— MERCHANT'S BOOKS. 
 
 London, October 1827. 
 
 31 
 
 19 
 20 
 24 
 
 31 
 
 1 
 11 
 
 II 
 22 
 
 29 
 30 
 31 
 
 31 
 
 4 
 11 
 
 12 
 
 20 
 
 Cash Dr. to Sundries, 
 
 As per Cash-Book, folio 1. 
 
 To Dawson & Co 
 
 To Bills Beceivable, No. 2,. 
 To Vanderpoole & Co. 
 
 Sundries Drs, to Cask, 
 
 As per Cash-Book, folio 1. 
 
 John Ramsay,. 
 Bills Payahley 
 
 ,No. 2,. 
 
 ConsignmentSy 
 
 John Thomson, 
 
 Promisciwus Charges y 
 
 .7,. 
 
 .^ Cuba, 
 .P. A. 
 
 .£200.1 -.. 
 
 100,1 -n 
 
 550.1 -„ 
 
 755,. 6,1 8 
 
 Sundries Drs, to Bills Payable, 
 
 As per Bill-Book, folio 1. 
 
 William Irvine, No. 8, due Dec. 10, 
 
 James Thomson, 9, 12, 
 
 10, 14,. 
 
 .£500,, -M 
 500i. -„ 
 
 John Ramsay, 
 
 11, 
 
 12, 
 
 Debentures Dr, to Merchandise, 
 For drawback on Refined Sugar, F Aurora,. 
 
 Vanderpoole & Co. Dr, to Promiscivous Charges 
 For Postages, &c. on bill negotiated on them, 
 
 1060 
 200 
 
 788 
 
 2048 
 
 50 
 
 1605 
 
 374 
 
 30 
 
 15 
 
 2075 
 
 475 
 
 1000 
 353 
 
 1828 
 
 17 
 
 18 
 
 902 
 
 10 
 
JOURNAL, BY PRESENT PRACTICE. 
 
 159 
 
 London, October 1827. 
 
 20 
 
 31 
 
 24 
 25 
 
 25 
 
 Sundries Drs, to Sundries, 
 
 For Sugar per Aurora, for Rotterdam, as per /. B. page 4. 
 
 —Drs.— 
 
 John Ramsay, 
 
 Vanderpoole & Co. 
 Adventure to Rotterdam, 
 
 ^Crs^ 
 To Merchandise, 
 
 Jiis|, 
 
 .their 
 -our 
 
 3» 
 
 .£785„15,i 2 
 . 785nl5.. 2 
 , 785nl5.. 4 
 
 £2357,, 5n 8 
 
 To Promiscuous Charges, 
 
 To Commission, 
 
 To Assurance, 
 
 Sundries Drs. to Cotton, 
 
 For 60 Bales, per Ann, sold this month. 
 
 E. Robinson, — 
 Pringle & Son, . 
 
 -20 Bales, at 2 months,, 
 .40 at 3 months, 
 
 60 Bales. 
 
 Sundries Drs. to Sundries, 
 
 For total Loss of Hemp per Vrow, from 
 Riga, insured by the following, viz. 
 
 — Drs. — 
 
 James Risk, 
 
 Hazard & Co 
 
 Assurance, 
 
 .£199,, -„ 
 . 895,, 10„ 
 99„10,. 
 
 £1194,, 
 
 2208 
 42 
 75 
 31 
 
 2357 
 
 — Crs 
 
 To Insurance, 
 
 To Commission, 
 To Ross & Son, 
 To Joint Hemp, 
 
 351 
 704 
 
 1055 
 
 22 
 
 30 
 
 570 
 
 570 
 
 1194 
 
 18 
 
160 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 London, November 1827. 
 
 30 
 
 20 
 
 25 
 
 II 
 
 30 
 
 30 
 
 4 
 
 6 
 
 11 
 
 30 
 
 10 
 30 
 
 10 
 11 
 
 20 
 29 
 
 25 
 
 Cash Dr. to Sundries, 
 
 As per Cash-Book, folio 2. 
 
 To Debentures, ,...-v,..»..-v-,~w 
 
 To E. Robinson, 
 
 To Bills Receivable, No. 3,. 
 To James Risk,^ 
 To Hazard & Co. 
 
 Sundries Drs, to Cash, 
 
 As per Cash-Book, folio 2. 
 
 Promiscuous C1mrges,J^ Spooner, ^ 
 ^ Aurora, — 
 
 ^ P.CB, 
 
 Bills Payable, 
 
 30 
 
 25 
 
 II 
 26 
 
 ,No. 5, 
 6, 
 
 James Agent, 
 
 William Simson,..^^ 
 George Monteath, 
 John Thomson 
 
 ^ Cuba, 
 
 F ditto. 
 
 Ross & Son,, 
 
 «»^emitted, 
 
 .£70,1 15m 6 
 , 34m 6m S 
 
 25 m -m - 
 14m 10m 6 
 
 ^£41 1m -m - 
 545m 15m 10 
 
 ~.J523m 
 317m 
 
 5m 
 7m 
 
 Bills Receivable Dr. to Sundries, 
 
 As per Bill-Book, folio 1. 
 
 To E. Robinson, No. 
 
 To Vanderpoole & Co. «^ 
 To Pringle & Son, 
 
 5, due Dec. 28, 
 
 .6, Jan. 23, 
 
 ,7, 29, 
 
 902 
 355 
 350 
 152 
 864 
 
 2624 
 
 144 
 
 956 
 20 
 50 
 30 
 20 
 
 840 
 565 
 
 12 
 
 15 
 
 10 
 
 2627 
 
 3 1 
 
 351 
 
 500 
 704 
 
 1555 
 
 8 - 
 
 10 - 
 
 18 
 
JOURNAL, BY PRESENT PRACTICE. 
 
 161 
 
 London, November 1827. 
 
 25 
 
 30 
 
 2 
 10 
 
 12 
 
 16 
 
 30 
 
 30 
 
 30 
 
 James Thomson Dt. to Bills Receivable^ 
 For No. 6, on Vanderloo, due Jan. 23, 
 
 Sundries Drs. to Sales of Consignments, 
 
 For Sales of 30 Puncheons Rum, per Cuba this month. 
 
 Fenn & Park, 6 Pun. at 2 mos £l46.il8n 6 
 
 20 ditto 3 mos 521n 6,i 3 
 
 John Black, 
 
 ^4 ditto. 
 30 
 
 2 mos. 
 
 Sales of Consignments, Dr. to Sundries, 
 
 For Proceeds <fec. of 30 Puncheons Rum, per Cuba, due Jan. 
 as per Sales-Book, page 2. 
 
 To Insurance^.^....^ 
 To Consignments,. 
 
 To Commission, 
 
 To John StirHng,, 
 
 .premium, &c. 
 freight, Sec, ^ 
 
 .on insurance & sales,. 
 -Net proceeds, 
 
 Vanderpoole & Co. Dr. to Sundries, 
 
 For two thirds of proceeds of Sales per Aurora, viz. 
 
 .his J proceeds, 
 
 To John Ramsay, 
 
 To Adventure to Rotterdam,,jo\ir ^ ditto. 
 
 John Ramsay Dr. to Sundries, 
 
 For the following ; Interest to Jan. oO. 
 
 To Interest, -.- 
 
 To Commission, .> , 
 
 Ross & Son Dr. to Sundries, 
 
 For the following expenses on bill remitted them. 
 
 To Commission, - ,- 
 
 To Promiscuous Charges, 
 
 500 
 
 668 
 96 
 
 764 6 3 
 
 813 
 
 9415 9 
 
 2018' 2 
 
 63919! 2 
 
 764 
 
 6 3 
 
 923 
 923 
 
 1847 
 
 18 6 
 18 6 
 
 17 - 
 
 11 
 11 10 
 
 12 
 
 210 
 
 16 6 
 1910 
 
 516 
 
162 
 
 SET IV^MERCHANT'S BOOKS. 
 
 London, December 1827. 
 
 31 
 
 I 
 
 20 
 
 II I 
 
 27 
 
 25 
 
 31 
 
 1 
 
 10 
 12 
 11 
 14 
 
 13 
 
 20 
 11 
 
 30 
 31 
 
 Cash Dr, to Sundries^ 
 
 As per Cash-Book, folio 2. 
 
 To Interest. 
 
 To Bills Receivable^ 
 
 No. 9,, 
 .10, 
 
 .£500m -II 
 
 , 500ii -II 
 
 351,1 8i, 
 
 To Ship Marsy 
 
 Sundries Drs, to Cash, 
 
 As per Cash-Book, felio 2. 
 
 John Ramsay,* 
 Thomas Ryder, 
 Bills Payable, 
 
 ^No. 8, 
 
 .11,^ 
 .10, «. 
 
 ,£475,1 1„ 6 
 , 500,, -,i - 
 . 353„17„ 
 , 500,1 -„ 
 
 John Stirh'ng, ^ Gray, 
 
 Interest, discount,- 
 
 John Thomson,.^ P. A. 
 
 Co7isignments, — ....^^...wvv-^^ Cuba, 
 PromiscuoHS Charges, <,,«w,this month. 
 
 10 
 
 16 
 
 1351 
 93 
 
 1455 
 
 124 
 350 
 
 1828 
 
 200 
 
 5 
 
 20 
 
 6 
 
 12 
 
 2549 
 
 1810 
 
 31 
 
 30 
 
 11 
 
 Bills Receivable Dr, to Sundries, 
 
 As per Bill-Book, folio 1. 
 
 To Fenn & Park, No. 8, due Jan. 29, 
 
 To Vanderpoole & Co — 9, 30, £500,, -„ - 
 
 10, 30, 500,, 
 
 11, Feb. 7, 345i. 
 
 668 
 
 To John Black, 
 
 12, May 15, 
 
 1345 
 
 57 
 
 2070 
 
 12 
 
 17 
 
 10 
 
JOURNAL, PY PREaENT PRACTICE. 
 
 163 
 
 London, Decetnber 18^7. 
 
 10 
 
 1 
 
 31 
 
 11 
 
 21 
 23 
 
 21 
 
 30 
 31 
 
 9 
 
 9 
 9 
 
 7 
 
 9 
 11 
 10 
 
 9 
 
 2 
 
 2 
 
 4 
 
 8 
 11 
 
 7 
 8 
 
 3 
 5 
 4 
 3 
 
 Sundries Drs, to Vanderpoole Sf Co, 
 
 For Loss by Exchange on Remittance. 
 
 1 
 1 
 
 8 
 8 
 
 6 
 6 
 
 Advfmfure to Kotterdami r«our ^, rrwr,^j«w/Anjj. j j,^jj .r 
 
 
 2 
 
 17 
 
 - 
 
 Sundries Drs, to Sales of Consignments y 
 
 For Sales per the Cuba this month. 
 
 Jas. Thomson, 5 Hhds. Sugar, at 3 mos 
 
 Attwood & Co. ^15 ditto. 2 mos. 
 Dawson & Co 10 Tierces Coffee, 3 mos. 
 
 261 
 786 
 384 
 
 14 
 
 14 
 
 3 
 
 2 
 6 
 6 
 
 
 1432 
 
 12 
 
 2 
 
 James Thomson Dr, to Sundries^ 
 
 For the foUowing Settlement : 
 Tn TiilJt Tleceivahle .^ No. 8 and 11. r^x^ur,^.,^.^^^.^.r,..^^^^ 
 
 1013 
 250 
 
 84 
 
 4 
 10 
 12 
 
 9 
 9 
 6 
 
 To Bills Payable, 12, due Feb. 11, 
 
 Tn Jnlerest^.s.^ ,^^. ^for discount.^ . ..^^. 
 
 
 1348 
 
 7 
 
 John Stirling Br, to John Black, 
 For Loss of 8/ ¥' i^ on £96m1i.6, lost by the latter,^ 
 
 38 
 
 8 
 
 8 
 
 Sales of Consignments Dr, to Sundries, 
 
 For Proceeds, &c. of Produce per Cuba, as 
 per Sales-Book, folio 3. 
 
 To Murray & Co. 
 
 15 Hhds. Sugar, due Feb. 21, £393h16m10 
 10 Trees.- Coffee, Mar. 23, 238.. 8,. 5 
 
 632 
 15 
 
 486 
 
 5 
 
 32 
 
 5 
 
 1 
 1 
 2 
 
 7 
 
 3 
 
 2 
 
 8 
 11 
 
 XO TfH^lTOTiCP ^r PrPmiUm &C*SSJSJS^^TS^JJJSr^r,r.r^rr,s^JJJJ^J.syn.J,ss^ 
 
 To C!o7lsiQ7ll7l€7ltS tor dutVi &C. js^^jj-^ss^^jssj sjsujjssi, J jjjjjrj jj 1 
 
 To Interest, on ditto. y>...^ 
 
 To CommissionK ^^^on insurance &■ sales. /^^../^jM^r^^j^Ln/yji-rj^/ jj^ 
 
 
 1170 
 
 18 
 
 - 
 
164 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 IT 
 
 London, December 1827. 
 
 31 
 
 31 
 
 31 
 
 31 
 
 31 
 
 Sundries Drs, to James Agents 
 
 For amount of his account to this date. 
 
 Consignments^. 
 
 .on imports, 
 
 Promiscuoiis Charges,^on exports, 
 
 Sundries Ihs. to Sundries ^ 
 
 As per Account Current Book. 
 
 -^Drs 
 
 Ship Mars, 
 
 John Stirling, 
 Munay & Co. 
 
 To Interest, 
 
 Page. 
 
 7n 4i. 3 
 lnl5n ij 2h -m 
 13nl8n 5 2m10m 
 
 22m17., 9 
 
 To Commission,, 
 
 4nl0it 
 
 To Promiscuous Charges, 
 
 ■^v>^»^'(V>m»yy 
 
 Pottage 
 
 lull,. 
 
 In 5ii 
 
 2m16i 
 
 Sundries Drs. to Interest, 
 
 On the Partners' Private Accounts.. 
 
 William Simson, -^ 
 George Monteath,. 
 
 PROMISCU0US Charges Dr, to J. Thomson, 
 For 6 months Salary due him, as manager, ^.^^^ 
 
 Interest Dr. to Stock, 
 For half a year's interest on Capital, 
 
 20 
 12 
 
 2 
 10 
 
 12 
 
 7 
 
 5 
 
 17 
 
 30 
 
 5 
 
 12 
 
 17 
 
 50 
 
 75 
 
165 
 
 REMARKS ON THE PRECEDING JOURNAL. 
 
 The time most convenient for taking a General Balance, must either be 
 when business with the Merchant is flat, or when most of the branches of 
 trade in which he is concerned come to an issue. 
 
 Before Balancing, it is proper to pay off as many petty debts and srnaU 
 charges as possible, which will considerably abridge the labour ; to affix 
 a moderate value to the Goods on hand, according to the current prices 
 at which the Owner would be willing to purchase ; to draw out and 
 transmit all Foreign Accounts, and to examine and check those at home 
 as opportunity offers. 
 
 Interest is charged upon every Account on wliich it was supposed to 
 be due.* This is absolutely necessary before the merchant can deter- 
 mine his actual Profits : for if this be not attended to, the Gain upon cer- 
 tain articles will appear more than it really is. 
 
 On the Dissolution of a Copartnership, or the hke, it is obvious, that 
 unless Interest were charged upon every Account respectively, and the 
 Balances of these properly estimated, the most erroneous statement would 
 in most cases be produced, either for, or against the Partner who with- 
 draws from the Concern. 
 
 To Balance accounts of Property, such as Houses, Estates, Ships, or 
 tbe like, the best plan is, to charge Interest on the Property up to the 
 period intended, and after leaving a Balance equal to its present estimated 
 value, the difference of the two sides of the account will show the Gain 
 or Loss. See the account of Ship Mars in the following Ledger,^/. 6. 
 
 It will be observed, that no Entries of Profit and Loss, arising at Bal- 
 ancing, have been brought through the Journal, these being closed as 
 simple Transfers from one account to another, in the Ledger only. 
 
 * In Business, it is usual to make an allowance for Tear and Wear At the account oi Counting-house Fur- 
 niture, or any other account whose value is considered of a decreasing nature. This may be done by mak- 
 ing Loss Dr. to Countirighouse Furniture, for the supposed Tear and Wear ; but if it be intended to keep 
 the account entirely distinct, such allowance may be made at Suspense Account, in the same manner as 
 an ahowaace UTpon Doubtful Debts. 
 
166 
 
 INDEX TO MERCHANTS LEDGER, 
 SET IV. 
 
 Arranged acc(yrding to the Present Practice of the Counting-Jwitse. 
 
 Assurance^Our Subscriptions),,^^ 4 
 Agent, James,«.i.^LondoD,.,>.,M.,^ » ,yM^ 5 
 
 Adventure to Lisbon, ^ ^ 7 
 
 Adventure to Rotterdam, ^ 9 
 
 Attwood & Co. — London w««.,.wv-««,l 1 
 
 B 
 
 Bills Receivable, ..^.^.-^vw. 
 
 Bills Payable, 
 
 Black, John,>».,^.Xondon, 
 
 Cash, 
 Commission,. 
 Consignments, 
 Cotton, 
 
 VW4MV^rtfWtfW|M^^#(nrM»« 
 
 Debentures, ^--w. 
 Dawson & Co.«, 
 
 Furniture^ 
 
 Xondon. 
 F 
 
 Four W Cent. Funds, 
 
 Fenn & Park, «..»,««London 
 
 H 
 
 Hazard & Co...,.M«v~London,. 
 
 1 
 Insurance, >^>>»».w.<m.»>^»^^.w.v.^ ^ 
 
 Interest, 
 
 Joint Indigo,>..>..>.^.w.>.w.w>.„..w^ 
 Joint Hemp, — .^..^^^^^.^w^w^^^w 
 Irvine, William, 
 
 ^ 4 
 ^ 6 
 
 7 
 
 .10 
 
 Lossy 
 
 M 
 
 Monteath, George, Private Account 1 
 
 Merchandise,,.w-,.wv .«*«w- 3 
 
 Manford, Robert, Lisbon, „>.»«».««, 8 
 
 Murray & Co. «wv«»«Jamaica«,«.««v«. 8 
 
 Promiscuous Charges, 
 Profit, 
 
 Stock, 
 
 S 
 
 Simson, W. — Private Account 
 Ship Mars, ^— - 
 
 . 3 
 
 . 4 
 ,11 
 
 Pringle & Son^*«,-^^Manchester, 
 
 R 
 
 Risk, JameSw^>,.v,^,.>^London, ««.»,^»«^ 5 
 
 Ross & Son, ..v>..,,.,.w.Riga, ,^ 8 
 
 Robinson, Ed. .«v««v-Manchester,,«.«.10 
 Ryder, Thomas ,«,v«Ditto. w«.>.«.««^10 
 Ramsay, John ^..^^..^London, «^«.««. 9 
 
 1 
 1 
 6 
 
 Sales of Consignments, ,>...,., 7 
 
 Stu-ling, John,«»w««vJamaica, ^>^>> 8 
 
 Thomson, John.«,^Private Account, 1 
 Thomson, James «,London, ««»«««««*, 9 
 
 Vanderpoole & Co^Jlotterdani,^-.. 9 
 
 Nate.— The Learner should nut only three instead of four accounts in the foHos Of his Ledger to this Set, 
 vtth the exception of the first tolio. 
 
LEDGER. 
 
168 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Stock 
 
 1827. 
 Dec. 
 
 To William Simsorif^ 
 To George Monteath^ 
 To John Ttwrnsorif,.^ 
 
 Transfer, 
 
 Ditto 
 
 Ditto 
 
 -Net Capital,, 
 
 101 
 
 60 
 
 20 
 
 3569 
 
 3751 
 
 Dr. 
 
 William Simson, 
 
 1827. 
 Aug. 
 Nov. 
 Dec. 
 
 To Cash, 
 
 To Cash, 
 
 To Interest,. 
 
 2 
 7 
 11 
 
 50 
 
 50 
 
 1 
 
 101 
 
 Dr. 
 
 George Monteath, 
 
 1827. 
 Sep. 
 Nov. 
 Dec. 
 
 20 
 11 
 31 
 
 To Cash, — 
 
 To Cash, 
 
 To Interest,. 
 
 S 
 7 
 11 
 
 30 
 30 
 
 12 
 
 60 
 
 12 
 
 Dr. 
 
 John Thomson, 
 
 1827. 
 Oct. 
 Nov. 
 Dec. 
 
 To Cash, 
 To Cash, 
 To Cash,, 
 
 SO 
 20 
 20 
 
 70 
 
LEDGER, BY ^RESENT PRACTICE. 
 
 169 
 
 Account. 
 
 Cr. 
 
 1827. 
 July 
 Dec. 
 
 1828. 
 Jan. 
 
 By Cash, _ 
 By Interest,, 
 By Pro/?^,, 
 
 By BalancCy 
 
 .Capital,,-^-. 
 4 a year,_ 
 .Net-Gain,, 
 
 3000 
 
 75 
 
 676 
 
 3751 
 
 3569 
 
 Private Account, 
 
 Cr. 
 
 1827, 
 Dec. 
 
 31 
 
 By Stock,. 
 
 101 
 
 lOJ 
 
 Private Account. 
 
 Cr. 
 
 1827. 
 Dec. 
 
 31 
 
 By Stocky^ 
 
 60 
 
 60 
 
 12 
 
 12 
 
 Private Account, 
 
 Cr. 
 
 1827. 
 Dec 
 
 31 
 
 By Promiscuous Charges, 
 
 50 
 20 
 
 70 
 
170 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Cash 
 
 1827. 
 
 July 
 
 Aug. 
 
 Sep. 
 
 Oct. 
 
 Nov. 
 
 Dec. 
 
 1828. 
 Jan. 
 
 To Stock, _ 
 To Sundries,, 
 To Sundries,, 
 To Sundries, 
 To Sundries, 
 To Sundries, 
 
 1 To Balance,. 
 
 3000 
 101 
 892 
 2048 
 2624 
 U35 
 
 10121 
 47 
 
 Dr. 
 
 Bills 
 
 1827. 
 
 July 
 
 Aug. 
 
 Nov. 
 
 Dec. 
 
 1828. 
 Jan. 
 
 To J. Stirling, 
 To Sundries, -< 
 To Sundries, ~v 
 To Sundries, 
 
 To Balance^ 
 
 Bills. 
 1 
 
 3 
 3 
 
 100 
 
 650 
 
 1555 
 
 2070 
 
 4376 
 
 762 
 
 Dr. 
 
 Bills 
 
 1827. 
 
 Sep. 
 Oct. 
 
 Nov. 
 Dec. 
 
 To Cash,. 
 To Cash,. 
 To Cash, 
 To Cash,. 
 To Balance, 
 
 12 
 
 200 
 1605 
 
 956 
 1828 
 
 250 
 
 4841 
 
 11 
 
 Dr. 
 
 Furniture 
 
 1827. 
 
 Aug. 
 
 1828. 
 Jan. 
 
 To Cash, — 
 To Balance,, 
 
 69 
 
 69 
 
LEDGER, BY PRESENT PRACTICE. 
 
 171 
 
 Account. 
 
 Cr, 
 
 1827. 
 
 Aug. 
 
 Sep. 
 
 Oct. 
 
 Nov. 
 
 Dec. 
 
 By Sundries,.. 
 By Sundries,. 
 By Sundries; 
 By Sundries 
 By Sundries; 
 By Balancey 
 
 909 
 1912 
 2075 
 2627 
 2549 
 47 
 
 10121 
 
 11 
 
 Receivable. 
 
 Cr. 
 
 1827. 
 
 
 Aug. 
 Sep. 
 Oct. 
 
 31 
 13 
 
 20 
 
 Nov. 
 
 25 
 
 Dec. 
 
 II 
 31 
 
 
 21 
 
 
 31 
 
 By Cash,., 
 By Cash,. 
 By Cash,. 
 By Cash,. 
 By J. Thomson, 
 
 By Cash, 
 
 By J. Thomson, — 
 By Balance, 
 
 12 
 
 100 
 100 
 200 
 350 
 500 
 1351 
 1013 
 762 
 
 4376 
 
 15 
 
 Payable. 
 
 Cr. 
 
 1827. 
 
 
 Aug. 
 Sep. 
 Oct. 
 
 31 
 20 
 31 
 
 Dec. 
 
 21 
 
 1828. 
 
 
 Jan. 
 
 1 
 
 By Sundries, 
 
 By R. Manford, 
 By Sundries, — 
 By J. Thomson,- 
 
 By Balance^ 
 
 2006.15 
 
 755 6 
 
 182818 
 
 25010 
 
 4841 
 
 11 
 
 25010 
 
 in Counting-house. 
 
 Cr. 
 
 1827. 
 Dec. 
 
 31 
 
 By Balancey 
 
 69 
 
173 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Merchandise 
 
 1827. 
 
 July 
 
 Sep. 
 
 To John Ramsay, -«««. 
 To Sundries,«..wr,««.«« 
 
 411 
 4289 
 
 4700 
 
 19 
 
 19 
 
 10 
 
 Dr. 
 
 Promiscuous 
 
 1827. 
 
 Aug. 
 
 Sep. 
 
 Oct. 
 
 Nov. 
 
 Dec. 
 
 To Cash, 
 
 To Cash, 
 
 To Cash, 
 
 To Cash, 
 
 To Cash, 
 
 To J. Agent, ^ 
 To J. Thomson, 
 
 7 
 15 
 15 
 144 
 12 
 12 
 50 
 
 259 
 
 Dr. 
 
 COMMISSSION 
 
 229 
 
 19 
 
 229 
 
 19 
 
 Dr. 
 
 Insurance 
 
 1827. 
 
 
 July 
 
 3 
 
 18 
 
 Aug. 
 Sep. 
 
 20 
 12 
 
 1828. 
 
 
 Jan. 
 
 1 
 
 To James Risk,. 
 
 To Sundries, 
 
 To Sundries, 
 
 To Sundries, 
 
 F Fame,, 
 J^ Cuba,„ 
 ^ Vrow, . 
 M Spooner,. 
 
 To Balance^. 
 
 104 
 16 
 
LEDGER, BY PRESENT PRACTICE. 
 
 173 
 
 Account. 
 
 Cr. 
 
 1827. 
 July 
 Sep. 
 Oct. 
 
 By Adventure to Lisbon^ 
 By Sundries ^ Spooner^ 
 By Debentures W Aurora,. 
 By Sundries ^ Aurora, 
 
 411 
 
 1179 
 
 902 
 
 2208 
 
 4700 
 
 Charges. 
 
 Cr. 
 
 1827. 
 July 
 
 4 
 
 Sep. 
 
 13 
 
 
 30 
 
 Oct. 
 
 20 
 
 
 23 
 
 Nov. 
 
 30 
 
 Dec. 
 
 31 
 
 
 II 
 
 By Adventure to Lisbon,. 
 By Sundries ^ Spooner,, 
 By Joint Indigo, 
 
 By Sundries ^ Aurora, 
 By Vanderpoole & Co.<-. 
 
 By Ross & Son, 
 
 By Sundries, 
 
 By LosSf .>..w>>.w>.>>^ 
 
 16 
 
 80 
 
 42 
 
 2 
 
 2 
 
 2 
 
 110 
 
 259 
 
 Account. 
 
 Cr. 
 
 1827 
 Sep. 
 
 Oct. 
 
 Nov. 
 
 Dec. 
 
 By 
 By 
 By 
 By 
 By 
 Bv 
 By 
 By 
 By 
 
 Sundries W Spooner, 
 Joint Indigo,- 
 
 Sundries W Aurora, 
 Sundries W Vrow, 
 Sales of Consignments,. 
 
 John Ramsay, 
 
 Ross & Son, 
 
 Sales of Consignments, 
 Sundries, .»«.>, » 
 
 38 
 
 21 
 
 75 
 
 30 
 
 20 
 
 4 
 
 2 
 
 32 
 
 4 
 
 229 
 
 Account. 
 
 Cr. 
 
 1827. 
 
 
 July 
 
 4 
 
 Sep. 
 
 13 
 
 Oct. 
 
 25 
 
 Nov. 
 
 16 
 
 Dec. 
 
 31 
 
 
 II 
 
 By Adventure to Lisbon, 
 
 By Sundries, 
 
 By Sundries, 
 
 By Sales of Consignments, 
 
 By Ditto 
 
 By Balance, 
 
 J^ Fame, — 
 .^ Spooner, 
 
 .^ Vrow, 
 
 .r Cuba, 
 J?' Cuba, 
 
 8 
 33 
 22 
 
 8 
 15 
 16 
 
 104 
 
 10 
 
174 
 
 SET IV— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Assurance, 
 
 1827. 
 
 Oct. [23 To Sundries, loss W Vrow,, 
 
 Dr. 
 
 Interest 
 
 99 
 
 99 
 
 10 
 
 10 - 
 
 1827. 
 Dec. 
 
 20 To Cash, 
 
 31 
 
 To Stock,. 
 To Profit,. 
 
 Interest on it, 
 
 13814 
 
 Dr. 
 
 Loss 
 
 1827. 
 Dec. 
 
 31 
 
 To Promiscuous Charges, 
 To Assurance, 
 
 To Adventure to Lisbon,^ 
 
 To Robert Manford 
 
 To Hazard & Co 
 
 110 
 
 18 
 
 13 
 
 9 
 
 152 
 
 10 
 
 Dr. 
 
 Profit 
 
 1827. 
 Dec. 
 
 31 
 
 To Transfer from Loss^ w«v--««»« 
 To Stock J Net Gain, 
 
 152 
 
 676 
 
 828 
 
LEDGER, BY PRESENT PRACTICE. 
 
 175 
 
 Our Subscriptions. 
 
 Cr. 
 
 1827. 
 
 
 July 
 
 18 
 
 Aug. 
 
 20 
 
 Sep. 
 
 12 
 
 Oct. 
 
 25 
 
 Dec. 
 
 31 
 
 By Insurance, 
 
 By Ditto 
 
 By Ditto 
 
 By Sundriesy~ 
 By Lossy 
 
 J^ Cuba, 
 
 JP" Vrow, 
 
 JP" Spooner,. 
 J?" Aurora, 
 
 1 
 
 25 
 
 18 
 
 4 
 
 2 
 
 1 
 
 17 
 
 - 
 
 3 
 
 21 
 
 7 
 
 6 
 
 6 
 
 31 
 
 16 
 
 - 
 
 4 
 
 18 
 
 11 
 
 2 
 
 
 99 
 
 10 
 
 
 
 == 
 
 = 
 
 = 
 
 Account. 
 
 Cr. 
 
 1827. 
 
 
 Aug. 
 
 10 
 
 Sep. 
 
 30 
 
 JNov. 
 
 30 
 
 Dec. 
 
 2 
 
 
 21 
 
 
 31 
 
 
 11 
 
 By Cash, ^ 
 
 By Joint Indigo,, 
 By J. Ramsay, ^ 
 By Cash, 
 
 By J. Thomson, 
 
 By Sales of Consignments, 
 
 By Sundries, .^v 
 
 By Sundries, 
 
 2 
 
 1 
 
 10 
 
 I 
 
 4 
 
 4 
 
 6 
 
 11 
 
 8 
 
 7 
 
 11 
 
 - 
 
 9 
 
 10 
 
 16 
 
 _ 
 
 10 
 
 84 
 
 12 
 
 9 
 
 10 
 
 5 
 
 2 
 
 8 
 
 11 
 
 1 
 
 17 
 
 6 
 
 11 
 
 22 
 
 17 
 
 9 
 
 
 138 
 
 14 
 
 8 
 
 
 
 = 
 
 = 
 
 Account. 
 
 Cr. 
 
 1827. 
 Dec. 
 
 31 
 
 By Transfer to Profit, 
 
 15210 8 
 
 152 
 
 10 
 
 Account. 
 
 Cr. 
 
 1827. 
 Sep. 
 Dec. 
 
 By Joint Indigo, 
 By Commission,, 
 By Interest, 
 
 By Four ^ Cents. 
 
 By Cotton, 
 
 By Ship Mars, , 
 
 By Joint Hemp 
 
 By Adventure to Rotterdam, 
 By John Ramsay, „,^ . ^ 
 
 50 
 
 229 
 
 58 
 
 10 
 
 252 
 
 65 
 
 25 
 
 136 
 
 828 
 
 14 
 
176 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 James Risk, 
 
 1827. 
 Oct. 
 
 23 
 
 To Sundries, loss ^ Vrow, 
 
 199 
 
 199 
 
 Dr. 
 
 Hazard & Co, 
 
 1827. 
 Oct. 
 
 25 
 
 To Sundries, loss ^ Vrow, 
 
 895 
 
 895 
 
 10 
 
 10 
 
 Dr. 
 
 Consignments 
 
 1827. 
 Oct. 
 Nov. 
 Dec. 
 
 1828. 
 Jan. 
 
 To Cash, ¥- Cuba,. 
 
 To Cash, 
 
 To Cash, 
 
 To James Agent, 
 
 To Balance,. 
 
 374 
 
 840 
 
 6 
 
 20 
 
 1242 
 
 661 
 
 Dr. 
 
 James Agent, 
 
 1827. 
 Nov. 
 Dec. 
 
 10 
 32 
 
 To Cash, — 
 To Balance^ 
 
 20 
 12 
 
 32 
 
 12 
 
 12 
 
LEDGER, BY PRESENT PRACTICE. 
 
 177 
 
 London. 
 
 Cr. 
 
 1827. 
 July 
 
 Aug. 
 Sep. 
 Nov. 
 
 By Insurance, 
 By Cotton, — 
 By Insurance, 
 By Ditto. 
 By Cash, 
 
 .V Fame, 
 ,^ Ann, 
 ,F Vrow, 
 .F Spooner, 
 ^balance. 
 
 
 
 
 1 
 
 8 
 
 6 
 
 1 
 
 22 
 
 4 
 
 2 
 
 314 
 
 S 
 
 1117 
 
 7 
 
 15218 
 
 199 
 
 - 
 
 
 1 1 
 
 London. 
 
 Cr. 
 
 1827. 
 
 
 July 
 
 18 
 
 Aug. 
 
 20 
 
 Nov. 
 
 30 
 
 Dec. 
 
 31 
 
 By Insurance,, 
 
 By Ditto 
 
 By Cash, 
 
 By LosSf ^....^ 
 
 rJ^ Cuba, 
 
 ,V Vrow, 
 
 .balance, . 
 
 14 
 
 16 
 
 864 
 
 895 
 
 10 
 
 Account, 
 
 1827. 
 Nov. 
 Dec. 
 
 Cr. 
 
 By Sales of Consignments ^ Cuba, 
 
 By Ditto 
 
 By Balance, 
 
 94 
 486 
 661 
 
 1242 
 
 2 5 
 
 London. 
 
 Cr. 
 
 1827 
 Dec. 
 
 1828. 
 Jan. 
 
 31 
 
 By Sundries, 
 
 1 By Balancey 
 
 U 
 
 32 
 
 32 
 
 12 
 
 12 
 
 12 
 
 12 
 
 10 
 
 10 
 
 10 
 
178 
 
 SET IV.-.MERCHANT'S BOOKS. 
 
 Dr, 
 
 Four f Cent. 
 
 1827. 
 Aug. 
 Dec. 
 
 To Cash, ^ 
 To Profit, 
 
 stock. 
 
 1000 
 
 1000 
 
 782 
 10 
 
 792 
 
 10 
 
 10 
 
 Dr. 
 
 Cotton 
 
 1827. 
 
 
 July 
 Sep. 
 Dec. 
 
 20 
 30 
 31 
 
 1828. 
 
 
 Jan. 
 
 1 
 
 To Sundries ^ Ann, ^ 
 To Prqfity. 
 
 To Balance f. 
 
 Bale*. 
 
 100 
 
 100 
 
 1190 
 283 
 252 
 
 1726 
 
 315 
 
 Dr. 
 
 Ship Mars, 
 
 1827. 
 
 Sep. 
 
 Dec. 
 
 1828. 
 Jan. 
 
 To Cash, 
 
 To Sundries,, 
 To Pro/it, — 
 
 To Balance^ 
 
 450 
 
 7 
 
 65 
 
 523 
 
 430 
 
 Dr. 
 
 Joint 
 
 1827 
 Sep. 
 
 To Cash, 
 
 To Sundries, 
 
 lbs. 
 
 1696 
 
 1696 
 
 932 
 127 
 
 1060 
 
LEDGER, BY PRESENT PRACTICE. 
 
 179 
 
 Funds. 
 
 Cr, 
 
 1827. 
 Sep. 
 
 26 
 
 By Cash, 
 
 1000 
 
 1000 
 
 792 
 
 792 
 
 10 
 
 10 
 
 Account. 
 
 Cr. 
 
 1827 
 Sep. 
 Oct. 
 Dec. 
 
 By E, Robinson, 
 
 By Sundries, 
 
 By Balance,.,^,,,.^ 
 
 Bales. 
 
 20 
 60 
 20 
 
 100 
 
 335 
 
 1055 
 
 315 
 
 1726 
 
 Our One sixth. 
 
 Cr. 
 
 1827 
 Dec. 
 
 By Cash, 
 
 By Balance,, 
 
 93 
 430 
 
 523 1 6 
 
 Indigo. 
 
 Cr. 
 
 1827, 
 Sep. 
 
 19 
 
 By Dawson & Co. — 
 
 lbs. 
 
 1696 
 
 1696 
 
 1060 
 
 1060 
 
180 
 
 SET IV.—MERCHANT.'S BOOKS. 
 
 Dr. 
 
 Sales of 
 
 1827. 
 Nov. 
 Dec. 
 
 To Sundries,* 
 To Sundries,. 
 To Balance^. 
 
 .F Cuba,. 
 .Ditto. 
 
 764 6 
 117018 
 
 261 
 
 2196 
 
 14 
 
 18 
 
 Dr. 
 
 Adventure 
 
 1827. 
 July 
 
 To Sundries -^ Fame,. 
 
 436 
 
 436 1 
 
 Dr, 
 
 Joint Hemp 
 
 1827. 
 
 Sep. 
 
 Dec. 
 
 To Ross & Son, our ^ share. 
 To Profit, , 
 
 545 
 25 
 
 570 
 
 18 
 
 Dr. 
 
 Debentures 
 
 1827. 
 Oct. 
 
 20 
 
 To Merchandise ^ Aurora,. 
 
 902 
 
LEDGER, BY PRESENT PRACTICE. 
 
 181 
 
 Consignments. 
 
 Cr. 
 
 1827. 
 
 
 Nov. 
 
 30 
 
 Dec. 
 
 31 
 
 1828. 
 
 
 Jan. 
 
 1 
 
 By Sundries, 
 By Sundries, 
 
 By BcdancBy 
 
 .^ Cuba, ^ 
 .Ditto 
 
 to Lisbon. 
 
 764. 
 1432 
 
 2196 
 
 261 
 
 18 
 
 14 
 
 Cr. 
 
 1827. 
 
 Sep. 
 
 Dec. 
 
 By R. Manford, for Net Proceeds,, 
 By Loss, 
 
 422 
 13 
 
 436 
 
 1510 
 
 from Riga. 
 
 Cr. 
 
 1827. 
 Oct. 
 
 31 
 
 By Sundries, Net Recovery ^ Vrow,. 
 
 570 
 
 18 
 
 Account. 
 
 Cr, 
 
 1827. 
 Nov. 
 
 20 
 
 By Cash, 
 
 902 
 
182 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Robert Manford, 
 
 1827. 
 Sep, 
 
 20 
 
 To Bills Payable, 
 
 To Adventure to Lisbon,. 
 
 Milrtaa. 
 
 3021,340 
 1691,160 
 
 4712,500 
 
 755 
 422 
 
 1178 
 
 Dr, 
 
 John Stirling, 
 
 1827. 
 
 Sep. 
 
 Dec. 
 
 To Sundries ^ Spooner,. 
 To Cash, 
 
 To John Black, — Lost by him. 
 
 To Sundries, 
 
 To Balance^ ..^ >..^>.^ 
 
 480 
 
 200 
 
 38 
 
 5 
 
 115 
 
 839 
 
 Dr. 
 
 Murray & Co. 
 
 1827. 
 Aug. 
 Sep. 
 Dec. 
 
 1828. 
 Jan. 
 
 To Bills Payable, 
 
 To Sundries W Spooner, 
 
 To Sundries, 
 
 To Balance. 
 
 500 
 
 851 
 
 17 
 
 1369 
 
 736 
 
 17 
 
 Dr. 
 
 Ross & Son, 
 
 1827. 
 
 Aug. 
 Nov. 
 
 27 To Bills Payable, ^ 
 25 To Cash, . 
 30 To Sundries, 
 
 545 
 
 565 
 
 5 
 
 1116 
 
 13 
 
 10 
 
 8 
 
 4 
 
 10 
 
LEDGER, BY PRESENT PRACTICE. 
 
 183 
 
 Lisbon. 
 
 Cr. 
 
 1827. 
 July 
 Dec. 
 
 By Cotton, 
 By LosSy «- 
 
 Milreoi. 
 
 .4712,500: 1 
 
 4712,500 
 
 1168 
 9 
 
 1178 
 
 Jamaica. 
 
 Cr. 
 
 1827. 
 July 
 Aug. 
 Nov. 
 
 9 
 21 
 16 
 
 1828. 
 Jan. 
 
 1 
 
 By Bills Receivable, ^ 
 By Ditto, 
 
 By Sales of Consignments ^ Cuba, 
 
 By Balance, 
 
 100 
 100 
 639 
 
 839 
 
 115 
 
 19 
 
 Jamaica. 
 
 Cr. 
 
 1827. 
 Dec. 
 
 31 
 
 By Sales of Consignments ^ Cuba, 
 By Balance, ,». » — ^ ^.. 
 
 10 
 
 632 
 736 
 
 1369 
 
 Riga. 
 
 Cr. 
 
 1827. 
 
 Sep. 
 
 Oct. 
 
 By Joint Hemp ^ Vrow, our J, 
 
 By Sundries, Net Recovery ^ Vrow,^ 
 
 54515 
 57018 
 
 1116 
 
 13 
 
 10 
 
 10 
 
184 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 Adventure to Rotterdam, 
 
 1827. 
 
 
 Oct. 
 
 20 
 
 Dec. 
 
 1 
 
 
 31 
 
 To Sundries ^ Aurora 
 To Vanderpoole & Co. 
 To Profit, 
 
 ^Our ^ proportion, ^ 
 Xoss by Exchange,. 
 
 6 I 
 10 
 
 4 
 
 785 
 
 1 
 
 136 
 
 923 
 
 15 
 
 8 
 14 
 
 18 6 
 
 Dr. 
 
 Vanderpoole & Co. 
 
 1827. 
 Oct. 
 
 Nov. 
 
 To Sundries ^ Aurora, their ^ proportion, . 
 To Promiscuous Charges,^ 
 
 To Sundries, f proceeds ^ Aurora,. 
 
 785 
 
 2 
 
 1847 
 
 2635 
 
 17 
 
 Dr. 
 
 Jqhn Ramsay, 
 
 1827. 
 Aug. 
 Oct. 
 
 Nov. 
 Dec. 
 
 20 To Bills Payable, 
 1 To Cash, 
 
 12j To Bills Payable, 
 
 20| To Sundries ^ Aurora, his ^ proportion, 
 30 To Sundries, ~ 
 1 To Cash, 
 
 31 
 
 To Vanderpoole & Co Loss by Exchange, 
 
 To Profit, oddpence, 
 
 2 
 5 
 5 
 
 6 
 
 8 
 9 
 10 
 
 4 
 
 411 
 
 50 
 
 353 
 
 785 
 
 12 
 
 124 
 
 1 
 
 1739 
 
 Dr. 
 
 James Thomson, 
 
 1827. 
 
 Aug. 
 Oct. 
 Nov. 
 Dec. 
 
 To Bills Payable, ^ 
 To Bills Payable, ^ 
 
 To Bills Receivable, 
 
 To Sales of Consignments, 
 To Sundries, 
 
 550 
 
 1000 
 
 500 
 
 261 
 
 1348 
 
 3660 
 
LEDGER, BY PRESENT PRACTICE. 
 
 Id5 
 
 Our One-third. 
 
 Cr. 
 
 1827 
 Nov. 
 
 30 By Vanderpoole & Co.,~^our ^ of Proceeds, , 
 
 923 
 
 18 
 
 Rotterdam. 
 
 Cr. 
 
 1827. 
 
 
 Oct. 
 
 24 
 
 Nov. 
 
 25 
 
 Dec. 
 
 4 
 
 
 1 
 
 By Cash, 
 
 By Bills Receivable, 
 
 By Ditto 
 
 By Sundries, ....-^..^^ 
 
 788 
 
 500 
 
 1345 
 
 2 
 
 2635 
 
 17 
 
 17 
 
 London. 
 
 Cr. 
 
 1827. 
 
 July 
 Sep. 
 
 Nov. 
 
 By Merchandise,- 
 By Ditto. 
 
 By Joint Indigo, 
 
 By Vanderpoole & Co.^is ^ of Proceeds, 
 
 411 
 
 353 
 
 30 
 
 923 
 
 1739 
 
 London. 
 
 Cr. 
 
 1827. 
 Aug 
 
 Sep. 30 
 
 20 
 
 By Bills Receivable, 
 By Merchandise,, ^ 
 
 « A 
 
 550 
 3110 
 
 3660 
 
 18 
 
186 SET IV.— MERCHANT'S BOOKS. 
 
 w ~ 
 
 Dr, 
 
 Dawson & Co. 
 
 1827, 
 
 Sep. 
 
 Dec. 
 
 1828. 
 Jan. 
 
 To Joint Indigo, ..^w-v-,--<^~«« 
 To Sales of Consignments,. 
 
 To Balance^ 
 
 1060 
 
 384 
 
 1444 
 
 384 
 
 3 6 
 
 Dr. 
 
 Edward Robinson, 
 
 1827. 
 
 Sep. 
 
 Oct. 
 
 To Cotton, ^ 
 To Cotton, 
 
 353 
 351 
 
 706 13l 
 
 JDr 
 
 Thomas Ryder, 
 
 1827. 
 Dec. 
 
 To Cash,^ 
 
 35019 
 
 Dr. 
 
 William Irvine, 
 
 1827 
 Oct. 1 4 
 
 To Bills Payable, 
 
 475 
 
 1 6 
 
LEDGER, BY PRESENT PRACTICE. 
 
 187 
 
 London. 
 
 10 
 
 Cr. 
 
 1827. 
 
 Oct. 
 
 Dec. 
 
 By Cash, 
 
 By Bcdancey. 
 
 1060 - 
 
 384 3 
 
 1444 3 
 
 Manchester. 
 
 Cr. 
 
 1827. 
 Nov. 
 
 25 
 
 By Cash,^ 
 
 By Bills Receivable, 
 
 355 
 351 
 
 706 
 
 13 
 
 Manchester. 
 
 Cr, 
 
 1827. 
 Sep. 
 
 By Merchandise,,. 
 
 350 
 
 19 
 
 Glasgow. 
 
 Cr. 
 
 1827 
 Sep. 
 
 By Merchandise,^ 
 
 475 
 
188 
 
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 PQ 
 
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190 
 
 REMARKS ON THE PRECEDING LEDGER. 
 
 Is is now deemed proper to make a few observations on such Accounts as re- 
 quire some explanation. 
 
 Folio 1. Contains the Stock and Partners* Private Accounts ; for a particular 
 explanation of these, the learner is referred to page 194. 
 
 FoL 3. Contains the Insurance Account, the definition of which is different 
 from that given in Set III. There the personal account is debited when effected ; 
 here Insurance is also debited when effected, but credited only from the Account 
 Sales-Book when the Sales ai'e finished. The difference therefore of this Account 
 at every General Balance is the sums still owing you not accounted for in the 
 Sales. 
 
 Fol. 4. Contains an account entitled Assurance, which receives the premiums 
 on sums where the partners act as Underwriters. It is credited for the premi- 
 ums and debited for average or total losses on goods which had been insured 
 by them. The premiums on risks, pending at taking a Balance (had there been 
 any), would have been the Balance ; this account is closed " To Profit" or *' By 
 Loss" for the gain or loss. See page 101, Note. 
 
 Fol. 4. Contains also accounts for Loss and Profit. Profit & Loss have been 
 so universally united in one account, that the object of their division here will 
 naturally be inquired. That object is perspicuity. The combination of Profit 
 and Loss occasions in the results of business an indistinctness which perplexes the 
 inexperienced accountant. Whether an adventure terminates favourably or un- 
 favourably, it is always closed by a transfer to " Profit & Loss j" the expression 
 itself does not determine if the result be profitable or losing, and it is only after 
 X attentive reflection or habitual association, that the compound term " Profit & 
 ^ Loss" is perceived to signify profit on the debtor side of an adventure, and loss 
 on the creditor side. In the " Profit & Loss" account itself, the same reflection 
 ^' or habit is required to understand, by the reversed signification of the entries, 
 '^ that those on the debtor side are losses, and those on the creditor side profits. 
 
 By allotting separate accounts to Profit and Loss, all this confusion is removed. 
 Each adventure is closed by an entry " To Profit" or " By Loss," which dis- 
 tinctly expresses its real result. The least of these two accounts being transferred 
 to the greater, the Net Result of trade is then passed to the Stock with a clear 
 and unequivical expression, ** By Profit" or " To Loss." * 
 
 Fol. 8. Contains the account of Robert Manford of Lisbon. It will be ob- 
 served that you make him a Consignment of goods, and about the same time he 
 
 * It is acknowledged that by the compound term " Profit and Loss," the intelligent Accountant does 
 not apprehend a confused combination of the two opposite thhigs, but the variations of capital generally, 
 without the specific notions of these variations, that is, whether they be augmentations or diminutions. 
 In this sense, the union of Profit and Loss is perfectly correct ; but it is surely too abstract a signification 
 for common use, alwayi requiring an exertion of the mind to surmount the apjiareftt ambiguity and con- 
 tradiction of the term. 
 
 / 
 
REMARKS ON THE PRECEDING LEDGER. 191 
 
 $hips for your account a quantity of Cotton, for the value of which he is credited 
 in Portuguese, as well as Sterling money at the rate of exchange when the In- 
 voice was received. Soon after the arrival of your goods, he furnishes you with 
 an Account Sales, for the Net Proceeds of which you debit him in the currency 
 of the countr}', as well as in Sterling, at the present exchange; at which he 
 draws a bill on you for the difference betwixt his Cotton and the Proceeds of 
 your Consignment, and for which he is debited. As the present rate of Ex- 
 change happens to be a little higher than the former, a small loss by it is sus- 
 tained, and the account is finally closed " By Loss" for the difference of the 
 Sterling money. In all accounts of foreign money, when the inner columns 
 on both sides are equal, the account is then settled, and the difference of the 
 outer columns is carried to Profit or Loss. Had there been a Balance either 
 due to, or by you, it would have been estimated on the difference between the 
 Dr. and Cr. sides of the inner columns. 
 
 Fol. 8, and 9. Contain the accounts of Ross & Son, Riga, and Vanderpoole 
 & Co. Rotterdam. From the nature of these transactions two accounts in busi- 
 ness would have been opened for each party, as is done in Set V. entitled Ster- 
 ting and Foreign Accounts, in order to keep the transactions of each party clear 
 and distinct. See Remarks on Ledger to Set V. • 
 
 To obviate every difficulty in stating Adventures, the Joint Adventure to Rot- 
 terdam is illustrated from the commencement till a final settlement after the Ac- 
 count Sales for the whole is received. 
 
 The several partners in said Adventure are debited for their proportions at out- 
 fit; and Vanderpoole & Co. (to whom the consignment is made) are credited for 
 the proceeds of the bill you draw on them for their proportion, they being charged 
 with the expenses attending the negotiation. 
 
 Vanderpoole & Co. on handing you the Account Sales of the whole, are de- 
 bited for two-thirds of the Net Proceeds of the Sales, and credited for the re- 
 mittances they make ; and J. Ramsay and Adventure to Rotterdam are each cre- 
 dited one-third. A small difference betwixt the Remittances and Proceeds aris- 
 ing on the exchange, is observed ; and as this difference is Loss^ the account of 
 Vanderpoole & Co. is credited for it, and John Ramsay and Adventure to Rot- 
 terdam debited, each one-half 
 
 In extensive Trade, it is found most convenient to place, contiguous to each 
 other, accounts of a similar description, and which may easily be done, by a pro- 
 per disposition of these at opening the Ledger. 
 
 The same method of Ruling the Ledger is not universally observed. Some 
 Counting-houses prefer having the Dr. and Cr. upon opposite pages, while 
 others comprise both upon the same page (similai* to folio 11. of the preceding 
 Ledger) ; but as the Ledger should be considered only as a general Index to the 
 Journal, as that Book is to the Subsidiary Books, it ought, for that reason, to be 
 comprised in as small a compass as possible ; and, therefore, the latter form is re- 
 commended. 
 
192 
 
 SET IV.— MERCHANT'S BOOKS. 
 
 Dr. 
 
 The Joint Estate of 
 
 1827 
 Dec. 
 
 For Balances dm by them at this date. 
 
 . Under acceptance, 
 
 To Bills Payable,^ 
 
 To James Agent, 
 
 To Sales of Consignments,~( G^ro^* sum,) 
 To John Stirling, Jamaica, . 
 
 ...London,, 
 
 To Stock,, 
 
 .Our Net Capital, 
 
 £ 
 
 230 
 
 12 
 
 261 
 
 113 
 
 640 
 3569 
 
 4209 
 
 19 
 
 RemarJcs. — As the above General Extract belongs neither to the Subsidiary 
 Books nor to the Ledger, it must be recorded in a separate book, called the /n- 
 ventory, in which may also be entered the Valuation of goods on hand requisite 
 to obtain the Balance of the Merchandise Account in every business excepting 
 the Merchant's. 
 
 In the Italian system, the General Extract is recorded in the Ledger under ' 
 the title of Balance Account ; but this attempt to include the Inventory in the 
 system of the Books, is founded on wrong principles, and is evidently incon- 
 sistent. Prior to the extract of the Balances, the Books record, in their several 
 Accounts, the entire Capital, and each of its component parts. If it is required 
 to exhibit, in another account, an enumeration of the component parts, this is 
 merely a repetition, and occasions several irregularities. 
 
 The Balance, being once transferred to the opposite column of its Account, is 
 fully disposed of; and it is contrary to all rule and method to make a second 
 transfer of it to the Balance Account ; or, being first deposited in the latter, it 
 cannot be methodically restored to its Accoimt, excepting by the circuitous route 
 already complained of. 
 
INVENTORY. 
 
 193 
 
 SiMSON, MoNTEATH, & Co. London. 
 
 Cr. 
 
 1827. 
 Dec 
 
 31 
 
 For Balances due to them at this date. 
 
 An hand^. 
 
 By Cash, 
 
 By Bills Receivable,-~iw hand, ^ 
 
 By Furniture, valued aty 
 
 By Insurance, premiums outstandingy 
 
 By Consignments,- 
 
 By Cotton,.^...,.. 
 
 By Ship Mars, 
 
 By Murray & Co..-. 
 By Dawson & Co.- 
 By Attwood & Co.„..,J[>iUo 
 
 in advance on Produce, 
 
 — on hand. 
 — our ^ share,, 
 
 .^^^amaica, 
 
 — London, 
 
 47 
 762 
 69 
 16 
 661 
 315 
 430 
 736 
 384 
 786 
 
 4209 
 
 19 
 
 d. 
 
 Besides the reason of propriety which requires a separate Book for the Inven- 
 tory, there is another of expediency, which deserves to be mentioned. In exten- 
 sive concerns, there may be several hundreds of Balances, and when we add the 
 Valuations of goods necessary to obtain the Merchandise Balance in many busi- 
 nesses, we shall find ample materials for a separate Book. 
 
 We may therefore safely conclude, that the Balance of every Account ought 
 immediately to be carried to its opposite column ; and that the Inventory, or 
 General Extract of the Balances, being extraneous to the system of the Ac- 
 counts, ought to be entered in a separate Book. It must also be observed that 
 the entries in the Inventory are not transfers from other Accounts, but simply 
 copies or extracts ; the Inventory harmonizes with the other Books, but it is 
 not in dependent connexion with them. 
 
 2B 
 
194 
 
 REMARKS ON THE PRIVATE LEDGER. 
 
 At the commencement of a Copartnery, it is only necessary to Debit Cash, 
 To Stock for the Capital brought into trade, without particularising the Shares j 
 or at opening a New Set of Books where the business has been Continued, to 
 Credit the Stock account, By Balance for Net Capital. The share which each 
 Partner holds in the concern, is entered in a Private or Partnership Ledger, as the 
 following, to which only the Partners, or at most their confidential Clerk, have 
 access. 
 
 Hence, in the Ledger in daily use, the General Stock account contains on the 
 Cr. side, the extent of the Company's original Capital, the Interest on it, with the 
 Projit ; and on the Dr. side, the Loss^ if that exceed the Profit, with the amount 
 of each of the Partners* Private Accounts, transferred at every General Balance; 
 consequently the difference then exhibits the amount of the Company's present 
 Capital, as in the preceding Ledger. 
 
 The Private account of each Partner, contains on the Dr. side, the money or 
 any thing else which he withdraws from the concern, the amount of which at 
 every General Balance, is transferred to the Dr. side of Stock, as has ah-eady 
 been observed. And 
 
 The Pbivate Ledger 
 Contains the following Accounts : 
 
 1. Joint Stock, which contains on the Dr. side, the amount of the Com- 
 pany's Capital, the Interest on it, and the Net Profit; and on the Cr. the amount 
 withdrawn by the Partners, as stated in the following Partnership Ledger, page 
 196. Hence, Joint Stock in the Private Ledger, is just the Stock account 
 in the other Ledger reversed, and like it exhibits the Capital employed in 
 trade, but in an opposite point of view. The reason of this inversion will appear, 
 when it is considered that Joint Stock is only an account of Property, and is 
 therefore debited for the amount possessed. 
 
 2. Interest, contains on the Cr. the Interest due on the Joint Stock; and on 
 the Dr. the particular proportions of that, due to each partner. 
 
 3. Profit, contains on the Cr. the Net Gain on the Joint Stock ; and on the 
 Dr. the particular shares of it due to the partners. This account and that of In- 
 terest, are closed by transferring the same to the Partners' Accounts. 
 
 4. The Partners' Accounts, contain on the Cr. the amount of their respective 
 shares, with the Interest and Profit due to each ; and on the Dr. the amount 
 each Partner has withdrawn from the concern. These Accounts show the par- 
 ticular Balances belonging to each Partner, and when added, are equal to the 
 Joint Stock, as in page 196. 
 
 It is to be understood that a whole folio should be left for each Account in 
 the Private Ledger, to which an Index should be added. 
 
PRIVATE LEDGER. 
 
196 
 
 SET IV.— PRIVATE LEDGER TO 
 
 Dr. 
 
 Joint Capital, 
 
 1827. 
 
 July 
 
 Dec. 
 
 1828. 
 Jan. 
 
 To Cash, 
 To Interest,, 
 To Profit, _ 
 
 To Balance^ 
 
 3000 
 
 75 
 
 676 
 
 3751 
 
 3569 
 
 Dr. 
 
 Interest, 
 
 1827. 
 Dec. 
 
 To William Simson, «. 
 To George Monteath,. 
 To John Thomson, «^ 
 
 37 
 25 
 12 
 
 75 
 
 Dr. 
 
 Profit, 
 
 1827. 
 Dec. 
 
 31 
 
 To William Simson,,«-s 
 To George Monteath, 
 To John Thomson,, 
 
 ^his f share,. 
 
 .hisf^ 
 
 338 
 225 
 112 
 
 676 
 
COMPANY CONCERN. 
 
 197 
 
 Contra, 
 
 Or. 
 
 1827. 
 Dec. 
 
 31 
 
 By William Simson,w».w,-~withdrawn, . 
 
 By George Monteath, ditto. 
 
 By John Thomson, ditto. 
 
 By Balance^ 
 
 101 5 
 6012 
 
 20 
 
 3569 
 
 3731 
 
 Contra, 
 
 Cr, 
 
 1827, 
 Dec. 
 
 31 
 
 By Joint Capital,. 
 
 75 
 
 75 
 
 Contra, 
 
 Cr. 
 
 1827. 
 Dec. 
 
 31 
 
 By Joint Capital, « 
 
 676 
 
 676 
 
198 
 
 SET IV.— PRIVATE LEDGER TO 
 
 Dr. 
 
 William Simson, 
 
 1827. 
 Dec. 
 
 31 To Joint Capital,«^withdrawn, , 
 To Balance^, 
 
 101 
 1774. 
 
 1875 
 
 12 
 
 Dr. 
 
 George Monteath, 
 
 1827. 
 Dec. 
 
 31 To Joint Capital,~.withdrawn, 
 To Balancef^ ^.^ 
 
 60 
 1189 
 
 1250 
 
 Dr. 
 
 John Thomson, 
 
 1827. 
 Dec. 
 
 31 To Joint Capital,~>withdrawn, 
 
 To BaUmceyr,.^,,.*,^ 
 
 3* V t M t»tt * Mt * *r» H f** H* »*-1 
 
 20 
 605 
 
 625 
 
COMPANY CONCERN. 
 
 199 
 
 Contra, 
 
 Cr, 
 
 1827 
 July 
 Dec. 
 
 1828, 
 Jan. 
 
 By Cash,-^ 
 By Interest, 
 By Profit,^ 
 
 By Balancey 
 
 1500 
 
 37 
 
 338 
 
 |1875 
 
 1774 
 
 10 
 
 2 
 
 12 
 
 Contra, 
 
 Cr. 
 
 1827. 
 
 July 
 
 Dec. 
 
 1828, 
 Jan. 
 
 By Cash, 
 
 By Interest,. 
 By Profit, _ 
 
 By Balance,, 
 
 1000 
 
 25 
 
 225 
 
 1250 
 
 1189 
 
 Contra, 
 
 Cr. 
 
 1827. 
 July 
 Dec. 
 
 1828. 
 Jan. 
 
 By Cash,_ 
 By Interest, 
 By Profit,. 
 
 By Balaiice, 
 
 500 
 
 12 
 
 112 
 
 625 
 
 605 
 
200 
 
 DOCQUET. 
 
 At London, the 10th day of January, One thousand, eight hundred and twen* 
 ty-eight years. We, William Simson, George Monteath, and John Thomson, 
 General Merchants, and partners of a West India Business carried on here, under 
 the FiKM of SiMsoN, Monteath & Co., Having this day met to take into Con- 
 sideration the State of Our Affairs, as contained in pages 192 & 193 of this 
 our Ledger, and which after a careful examination of It, and the Books which 
 compose it. We declare to be a Just and True State thereof. And Find, 
 
 That on the thirty-first ultimo. Our Joint Capital was Three thousand five 
 hundred and sixty-nine pounds six shillings and sixpence. Sterling, and which be- 
 long to the Partners in the following proportions, viz. 
 
 To William Simson, £1774ii 7ii -, Or, One thousand, seven hundred and se- 
 venty-four pounds, seven shillings. Ster- 
 ling. 
 
 To George Monteath, iGllSQiilSii 6, Or, One thousand, one hundred and eigh- 
 ty-nine pounds, fifteen shillings and six- 
 pence. Sterling. 
 
 To John Thomson, £ 605» 4ii -, Or, Six hundred and five pounds, four 
 
 shillings, Sterling. 
 
 £3569m 6ii 6, As in the two preceding folios. 
 
 That in case any of the Events mentioned in Article VI. should imfortunately 
 take place, the Heirs or Creditors of the deceased or insolvent Partner, are to 
 be paid off and settled with according to this State, and not otherwise, agreeably 
 to our Contract of Copartnery, Article XII. In Consideration whereof. We 
 have subcribed this Docquet, and Mutually Release and Discharge one an- 
 other of all, and every intromiss relating to this Concern, excepting those re- 
 corded in the above, and preceding state. 
 
 William Simson. 
 George Monteath. 
 John Thomson. 
 
SET V. • 
 
 BEING THE PRECEDING TRANSACTIONS ARRANGED BY 
 
 A NEW METHOD, 
 
 Ohtaining the same Result by Two Entries, as the Present Practice by Four. 
 
 EXEMPLiriED ISr THE BOOK3 OF 
 
 SIMSON MONTEATH & Co. 
 
 GENERAL MERCHANTS, LONDON, 
 
 1. CASH. 
 
 2. BILLS RECEIVABLE. 
 
 3. BILLS PAYABLE. 
 
 4. COMMISSIONS. 
 
 5. ADVENTURES. 
 
 6. LEDGER. 
 
 7. INVENTORY. 
 
 8. PRIVATE LEDGER, 
 
 2C 
 
202 
 
 EXPLANATION OF THE NEW METHOD. 
 
 The New Method consists in keeping all the Day-Books by Debtor 
 and Creditor, and in posting them directly to the Ledger, without any 
 intermediate process. In the following Set, five Subsidiary Books are 
 required, each recording a particular branch of property. 
 
 Istf The Cash, containing all Cash transactions. 
 
 2c?, The Bills Receivable, containing all bills, whether received or 
 drawn by the proprietors, which they have not to pay or provide for 
 when due. 
 
 ^ '^ Sd, The Bills Payable, containing all bills which the proprietors accept, 
 S and have to pay or provide for when due. 
 
 ?" \th, The Commissio7is, containing all imports consigned for sale to the 
 
 merchants, and exports shipped by them to order. 
 
 bth, The Adventures, containing all speculations, whether Individual 
 or Joint. 
 
 The Ledger, containing the personal accounts, the Stock account 
 and its ramifications, the accounts of immoveable and funded property, 
 and occassional abstracts of merchandise accounts. 
 
 Each of these Books is divisible into two or more, according to the na- 
 ture and extent of the business, and the number of Clerks employed. 
 
 The first five are called Day-Books, from their recording the transac- 
 tions immediately as they occur. In general, these Books receive the 
 primary entries, from which the secondary are posted to the Ledger. In 
 some transactions, however, the entry and counter-entry are both record- 
 ed in the Day-Books ; and in others both occur in the Ledger. Pay- 
 ments of due bills, purchases, or sales for Cash, and transfers between 
 Ledger accounts, are the principal entries of this nature ; but in all, the 
 distinctions of primary and secondary cease to obtain. 
 
EXPLANATION OF THE NEW METHOD. 203 
 
 The Book of Merchandise admits various divisions and appellations, 
 according to the nature of the business which it records. In all concerns, 
 where there is a continuous stock of goods, the Merchandise Account 
 must be continuous also. If the business extend to various commodi- 
 ties, Merchandise will be an appropriate general title : if it be limited 
 to one commodity, that commodity will supply a specific denomination. 
 Hence, by the woolstapler this book may be termed the Wool-Book; by ^ 
 the cotton-vender, the Cotton-Book; by the wine-merchant, the Wine' \ . 
 Book, &c. &c. When the business consists of two or more very distinct t^ Si 
 branches, each may be allowed a separare Book of Merchandise, with an \^ /^ 
 appropriate designation. In mercantile concerns, the Book of Merchan- '^ 
 disc is divisible into separate Accounts for each particular lot or cargo of 
 goods. According to the extent of the business, and the number of 
 Clerks employed, these accounts may be comprised in one or more books. 
 When a separation is required, commissions and adventures may be re- 
 commended as divisions ; imports and exports, as subdivisions.* 
 
 In the New method, the Ledger may be posted daily or weekly, ac- 
 cording to convenience ; but it is desirable to avoid long arrears. When 
 the entry and counter-entry both occur in the Day-Books, they arise si- 
 multaneously ; so that, in this case, the posting is reduced to the mere 
 entry of the reference figure. The entry and counter-entry must always 
 indicate each other by this figure, and also by the name of the account, 
 when specific, immediately after the introductory preposition *' To" or 
 *< By." The only exception is, the Merchandise of retailers, wholesale 
 dealers, or manufacturers, which being a general account of trade, the 
 counter-entries to this book are rendered more clear, by refemng to the 
 specific subjects of its entries. 
 
 • The term Merchant is applied rather indiscriminately to persons on a large scale of business ; but, in 
 a strict sense, it is limited to those who keep no continuous stock of goods. This is the real distinction be- 
 tween Merchants and Wholesale Dealers or Manufacturers, who equally trade in whole masses, but are al- 
 ways presumed to hold stocks of their peculiar articles. On the other hand, the Merchant differs from an 
 Agent in not being limited to particular or general agencies ; and in embarking in speculations and adven- 
 tures on his own account 
 
804 
 
 REMARKS ON CASH ENTRIES. 
 
 The harmony of Debtors and Creditors is evident in the very nature 
 of posting, the constant rule of which is to transfer from the left side to 
 the right, and from the right side to the left. 
 
 In buying or selling Goods for ready money, the first or original en- 
 try containing particulars, is made in the Book of Adventures ; and the 
 second or counter-entry at same time, in the Cash Account. For ex- 
 ample, in the account of Indigo, purchased on joint account with John 
 Ramsay, on 15th September, the particulars are then entered on the 
 Debit of Joint Indigo, To Cash, and at same time, on the Credit of the 
 Cash Account, By Joint Indigo, as in pages 242 and 207. 
 
 In paying money on importations either as Consignments made to you, 
 or on Adventures, the first entry containing particulars is made in the 
 Commissions, or Adventures accordingly ; and then the Cash account is 
 credited By the title of the account on which the sum was paid, in one 
 line, inserting the aggregate sum, initial, and folio of the Book referred 
 to.* 
 
 Bill Entries are so fully explained on that Book, in page 210, that the 
 learner is referred thither: all other entries in the Cash-Book being 
 made exactly similar to those on the preceding Set, it is unnecessary to 
 repeat them here. 
 
 The accounts which appear in the Subsidiary or Day-Books only, and 
 not in the Ledger, are those expressed by the titles. Hence, when tak- 
 ing a general extract of the Balances, such of the above accounts as then 
 have balances, are collected from these Books, and not from the Ledger. 
 Thus, the Cash in hand is taken from the Cash-Book ; the amount of bills 
 due to you from Bills Receivable ; the amount of Bills due by you from 
 Bills Payable ; the value of Cotton unsold from Adventures ; and the 
 balance of the money advanced, &c. upon Consignments made to you, 
 is collected from the Book of Commissions. 
 
 * The initial letter used at some of the Entries is 
 A, which refers to Adventures. 
 C, ,,^,vw«s« — , — ,^ Commissions. 
 
CASH. 
 
206 
 
 SET v.— CASH, 
 
 Dr. 
 
 CASH. 
 
 1827. 
 
 July 1 
 Aug. 20 
 31 
 
 Aug. 31 
 
 Sep. 13 
 
 26 
 
 Sep. 30 
 
 Oct. 19 
 
 20 
 
 24 
 
 Receipts, &c. 
 
 To Stock, 
 
 To Interest, 
 
 To Bills Receivable, 
 
 Capital in hand, 
 
 ^from J. Thomson, 
 
 .«w.No. 1, now due,. 
 
 To Balance, ^ . .»,^^„.^ 
 To Bills Receivable, 
 To Four ^ Cents, — 
 
 .No. 4, now due, 
 .£1000 at 79| f 
 
 Cent, 
 
 To Balance,. 
 
 To Dawson & Co 
 
 To Bills Receivable, 
 To Bills Receivable, 
 
 jn full,. 
 
 ,No. 2, now due, 
 
 <No. 5, sold, 
 
 £ 
 
 3000 
 
 1 
 
 100 
 
 3101 
 
 2192 
 100 
 792 
 
 3084 
 
 1172 
 
 1060 
 
 200 
 
 788 
 
 3220 
 
 d. 
 
 10 
 
 10 
 
 10 
 
 13 
 
BY A NEW METHOD. 
 
 207 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 
 Aug. 4 
 
 8 
 
 20 
 
 31 
 
 Sep. 
 
 2 
 
 4 
 
 12 
 
 15 
 
 20 
 
 n 
 
 30 
 
 A2 
 
 3 
 
 1 
 
 A4 
 
 A2 
 
 4 
 
 Payments, &c. 
 
 By Furniture, — 
 
 ~-J. Wright, ^ account, 
 
 By Four F Cents, £1000 Stock, at 78^ ^Cent 
 
 By William Simson, Private Account,-^ 
 
 By Promiscuous Charges,-»this month, 
 
 By Balance, 
 
 £ s. d 
 
 69 
 
 782fl0 
 
 50 
 
 7 
 
 2192 
 
 3101 
 
 By Cotton ^ Ann, .^ 
 
 By Ship Mars, 
 
 By Bills Payable, 
 
 ^Duty, &c. 
 «.^ share, ^ 
 .No. 1, 
 
 Oct. 1 
 11 
 
 22 
 29 
 
 By Joint Spanish Indigo, ^1696tb at 11/. 
 
 By Cotton V Ann, Freight, &c. 
 
 By Geo. Monteath, Private Account, 
 
 By Promiscuous Charges,^this month, 
 
 By Balance, 
 
 3084 
 
 CI 
 C3 
 
 30 
 31 
 
 By John Ramsay, ,.>.^.>^,.....an fu 
 
 By Bills Payable, No. 2, 3,, 
 
 By Bills Payable, No. 4, 7,, 
 
 By Sugar M W Cuba, Duty, 
 
 By Coffee f Cuba, Duty, &c 
 
 By John Thomson, P. A 
 
 By Promiscuous Charges,.^this month,. 
 By Balance, , 
 
 190 
 
 450 
 
 200 
 
 932 
 
 93 
 
 30 
 
 15 
 
 1172 
 
 10 
 
 60 
 
 300 
 
 1305 
 
 282 
 
 91 
 
 30 
 
 15 
 
 1144 
 
 3220 
 
 10 
 
208 
 
 SET v.— CASH, 
 
 Dr. 
 
 CASH. 
 
 1827. 
 
 Oct. 31 
 
 Nov. 20 
 
 25 
 
 II 
 30 
 
 Nov. 30 
 Dec. 1 
 
 20 
 25 
 27 
 
 Dec. 31 
 
 Receipts, &c. 
 
 £ s. d. 
 
 To Balance, 
 To Debentures,, 
 To E. Robinson, ,,.«„ 
 To Bills Receivable, 
 To James Risk 
 To Hazard & Co. 
 
 .Drawback W Aurora, 
 
 ^n full of 20 Bales Cotton,. 
 .No. 3, now due, . 
 balance of accounts^ 
 tto. 
 
 1144 
 902 
 355 
 350 
 152 
 864 
 
 3768 
 
 17 
 
 10 
 
 To JSalcincCf vmmwwwwmwm 
 
 To Interest, 
 
 To BiHs Receivable, 
 To Ship Mars, 
 
 To Bills Receivable, 
 
 discount from T. R.,-. 
 No. 9, 10, discounted, 
 ^ of gain, 
 No. 5, now due, 
 
 1141 
 10 
 
 1000 
 
 93 
 
 351 
 
 To Balance^ « 
 
 2597 
 
 47 
 
BY A NEW METHOD. 
 
 209 
 
 CONTRA. 
 
 Cr. 
 
 1827. 
 
 Nov. 4 
 
 6 
 
 10 
 
 II 
 11 
 
 II 
 
 2 
 
 2 
 
 3 
 
 1 
 
 4 
 
 4 
 
 4 
 
 2 
 
 C6 
 
 C4 
 
 C2 
 
 1 
 
 C6 
 Co 
 C4 
 C3 
 CI 
 C2 
 
 Dec. 1 
 
 2 
 10 
 12 
 13 
 14 
 20 
 
 It 
 30 
 
 C3 
 C 
 2 
 
 Pay>lents, &c. 
 
 £ s. d. 
 
 By Promiscuous Charges^^ Spooner, , 
 By Promiscuous Charges^^ Aurora,^ 
 
 By James Agent, on account,^. 
 
 ~ " No. 5, 
 
 By Bills Payable, 
 
 By William Simson, ., 
 By George Monteath, 
 By John Thomson, . 
 
 .Private Account, 
 
 -Ditto. 
 
 .Ditto. 
 
 By Promiscuous Charges, 
 
 By Sugar F Cuba, 
 
 By Mahogany W Cuba,.^ 
 
 By Sugar B W Cuba, 
 
 By Bills Receivable, 
 
 By Sugar ^ Cuba, 
 
 By Rum ^ Cuba, 
 
 By Mahogany F Cuba, ^ 
 
 By Coffee ^ Cuba, 
 
 By Sugar M ^ Cuba, 
 
 By Sugar B F Cuba, 
 
 By Bills Payable,. 
 
 .Counting-house Rent,, 
 
 X)uty, 
 
 .Duty, 
 
 .Duty,^ 
 
 .No. 8, bought, 
 .Freight, -„...-.— 
 
 .Freight, 
 
 -Freight, 
 
 -Freight, 
 
 .Freight, 
 
 .Freight, 
 
 .No. 6, 
 
 By Promiscuous Chai^es,_this month,.. 
 By Balance, .^...v ^ > .>>^^.»wwy>..>..>.^ 
 
 By 
 By 
 By 
 Bv 
 
 By 
 
 By 
 By 
 By 
 By 
 By 
 
 By 
 
 John Ramsay, ., 
 Thomas Ryder, 
 Bills Payable, . 
 Bills Payable, ^ 
 John Stirling, „ 
 Bills Payable, ^ 
 Interest, 
 
 .balance, . 
 in full, ^ 
 .No. 8, _ 
 
 .No. 9, & 11, 
 
 M Gray, 
 
 .No. 10, 
 
 John Thomson, 
 Coffee r Cuba,, 
 Sugar M ^ Cuba, — 
 Promiscuous Charges, 
 Balanccy >,>.w>».w.v»ww.w>. 
 
 .discount on 2 bills, 
 .P. A. 
 
 ^.^rokerage &c.. 
 ^Ditto. 
 
 -this month, 
 
 70 
 34 
 20 
 
 411 
 50 
 30 
 20 
 25 
 
 196 
 42 
 
 284 
 
 565 
 42 
 81 
 20 
 32 
 69 
 70 
 
 545 
 14 
 
 1141 
 
 3768 
 
 6 
 3 
 8 
 6 
 6 
 9 
 9 
 8 
 5 
 10 
 6 
 9 
 
 10 
 
 124 
 
 350 
 
 475 
 
 853 
 
 200 
 
 500 
 
 5 
 
 20 
 
 2 
 
 3 
 
 12 
 
 47 
 
 2597 
 
 2D 
 
210 
 
 REMARKS ON BILL ENTRIES. 
 
 In receiving and accepting Bills, the entries are the same as those in 
 the preceding Set, only that the prepositions To and By are here used. 
 
 In receiving payment of, or discounting Bills, the first entry is made on 
 the credit of Bills Receivable, expressing only date^ By Cash, No, and 
 ^um of each bill in the inner, and extending their sum to the outer co- 
 lumn, and which sum is at same time carried to the Debit of the Cash 
 account in one line, expressing cfofe. To Bills Receivable^ No. and ammint, 
 inserting the reference figure of each book, by which such entries are 
 completed. 
 
 In paying Bills, we debit the account of Bills Payable To Cash, No* 
 and sum, crediting at same time the Cash account. By Bills Payable^ No. 
 and sum accordingly, inserting date, and fijlios as before. 
 
 When we draw Bills, we debit Bills Receivable, To ike Person on 
 whose account drawn, and when we sell these bills for Cash, we of course 
 credit Bills Receivable By Cash, specifying No. and sum, transferring the 
 same to the debit of Cash, viz. To Bills Receivable, sold No. — , as in the 
 example of John Vanderpoole, Rotterdam, October 24. 
 
 When Bills are purchased for Cash to remit our correspondents, we de- 
 bit Bills Receivable, viz. To Cash, registering the particulars as before, 
 inserting the sum in the money column, and crediting Cash, By Bills 
 Receivable, No. — , for the sum paid. We next credit Bills Receivable, 
 By the Person on whose account we remit it, as in the instance of George 
 Ross & Son, Riga, Nov. 25. 
 
 When we indorse a bill to another person, we credit Bills Receivable 
 By that Person, and that sum we carry to the debit of the person's ac- 
 count in the Ledger at conveniency. 
 
BILLS. 
 
212 
 
 SET v.— BILLS RECEIVABLE, 
 
 Dr. 
 
 BILLS RECEIVABLE, 
 
 When 
 Received. 
 
 1827. 
 July 9 
 Aug. 20 
 
 21 
 Oct. 20 
 
 Nov, 25 
 
 Dec. 3] 
 
 If y 
 II 2 
 26' 7 
 Dec. 1 7 
 
 30 
 
 To John Stirling. 
 To James Thomsoti. 
 
 To John Stirling 
 
 To Vanderpoole & Co. 
 
 To E. Robinson. 
 
 To Vanderpoole & Co. 
 To Cash. 
 
 To Pringle & Son. 
 To Fenn & Park. 
 
 Hon Obtained. 
 
 To Vanderpoole & Co. 1 1 
 12 
 13 
 
 Ex. at 35f7i fUm. per L. 
 14374 f. 14». 6jpen. 
 
 To John Black. 
 
 To JBalance, 
 
 14 
 
 Himself. 
 Himself. 
 Himself. 
 
 John Smith. 
 
 Ourselves. 
 
 Himself. 
 
 J. Lepper. 
 Liddel & Co. 
 Themselves. 
 Ourselves 
 
 Veres & Co. 
 Vos & Co. 
 Ditto. 
 
 Himself. 
 
 Upon, 
 
 Forster & Co. 
 J. Mills. 
 W. Bell. 
 
 Lloyd & Co. 
 
 Himself. 
 
 Himself. 
 
 Vanderloo & Co. 
 R Fairley. 
 Themselves. 
 Themselves. 
 
 Rees & Co. 
 Curtis & Co. 
 Jones & Co. 
 
 J. Caution. 
 
 Order qf 
 
 Ourselves. 
 J. Thomson. 
 Ditto. 
 
 Ourselves. 
 Schmidt & Co. 
 Ourselves. 
 
 Ourselves. 
 Ourselves. 
 Ourselves. 
 Ourselves. 
 
 Vanderpoole&Co. 
 Vanderloo & Co. 
 Schmidt & Co. 
 
 Ourselves, 
 
 Jamaica. 
 London. 
 Ditto. 
 
 Jamaica. 
 London. 
 Manch. 
 
 Rotterdam. 
 London. 
 Manch. 
 London. 
 
 Rotterdam. 
 
 Ditto. 
 
 Ditto. 
 
 London. 
 
 * Those two BiBs marked with an asterisk (*) are in the {Hreceding Set entered simply as Cash. 
 
BY A NEW METHOD. 
 
 213 
 
 July 9 50d/s. 
 July 18 3 mos. 
 July 22 4 mos. 
 
 Aug. 21 
 Oct 20 
 Oct. 25 
 
 Nov. 20 
 Nov. 22 
 Oct 26 
 Nov. 26 
 
 Nov. 27 
 Nov. 27 
 Dec. 4 
 
 Dec. 12 
 
 20d/s. 
 50d/s. 
 2 mos. 
 
 2 mos. 
 
 1 mo. 
 
 3 mos. 
 
 2 mos. 
 
 2 mos. 
 2 mos. 
 2 mos. 
 
 5 mos. 
 
 Dec. 28 
 Jan. 23 
 
 Aug. 31 . 
 
 Oct 21J200M -ri 
 Nov. 25|350ii -II 
 
 Sep. 13 
 
 sterling Aect. 
 
 Ex.at35l\0p.L. 
 
 5375 Flar. 
 
 Jan. 29 
 Jan. 29 
 
 Jan. 30 
 Jan. 30 
 Feb. 7 
 
 May 15 
 
 CONTRA. 
 
 Cr, 
 
 £ \s. 
 100 - 
 
 550 
 100 
 
 788 
 351 
 
 500n 
 500ii 
 345ii 
 
 500 - 
 565\ 1 
 704; 10 
 668' 
 
 1345 
 57 
 
 5729 
 
 762 
 
 12 
 
 17 
 
 10 
 
 10 
 
 Wken and Bom DUpoitd qf. 
 
 1827. 
 Aug. 31 
 Sep. 13 
 
 Oct. 20 
 
 24 
 
 Nov. 25 
 
 Dec. 20 
 
 21 
 
 By Cash. 
 
 By Cash. 
 
 By Cash. 
 
 By Cash. 
 
 9|By Ross & Son. 
 
 2; By Cash 
 
 5; By Ja. Thomson. 
 2 By Cash. 
 
 ByJa.Thomsoa 
 
 By Cash. 
 
 3y Balance f \ 
 
 sterling Aect. 
 
 66811 4m 9 
 
 345m -II - 
 
 £ \s, 
 
 lod -I 
 100 
 
 200, 
 
 788 
 
 565 1 
 350 A 
 
 500 
 
 1000 - - 
 
 1013 4 
 
 351 8 
 
 762 2 10 
 
 572917 
 
214 
 
 SET v.— BILLS PAYABLE, 
 
 Dr. 
 
 BILLS PAYABLE, 
 
 When PaidAM- 
 
 1827. 
 
 Sep. 12 
 Oct 11 
 
 22 
 
 Nov. 10 
 SO 
 
 Dec. 10 
 12 
 
 To Cash, 
 To Cash, 
 
 To Cash,. 
 
 To Cash. 
 To Cash,. 
 To Cash,. 
 To Cash,, 
 
 To Cash, 
 
 To Balance,. 
 
 550\\ -M 
 755fi 6i( 8 
 
 500ii -II 
 353Ml7ir 
 
 £ 
 200 
 
 300 
 
 1305 
 411 
 545 
 475 
 
 853 
 500 
 250 
 
 4841 
 
 s. d. 
 
BY A NEW METHOD. 
 
 215 
 
 CONTRA. 
 
 Cr. 
 
 When I -. . 
 Accepted. .■^"'• 
 
 1827. |~ 
 Ang. 9 8 
 
 20 
 
 II 
 
 27 
 
 Sep. 20 
 Oct. 4 
 11 
 
 12 
 Dec. 21 
 
 Dec. 31 
 
 Dratvn by 
 
 By Murray & Co. 
 
 ByJa. Thomson. 
 By i. Ramsay. 
 
 By Ross & Son. 
 
 By R. Manford. 
 By W. Irvine. 
 By Ja. Thomson. 
 
 5 By J. Ramsay, 
 5 By Ja. Thomson 
 
 By Balance. 
 
 J. Fraser. 
 Wmson&Co. 
 Willis & Co. 
 
 His order. 
 Ditto. 
 
 R. Field. 
 
 Place, Date and Term. 
 
 C. Tyson. 
 His order, 
 9' Ditto. 
 10 Ditto. 
 
 11 Ditto. 
 
 12 Ditto. 
 
 12. 
 
 Jama^. 
 Ditto. 
 Ditto. 
 
 Lond. 
 Ditto. 
 
 Riga. 
 
 Lisbon 
 Glasg. 
 Lond. 
 Ditto. 
 
 Ditto. 
 Ditto. 
 
 Aug. 9 31 d/s. 
 Aug. 9 60 d/s. 
 Aug. 9 60 d/s. 
 
 Aug, 19 
 
 Aug. 7 
 
 Aug.27 
 
 Sep. 20 
 Sep. 7 
 Oct. 9 
 Oct. 11 
 
 2 mos. 
 
 3 mos. 
 
 3 mos. 
 
 Usan. 
 3 mos. 
 2 mos. 
 2 mos. 
 
 Sep. 9 3 mos. 
 Dec. 20 50 d/s. 
 
 20011 -II 
 2OO11 -II 
 
 lOOll -I! 
 
 Sep. 12 
 Oct. 1 1 
 Oct. 11 
 
 Oct. 22 
 Nov. 10 
 
 Nov. 30 
 
 Oct. 23 
 
 Dec. 10 
 
 Dec.l2 500ii -11 - 
 
 Dec. 14 500 
 
 Rtdilet at lO^d. 
 
 12779,50 
 
 Reat at 60d. 
 
 3021,340 
 
 Dec. 12. 
 Feb. IK 
 
 £ s. d. 
 
 500 
 550 
 411 
 
 545 
 
 755 
 475 
 
 1000 
 353 
 250 
 
 4841 
 
 250 
 
 15 
 
 17 
 10 - 
 
 11 
 
 10 
 
INDEX 
 
 TO 
 
 THE COMMISSIONS. 
 
 Folio I, Sugar M ^ Cuba,^ 
 
 2, Sugar B ^ Cuba,_ 
 
 3, CoflPee r Cuba, 
 
 4, Mohogany ^ Cuba, 
 
 5, Rum ^ Cuba, 
 
 6, Sugar ^ Cuba,. 
 
 7, Goods ^ Spooner,. 
 
 8, Ditto 
 
 .on Account of Murray & Co. 
 of Ditto, 
 of Ditto, 
 of Ditto, 
 of John Stirling, 
 of Ditto, 
 of Murray & Co. 
 of John Stirling 
 
 ^on Ditto 
 
 -^on Ditto 
 
 ^on Ditto 
 
 ^on Ditto 
 
 )n Ditto 
 
 — on Ditto 
 
 — ron Ditto 
 
COMMISSIONS. 
 
 2E 
 
218 
 
 SET T— COMMISSIONS, 
 
 Dr. 
 
 Fifteen Hhds. Sugar M ^ Cuba, consigned by 
 
 1827. 
 July 18 
 
 Oct. 
 Nov. 29 
 
 Dec. 30 
 
 To Assurance, viz. 
 
 On £375 at 2 Gunieas ^ Cent«««£7iil7n 6 
 Policy duty 5/6 ^ Cent In 2ii - 
 
 To Cash, Duty on 188 Cwt. 1 qr. 21 ft, at 30/ f Cwt. 
 
 To Cash, Freight on the above at 6/6. ^Cwt.£61ii 4ii 10 
 Dock rate on ditto, at 9d. ^ Cwt. 7ii In 4 
 Primage, Pierage and Trade,«««w-v, liilOn 6 
 
 To Cash,.,«w.Brokerage on Sale at ^ ^ Cent., 
 
 To Promiscuous Charges, viz. 
 Entry and Fees, 
 
 Insurance from Fire, &c.^ 
 
 To Interest, on £283 Duty for 2^ raos. 
 on £72 Freight for 2 mos. , 
 
 To Commission, 2 | ^ Cent on Sale,, 
 
 ^ F Cent, on £375 Insurance,, 
 
 ^-i.lOi. 6 
 . lnl7M 6 
 
 .£2nl8nll 
 
 . -iil2if - 
 
 To Murray & Co. Net Proceeds due Feb. 21. 
 
 rmnArr^^^wvvwwtfv- 
 
 8 
 282 
 
 10 
 
 11 
 
 21 
 
 392 
 393 
 
 786 
 
BY A NEW METHOD. 
 
 219 
 
 Murray & CJo. Jamaica, for Sale on their Account. Cr. 
 
 1 
 
 1827. 
 Dec. 21 
 
 By Attwood & Co. London, 
 
 15 Hhds. at 2 months. 
 
 No, Cwt. qr. lb. 
 
 M 1 14i.3iil6 
 12Mlit 7 
 13!f3n21 
 13n2nl4 
 12ii3it25 
 15m-ii12 
 12m2.i10 
 13.i2m11 
 
 109ii-if 4 
 
 Gross 
 Tare; 
 
 No. Crvt. qr. ib. 
 
 9 15iiln 1 
 14ii2nl4 
 
 14(ilii 6 
 
 l2M3n 7 
 
 12M3if 6 
 
 13m2m 4 
 
 14nlii - 
 
 97M2nlO 
 109ii-ii 4 
 
 .206ii2iil4 
 
 _18.i-i.21 
 
 .188.1 1..21 at 83/6. ^ Cwt.^ 
 
 786 
 
 786 
 
 14 
 
 14 
 
220 
 
 SET v.— COMMISSIONS, 
 
 Dr. 
 
 Fifteen Hhds. Sugar, B W Cuba, consigned by 
 
 1827. 
 July 18 
 
 Nov. 20 
 29 
 
 To Assurance, viz. 
 
 on £375 at 2 Guineas W Cent. 
 Proportion of Policy duty^ 
 
 .£7iil7,i 6 
 „ -11I611 6 
 
 To Cash, Duty on 189 Cwt. 2 qr. 16 lb at 30/. W Cwt«. 
 
 To Cash, Freight on ditto, at 6/6 W Cwt — £61ii12m 8 
 Dock rate on ditto, at 9d. W Cwt. 7ii 2ii 3 
 Primage, Pierage aud Trade, lulOn 6 
 
 .?v/a'*i?.o\at}i.)i 
 
 Note.-^A% the prices of the Imports in pages 218 to 228, and following 
 Exports, and Charges on these, are liable to continual change, it was 
 deemed unnecessary to make any alteration on these—the present rates 
 being equally proper to show the forms of Sales and Invoices. 
 
 The Charge called Dock Rate, comprehends those heretofore made for 
 Lighterage, W^harfage, Landing, and Weighing, Housing, Cooperage, 
 and Warehouse Rent ; because, since the West India Docks have been 
 opened, all West India Produce must be landed and housed there. 
 
 8 
 
 284 
 
 70 
 
 363 
 
BY A NEW METHOD. 
 
 221 
 
 Murray & Co. Jamaica, for Sale on their Account. Cr. 
 
 It seems scarcely necessary to observe, that the above, and page 225, 
 exhibit the Consignments unsold ; and the opposite pages on the left of 
 which, show the sums advanced on these for Insurance, Duty, Freight, 
 &c Hence, at taking a General Balance, these, as was formerly noticed, 
 are collected from the present Book of Commissions, the amount of 
 which in Set IV. appears in the Ledger. 
 
 When the Sales of the Produce stated on the above pages take place, 
 they are of course entered on the Cr. side, and the subsequent Charges 
 and Net Proceeds being added to the Dr. side, they become finished. 
 
222 
 
 SET V.~COMMISSIONS, 
 
 Dr. 
 
 Ten Tierces Coffee ^ Cuba, consigned by 
 
 1827. 
 July 18 
 
 Oct. 29 
 
 Nov. 29 
 Dec. 30 
 
 To Assurance, viz. 
 
 on £250 at 2 Guineas ^ Cent £6\\ 5\\ 
 
 Policy duty 5/6. F Cent -11I611 6 
 
 To Cash, Duty on 60Cwt. 2 qrs. at 28/.FCwt.£84M 14ii - 
 Dock rate on ditto at 2/2 ^ Cwt. 611 1 In 1 
 Entry and Fees, ..w,w»»....>.v^ -nlOn 6 
 
 To Cash, Freight on 60 Cwt. 2 qrs. at 10/6 £3 In 15m 3 
 Pierage, Primage and Trade, -iil4ii 6 
 
 To Cash, Brokerage on Sale ^ ^ Cent. 
 Advertising, — — > — , — ^.^ 
 
 .£1h18ii 5 
 . Ill 111 - 
 
 To Interest, on £127, Duty, Freight, &c. for 3 mos. „w«. 
 
 To Commission, 2^ ^ Cent, on Sale, £9m12ii 1 
 
 ^^ Cent, on £250 Insurance,«,«v^ In 5ii - 
 
 To Murray & Co. Net Proceeds due March 23,. 
 
 10 
 
 145 
 
 238 
 
 384 
 
BY A NEW METHOD. 
 
 223 
 
 Murray & Co. Jamaica, for Sale on theie Account. Cr. 
 
 1827. 
 Dec. 23 
 
 By Dawson & Co. LondoD, 
 
 10 Tierces at 3 months. 
 
 No. CaL qr. lb. 
 
 140 6i.2nl7 
 
 141 6m3.i10 
 
 142 6it2nl0 
 
 143 6ii1m14 
 
 144 6H2n20 
 
 33u-iil5 
 
 Ko. CnrL qr. lb, 
 
 145 6m3.i10 
 
 146 7ii-M 4 
 
 147 6n2iill 
 
 148 6n3M24 
 
 149 611I11I2 
 
 33n3ii 5 
 33ii-iil5 
 
 Gross, 
 Draf 
 
 Net,. 
 
 66ii3ii20 
 
 Draft and Tare,.. 611 In 20 
 
 60ii2ii - at 127/. ^ Cwt £ 
 
 384 
 
 384 3 
 
224 
 
 SET V.~COMMISSIONS, 
 
 Dr. 
 
 FoETY Planks Mahogany ^ Cuba, consigned by 
 
 1827. 
 July 18 
 
 Nov. 20 
 
 To Assurance, viz. 
 
 on ^e 90 at 2 Guineas W Cent. 
 Policy duty 5/6. .w^.,^,.. 
 
 To Cash, Duty, 
 
 To Cash, Freight, 
 
 Pierage, &c. , 
 
 I»17iilO 
 
 -M 6ii 6 
 
 „£19.ill(. 4 
 -»15u 5 
 
 £ 
 
 2 
 42 
 
 64 
 
BY A NEW METHOD. 
 
 225 
 
 Mu&BAT & Co. Jamaica, for Sale on theib Account. Cr. 
 
 2F 
 
226 
 
 SET v.— COMMISSIONS, 
 
 Dr. 
 
 Thirty Puncheons Rum W Cuba, consigned bv 
 
 1827. 
 July 18 
 
 lyov. 29 
 
 To Hazard & Co. London, 
 
 Insurance on £360 at 2 Gs. W Cent. ^Tnllii 2 
 Policy duty 5/Q. ^ Cent li» 2ii - 
 
 To Cash, Freight on 3275 Gallons at 6d. 
 
 To Promiscuous Charges, viz. 
 
 At Import, 5/ ^ Puncheon,. 
 Delivery, Sampling, &c.- 
 
 To Interest on Freight till in Cash, , 
 
 ,£7Ml0n 
 
 4nl2M 7 
 
 To Commission, 2^ F Cent, on the Sales, ^£19ii 2ii 2 
 ^ ^ Cent, on £360 Insurance, 1m16ii 
 
 To John Stirling, Net Proceeds due Jan. 29,..^ 
 
 £ 
 
 12 
 
 20 
 
 124 
 639 
 
 764 
 
BY A NEW METHOD. 
 
 227 
 
 John Stirling, Jamaica, for Sale on his Account. 
 
 Cr. 
 
 1827. 
 Nov. 2 
 
 10 
 
 12 
 
 By Fenn & Park, London, 
 
 6 Puncheons at 2 months. 
 
 RNo. U. 
 12. 
 13. 
 14. 
 
 112 Gall. No. 15. 106 Gall. 
 104 16. 109 
 
 110 
 
 112 215 
 
 438 Gall. 
 
 653 Gallons at 4/6. 
 
 By Fenn & Park, London, 
 
 20 Puncheons at 3 months. 
 
 SNo.21. 110Gall.No.28. 1 1 1 Gall. No.34. llOGall 
 
 22. 
 
 112 
 
 29. 110 
 
 35. 112 
 
 23. 
 
 110 
 
 30. Ill 
 
 36. 104 
 
 24. 
 
 109 
 
 31. 112 
 
 37. 109 
 
 25. 
 
 111 
 
 32. 107 
 
 38. Ill 
 
 26. 
 
 110 
 
 33. 110 
 
 39. 105 
 
 27. 
 
 109 
 
 
 40. 112 
 
 
 
 661 
 
 
 
 771 
 
 771 
 
 763 
 
 
 
 763 
 
 
 
 
 2195 Gallons 
 
 at 4/9 
 
 By John Black, London, 
 
 4 Puncheons at 2 months. 
 
 R No. 17. 105 Gall. 
 
 18. 109 
 
 19. 107 
 
 20. 106 
 
 427 GaUons at 4/6. 
 
 146 
 
 18 
 
 521 
 
 96 
 
 764 
 
228 
 
 SET v.— COMMISSIONS, 
 
 Dr, 
 
 Ten Hhds. Sugar, W Cuba, consigned by 
 
 1827. 
 July 18 
 
 Nov. 20 
 29 
 Dec. 31 
 
 To Hazard & Co. London, 
 
 Insurance on ^6250 at 2 Guin.VCent.£5ii 5m - 
 Policy Duty 5/Q f Cent -nl6ii 6 
 
 To Cash..«Duty on 131 Cwt. at 30/. ^ Cwt 
 
 To Cash,..Freight on Ditto, at 6/6. F Cwt. 
 
 To Promiscuous Charges, at Import &c.. 
 
 NoU.—Th.e above Sale not being finished at taking a General Balance, 
 the difiference only of the two sides is carried to the Dr. of the Estate Ac- 
 count, page 266. 
 
 6 
 196 
 
 42 
 
 249 
 
 4^16 
 19 
 
BY A NEW METHOD. 
 
 229 
 
 John Stirling, Jamaica, for Sale on his Account. 
 
 Cr. 
 
 1827. 
 Dec. 11 
 
 By James Thomson, London, 
 
 5 Hhds. at 2 months. 
 
 Ko. Cmt. qr. lb. 
 
 S 11 13m1.i12 
 
 12 12m1ii20 
 
 13 12n3n - 
 
 14 14m 111 6 
 
 15 15ii2iil6 
 
 Gross,..68nlM26 
 Tare,^ 5ii1m19 
 
 Net, 63ii-.i 7 at 83/. ^ Cwt. 
 
 261 
 
 14 
 
230 
 
 SET v.— COMMISSIONS, 
 
 Dr. 
 
 Goods sHipfED ^ Spooner to Murray & Co. 
 
 1827. 
 Sep. 1 
 
 13 
 
 To William Irvine, Glasgow, 
 
 12 Hhds. of Bedding,, 
 
 4 Bales White OsnaburgB, 
 
 6 Boxes Saddlery, 
 
 £226i!17m - 
 
 , llSii 8ii 
 
 134m 16it 6 
 
 To John Ramsay, London, 
 
 24 Pieces | wide Bleached Sheeting,£87fil3ii 
 
 15 doz. & 10 Negro Jackets, 64iil8ii 
 
 4 Hhds. Milled Kerseys, ISOnlOn 
 
 To Assurance, 
 
 on £900 at 2 Guineas F Cent. 
 Policy duty 5/6. W Cent 
 
 To Promiscuous Chaises, at shipping s .,^£ 7m18ii 2 
 
 Freight, Primage, &c 39ii 8- 4 
 
 18nl8ii 
 2ii 9it 6 
 
 To Commission, 
 
 21^ Cent, on £&05ii9/ £20.. 2.. 8 
 
 h^ Cent, on Insurance,>^^,,>^ 4.. 10.. 
 
 Note.— It may here be observed, that the Exports per the Spooner be- 
 ing charged at the prices bought, each Furnisher gets credit immediate- 
 ly from the shipment, instead of these sums being put to the accoimt of 
 Merchandise as in Set IV. 
 
 475 
 
 283 
 
 758 
 
 47 
 
 21 
 
 24 
 
 851 
 
 12 
 
BY A NEW METHOD. 
 
 231 
 
 Jamaica, ^ their Order and Account. 
 
 Cr, 
 
 1827. 
 Sep. 13 
 
 By Interest, 3 months on £758h2»i6,, 
 
 By Murray & Co....»iiiiM>unt of Invoice, 
 
 9 
 841 
 
 9 6 
 
 19 
 
 851 
 
232 
 
 SET v.— COMMISSIONS, 
 
 Dr. 
 
 Goods shipped ^ Spooner to John Stirling, 
 
 1827. 
 Sep. 3 
 
 13 
 
 To Thomas Ryder, York, 
 Invoice Enclosed, 
 20 Casks Check Shirts,, 
 
 6 Bales Negro Blanketing, 
 
 To John Ramsay, London, 
 
 20 Puncheons, containing, 
 36 Quarters of Oats at 26/., 
 Cost of 20 Puncheons at 24/., 
 
 To Promiscuous Charges, at shipping, 
 Freight, Primage, &c 
 
 je256.i -II - 
 . 94i!l9ii 
 
 *46iil6ii - 
 
 24i( -II 
 
 £ 5iilSit 8 
 27.1 5n 2 
 
 To James Risk, London, 
 
 on £500 at 2 Guineas ^ Cent £10iilOii - 
 
 Policy Duty 5/6. ^ Cent In 7i! 6 
 
 To Commission, 
 
 2^ W Cent, on £45411 13m9, £llii 7n 4 
 
 ^ ^ Cent, on Insurance,««„.««v,v««v,~. 2iil0ii - 
 
 350 
 
 70 
 421 
 
 32 
 11 
 
 13 
 
 480 
 
 19 
 
 16 
 15 
 
 1810 
 17 
 
 17 4 
 
 8 8 
 
BY A NEW METHOD. 
 
 233 
 
 2G 
 
INDEX 
 
 TO 
 
 ADVENTURES. 
 
 Folio 1. Consignment ^ Fame, to Lisbon. 
 
 2. Cotton ^ Ann, from Lisbon. 
 
 3. Joint Hemp %*" Vrow, from Riga. 
 
 4. Joint Spanish Indigo. 
 
 5. Joint Sugar W Aurora, to Rotterdam. 
 
ADVENTURES. 
 
236 
 
 SET v.— ADVENTURES, 
 
 Dr. 
 
 Consignment ^ Fame, 
 
 1827. 
 July 2 
 
 To John Ramsay, London, 
 
 In 3 Boxes, as under 
 
 |- Muslin, 
 I Ditto 
 I Ditto 
 
 Piece*. 
 
 22 
 24 
 18 
 
 616 at 1/8. £51n 6ii 8 
 576 ^ 1/1. 31ii 4i. - 
 
 162 ^2/4. 18iil8ii - 
 
 No. 1. 64 ps. 1354 yds. 
 
 -^lOlii 8m 8 
 
 I Muslin, 38 
 I Calico, 20 
 J Cambric, 14 
 I Ditto 4 
 
 1064atl/8.£88iil3n 4 
 
 480 ^ 1/10. 44ii -M - 
 
 280 „2/4. 32nl3.i 4 
 
 80 ^3/2. 12nl3n 4 
 
 No. 2. 76 ps. 1904 yds. 
 
 f Gingham, 12 
 I Ditto 48 
 
 336 at 1/2. £ 19.1 ISm ^ 
 1344^ 1/8. 112m -m - 
 
 No. 3. 60 ps. 1680 yds. 
 
 [78m 
 
 131m12m 
 
 To Promiscuous Charges for the following : 
 
 Boxes, Ropes and Packing, £9m11ii10 
 
 Cartage, Wharfage and Shipping, In 18m 8 
 
 Custom-house Entry and Fees, 3m 2m - 
 
 Bills of Lading and Agency, 2m 2m - 
 
 To James Risk, London, 
 
 Premium on £440 at l^ Guins. W Ct.£6M 18m 7 
 Policy Duty at 5/6. F Cent In 7m 6 
 
 £ s. d. 
 
 411 
 
 16 
 
 436 
 
 14 
 
 6 1 
 
 l| 3 
 
BY A NEW METHOD. 
 
 237 
 
 TO Robert Manford, Lisbon. 
 
 Cr.' 
 
 1827. 
 Sep. 20 
 
 20 
 
 By Robert Manford, Lisbon, 
 
 Net Proceeds of 3 Boxes, 
 as W his Account Sales, viz. 
 
 Pieret Reat. 
 
 60 I Muslin, at 12,000^ 
 
 24 ± Ditto 6,000_ 
 
 18 I Ditto 5,000-^ 
 
 20 I Calico, 10,2o0_ 
 
 18 1 Cambric, ^11, 000^ 
 
 60 I Gingham,..! 2,500^ 
 
 200 pieces. 
 
 . 720,000 
 . 144,000 
 , 90,000 
 - 205,000 
 . 198,000 
 . 750,000 
 
 2107,000 
 
 Charges. 
 
 Duties and Custom-house Charges, 240,812 
 Postages and Petty Expenses, ^..^ 80,214 
 
 Warehouse Rent | W Cent 10,534 
 
 Commission 4 W Cent 84,280 
 
 415,840 
 
 Net Proceeds,. 
 
 1691,160 
 
 At the Exchange of 60d. F Milrea, 
 By Loss, 
 
 422 
 13 
 
 436 
 
 d. 
 
238 
 
 SET v.— ADVENTURES, 
 
 Dr. 
 
 Cotton ^ Ann, 
 
 1827. 
 July 20 8 
 
 Sep. 
 
 20 
 
 Dec. 31 
 
 Dec. 31 
 
 To Robert Manford, Lisbon, 
 100 Baled as ^ Invoice. 
 
 No*. Bales. Arrobas. lbs. Reas. Milreas. 
 
 1 to 20 20 Net 95,16 at 8,000 764,000 
 
 21 to 40 20 Net 91, - at 8,300 773,500 
 
 41 to 60 20 Net 92,16 at 9,000 832,500 
 
 61 to 80 20 Net 94,24 at 9,500 900,124 
 
 81 to 100 20 Net 99, 8 at 1,000 992,500 
 
 106 Bales. 473 
 
 Charges,.. 
 
 4262,624 
 ^449,876 
 
 4712,500 
 
 At the Exchange of 59^d. ^ Milrea^ 
 
 To James Risk, London, 
 
 Insurance on£ 1200 at 1|^ Guin.FCent.£18iil8i 
 Policy Duty on ditto at 5/6 ^ Cent. 3ii 6i 
 
 To Cash, Duty on 14402 lb at 2|d. F lb~-.£165ii -m 4 
 Landing, weighing, &c .>« 25iil0ii 4 
 
 To Cash, Freight on 473 Arrobas, at 3/9 £88iil3ii 8 
 
 Primage, 5 ^ Cent .^ .,.>,«..>,.... 4ii 8ii 8 
 
 To Profit, 
 
 To JBalance,„^,^,rr^20 Bales on hand, 
 
 £ $. d. 
 
 1168 
 
 22 
 
 190 
 
 93 
 
 10 
 
 1474 
 252 
 
 1726 
 
 315 
 
BY A NEW METHOD. 
 
 3S9 
 
 FROM Lisbon. 
 
 Cr. 
 
 1827. 
 Sep. 20 
 
 Oct. 24 
 
 By E. Robinson, Manchester, 
 20 Bales at 2 months. 
 Net 2842 lb at 2/6 
 
 By E. Robinson, Manchester, 
 20 Bales at 2 months. 
 
 Vo. Cn/t. qr. lb. 
 
 21. li.liilO 
 Inl.iie 
 lnli!l2 
 I1.I11I5 
 lnlnl9 
 lrtliil4 
 li.lnl2 
 
 22. 
 
 23. 
 24. 
 25. 
 26. 
 27. 
 
 No. 
 
 28. 
 29. 
 30. 
 31. 
 32. 
 34. 
 
 So. 
 
 36. 
 37. 
 38. 
 39. 
 40. 
 33. 
 35. 
 
 9i.2iil4 
 
 Gross, 
 
 Draft & Tare, 
 
 Ctvt. qr. lb. 
 
 liilii]6 
 I..I11IO 
 Ittlull 
 In2nl2 
 lMlnl8 
 lMlnl3 
 
 8m1ii24 
 
 9m2m14 
 
 IO..I11 1 
 
 _28m1it11 
 ^ li.ln23 
 
 26ii3iil6 or 3012 ft at 2/4. 
 
 Cnt. qr. lb. 
 
 liiliilO 
 lii2nll 
 litlnl? 
 Iifliil5 
 1m2ii 9 
 li<liil2 
 lM2nll 
 
 lOnlii 1 
 
 355 
 
 25 
 
 Dec. 31 
 
 By Pringle & Son, Manchester, 
 40 Bales at 3 months. 
 Net 5636 ft at 2/6 
 
 By Balance, value of 20 Bales on hand,^ 
 
 Note. — To prevcHt the page from being crowded, tlie particulars of the 
 first 90, and last 40 Bales, are not given. 
 
 351 
 
 704 
 
 315 
 
 1726 
 
 10 
 
 12 
 
240 
 
 SET v.— ADVENTURES, 
 
 Dr. 
 
 Joint Hemp, ^ Vrow from 
 
 1827. 
 Aug. 20 
 
 Sep. 15 
 
 Oct. 25 
 
 Oct. 25^ 
 
 II 1 
 
 To Hazard & Co. London, 
 
 Insurance on £900 at 1^ Gs. W Cent.£14ii 3ii 6 
 Policy duty on ditto, at 5/6 ^ Cent. 2ii 9ii 6 
 
 To James Risk, London, 
 
 Insurance on £200 at 1^ Gs. ^ Cent. £3ii 3n 
 Policy duty on ditto, at 5/6 ^ Cent.,., -ullii 
 
 To Assurance, Our Subscription, 
 
 Premium on £100 at 1^ Gs. ^ Cent.^£liillii 6 
 Policy duty on ditto, at 5/6 ^ Cent -m 5ii 6 
 
 To Ross & Son, Riga, 
 
 25 Tons as ^ Invoice, amounting to. 
 Our ^ is 12779 Rubles, 50 Copecks 
 At the Exchange of lO^d. W Ruble,. 
 
 Ruliles. 
 
 .25559 
 
 To Commission, for 
 
 2 W Cent, on £1200 at settling, 
 ^ ^ Cent, on ditto Insured, 
 
 -£24ii —II 
 6ii —II 
 
 To Ross & Son, for their ^ Net recoveryy^£570iil8ii 
 To Transfer to Account below, our ^, 570iil8ii 
 
 To Transfer from Account above, our ^ of Invoice,. 
 To Profit, 
 
 16 
 
 13 
 
 14 
 
 17 
 
 545 
 
 30 
 1141 
 
 1510 
 
 1739 
 
 545 
 25 
 
 570 
 
 10 
 
 10 
 2 
 
BY A N^W METHOD. 
 
 241 
 
 Ross & Son, Riga, each one half. 
 
 Cr. 
 
 1B27. 
 Oct. 23. 
 
 25 
 
 Oct. 25 
 
 By Transfer for first cost to Account below. 
 
 By Sundry for Total Loss of 
 
 25 Tons W Vrow to London, insured, viz. 
 
 By Hazard & Co £900 less their brokerage, ^ 
 
 By James Risk, 200 his ditto, .- - ^,^,.„,^,,,, 
 
 By Assurance, 100 .«^ our ditto,. 
 
 By Transfer from Account above, our ^ Net Recovery, 
 
 £ is. d. 
 545 15 10 
 
 895 
 
 199 
 
 99 
 
 10 
 
 10 
 
 1739 
 
 570 
 
 15 
 
 18 
 
 10 
 
 2H 
 
242 
 
 SET v.— ADVENTURES, 
 
 Dr. 
 
 Joint Spanish Indigo, 
 
 1827. 
 Sep. 15 
 
 19 
 
 To Cash, paid for 16 chests, 
 at Public sale, viz. 
 
 No. 
 
 L. 100^ 
 
 lbs. 
 
 ^110 
 
 108.. 
 
 ^ 99 
 
 101... 
 
 ^116 
 
 109.. 
 
 ^110 
 
 102 104 
 
 110.. 
 
 ^119 
 
 103.. 
 
 ^118 
 
 IIU 
 
 -.118 
 
 . 104.., 
 
 ^112 
 
 112.. 
 
 ... 98 
 
 105... 
 
 ^110 
 
 113-. 
 
 ...120 
 
 106... 
 
 ^118 
 
 114.. 
 
 ...111 
 
 107... 
 
 ^114 
 
 115.. 
 
 .-115 
 
 
 902 ft) 
 
 
 890 
 
 
 
 
 
 902 
 
 Gross, 1792 
 
 Draft 6 ft) F chest, 96 
 
 1696 ft, at 11/. 
 
 To Interest, 
 To Commission, 
 
 on cost till in cash, . 
 ^2 W Cent, on sale,... 
 To Promiscuous Charges,..at delivery &c 
 
 To J. Ramsay, 
 To Profit, 
 
 .his ^ of gain,., 
 .our ^ of gain. 
 
 .£50m 
 . 50m 
 
 9i. - 
 9i. - 
 
 £ s. d. 
 
 932 
 
 16 
 
 4 
 21 
 
 6 
 
 4 
 
 15 
 
 11 
 
 959 
 
 100 
 1060 
 
 18 
 
BY A NEW METHOD. 
 
 243 
 
 John Ramsay, ^; and Ourselves, Managers, h 
 
 Cr. 
 
 1827. 
 Sep. 19 
 
 £ s, d. 
 
 By Dawson & Co. London} 
 Cash in 1 month, 
 
 Ke. Cnt. jr. ». 
 
 100. -«3ii26 
 
 lll-!l 4f 
 
 -ii3ii20 
 111— ir 6 
 lii-ii - 
 -ii3ii26 
 111— II 6 
 
 lll-l! 2 
 
 101. 
 102. 
 103. 
 104. 
 105. 
 106. 
 107. 
 
 No. 
 
 108. 
 109. 
 110. 
 HI. 
 112. 
 113. 
 114. 
 115. 
 
 8ii-!i 6 
 7ii3!i22 
 
 Crvt. qr. lb. 
 
 -ii3iil5 
 -ii3ii26 
 lu-ii 7 
 lii-ii 6 
 -ii3iil4 
 1h— 11 8 
 -u3m27 
 lii-ii 3 
 
 7h3ii22 
 
 Gross,-,.^ I611-11 - 
 Draft,.««. -m3i.12 
 
 Net, 
 
 15ii-iil6 or 1696 tb at 12/6. 
 
 1060 
 
 1060 
 
U4 
 
 SET v.— ADVENTURES, 
 
 Dr. Joint Sugar W Aurora to Vanderpoole, & Co. Rotterdam ; 
 
 1827. 
 Sep. 30 
 
 Oct. 20 
 
 To James Thomson, London, 
 
 40 Hhds. Refined Sugar at 3 months, 
 Marked V, I to 40. 
 
 Not. HKd$. 
 
 1 to 10 10 
 
 11 to 20 10 
 
 21 to 30 10 
 
 31 to 40 10 
 
 Grost. 
 
 110ii-ii26 
 100ii3ii 2 
 I08ii]m20 
 107m2ii 8 
 
 40 Gross, 427II-II - 
 Tare, 57if3ii 6 
 
 Tare. 
 15ll-ll 6 
 
 13m1i.10 
 14ii3ii20 
 14nlM26 
 
 57ii3ii 6 
 
 369ii-ii22 
 Deduct for Paper, Snlii 6 
 
 Net, 365113.1 16 at 170/ W Cwt 
 
 To Assurance on ^2400 at 1 Guinea FCent.^25ii 4m 
 Policy duty 5/6 F Cent 6ii12m 
 
 To Promiscuous Charges, at shipping,^ 
 Cost of 40 Hhds. at 9/ each, „ 
 Brokerage ^ W Cent 
 
 .£ 811I611 
 . 18m -h 
 . 15Mlln 
 
 To Commission 2 ^ Cent, on £3152ii8ii8 £63m 1m 
 
 ^ W Cent, on Insurance,,>y>,„^>..,v,,^> 12m -m 
 
 3110 
 
 31 
 
 42 
 
 75 
 3259 
 
 16 
 
BY A NEW METHOD. 
 
 U5 
 
 J. Ramsay, I; Vanderpoole & Co. ^; Ourselves, Managers, ^. Cr. 
 
 1827. 
 Oct. 20 
 
 By Debentures, for Drawback* on 
 
 Sugar weighing, Cwt. 369ii -ii22 
 Less Draft 3 lb F Cwt. 9m 3m 16 
 
 Net, 
 
 {59m 1m 6 at 50/2^ ^Cwt. 
 
 By John Ramsay, his ^ share, £785m15m 
 
 By Vanderpoole & Co. their } share, 785m 15m 
 
 By Adventure W Aurora, .^our ^ sfaare^^^ 785m 15m 
 
 902 
 
 2357 
 
 s.d. 
 
 3259 
 
 • All Bounties and Drawbacks should he deducted from the Invoice. 
 If the iong price has been charged, as above, the Agent deducts the Draw- 
 back, or in other words gives credit to his correspondent as above; but the 
 most usual way is for Exporters to buy the Sugar at the short price, leav- 
 ing the Refiner to recover the Drawback, which he is entitled to do upon 
 receiving a certificate of the landing of the Goods at the destined pott 
 
246 
 
 INDEX TO LEDGER, 
 
 SET V. 
 
 Arranged by a New Method of Dmtble Entry by Single, 
 
 Agent, James, . 
 Assurance, 
 
 Attwood & Co. , 
 Adventure ^ Aurora, , 
 
 Black, John, 
 
 H 
 
 Hazard & Co.«^ 
 
 Interest, -«-w^ 
 Irvine, William,^ 
 
 Loss, ^ 
 
 Fol. 
 
 ^ 3 
 
 ^ 4 
 
 6 
 
 Debentures, 
 Dawson & Co 
 
 Furniture in Counting-house, 3 
 
 Four W Cent. Funds, 3 
 
 Fenn & Park, . — . — ^ 7 
 
 M Fol, 
 
 Monteath, Geo.^Private Account,^. 4 
 
 Manford, Robert, ,,>,. 8 
 
 Murray & Co..^,...,^ 8 
 
 Profit, 
 
 Promiscuous Charges, 
 Pringle & Son,..,.^ 
 
 Risk, James, . 
 Ryder, Thomas,. 
 
 Robinson, E 
 
 Ramsay, John, 
 
 Ross & Son,^Russia Account,) 
 Ross & Son,^( Sterling Account,) ^ 9 
 
 Stock, ^ 
 
 Ship Mars, ^, 3 
 
 Simson, Wm. ..^Private Account,,-^ 4 
 Stu'ling, John,.,> 8 
 
 Thomson, John,^Private Account, 4 
 Thomson, James,.,..,. 5 
 
 Vanderpoole & Co.^SterS. Ace'.) 9 
 Vanderpoole & Cc^Holld. Ace*.) 9 
 
 Note.— The following Entries are made in the Ledger, without being previously recorded in the Subsi- 
 diary or Day-Book, being simple Transfers between these accounts ; and as a distmction, these are put in 
 italics ; for the particulars of which, reference may be made to the Journal of Set IV. at the dates here 
 annexed. When an account is said to be either Debited or Credited, the reverse operation is always un- 
 derstood to be impUed ; that is, if debited, the other account is credited, and if credited, the other is de- 
 bited. 
 
 1827. 
 Oct. 23 Vanderpoole & Co. are debited To Promiscuous Charges, 
 Nov. 30 John Ramsay is debited To Interest and To Commission. 
 
 „ Vanderpoole & Co. are debited To J. Ramsay and To Adventure per Aurora. 
 
 „ Ross & Son are debited To Commission and To Promiscuous Charges. 
 Dec. 1 Vanderpoole & Co. are credited By John Ramsay and By Adventure per Aurora. 
 
 21 James Thomson is debited To Interest. 
 
 30 John Stirling is debited To John Black. 
 
 31 James Agent is credited By Promiscuous Charges. 
 „ William Simson is debited' To Interest 
 
 „ George Monteath is debited To Interest. 
 
 „ Promiscuous Charges is debited To John Thomson. 
 
 „ Ship Mars is debited To Interest. 
 
 „ John Stirling is debited To Interest, To Commission, and To Promiscuous Charges. 
 
 „ Murray & Co. are debited To Interest, To Commission, and To Promiscuous Charges. 
 
 „ Interest is debited To Stock. 
 
LEDGER. 
 
248 
 
 SET V LEDGER, 
 
 Dr. 
 
 Stock 
 
 1827. 
 Dec. 31 
 
 To William Simson, ^ 
 To George Monteath, 
 
 To John Thomson, 
 
 To Balance^ .>.w>,«»w.www 
 
 101 
 
 60 
 
 20 
 
 3569 
 
 3751 
 
 Dr. 
 
 Loss 
 
 1827. 
 Sep. 20 
 II 
 Dec. 31 
 
 II 
 II 
 
 Al 
 8 
 2 
 4 
 5 
 
 To Consignment ^ Fame, 
 To Robert Manford, .-w-..--. 
 To Promiscuous Charges, ^ 
 To Assurance, ,^,,^,,^*^.,„,^^..^r. 
 To Hazard ^ Co. 
 
 13 
 
 9 
 
 112 
 
 18 
 
 154 
 
 11 
 
 10 
 
 Dr. 
 
 Profit 
 
 1827. 
 Dec. 31 
 
 1 To Transfer from Loss,. 
 1 To Stock, for Net Gain, 
 
 154 
 676 
 
 830 
 
 10 
 
 15 
 
 10 
 
BY A NEW METHOD. 
 
 249 
 
 Contra 
 
 Cr, 
 
 1827. 
 July 1 
 Dec. 31 
 
 Dec. 31 
 
 By Cash, 
 
 By Interest^ ,-<^ 
 By Profit, 
 
 By Balance, 
 
 3000 
 
 75 
 
 676 
 
 3751 
 3569 
 
 OONTRA 
 
 Or. 
 
 1827. 
 Dec. 31 
 
 1 By Transfer to Profit, 
 
 154 
 
 154 
 
 11 
 
 10 
 
 11 
 
 10 
 
 Contra 
 
 Cr. 
 
 1827. I 
 Sep. 19 A 4 
 
 26 3 
 Oct. 25 A 3 
 Nov. 25i 8 
 
 Dec. 31 
 
 A2 
 
 2 
 2 
 3 
 5 
 
 By Joint Spanish Indigo,. 
 By Four ^ Cent. Funds, . 
 By Joint Hemp ^ Vrow, 
 By Adventwe V Aurora, . 
 
 By Cotton ^ Ann, 
 
 By Interest, — ^ 
 
 By Commission, 
 
 By Ship Mars, ,,„^^,^ 
 
 By John Ramsay, 
 
 50 
 
 10 
 
 25 
 
 136 
 
 252 
 
 60 
 
 229 
 
 65 
 
 830 
 
 15 
 
 21 
 
250 
 
 SET V.—LEDGER, 
 
 Dr. 
 
 Promiscuous 
 
 1827. 
 
 
 Aug. 31 
 
 1 
 
 Sep. 30 
 
 1 
 
 Oct. 31 
 
 1 
 
 Nov. 4 
 
 2 
 
 6 
 
 2 
 
 11 
 
 2 
 
 30 
 
 2 
 
 Dec. 31 
 
 2 
 
 II 
 
 3 
 
 ti 
 
 4 
 
 To Cash, 
 To Cash, 
 To Cash, 
 To Cash, 
 To Cash, 
 To Cash, 
 To Cash, 
 To Cash, 
 
 To J. Agent, 
 
 To J. Thomson^ 
 
 7 
 15 
 15 
 70 
 34 
 25 
 14 
 12 
 32 
 50 
 
 279 2 4 
 
 Dr 
 
 Interest 
 
 1827 
 Sep. 13 C 7 
 
 n 
 Dec. 20 
 
 31 1 
 1 
 
 To Goods ^ Spooner, 
 To Ditto,. 
 To Cash, 
 
 To Sloch, Interest on it,, 
 To Profit, 
 
 155 10 10 
 
 Dr. 
 
 Commission 
 
 1827. 
 Dec. 31 
 
 To Profity 
 
 229 
 
 19 
 
 229 
 
 19 
 
BY A NEW METHOD. 
 
 251 
 
 Charges 
 
 Cr. 
 
 1827, 
 July 4 
 Sep. 13 
 
 C5 
 
 9 
 
 19 
 
 Oct. 20 
 
 23 
 
 Nov. 29 
 
 80 
 
 Dec. 30 C 1 
 31 6 
 8 
 8 
 1 
 
 A 1 By Consignment W Fame,. 
 C 7 By Goods ^ Spooner, 
 
 8 Bv 
 A4 By 
 
 5 By 
 
 9 By 
 By 
 
 By 
 By 
 
 By 
 
 Goods W Spooner, — 
 Joint Spanish Indigo,^ 
 Joint Sugar ^ Aurora, 
 Vanderpoole ^ Co. ^.^.^ 
 
 Rum W Cuba, .>.>. 
 
 Ross Sf Son, 
 
 Sugar W Cuba, 
 
 Sugar W Cuba, 
 
 John StirUng, 
 
 Murray Sf Co. 
 
 16 
 47 
 32 
 
 42 
 2 
 
 12 
 2 
 2 
 4 
 
 112 
 
 279 2 4 
 
 Contra 
 
 Cr. 
 
 1827. 
 Aug. 20 
 Sep. 19 
 Nov. 29 
 
 30 
 Dec. 1 
 
 20 
 
 30 
 II 
 
 31 
 
 1 
 
 A4 
 
 C5 
 
 5 
 
 2 
 
 5 
 
 CI 
 
 3 
 
 4 
 
 4 
 
 3 
 
 8 
 
 8 
 
 By 
 
 By 
 By 
 
 2^ 
 By 
 
 By 
 
 By 
 
 By 
 
 By 
 
 By 
 
 &' 
 By 
 
 Cash, 
 
 Joint Spanish Indigo^, 
 
 Rum ^ Cuba, ....w^ 
 
 John Ramsay y . 
 
 Cash, 
 
 Javfies Thomson, — 
 Sugar F Cuba, ^ 
 Coffee ^ Cuba,_ 
 William Simsouy — 
 George Monteath, 
 
 Ship Mars, 
 
 John Stirling, 
 
 Murray Sf Co.,^..^ 
 
 110 
 
 4|6 
 
 71 
 
 1016 
 
 8412 
 
 310 
 
 111 
 
 155 10:10 
 
 Contra 
 
 Cr, 
 
 1827. I 
 Sep. 13 
 
 H 
 
 19 
 Oct. 20 
 
 25 
 Nov. 29 
 
 30 
 
 it 
 Dec. 30 
 II 
 
 31 
 
 8 
 A4 
 
 5 
 
 3 
 C5 
 
 5\ 
 
 By Goods W Spooner, — 
 
 By Goods W Spooner, 
 
 By Joint Spanish Indigo, — 
 By Joint Sugar W Aurora, 
 By Joint Hemp ^ Vrow, , 
 
 By Rum P' Cuba, 
 
 By John Ramsay, ..^^„ 
 
 Ross Sf Son, 
 
 9 By 
 
 CI By 
 31 By 
 8 By 
 8 By Murray ^ Co. 
 
 Sugar W Cuba, - 
 Coffee ^ Cuba,, 
 John Stirling, 
 
 24 
 
 13 
 
 21 
 
 75 
 
 30 
 
 20 
 
 4 
 
 2 
 
 21 
 
 10 
 
 2 
 
 2 
 
 229 
 
232 
 
 SET v.— LEDGER, 
 
 Dr. 
 
 Furniture 
 
 1827. 
 Aug. 4 
 
 To Cash,. 
 
 69 
 
 Dr. 
 
 Four ^ Cent. 
 
 1827. 
 Aug. 8 
 Sep. 26 
 
 To Cash, £1000 Stock at 78^ & ^ ^ Cent. 
 
 To Profit, 
 
 782 
 10 
 
 792 
 
 10 
 
 10 
 
 Dr. 
 
 Ship Mars, 
 
 1827. 
 Sep. 4 
 Dec. 31 
 
 Dec. 31 
 
 To Cash,_ 
 To Interest, 
 To Profit,^ 
 
 To Balunce, . 
 
 Dr. 
 
 Debentures 
 
 J J 
 
 450 - - 
 
 7 4 3 
 65 17 3 
 
 523 
 
 1 6 
 
 430 - 
 
 1827, 
 Oct. 20 
 
 A5 
 
 To Joint Sugar ^ Aiurora,, 
 
 902 
 
 Dr, 
 
 James Agent, 
 
 1827. 
 Nov. 10 
 Dec. 31 
 
 To Cash, 
 
 To Balancei. 
 
 20 
 12 
 
 32 
 
BY A NEW METHOD. 
 
 253 
 
 in Counting-house. 
 
 Cr. 
 
 Funds. 
 
 Cr, 
 
 1827. 
 Sep. 26 
 
 By Cash, £1000 Stock at 79f & ^ ^ Cent. 
 
 79210 
 
 79210 
 
 One sixth. 
 
 Cr. 
 
 1827. 
 Dec. 25 
 31 
 
 By Cash, 
 
 By Balance^ 
 
 93 1 
 430 
 
 523 
 
 Contra 
 
 Cr, 
 
 1827. 
 Nov. 20 
 
 By Cash,«.v~. 
 
 902 
 
 London. 
 
 Cr. 
 
 1827. 
 Dec. 31 
 
 Dec. 31 
 
 2| By Promiscuous ChargeSy ^ Account, . 
 By Balance J ^ , 
 
 32 
 
 12 
 
 12 
 
 12 
 
 10 
 
 10 
 
254 
 
 SET v.— LEDGER, 
 
 Dr. 
 
 William Simson, 
 
 1827. 
 Aug. 20 
 Nov. 11 
 Dec. 31 
 
 To Cash, 
 
 To Cash, 
 
 To Interesti « 
 
 101 
 
 Dr. 
 
 George Monteath, 
 
 1827. 
 Sep. 20 
 Nov. 11 
 Dec. 31 
 
 To Cash, — 
 To Cash, — 
 To Interest, 
 
 60 
 
 Dr. 
 
 John Thomson, 
 
 1827. 
 Oct. 30 
 Nov. 11 
 Dec. 20 
 
 To Cash, 
 To Cash, 
 To Cash, 
 
 70 
 
 Dr. 
 
 Assurance 
 
 1827. 
 Oct. 25 
 
 A3 
 
 To Joint Hemp ^ Vrow, 
 
 99 
 
 10 
 
 9910 
 
BY A NEW METHOD. 
 
 255 
 
 Private Account. 
 
 Cr. 
 
 1827. 
 Dec. 31 
 
 By Stock, 
 
 101 
 
 101 
 
 Private Account, 
 
 Cr. 
 
 1827. 
 Dec. 31 
 
 By Stock, — 
 
 60 
 
 60 
 
 12 
 
 Private Account. 
 
 Cr 
 
 1827. 
 Dec. 31 
 
 By Promiscuous Charges, . 
 By Stock,.,, ,„,.. 
 
 50 
 20 
 
 70 
 
 Our Subscriptions. 
 
 Cr. 
 
 1827. 
 July 18 
 
 
 
 Aug. 20 
 Sep. 13 
 Oct. 20 
 Dec. 31 
 
 CI 
 
 2 
 
 3 
 
 4 
 
 A3 
 
 C7 
 
 A5 
 
 1 
 
 By Sugar W Cuba, 
 
 By Sugar ^ Cuba, 
 
 By Coffee W Cuba, 
 
 By Mahogany ^ Cuba, 
 
 By Joint Hemp V Vrow, . 
 
 By Goods ^ Spooner, 
 
 By Joint Sugar W Aurora, 
 By Loss, „w,,>^ .>,>,,>.>. 
 
 8 
 
 8 
 
 6 
 
 2 
 
 1 
 
 21 
 
 31 
 
 18 
 
 99 
 
256 
 
 SET v.— LEDGER, 
 
 Dr. 
 
 Hazard & Co. 
 
 1827. 
 Oct. 25 
 
 A 3 To Joint Hemp W Squirrel, 
 
 895 
 
 895 
 
 10 
 
 Dr. 
 
 James Risk, 
 
 1827. 
 Oct. 25 
 
 A 3 To Joint Hemp ^ Squirrel, 
 
 199 
 
 199 
 
 Dr. 
 
 John Ramsay, 
 
 1827. 
 
 
 Aug. 20 
 
 1 
 
 Oct. 1 
 
 1 
 
 12 
 
 1 
 
 20 
 
 A5 
 
 Nov. 30 
 
 2 
 
 ri 
 
 2 
 
 Dec. 1 
 
 2 
 
 11 
 
 9 
 
 II 
 
 1 
 
 To Bills Payable,. 
 To Cash,. 
 
 To Bills Payable, 
 
 To Joint Sugar ^ Aurora, his ^ share,. 
 
 To Interest y >>>vw>v.,...^^vw,v^ 
 
 To Commission, ^^v^^^vwy.^^ ,ww~>w,.>>v.»^«w>>. 
 
 To Cash, ^.......^^^^.^.^..^.^.r^^.^^.^,..,.,...,^..,.,.^^ 
 
 To Vanderpoole & Co. § loss by Exchange, 
 To Profit, — «^odd pence,^ 
 
 411 
 
 50 
 
 353 
 
 785 
 7 
 4 
 
 124 
 1 
 
 1739 5 
 
 Dr. 
 
 James Thomson, 
 
 1827. 
 Aug. 20 
 Oct. 11 
 Nov. 25 
 Dec. 11 
 21 
 
 1 
 1 
 1 
 C6 
 1 
 1 
 
 To Bills Payable, ^ 
 To Ditto,. 
 
 To Bills Receivable, , 
 To. Sugar W Cuba,^ 
 To Bills Receivable, , 
 To Bills Payable, — 
 To Interest,, 
 
 560 
 1000 
 
 500 
 
 261 
 1013 
 
 250 
 84 
 
 3660 
 
BY A NEW METHOD. 
 
 257 
 
 London, 
 
 Cr. 
 
 1827. 
 July 18 
 
 Aug. 20 
 Nov. 30 
 Dec. 31 
 
 Co 
 
 6 
 A.3 
 
 2 
 
 By Rum W Cuba, 
 
 By Sugar V Cuba, 
 
 By Joint Hemp V Vrow, 
 
 By Cash, 
 
 By Loss, 
 
 8 
 
 6 
 
 16 
 
 864 
 
 895 
 
 10 
 
 London. 
 
 Cr. 
 
 1827. 
 July 4A1 
 20 2 
 Aug. 20 3 
 Sep. 13 C 8 
 Nov. 30 
 
 By Consignment W Fame,,. 
 By Cotton V Ann, . 
 
 By Joint Hemp W Squirrel, 
 
 By Goods ^ Spooner, 
 
 By Cash, 
 
 8 
 22 
 
 3 
 
 11 
 
 152 
 
 199 
 
 London. 
 
 Cr. 
 
 1827. 
 
 July 2 
 
 Sep. 2 
 
 8 
 
 19 
 
 Nov. 30 
 
 Al 
 C7 
 
 8 
 
 A4 
 
 9 
 
 By Consignment W Fame,. 
 By Goods ^ Spooner, 
 By Ditto, 
 
 By Joint Spanish Indigo, 
 
 By Vanderpook Sr Co., their ^ proceeds ^ Aurora, 
 
 411 
 
 283 
 
 70 
 
 50 
 
 923 
 
 1739 5 
 
 London. 
 
 Cr. 
 
 1827. 
 Aug. 20 
 Sep. 30 
 
 A5 
 
 By Bills Receivable, 
 
 By Joint Sugar ^Aurora,, 
 
 550 
 3110 
 
 3660 
 
 2K 
 
258 
 
 SET V,--LEDGER, 
 
 Dr. 
 
 Dawson & Co. 
 
 1827. 
 Sep. 19 
 Dec. 23 
 
 Dec. 31 
 
 A4 
 C3 
 
 To Joint Spanish Indigo,. 
 To Coffee W Cuba, 
 
 To Bcdancey . 
 
 1060 
 384 
 
 1444 3| 6 
 
 384 
 
 Dr. 
 
 Attwood & Co, 
 
 1827. 
 Dec. 21 
 
 CI 
 
 To Sugar V Cuba, 
 
 786 
 
 14 6 
 
 Dr. 
 
 Thomas Ryder, 
 
 1827. 
 Dec. 
 
 To Cash, 
 
 350 
 
 19 
 
 Dr. 
 
 William Irvine^ 
 
 1827. 
 Oct. 4 
 
 To Bills Payable, _ 
 
 475 1 61 
 
BY A NEW METHOD. 
 
 259 
 
 London. 
 
 Cr. 
 
 1827 
 Oct. 19 
 Dec. 31 
 
 By Cash, 
 
 By Balance, ^ 
 
 1060 
 
 I 384 
 
 i 
 
 'l444 
 
 a 6 
 
 3! 6 
 
 London. 
 
 Cr. 
 
 York, 
 
 Cr. 
 
 1827 
 
 S€^ 3lC8 
 
 By GocmIs ^ Spooner, 
 
 35019 - 
 
 !L 
 
 Glasgow. 
 
 Cr. 
 
 1827. 
 Sep. 1 
 
 C7 
 
 By Goods V Spooner, 
 
 475 
 
260 
 
 .1 SET. v.— LEDGER, 
 
 JD?\ 
 
 E. Robinson, 
 
 1827. 
 Sep. 20 
 Oct. 24 
 
 A2 
 
 To Cotton ^ Ann,, 
 To Cotton ^ Ann, , 
 
 355 
 351 
 
 706 
 
 Dr, 
 
 Pringle & Son, 
 
 1827. 
 Oct. 25 
 
 A 2 To Cotton r Ann,_ 
 
 70410 
 
 Dr. 
 
 Fenn & Park, 
 
 1827. 
 Nov. 2 
 10 
 
 C5 
 5 
 
 To Rum ^ Cuba,.. 
 To Ditto, 
 
 Dr. 
 
 John Black, 
 
 146 
 521 
 
 668 
 
 1827. 
 
 
 Nov. 12 
 
 C5 
 
 ,1 
 1 ■ 
 
 i 
 
 
 -' 
 
 To Rum W Cuba, 
 
 96 I 6 
 
BY A NEW METHOD. 
 
 261 
 
 Manchester. 
 
 ^r. 
 
 1827. 
 Nov. 25 
 
 By Cash, 
 
 By Bills Receivable, 
 
 355 
 351 
 
 706 
 
 Manchester. 
 
 Cr. 
 
 1827. 
 Nov. 26 
 
 By Bills Receivable,. 
 
 704 
 
 10 
 
 London, 
 
 Cr. 
 
 1827. 
 Dec. 1 
 
 By Bills Receivable, , 
 
 668 4 9 
 
 London. 
 
 Cr. 
 
 1827. 
 Dec. 30 
 
 By Bills Receivable, -.-~ 
 
 By J. Stirling^ loss by Composition, 
 
 57 
 
 38 
 
 96 
 
 10 
 
262 
 
 SET v.— LEDGER, 
 
 Dr. 
 
 Robert Man ford. 
 
 1827. 
 Sep. 20 
 
 1 
 Al 
 
 To Bills Payable, 
 
 To Consignment ^ Fame, 
 
 Milreat. 
 
 .3021,340 
 .1691,160 
 
 4712,500 
 
 755 
 422 
 
 1178 
 
 Dr. 
 
 John Stirling, 
 
 1827. 
 
 Sep. 
 Dec. 
 
 C8 
 1 
 
 7 
 2 
 
 To Goods ^ Spooner,.. 
 To Cash paid Gray,. 
 
 To J. Blacky loss by Composition, 
 
 To Interest, 
 
 To Commission,. 
 
 To Promiscuous Charges, 
 To Balance, , 
 
 475 
 200 
 
 38 
 
 7 
 2 
 
 115 
 
 839 
 
 Dr. 
 
 Murray & Co. 
 
 1827. 
 Aug. 9 
 Sep. 13 
 Dec. 31 
 
 It 
 II 
 
 1 
 
 C7 
 2 
 2 
 2 
 
 Dec. 31 
 
 
 To Bills Payable, 
 
 To Goods W Spooner, 
 To Interest^.,,^,..,,.^^^^.,^,^ 
 
 To Commission, .^. 
 
 To Promiscuous Cnarges, 
 
 To Balance, 
 
 500 
 
 841 
 
 23 
 
 2 
 
 1369 
 736 
 
 Dr. 
 
 Adventure f Aurora 
 
 1827. 
 Oct. 20 
 Dec. 1 
 Nov. 25] 
 
 A5 
 9 
 
 1 
 
 To Joint Sugar ^ Aurora, Our ^ share, 
 
 To Vanderpoole 4" Co, ....,«,«-<-^Loss by Exchange, 
 To Prq/it, , 
 
 785 
 
 1 
 
 136 
 
 923 
 
BY A NEW METHOD. 
 
 26S 
 
 Lisbon. 
 
 1827. I 
 July 20 A 2 
 Sep. 20 1 
 
 By Cotton ^ Ann, 
 By Loss, 
 
 Cr. 
 
 XUrtat. 
 
 .4712,500 
 
 4712,500 
 
 1168 
 9 
 
 1178 
 
 Jamaica. 
 
 Cr. 
 
 1827. 
 July 9 
 Aug. 21 
 Nov. 29 
 
 Dec. 31 
 
 1 
 
 1 
 
 C5 
 
 By Bills Receivable, 
 By Ditto, 
 
 By Rum ^ Cuba, 
 
 By Balance, 
 
 100 - 
 ioo| -| - 
 
 63919 2 
 
 839 19| 2 
 11515 
 
 Jamaica. 
 
 Cr. 
 
 1827. 
 Dec. 30 
 
 Dec. 31 
 
 CI 
 
 3 
 
 By Sugar ^ Cuba, « 
 By Coflfee, ¥ Cuba,. 
 By Balance, 
 
 393 
 238 
 736 
 
 10 
 
 1369 
 
 to Rotterdam, 
 
 Cr. 
 
 1827. 
 Nov. 30 
 
 By Vanderpoole 4" Co* —^ur ^ Proceeds W Auroray,*^. 
 
 923 
 
 18 
 
264 
 
 SET V LEDGER, 
 
 Dr. 
 
 Ross & Son, Riga, 
 
 1827 
 Aug. 27 
 
 To Bills Payable, ^ 
 
 Rubles. Cnpeckt. 
 
 12779,50 
 
 545 
 
 15 
 
 10 
 
 Dr. 
 
 Ross & Son, Riga, 
 
 1827. 
 Nov. 25 
 30 
 
 To Bills Receivable, 
 To Commission, 
 
 To Promiscuous Charges,,^ 
 
 565 
 
 2 
 
 570 
 
 Dr. Vanderpoole & Co. Rotterdam, 
 
 1827. 
 Oct. 20 
 23 
 
 A5 
 
 2 
 
 To Joint Sugar W Aurora, their ^ share, 
 To Promiscuous Charges, on bill, „^„.,^ 
 
 785 
 
 2 
 
 788 
 
 Dr. Vanderpoole & Co. Rotterdam, 
 
 1827 
 Nov. 30 
 
 To J. Ramsay, his ^ proceeds, . 
 To Adventure W Aurora, our |, 
 
 Fiorina. 
 
 9874 
 9874 
 
 19749 
 
 SHv. 
 
 17 
 17 
 
 Pen. 
 
 3 
 3 
 
 14 6 
 
 35/71 
 35/7^ 
 
 923 
 923 
 
 1847 17 
 
BY A NEW METHOD. 
 
 26S 
 
 Russia Account. 
 
 Cr. 
 
 1827. 
 Sep. 15 
 
 A3 
 
 By Joint Hemp W Vrow^ 
 
 RubUt, Copecks. 
 
 12779,50 
 
 545 
 
 15 
 
 10 
 
 Sterling Account. 
 
 Cr. 
 
 1827. 
 Oct. 25 
 
 A3 
 
 By Joint Hemp W Vrow, Net recovery, «« 
 
 570 
 
 18 
 
 Sterling Account. 
 
 Cr. 
 
 1827. 
 Oct. 20 
 
 By Bills Receivable, 
 
 788 
 
 Holland Account. 
 
 Cr, 
 
 1827. 
 Nov. 25 
 Dec. 4 
 
 By Bills Receivable, ^ 
 
 By Bills Receivable, 
 
 By John Ramsay, ^Loss by Exch. 
 
 By Adventure V Aurora, ditto. 
 
 Florins. 
 
 5375 
 14374 
 
 19749 
 
 SHv. 
 
 14 
 
 14 
 
 Exch. 
 
 35/10 
 
 35/7^ 
 
 500 
 1345 
 
 I 
 1 
 
 184717 
 
 2L 
 
SET V-^EXTRACT 
 
 Dr, 
 
 The Joint Estate of 
 
 Bl 
 
 iC6 
 
 L3 
 
 8 
 
 31^^ December y 1827. 
 
 To Bills Payable, — Under acceptance, viz. 
 No. 12, due Feb. 11,^ 
 To Sugar V Cuba, ^(diff. of' Sale unfinrished,). 
 To James Agent, Due to him, 
 
 To John Stirling, — Due to him, 
 
 To Stock, .,,^...Ottr Net Capital,, 
 
 250 
 11 
 12 
 
 115 
 
 39013 
 
 3569 
 
 3960 
 
 ^. ^. The Private Ledger to this Set will of course be the same as that to 
 Set IV. it is therefore unnecessary to repeat it. 
 
OF BALANCES. 
 
 267 
 
 SiMsoN, MoNTEATH & Co. London. Cr, 
 
 31*/ Decertiber^ 1827. 
 
 CI 
 Bl 
 
 By Cash, 
 
 By Bills Receivable f 
 
 .Balance in hand^ 
 
 Sot the following in hand, viz. 
 
 No. 9, due Jan. 29, £10^u\0» 
 
 14, due May 15, 57i.12m1o! 
 
 C2 By 
 4. By 
 
 Sugar ¥' Cuba, ^Diity, &c. oTft 15 Hhds £363ir 8ii 8 
 
 Mahogany W CM^,.-Ditto on 40 planks, 64ii16m 7 
 
 A2 
 L3 
 3 
 6 
 6 
 8 
 
 Cotton ^ Ann^ 
 
 Furniture. 
 
 .Value of 20 Bales on hand,, 
 
 -in Counting-house, 
 
 .Valued at ^ 
 
 By 
 By 
 
 By Ship Mars 
 By Daruion Sf 
 By Attwood 4* 
 By Murray ^ Co Due by them, — 
 
 ^Due by them 
 Due by them^. 
 
 £ s. d. 
 
 47 
 
 762 
 
 315 
 
 69 
 430 
 384 
 786 
 736 
 
 3960 
 
 210 
 
268 
 
 REMARKS. 
 
 It only remains to make the following remarks on the present Ledger. 
 
 Ross & Son's Russia Account, or as it is sometimes called their Account, i* 
 credited for your half of the cost of the Joint Hemp, which they shipped for you, 
 both in Russian and Sterling money; and debited for the bill which they drew 
 on you, upon your receiving the Invoice and Bill of Lading agreeable to the sup- 
 posed conditions.^ 
 
 As this Bill was drawn at the time for your share of the Invoice only, it was 
 not indispensable to notice the foreign money iii the Journal and Ledger; but it 
 would have been so, had either the Draft been drawn or remitted partially, in 
 order to have shown, with the least trouble, how the account actually stood. 
 
 Ross & Son's Sterling Account, or as it may be called our Account, is credited 
 for their half of the Net recovery of the Hemp (which is supposed to have been 
 lost) after a settlement with the Underwriters has been obtained -j: ; and it is de- 
 bited for the remittance which you made them, including expenses for negotiating 
 the bill. 
 
 The Sterling Account of Vanberpoole & Co. is debited for their one-third 
 share of the Joint Invoice W the Aurora ; and credited for the amount of the 
 bill which you drew on them — they being charged with the expenses of nego- 
 tiating it. 
 
 The Holland Account of Vanderpoole & Co. is debited for the other two-thirdg 
 (which belong to John Ramsay and Yourselves,) of the Net proceeds of the Sales 
 in Dutch currency and in Sterling money ; and credited for the bills which they 
 remit, in the like ciurrencies. 
 
 * No entry is made for their half of the Hemp unt'd it anives and is sold, or at least till it comes to an 
 issue. 
 
 t The Underwriters in L(mdon pay sueh Losses in one mooth, from the date of settlements 
 
269 
 
 A 
 
 COMPARISON 
 
 BETWEEN THE 
 
 DISADVANTAGES AND ADVANTAGES OF 
 THE PRESENT PRACTICE OF DOUBLE ENTRY ; 
 
 AND THE 
 
 ADVANTAGES AND DISADVANTAGES OF 
 THE NEW METHOD OF DOUBLE ENTRY BY SINGLE. 
 
 * In order to form the most impartial opinion of these two rival Systems, the 
 preceding Transactions are arranged by each Method, as in Sets IV. and V. 
 
 To the Disadvantages attributed to the Present Practice, by Mr. Cronhelm, 
 we shall here oppose our Advantages derived from it ; and to the Advantages de- 
 rived from the New Method, by Mr. Cronhelm, we shall oppose the Disadvan- 
 tages which we attribute to it, leaving the reader to judge which preponderates. 
 
 DISADVANTAGES ATTRIBUTED TO THE PRESENT PRACTICE, 
 By Mr. Cronhdm, 
 
 The whole month must be closed before the Journal entries can commence ; 
 and, before they can be completed, a considerable part of the next month will 
 elapse : then follows all the double posting, so that the arrears of the Ledger will 
 be never less than five or six weeks, and probably often seven or eight. ♦ Thus 
 the state of an account can seldom be ascertained from the Ledger alone, but must 
 be traced through the Journal, and all the Subsidiary Books. This is a serious 
 inconvenience. 
 
 The whole month's similar transactions relating to one account, are classed to- 
 gether in the Journal, and posted in one sum to the Ledger. Hence the latter 
 deals too much in generals ; and the particular information which it ought to give, 
 is too frequently buried in " Sundries upon Sundries." To remedy this inconve- 
 nience. Book-keepers are actually driven to the necessity of repeating many of 
 the personal accounts in a separate book, called the Account-Current-Book, 
 which is merely a Ledger of particulars. This tedious repetition is a sufficient 
 comment on the impolicy of generalizing the Ledger. 
 
 It is a process of much time and labour to repeat the record of a transaction 
 
 • Heavy as Mr. Cronhelm has thought proper to state these arrears, he ought to have, added, but then 
 tliey are soon repaid to the Ledger by the concise plan of Journalising and Posting.— M. 
 
870 A COMPARISON OF THE TWO METHODS. 
 
 Disadvantages attributed to the Present Practice, hy Mr. Cronhdm. 
 
 so many times : once it appears in the Waste, or Subsidiary Book, once in the 
 Journal, and twice in the Ledger ; making in whole four entries. It is due to 
 the modern Italian method to observe, that it curtails in some of the accounts, 
 part of the double posting to the Ledger : thus, the receipts and payments for the 
 whole month, are equilibrated by collective counter-entries. Other transactions, 
 however, have not this facility ; and whatever may thus be saved from the fourth, 
 will be lost in the fifth repetition in the Account-Current-Book. This frequent 
 repetition increases the liability to error ; and it must be noticed, that, in gene- 
 ral, there is no systematic check between the Journal and the Subsidiary Books. 
 
 The process of Journalizing is frequently intricate and perplexing, on account 
 of the various methods of arranging the debtors and creditors in equilibrium. In 
 the search of judicious arrangement, ingenious writers have wandered far from 
 simplicity, as may be seen in those complicated combinations, entitled, " Sundries 
 Drs. to Sundries." * In fact, the more ingenious the accountant, the more will 
 he be distracted with the various methods suggested by his fertile invention ; 
 and the more frequently will he find himself in the situation of the traveller, 
 embarrassed by a multitude of roads to his destination, and hesitating which to 
 choose. 
 
 In Book-keeping, brevity and simplicity are objects anterior to masterly com- 
 binations. From the best constructed set of Books, it would be easy to make 
 extracts, that, for some particular objects, might exhibit ai-rangements superior 
 to any thing in the books themselves : but such arrangements are not therefore 
 entitled to be inwoven into their regular system, by the ever prohibitable means 
 of repetition. 
 
 After enumerating the defects of the Italian system, candour must acknow- 
 ledge, that, notwithstanding its slow and intricate operations of Journalizing and 
 Double Posting, notwithstanding its want of simplicity and of determinate rules, 
 it is founded on the just and beautiful principles of Equilibrium and Additions ; 
 and that it accomplishes a systematic, self-verifying record of Accounts. The 
 name of its inventor is unknown, but the applauses of four centuries have justly 
 been bestowed upon his art ; and, unless a shorter and more simple method be 
 devised for obtaining the same results, it will continue to deserve the preference 
 of the commercial world. 
 
 Vide Mr. Cronhdm^ s Remarks on the Modern Italian Method. 
 
 ♦ No more than four such Entries as the ahoTe occur in Set IV. by the Present Practice, pages 150, I5i, 
 and 1 33,136 ; for the last of which, Mr. Cronhelm has no such entries in any of his Subsidiary Books I ! 
 How far this is proper, experience will show ; and respecting the three former, it is sufficient to say, that 
 they are as clearly stated, and as easily understood as any entry by Mr. C.'s New Method.— M, 
 
A COMPARISON OF THE TWO METHODS. 271 
 
 Advantages derived from the Present Practice. 
 
 ADVANTAGES DERIVED FROM THE PRESENT PRACTICE. 
 
 The apparent inconvenience, in the first instance, of keeping a Journal, occa- 
 sioned by the delay in posting, is amply compensated by the advantages obtain- 
 ed in the subsequent stages of the process. By such an arangement of the Jour- 
 nal as is exhibited in Sets IL III. & IV., which is formed by Rules, not only de- 
 terminate, but simple, we are enabled to accomplish with ease and certainty, what 
 is most irksome and difficult in the process of Book-keeping, — namely, the Post- 
 ing and Balancing of the accounts in the Ledger. Independent of these advan- 
 tages, the Journal becomes to the Owner a valuable Abstract of his mercantile 
 transactions, by thus bringing them into a concise form ; which abstract, in the 
 unavoidable absence of any, or all of the Subsidiary Books, is of double va- 
 lue. 
 
 So far fi-om considering the classing of each month's simUar transactions in the 
 Journal as a disadvantage, we rather choose to place it in the opposite scale. 
 It affords an excellent check on the Cash received and paid, the Bills received, 
 accepted and paid; and which may easily be done with the transactions 
 in general, as the amounts are thus all proved before being posted, — an ad- 
 vantage of which the New Method is destitute. Hence, the Ledger is so abridg- 
 ed, that no more than twelve lines yearly will in general be required at the ac- 
 counts, though the transactions be ever so numerous. Thus the labour of Ba- 
 lancing (otherwise a most troublesome process) is reduced to a comparative a- 
 musement. 
 
 The Present Practice curtails in most of its accounts, part of the Double post- 
 ing, by reducing one of the entries in the Ledger to the fraction of a collective 
 counter-entry. Thus, the amounts of the Cash received and paid ; the Bills re- 
 ceived and accepted ; the Goods bought and sold ; the Shipments ; Consign- 
 ments, &c. are all posted by a counter-entry. * The important advantj^es de- 
 rived from this concise arrangement of the Subsidiary Books, by combining the 
 entries of each in one amount in the Journal, and thence posting these in one 
 line to the Ledger, as exemplified in the Journals and Ledgers of Sets II. III. & 
 IV. amply compensates for the trouble. 
 
 It is admitted that the frequent repetition of the entries in one point of view, 
 increases the liability to error, but it has been shown that this liability is guarded 
 against by a proof of the accuracy of the Subsidiary Books, before carrying their 
 
 * As the phrase To or By Sundries, chiefly occurs in posting the counter-entry of the above Transactions, 
 being the monthly amounts of each, this is surely suflBcient in the Ledger. Hence, the above accounts are 
 brought into a concise point of view, and are easily examined and added, without fatiguing the eye with a 
 multiplicity of figures. It is due to the New Method, that it curtails the above accounts in the Ledger, 
 but it is shown in the Remarks on that method, that this is attended with other i 
 
272 A COMPARISON OF THE TWO METHODS. 
 
 Advantages denvedfrom the Present Practice. 
 
 contents into the Ledger. * Thus, what the Present Practice has in the Jour- 
 nal with the advantage of a proof or check on the amounts, the New Method has 
 in the Ledger without any such check ; in consequence of entering each sum 
 singly into that book : by which the liability to error will not only be increased 
 in proportion to the number of entries, but by swelling the accounts in the Led- 
 ger with lines, as by the old Italian Method, the Balancing of that book becomes 
 a laborious, and in most cases, a difficult task. 
 
 Except in very limited, or those particular Concerns, where a Journal may be 
 dispensed with, it will be found on experience, that the only way to prevent the 
 posting of the Books falling behind, and to render the Balancing of the Ledger 
 easy, is to keep it in such a concise form, as that it may be considered a general 
 Index to the Journal, as that book is to the Subsidiary Books. To make the 
 Ledger supply the place of an Account-Current-Book, can only be practicable in 
 very limited concerns: for in those of any magnitude, we contend that such a Book 
 becomes absolutely necessary to prevent that additional trouble which the absence 
 of it would occassion, by adopting the general principle of carrying each sum se- 
 parately into the Ledger. " The Book-keeper who aims at it, (says Mr. Booth, 
 after thirty years* experience,) will make himself a slave to no purpose, without 
 ever having the satisfaction of seeing his Books kept up : and instead of Balanc- 
 ing them in two or three days, may spend as many months before it is effected ; 
 which I have frequently known to be the case.** As the Ledger contains the 
 pages of the Journal where the particulars of the entries should appear, with 
 such a ready reference to these, the Book-keeper is thus enabled in an easy and 
 expeditious manner to make out an Account-Current for those persons whose 
 Transactions require it. — M. 
 
 * With the exception of the Day-Book, a systematic check upon the accuracy of the Subsidiary Books is 
 here obtained ; and which could easily have been made on that Book, by the division of its entries into 
 one or more books, had such an arrangement fallen within our plan of a School-Book. 
 
 To show that the contents of the Subsidiary Books have been carried through the Journal and Ledger, 
 a check is exhibited in page 86 ; when any mistakes have been made, it leads to an easy discovery of them. 
 
A COMPARISON OF THE TWO METHODS. 273 
 
 Advantages derived from the New Method^ hy Mr. Cronhelm. 
 
 ADVANTAGES DERIVED FROM THE NEW METHOD, 
 By Mr. Cronhelm- 
 
 The New Method consists m keeping all the Day Books by Debtor and Credi- 
 tor, and in posting them directly to the Ledger, without any intermediate process. 
 
 In common Single Entry, the Day Books (excepting the Cash) are mere memo- 
 randa of personal transactions \ but in the New Method, by altering the arrange- 
 ment of the same entries, the Day Books become also regular accounts of pro- 
 perty. Thus it requires no additional labour in the Books ; and yet, by this sim- 
 ple means, it obtains every result of the Italian System ; for it observes the great 
 law of Equilibrium in the clearest manner, every entry having a distinct counter- 
 entry, and the harmony of Debtors and Creditors being evident in the very na- 
 ture of the posting, the constant rule of which is to transfer from the left side to 
 the right, and from the right side to the left. 
 
 In the Italian Method, all the Personal Debtors are equipoised by a single 
 counter-entr}' to the credit of Cash, and all the Personal Creditors by a single 
 counter-entry to the debit of Cash ; but in the shorter method, each individual 
 Debtor in the Cash Book has a corresponding Creditor in the Ledger, and each 
 individual Creditor a corresponding Debtor. The Complex Method maintains 
 the Equilibrium merely in the whole collectively : the Simple Method has, be- 
 sides this general harmony, a particular equilibration of each individual entry ; 
 and, consequently, it more definitely, if not more completely, obsei-ves the great 
 fundamental law of Accounts. 
 
 The New Method is superior in the prevention and detection of error. Sup- 
 pose a paj-ment of £300 to be erroneounsly posted £200, the equality of Debt- 
 ors and Creditors would be destroyed in the Simple Method, and the error de- 
 tected by calling over, or comparing the Ledger with the Cash Book. If the 
 Journal entry be correct in the Italian Method, the conformity will be equally 
 destroyed, and the eiTor similarly detected; but if the error originate in the Jour- 
 nal itself,* it will no longer disturb the harmony of Debtors and Creditors, and its 
 discovery will become more remote and contingent. By avoiding the repetition 
 that occasions it, this liability to error does not exist in the shorter method. 
 
 We have, therefore, discovered a Method of Single Entry, which supersedes 
 the circuitous and laborious processes of Journalising and Double posting, hither- 
 to supposed to be the only means of equilibrating Accounts. In this New Me- 
 thod, the Day Books are assimilated to each other and to the Lfedger, being all 
 kept by Debtor and Creditor : while the Ledger records the Stock, the Personal, 
 and a few other Accounts, the Day Books record the remaining parts of the pro- 
 perty : the Cash Book shews the Cash in hand ; the Bill Books shew the amount 
 of Bills Payable running, and of Bills Receivable in hand; the Book of Merchan- 
 dise shews the stock of Goods, f 
 
 * How could this happen when the Journal entries are proved from the Cash Book before being posted ? 
 t Whether is this plan, or that by which the Ledger exhibits the same information, preferable ?— ^L 
 
 2M 
 
27^ A COMPARISON OF THE TWO METHODS. 
 
 Advantages derived from the New Method, by Mr. Cronhelm. 
 
 The scientific accountant will discern much beauty and simplicity in this gene- 
 ral assimilation of the Books. He will perceive the great process of equilibration 
 regularly and uniformly carried on, commencing in every primary, and completed 
 in every secondary entry : he will observe it easily and naturally emanating from 
 the arrangement and method ; whereas, in the Italian System, it is superinduced 
 by an artificial and laborious contrivance. Here the Equilibrium flows on con- 
 tinuously through the whole mass of accounts ; there it is obtained only by break- 
 ing them up, and equipoising them in detached fragments ; as may be seen at a 
 glance in the endless preambles and intersections of the Journal. The general 
 practicability of the New Method, is another criterion of its merits which ought 
 not to be overlooked. Its principles and its forms apply with equal facility to the 
 minutest Retail, and the most extensive Mercantile Transactions ; to the deversi- 
 fied Accounts of Chartered Companies, and the still more complicated Finances 
 of the State. 
 
 It must also be observed that the New Method is very different from the plan 
 of entering into the Ledger the periodical additions of the Day-Books. * Each of 
 these Books becomes a complete Account in itself, recording some particular 
 branch of property. Its additions are not transferred to any other Account ; and, 
 though it is convenient to carryforwards the distinct amounts of its Debtors and 
 Creditors to the regular periods of proving the Books, yet this mode of continu- 
 ation is not necessary; for its Balance may at any time be taken, as that of a 
 Ledger Account, without deranging the system of the Books. 
 
 Vide Mr. Cronhelnis Explanation of his New Method. 
 
 » It is not by entering these periodical additions into the Ledger that our principal fiiults to the Retailer' St 
 fVholesale Dealer's, and Manufacturer's Sets^ are attributed,— M. 
 
A COMPARISON OF THE TWO METHODS. 273 
 
 Disadvantages attributed to the New Method. 
 
 DISADVANTAGES ATTRIBUTED TO THE NEW METHOD. 
 
 Passing over minor objections, such as copying the particulars of the Pur- 
 chases, (which in many a business would be more than equivalent to the writing 
 of the Journal,) and which to preserve uniformity at least with those of the 
 Sales, becomes in some degree necessary — that of having both Purchases and Sales 
 in one book, by which only one person could at the same time be employed in 
 making the entries — and that of Posting from a number of Subsidiary Books, as 
 being more liable to omissions, &;c. we shall proceed to state what we conceive 
 to be defects of greater magnitude, and which exclusively belong to the New 
 Method. 
 
 In Retatly Wholesale, and Manufacturing Concerns, the New Method requires 
 that the Book of Merchandise be either added up monthly, and the difference 
 betwixt the Purchases and Sales set down on both sides as a Balance ; or that the 
 amount of each page be carried forward from one General Balance to another, 
 as is done in Set. I. ; which in the former case would be very awkward ; and 
 in the latter surely both a very troublesome and uncertain operation. 
 
 In the above three Concerns, the general Result of the business, namely, the 
 whole Gain or Loss unavoidably appearing in the book of Merchandise, is thus 
 exposed in one view to the subordinate clerks, whose office is to keep that book. 
 This with most mercantile men would certainly be an objection of no ordinary 
 magnitude.* 
 
 Posting each sum singly into the Ledger, according to the New Method, is 
 both slovenly and tedious, and unnecessarily swells the Personal and other Ac- 
 counts with lines, like the old Italian Method, which greatly augments the labour 
 and difficulty at Balancing : — Thus the several items of each Invoice and Sale 
 would in the course of twelve months, in a very ordinary Commission Business, ex- 
 tend each of the^accounts of Charges, Interest, Commission, and the like, to some 
 folios, which would be both awkward and inconvenient, and the chance of errors 
 in posting would be in proportion to the number of entries. The above three 
 Accounts in Sets IV. and V., pages 172, 173, and 2oO, 251, being compared, 
 the Ledger in the latter, will be found to be too much particularized. 
 
 * See Day-Book to Retailer's Set, page 15, where the Remit appears. In the arrangement of the 
 Book of Merchandise to the Sets of TVholesale Dealers, and Manufacturers, the whole result is expressed 
 in a clear and unequivocal manner, " To Profit," or " By Loss." From this, and similar objections, the 
 Present Practice is entirely exempt. The General Result of the business appearing as it ought in the Led- 
 ger alone, the subordinate clerks and others are thus very properly kept ignorant of it — Shaving in general, 
 no access either to Journal or Ledger. 
 
 Besides increasing the chance of errors and omissions, considerable inconvenience would be felt in mak- 
 ing the entry and counter-entry at one time, as must be done by the New Method, when both of these be- 
 long to the Subsidiary or Day-Books. To remedy this, and to prevent Errors and Frauds, Mr. Cronhelm 
 recommends, " that in concerns of any magnitude, it be an inviolable rule, that the entry and counter-en- 
 try be never both made by the same clerk." 
 
276 A COMPARISON OF THE TWO METHODS. 
 
 Disadvantages attributed to the New Method. 
 
 By the New Method, it will be difficult, not to say impossible, to post the ar- 
 ticles in the order of their dates, especially the Sales and entries connected with 
 the Net-proceeds in making up an account ; because as the articles lie promis- 
 cuously throughout the Book of Commissions, an article that stands first there 
 may be sold last, and even in different months ; so that it would require a con* 
 stant turning backwards and forwards to know what entries are already posted, 
 and those still to post. Similar objections apply to the Adventures and Invoices 
 in general, as a reference to the Books of Adventures and Commissions must 
 convince every one. * By limiting his Sets to one month only, Mr. Cronhelm 
 either overlooked, or did not foresee the inconvenience complained of; the only 
 way to avoid which, would be, as soon as the original entry is made in the Sub- 
 sidiary or Day-Book, to post it ; but how far this in the hurry of business would 
 be practicable, we leave those who are so circumstanced to say. Besides a very 
 awkward expedient must be resorted to, when in Commission Invoices the mer- 
 chant does not charge the same prices as he gave for the goods provided for the 
 order, as the whole Invoice rendered must then be entered on the Creditor 
 side, and the resulting difference be equilibrated by an entry of Profit or 
 Loss. 
 
 By the New Method, a number of Promiscuous Entries, which belong to none 
 of its Subsidiary Books, as well as those which always occur before taking a 
 General Balance, namely. Interest, Commission, and Postages, on certain per- 
 sonal accounts, must be entered as simple transfers betwixt these accounts, with- 
 out any Subsidiary or Day-book entry whatever ! ! For such Entries as occur in 
 Set v., see Note, page 246. — M. 
 
 * The arrangement of the Invoices and Sales by the New Method, besides consuming nearly a double 
 quantity of paper, would create no small inconvenience in transcribing these to the parties, as neither the 
 preamble nor form, especially of the Invoices, are ever so rendered. In speaking of these, Mr. Cronhelm 
 says, " though an Account Sales be kept by Debtor and Creditor in the Books, the document is never trans- 
 mitted in this form." This is a mistake, as many Sales of West India produce of any extent, are often 
 so rendered, especially in Scotland. 
 
 Here it must likewise be observed, that when making up an Invoice, or Account Sales, it seldom hap- 
 pens that all charges, such as duty, freight, &c. are paid either on the day of shipment, or last day of Sale, 
 as Mr. Cronhelm has invariably assumed, with the evident view of favouring his arrangement. 
 
 By the New Method, neither the amounts of the Sales of Consignments, nor Shipments monthly, are 
 sliown. 
 
APPENDIX. 
 
278 QUERIES AND ANSWERS. 
 
 CHAP. I. 
 ON THE PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 
 
 1. Q. What is Book-keeping ? 
 
 A. Book-keeping is the art of recording Mercantile property so as to show at all 
 times, the value of the whole Capital, and of each component part. 
 
 2. Q. Sy how many Methods may Books be kept on separate principles ? 
 A. By two; — Single and Double-Entry. 
 
 3. Q. What is meant by Single- Entry? 
 
 A, When each sum or amount is entered only once in the Ledger — and being more 
 simple than Double-Entry, is generally adopted by Retailers and others who 
 deal in a great variety of articles, for whom it is best adapted. 
 
 4. Q. What is meant by Double- Entry ? 
 
 A. When each sum or amount is entered twice in the Ledger; (hence Double-Entry) 
 namely on the Debtor side of one account, and on the Creditor side of some 
 other account or accounts ; whence it naturally follows, that when these entries 
 are made, the amount of the Dr. and Cr. sides will be equal — tliis method is ge- 
 nerally used by Merchants and others. 
 
 5. Q. How many Subsidiary Books are generally used in business ? 
 
 A. The number depends on the nature of the business carried on, and plan of keep- 
 ing the books; but the most usual are the seven following : — namely, A Cash- 
 Book; — Bill- Book;— Invoice- Book, Inward, or Purchase- Book; — Invoice- 
 Book, Outward, or Export- Book; — an Account-Sales- Book ; — Day- Book; — 
 and an Account- Current- Book. 
 
 6. Q. What does the Cxsn-Book contain ? 
 A. All Receipts and Payments of money. 
 
 7. Q. What does the Bm-i^'Book contain ? 
 A. All Bills received and accepted. 
 
 8. Q. What does the Invoice-Poo^, Inward, contain F 
 A. All Goods purchased at home or imported. 
 
 9. Q. What does the li^voicE-Book, Outward, contain ? 
 A. All Goods shipped off or exported. 
 
 10. Q. What does the Account SAX.^s-Book contain F 
 A, The Sales of all Goods consigned to you. 
 
 11. Q. What does the "DAT-Book contain ? 
 
 A. Generally the amounts of the Purchases, with the particulars of the Sales or dis- 
 posal of such Goods as the merchant has on his own account; as well as the 
 amounts of the Shipndents and Consignments with a reference to these Books 
 for particulars, and in short every other transaction which cannot be entered 
 with propriety in any of the other Books. 
 
 12. Q. What does the j4ccount-CvJi.KEVT-Book contain F 
 
 A. It contains duplicates of the accounts as they stand in the Ledger, with the par- 
 ticulars of every article as they are expressed in the Journal, arranged accord- 
 ing to their dates, being always an exact copy of the account transmitted or de- 
 livered to the party, whose name it bears.* 
 
 * Besides the above Books, there are the Order-Book, in which are entered all orders received and exe- 
 cuted by the merchant ;— the Letter-Book, in which are copied all Letters on business written by him ;— 
 the Debenture-Book, in which are entered all Bounties and Drawbacks on Goods exported ;— the Memoran. 
 dum-Book, 8fc. 
 
PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 279 
 Definition of the Ledger Accounts. 
 
 CHAR II. 
 OF THE LEDGER AND ITS ACCOUNTS. 
 
 1. Q. What is the use of the Ledger ? 
 
 A. The Ledger collects together articles of the same kind, under their respective 
 heads; and for this purpose it is divided into several accounts, the Debtor and 
 Creditor of which are opposite, in order to show how each account has been af- 
 fected after these entries have been made. 
 
 2. Q. What are meant by the terms Debtor and Creditor ? 
 
 A. These terms are used to denote the increase or decrease of an account. 
 
 3. Q. Explain more particularly the meaning of the terms Debtor and Creditor ? 
 
 A. Any thing entered on the Debtor or left hand page increases the account ; and any 
 thing entered on the Creditor or right hand page, diminishes it. 
 
 4. Q. What may Mercantile Property be considered ? 
 
 A. It may be considered as a whole composed of various parts : whence the simple 
 principle on which Book-keeping is founded, is the equality of the whole, to 
 the sum of all its parts, 
 
 5. Q. How many kinds of Mercantile Property are thei-e? 
 
 A. Two : additive property, consisting of Cash, Goods, Bills, and Debts Receiv- 
 able ; and subtractive property, consisting of Bills and Debts Payable ; and 
 these two kinds of property being directly contrary' to each other, the Stock or 
 whole property must always be equal to the difference between them. 
 
 6. Q. What are the Parts of Property? 
 
 A. Accounts of Persons, Money, Goods, or other property. 
 .7. Q. What accounts constitute the Whole Property ? 
 
 A. The accounts of Stock, and Profit & Loss, with its branches. 
 
 8. Q. How many Kinds of Accounts does the Ledger contain ? 
 
 A. Three : — Accounts of Persons — Property — and Profit & Loss. 
 Accounts of Persons. 
 
 9. Q. What do Accounts of Persons contain on the Dr. and Cr. sides? 
 
 A. On the Dr. the sums by which that person has become indebted to you ; and on 
 the Cr. the sums by which you have become indebted to him. 
 Accounts of Property/. 
 la Q. iniat do Accounts of PROPr-RTT contain on the Dr. and Cr. sides F 
 
 A. On the Dr. the Cash, Bills, Goods or other property which you receive ; and on 
 the Cr, the Cash, Bills, Goods or other property which you deliver. 
 
 Accounts of Profit Sf Loss, 
 
 11. Q. What do Accounts of Profit & Loss contain on the Dr. and Cr. sides F 
 
 A. On the Dr. all Losses which you sustain ; and on the Cr. all Gains which you 
 obtain.* 
 
 12. Q. How do you find the Debtors and Creditors ? 
 
 A. By observmg in every transaction whether a Person has become indebted to you, 
 or you to him — whether Property has been received or delivered, and if you 
 have gained or lost upon any other account than the purchase and sale of 
 goods ; — the foregoing Rules being applied to the result of these observations, 
 the Debtors and Creditors will clearly appear, f 
 
 * For a more particular definition of these three preceding accounts see pages 36 & 57. 
 
 t From the mutual relations of Debtors and Creditors, it appears that every simple transaction in busi- 
 
280 QUERIES AND ANSWERS ON THE 
 
 Of the Journal and Rules for Journalising, 
 
 CHAP. III. 
 OF THE JOURNAL AND RULES FOR JOURNALISING. 
 
 1. Q. What is the use of the Journ.4L ? 
 
 A. The Journal contains an arrangement of the whole Transactions collected monthly 
 from the Subsidiary Books, with the Debtors and Creditors pointed out, that 
 they may be easily posted into the Ledger. 
 
 General Rule, 
 
 2. Q. What is the General Rule for Journalising ? 
 
 A. Whatever is received, or Person accountable to you is Debtor ; and whatever is deli- 
 vered or Person to whom you are accountable is Creditor. 
 5. Q. Combine the tenth and ninth of the preceding Rules,' and what are obtained ? 
 
 A. First : when Cash, Bills, Goods or other property are received^ the Account open- 
 ed for these is Dr. to the Person from whom, or on whose account they are 
 received. 
 Second : when Cash, Bills, Goods or other property are delivered, the Person re- 
 ceiving, or on whose account they are delivered is Dr. to these accordingly. 
 
 4. Q. Combine the ninth and eleventh of the preceding Rules, and what are obtained? 
 
 A. First : when a Person becomes indebted to you, on account of either Charges, In- 
 terest, or Commission, he is Dr. to that particular Profit or Loss account. 
 Second .• when you become indebted to a Person on either of the above accounts* 
 that particular Profit or Loss account is Dr. to him. 
 
 5. Q. Are there any exceptions to these combinations ? 
 
 A. Yes : there are several, the principal of which are the following : namely, when 
 money is received or paid on account of Bills Receivable, Bills Payable, Goods, 
 Funded Property, Charges, or Interest, not already entered to a personal ac- 
 count. Cash is Dr. To or Cr, By those accounts, instead of To or By the per- 
 sons receiving or paying. 
 
 ness belongs to two accounts, and must be entered on the Debtor of the one, and on the Creditor o( the 
 other. Thus, when a Person becomes indebted to you, the article he owes must be entered on the Dr. 
 side of his account ; and if it be for money paid him, it is also entered on the Cr. side of Cash ; if for goods 
 sold, it is entfered on the account of Merchandise ; or in whatever way the debt arises, it is entered on the 
 Cr. of some other account as well as on the Dr. of the person's account who owes it. Thus, when you be- 
 come indebted to any person, the article you owe must be entered on the Cr. side of his account ; if it be 
 for money received, it is also entered on the Dr. side of Cash ; and if for goods bought, it is entered on the 
 Dr. of the account of Merchandise. Thus, every article in any account, corresponds to some other article 
 on the opposite side of a different account ; the same sum is entered on the Dr. of one account, and on the 
 Cr. of the other; and it follows from this, that, if all the accounts tn the Ledger be added, the amount of 
 the sums of the Dr. will be equal to those of the Cr. 
 
 The Equality of the parts to the whole, or the equilibration of Debtors and Creditors in the General Ex- 
 tract, is the great systematic proof of Book-keeping. It sufficiently protects the accounts from accidental 
 error ; and it affords to all supplementary checks against intentional error, a basis without which they would 
 be entirely ineffectual. This Proof, however, is of a negative nature : without it, the Books cannot b* 
 correct ; but with it, they may be incorrect. It merely shows the general correspondence of the post en- 
 tries with the original, and the general accuracy of the additions ; or, in other words, that there is no un- 
 compensated error in the counter witries, or in the additions. It affords no check whatever on the primary 
 entries, nor against compensated errors in the secondary. By compensated errors we mean such as are neu- 
 tralized by counter-errors, so as not to disturb the equilibrium of Debtors and Creditors; and this neutra- 
 lisation of errors, being a very remote chance, generally originates in design and fraud. 
 
 'IK 
 
PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 281 
 Journalising the Subsidiary Books. 
 
 1. Cash-Book, 
 
 1. Q. Hov) is the Cash-Book Journalised vionlhly ? 
 
 A. For all money received, Cash Dr. to Sundries. 
 
 For all money paid, ,.... Sundries Drs. to Cash. 
 
 Specifying particulars, and classing articles of the same kind together. 
 
 2. BiU-Booh 
 
 2. Q. How is the Bill- Book Journalised monthly ? 
 
 A. For all bills received Bills Receivable Dr. to Sundries, 
 
 For all bills accepted,... Sundries Drs. to Bills Payable. 
 
 Specifying names, numbers, and other necessary particulars. 
 
 3. Invoice-Book, Inward. 
 
 3. Q. How is the Invoice- Book, or Book of Purchases Journalised ? 
 A. By making, Merchandise Dr. to Sundries, viz. 
 
 To each Seller for his Invoices during the month. 
 
 4. Invoice-Book, Outward. 
 
 4. Q. How is the Invoice- Book, or Book o/" Exports Journalised ? 
 A. The Person on whose account shipped Dr. to Sundries, viz. 
 
 To Merchandise, ibr amount of goods. 
 
 To Promiscuous Charges,... for charges at shipping. 
 
 To Commission, for your commission. 
 
 To Insurance, for premium and policy. 
 
 5. Account Sales-Book. 
 
 5. Q. When you sell Goods on Commission, how are they Journalised ? 
 A. Enter Sundries Drs. to Sales of Consignments, viz. 
 
 Each purchaser for his respective amount 
 
 6. Q. When the Sales are finished, what is the Journal entry ? 
 A. Enter Sales of Consignments Dr. to Sundries, viz. 
 
 To Insurance, for premium and policy. 
 
 To Consignments, for duty, &c. paid by you. 
 
 To Interest, for that on duty and freight. 
 
 To Commission, for yours on insurance and sales. 
 
 To the Consigner, for net proceeds due him. 
 
 6. Day-Book. 
 
 7. Q. How are Insurances on exports or imports Journalised ? 
 A. By entering... Insurance Dr. to Sundries, \h. 
 
 To the Broker or Office, where underwritten, or 
 
 To Assurance, for the sums underwrote by yourselves. 
 
 Specifying premium, policy, name of ship, and where bound. 
 
 8. Q. When average or total Losses occur, how are they Journalised ? 
 A. By entering... Sundries Drs. to Sundries, viz. 
 
 The Drs. are Each Broker, for premium deducting his brokerage. 
 The Crs, are To Insurance, — To Coinmission, — and To Proprietors. 
 
 2N 
 
!182 QUERIES AND ANSWERS ON THE 
 
 On Posting and Comparing the Boohs. 
 
 CHAP. IV. 
 ON POSTING AND COMPARING THE BOOKS. 
 
 1. Q. What is meant by Posting or Ledgerising ? 
 
 A. Posting is the transferring the Debtors and Creditors of the several entries in the 
 Journal into the Ledger, in order to show the state of each account, after these 
 entries have been made. 
 
 2. Q. What is the General Rule for Posting ? 
 
 A. Debit the account that is Debtor To the title of that which is Creditor 3 and cre- 
 dit the Creditor, By the title of the Debtor. 
 
 3. Q. When the Entry is finished, what do you do next T 
 
 A. Mark on the marginal column of the Journal the folio of the Ledger wliere the 
 entry is made, and in the Ledger the page of the Journal. 
 
 4. Q. In what way should the reference fgures be marked ? 
 
 A. In a fractional form : for example, if the Dr. entry be in the fifth folio, and the 
 Cr» entry on the eighth, the reference is marked | . These figures show how far 
 the posting is advanced, and are useful in comparing the Books. 
 
 5. Q. What is meant by Comparing the Books ? 
 
 A. Examining every entry before it be Journalised or posted ; because a mistake in 
 any of the Subsidiary Books must necessarily run through the Journal and 
 Ledger. 
 
 6. Q. How is this accomplished ? 
 
 A. After Journalising the Subsidiary Books, the Journal must be carefully compared 
 with each book, before posting the entries into the Ledger. 
 
 7. Q. What is the best plan to compare the Journal and Ledger ? 
 
 A. By two persons :— one has the Journal and reads the Ledger folio, the title of the 
 account, and the Debtors and Creditors^ while the other turns to the account in 
 the Ledger, and marks off the entry with a dot if correct 
 
 8. Q. What do the dots represent ? 
 
 A. The dots in the Journal show how far the comparison is advanced, and the marks 
 in the Ledger show what entries are compared. 
 
 9. Q. How is it known when the Comparison is finished ? 
 
 A. By glancing over the Ledger and observing if the mark of comparison be affixed 
 to each entry ; if not, turn to the entry in the Journal whicli had not been 
 marked, and observe if it be right. 
 
 10. Q. What is the best plan to rectify omissions? 
 
 A. By inserting the entry omitted under the last article when you discover the omis- 
 sion, and marking a cross X against it on the margin, and another at the 
 place where it should have been ; and if a mistake is discovered immediately 
 when committed, by correcting it without any cancelling, for example, ( To 
 Cash,) say To Bills Receivable. 
 
 11. Q. If you have written a line entirely wrong, or in a wrong place, how do you proceed ? 
 A. Write the word Error at the end, prefix a cross, and omit or cancel the sum. 
 
 12. Q. How should Errors be cancelled ? 
 
 A. By drawing a line lightly through them, so that the old writing may still be legi- 
 ble ; by which, it will be evident the book has not been vitiated for a fraudulent 
 purpose ; and the same method should be followed in correcting errors in the 
 Journal. 
 
PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 283 
 On Balancing the Ledger. 
 
 CHAP. V. 
 ON BALANCING THE LEDGER. 
 
 1 . Q. What is meant hy Baiancing ? 
 
 A. It is the equilibrating of, or making equal all the Accounts. 
 
 2. Q. What is the design of Balancing the Books ? 
 
 A. It is to collect the various branches of your business diffused through the Ledger, 
 into a concise abstract of the debts owing to and by you, the property which 
 you have on hand ; — together with the Gain you have made, or the Loss you 
 have sustained since you began business, or since a former balance. 
 
 3. Q. How often do Merchants Balance their Books ? 
 A. Generally once, and sometimes twice a-year. 
 
 4. Q. Mliat is meant hy the Balance of an Account? 
 
 A. The difference between the Dr. and Cr. sides ; and which must either be the sum 
 due to, or by you at that account* 
 
 5. Q. Into how many kinds are the Balances divided ? 
 A. Into Debts and Effects. 
 
 1. Accounts of Persons. 
 
 6. Q. How are Accounts of Persons Balanced ? 
 
 A. First, If the Br. side be greater, credit the Account By Balance for the differ- 
 ence, being a debt due to you. 
 
 Second, If the Cr. side be greater, debit it To Balance for the difference being a 
 debt due by you ; carrying down the Balance on the opposite side of the ac- 
 count, and which is done in the same manner with every one that has a Ba- 
 lance, whether Accounts of Persons or Property. 
 
 7. Q. Are there no exceptions to this Rule ? 
 
 A. The only exception to this, are Accounts with Foreign money, as it is only on the 
 difference of the foreign money, that the balance is estimated, after which the 
 difference of the Sterling money is closed To Profit or By Loss, 
 
 » When an Account is added, the two sides either will be equal without farther entry, or must be ren- 
 dered equal by transferring the difference or balance to the opposite column. In the former case, the ac- 
 count is closed ; in the latter, it is merely equilibrated, but continues open. Preparatory to the General Ex- 
 tract all the accounts must be equilibrated ; and in those which are unclosed, the Balances must be trans- 
 ferred to the opposite column ; for it is solely on condition and by virtue of this equilibrating transfer that 
 the Balance can be entered at all. To avoid equivocal expressions, the term Balance is restricted in the 
 present system to the sum thus entered, to make the two sides equal ; and therefore by Balance, the learner 
 will always understand the make weight or result of the account For the same reason the term Closed is 
 applied to accounts, only when they equilibrate without entering any balance. The only exception to this, 
 are such accounts as have any entry of Profit or Loss. In speaking of these, we use the term Closed To 
 Profit or By Loss. 
 
 The promiscuous use of the word Balance for things so different as the equilibration, the result, and the 
 close of an account, has occasioned much indistinctness and confusion. For instance, " When there is no 
 Balance to bring down, there is a balance of the account, for it balances without entering any Balance." 
 
284 QUERIES AND ANSWERS ON THE 
 
 On Balarmng the Ledger, 
 
 2. Accounts of Property. 
 
 8. Q. How is the CASH-^ccount balanced ? 
 
 A. Credit it By JBalancet for the difference being the cash in hand. 
 
 9, Q. How is the account of Bills Receivable balanced ? 
 
 A. Credit it, By Balance, for the difference being the bills in hand, 
 
 10. Q. How is the account of Bills Payable balanced ? 
 
 A. Debit it To Balance, for the difference being the bills owing by you. 
 
 1 1. Q, How is an account of Funded Property balanced ? 
 
 A. Credit it By Balance, for the difference of the inner columns (if any) being the 
 value of the funds in hand. 
 
 12. Q. How is an account o/* Merchandise balanced when the whole are ok hand ? 
 A. Credit it By Balance, for the whole amount.* 
 
 13. Q. How is an account of Merchandise balanced when the whole are sold ? 
 
 A. First, If the Cr. side be greater, the difFerence is Gain, which is entered on the 
 Dr, side of the account of Merchandise To Profit. 
 Second, If the Dr. be greater, the difference is Loss, and is therefore entered on the 
 Cr. side of the same account, By Loss ; transferring at same time the sum to 
 the proper sides of the Profit or Loss accounts. 
 
 14. Q. How is an account of Merchandise balanced, when only a part is sold ? 
 
 A. Credit it By Balance, for the value on hand ; after which, the difference of the two 
 sides will exhibit the Gain or Loss ; and then the account is finally closed, To 
 Profit, or By Loss accordingly, transferring the same to the proper side of these 
 accounts. 
 
 15. Q. How is the account of Debentures balanced ? 
 
 A. Credit it By Balance for the difference, being the debentures on hand. 
 
 16. Q. How are Adventures either Outward or Inward Balanced f 
 
 A. They are Balanced in a similar manner as the preceding Accounts of Merchan- 
 dise. 
 
 17. Q. How is the account of Consignments balanced ? 
 
 A. Credit it By Balance, for the difference being the sums in advance. f 
 
 18. Q. How is the account of IvsuRAVCE balanced ? 
 
 A. Credit it By Balance, for the difference being the premiums still due to you. 
 
 19. Q. How are accounts of Shijs, Houses, Lands, or the like balanced when the pro- 
 
 perty is sold ? 
 A. The Interest ;s calculated and placed on the Dr. side of the property ; the dif- 
 ference then is Profit or Loss ; and the account is closed To Profit or By 
 Loss, transferring the same to these accounts accordingly. 
 
 20. Q. How are such accounts balanced, when the Property is on hand F 
 
 A. By calculating the Interest, and placing it as before ; and Crediting the Property, 
 By Balance for the present value ; the difference then is Profit or Loss, which 
 is accordingly entered as before. 
 
 * For a farther explanation of Balancing Accounts of Goods, See page 54. 
 
 t The method of Balancing this account of Consignments and that of the following one of Insurance, is 
 understood to apply to the stating of these accounts in Set IV. the former of which is more fully explain- 
 ed in page 150. 
 
PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 285 
 
 On Balancing tfie Ledger. 
 3. Accounts of Profit S^ Loss, 
 
 1. Q.. How is the Private Account closed? 
 
 A. By transferring the amount to the Dr. side of the Stock Account^ writing To Pri- 
 vate Account, transfer, inserting folios and sum. 
 
 2. Q. How are the accounts of PROMiscnous Charges, lNTEREST,and Commission, clos- 
 
 ed? 
 A. Debit or Credit them To Profit or By Loss as the differences happen either to be 
 in favour of, or against you ; and transfer the sums to the proper sides of these 
 accounts accordingly. 
 
 3. Q. How is the account oj Assurance closed ? 
 
 A. If there be any risks pending or outstanding, at taking a General Balance, Cre- 
 dit the account Bi/ Balance for the sum of these, the difference of the two sides 
 then, is Profit or Loss ; and is closed To Profit^ or Bi/ Loss, transferring the 
 sums to these accounts accordingly. * 
 
 4. Q. How are the accounts of Profit & Loss closed ? 
 
 A. By transferring the less to the greater ; and the net result to Stock ; if Gain to 
 the Cr. side, but if Loss to the Dr. side, f 
 
 5. Q. When these entries are made, what does the difference of Stock exhibit at this period ? 
 A. Your Net Stock or Deficiency. 
 
 6. Q. How is the Stock account closed ? 
 
 A. To Balance for Net Capital, or By Balance for Net Deficiency. 
 
 7. Q. JVhich two accounts will show your Net Capital, or Deficiency, when the accounts 
 
 are balanced ? 
 A. The Stock and Balance Accoimts. 
 
 GENERAL EXTRACT AND PROOF. 
 
 8. Q. How is a Statement of your Affairs made out ? 
 
 A. By collecting all the Balances of the accounts in the Ledger, being your Debts 
 and Effects, and arranging them in the form of Debtor and Creditor. 
 
 9. Q. Explain more particularly, how this Extract is to be arranged ? 
 
 A. A sheet of paper is Ruled in the form of Dr. and Cr. with money columns, on 
 which the following title is written. 
 
 Dr The Estate oi A. B. ^ Co. (meaning yourselves) Cr, 
 
 On the Cr. side place the Balances of all those accounts due to, or belonging to 
 you ; and on the Dr. side place the Balances of those accounts due by you — 
 the Difference will then exhibit your Net Capital, or Deficiency, and which 
 must always agree with the Balance of the Stock Account. 
 
 10. Q. Why ought the Difference of the Stock Account to agree with that of the General 
 Extract of Balances at closing the Ledger ? 
 A. The Balance of the Stock Account shows the Net Capital, and the other balances 
 show its component parts. If therefore an Extract be made of the latter, their 
 sum must be equal to the balance of Stock ; in which equality consists the 
 great proof of Book-keeping. By the law of Equilibrium, the sum of the 
 Debtors in tlie General Extract will be equal to the sum of the Creditors. 
 
 * This account oi Assurance is placed under Profit 8f Loss, because sooner or later it comes to be ab- 
 sorbed into that account. See Note, page 101. 
 
 t The case of a fixed invariable Joint Capital is an exception to this, the transfer of Profit & Loss, being 
 then made to the Private Accouuts ; which carrj- down and retain their own balances. 
 
286 QUERIES AND ANSWERS ON THE 
 
 Supplement. — Definition of Partnership Accounts, 
 
 SUPPLEMENT. 
 
 ON PARTNERSHIP. 
 
 1. Q. ^r/ifi^ zs Partnership .? 
 
 A. It is a Contract entered into by two or more persons, to carry on a certain Trade 
 or Business, for which they agree to join either their money, labour, or skill, or 
 all of them ; and to divide the Gain or sustain the Loss in proportion to the 
 terms of the Copartnery. 
 
 2. Q. What does the Stock Account contain on the Dr, and Cr. sides ? 
 
 A. In the Ledger in daily use, the General Stock Account contains on the Cr. side 
 the extent of the Company's original Capital, the Interest due on it, with the Pro- 
 Jit ; and on the Dr. side the Loss, if that exceeds the Gain, with the amount of 
 each of the Partner's Private Accounts transferred at every General Balance j — 
 the difference or Balance of which will consequently be the amount of the Com- 
 pany's present Capital. 
 
 3. Q. At beginning a New Concern what does the Stock contain ? 
 
 A. Cash is Debited to it for the whole Capital without particularising the shares ; and 
 on transferring the Balances to a New Ledger the Stock Account is Credited 
 only By Balance for the Net Capital. 
 
 4. Q. What does the Private Account of each Partner contain ? 
 
 A. On the Dr. side the money or any thing else, which he withdraws from the Con- 
 cern, the amount of which at every General Balance is transferred to the Debit 
 side of Stock. 
 
 5. Q. Where are the Partner's shares to he particularised ? 
 
 A. In a separate Book kept for the purpose ; called the Private, or Partnership 
 Ledger. 
 
 6. Q. Hotv many Accounts does the Private Ledger contain ? 
 
 A. It contains one for Joint Stock, Interest, Profit or Loss, and one for each Part- 
 ner. 
 
 7. Q.. What does the Account o/" Joint Stock contain on the Dr. and Cr, sides ? 
 
 A. On the Dr. side the amount of the Company's Capital, the interest on it and the 
 Net Profit ; and on the Cr. side the amount withdrawn by the partners ; hence, 
 Joint Stock in the Private Ledger is just the Stock account in the other Ledger 
 reversed, and like it exhibits the Capital employed in Trade, but in an opposite 
 view. The reason of this inversion will appear, when it is considered that 
 Joint Stock is only an account of property, and which is therefore Debited for 
 the amount possessed. 
 
 8. Q. What does the Account of Interest contain on the Dr. and Cr, sides ? 
 
 A. On the Cr. the Interest due on the Joint Stock ; and on the Dr. the particular 
 proportions of that due to each partner. 
 
 9. Q. What does the Account of Profit contain on the Dr. and Cr. sides ? 
 
 A. On the Cr. the Net Gain on the Joint Stock ; and on the Dr. the particular 
 shares of it due to the partners. These accounts show the particular balances 
 belonging to each partner, and when added are equal to the Joint Stock. 
 
PRINCIPLES AND PRACTICE OF BOOK-KEEPING. 287 
 
 Exercises in Book-Keeping, 
 EXERCISES. 
 
 1. In a Set of Books I find the Dr. side of Stock is £l1\\Qli and the Cr. side 
 
 .£l997!rl3ii6; the Br, side of Profitand Loss £%1\\5ly and the Cr. side £595ii9ir9; 
 the Dr. side of the Owner's Estate ^4593ii9ii6 ; and the Cr. side ^7022irlM9. I 
 wish to know the Net Gain or Loss on the business ; and the amount of ^ivA former 
 and irresent Capital. 
 
 Answer. Net Gain £508ii4m9, former Stock £l920ii7ii6, present ^e2428iil2ii3. 
 
 2. Adam Bow and Charles Dun, balance their Books on the 30th June 1828, and find 
 
 that the Balance of the Stock- Account in their favour was jCl997irl3ii6; that they 
 had gained ^619iil2ii7 and lost ^86ii7iilO j that they had withdrawn for their Pri- 
 vate accounts, viz. A. Bow, £l'l\\6/, and C. Dun, ^£25. Required their present 
 Net Capital ? 
 
 Answer. ^2428iil2itS. 
 
 3. In Bow and Dun's Private Ledger I find that A. Bow's Capital is ^997iilSit6, In- 
 
 terest on it ,£l2ii9ii5 ; and that of C. Dun, £1000, Interest on it £6\\5/. A. Bow 
 has withdrawn £77u6/, and C. Dun, £25; and their Net gain was <£514rilOii4. 
 Tlie latter holds one third share, and the former two thirds of the Concern. Re- 
 quired a State of their Company Accounts in the above proportion, and that of the 
 jrresent Joint Capital, with Interest and Profit arranged according to the Definitions 
 of the Private Ledger in page 286 ? 
 Answer. i>2428Ml2i(3. 
 
 4. There are three Partners in a Concern, of which A. holds j'j, B. f, and C. i. 
 
 A. becomes insolvent, by which there is a Loss of £296iil5ii5, sustained by the 
 other partners. What proportion of this sum belongs to each ; and what are the 
 necessary entries in the Journal, in order to bring the shares to the proper Ac- 
 countsinthe Ledger? Ansiver. B. sustains, £l78nlii3, C. ^6ll8iil4ii2. 
 
 Journal entry, Sundries Drs. to A Lost by him, viz. 
 
 B. — share of loss, ^Gl78it lit 3 
 
 C. ditto 118iil4ii 2 
 
 £296\rl5ii 5 
 
 5. A Merchant balances his Books on the 31st December 1827, and finds that his affairs 
 
 stand thus: His Debts amount to £69,289iil4ii9, and his Assets or Effects to 
 £87,902iiOii4. On the 30th June following he again makes out a State of his af- 
 fairs, when he calls a meeting of his Creditors, before whom he exhibits it ; from 
 which it appears that his Losses for the last six months amount to £25,279ii6ii4. 
 He offers them a Composition of 12/ ^ £ with security, and which they ac- 
 cept. Their claims amount to £45,364ii2iil 1. On the 31st December following he 
 again Balances, and finds that he has lost including his Private account £862ii9iil 1. 
 Required his Net Capital or Deficiency at each Balance ? 
 
 Answer. First Balance, Capital, £l8,612it 5ii 7 
 
 Second Do. Deficiency,-...^ 6667ii — ii 9 
 Third Do. Capital, 10,616.i 2(i 6 
 
 6. John Hall and Charles Sim, General Merchants, London, take a Balance on 30th 
 
 June 1827, and find that their Joint Capital was £55,4l5n5\\l — J. Hall's share, 
 £30,547iillii7, and C. Sim's share, £24,867iil3ii6. During the next six months 
 they Gain £3632m9ii9, but during the same period they also lose £412m3ii1. They 
 have withdrawn for their Private accounts includinglnterest — J.Hall,<£l041iil0ii 1 1, 
 and C. Sim, £327i!l2iil. Now, allowing six months Interest on the original Joint 
 Capital, Required the Net Stock on the 31st December following, and that of 
 the Partners Company Accounts, with the Interest and Profit stated in the Private 
 Ledger, agreeably to the Queries on Partnership in page 286. 
 
 Answer. John Hall's Capital is, £31,879til7ii 9 
 
 Charles Sim's Do. is, .^ 26,771 m18i( 7 
 
 Joint Caintal,..,rr^.^r..,»^^^ £58,651iil6ii 4 
 
288 DEFINITION OF, AND EXERCISES 
 
 Bills of Parcels. 
 
 CHAP. VI. 
 
 ON MERCHANTS' ACCOUNTS. 
 
 I. Bills of Parcels. 
 
 1. A Bill of* Paiicels is a particular account of Goods sold, given by the Seller to the 
 
 Buyer, containing the description, quantity, and price of each article; and the 
 amount sold, with the place, date, and terms of credit* 
 
 2. In making out such accounts, the expression •' Bought of," is always used ; but for 
 
 work done, money lent, or tlie like, the phrase Dr. To^ or To Richard Armour^ Dr. 
 is substituted, as well as in General Accounts. 
 
 3. If a settlement takes place at, or soon after the date of purchase, it is marked at the 
 
 foot ; when it is deferred till the beginning of the succeeding month, as is more 
 usual, the Buyer is furnished with a general note, stating only the place of resi- 
 dence, — the names or firms of the parties, — the date of each purchase, and referring 
 for particulars to the Invoice which accompanied the Goods when sold. [See En- 
 graved Form here annexed, and which is called A Genetal Account.'] 
 
 4. When the Account is settled by Bill, we write the date and say By your Acceptance 
 
 at — months ; or By your Promissory Note, as it may happen, f 
 
 5. When the Goods are sold at the risk of the Employer, the Agent makes out the In- 
 
 voice or Bill of Parcels — thus, 
 
 Glasgow, Sd Jan. 1827. 
 Mr. a. Buchanan, 
 
 Bought of R. Armour, {the proprietor,) 
 W C. D. {the Agent.) 
 
 6. By mentioning the name of the Proprietors it shows the Purchasers to whom they are 
 
 nccoimtable for the debt ; and when they grant their Bill they make it payable to 
 the proprietors accordingly. 
 
 • See Engraved Form here annexed. When the Buyer and Seller reside in the same place, it is called 
 a Bill of Parcels in England, but in Scotland it is invariably named an Invoice. 
 
 f When the Account is settled by Cash, we write the date, and say By Cash, or Received payment per 
 Stamp, if the sum be two pounds or upwards. When a partial payment is made, it is placed under the 
 account, and subtracted ; and when there are more than one, they are short extended, and their sum «ub- 
 tracted. 
 
;# :, 
 
MERCHANTS' ACCOUNTS. 289 
 
 Exercises in Bills of Parcels. 
 
 Exercises in Bills of Parcels, 
 
 The Forms of the foUowing Bills of Parcels are to be given in writijig.* 
 
 1. A. Buchanan buys of William Inrine, Glasgow, 4th Jan. 1827; 29 pieces Muslin, 
 
 viz. 15 pieces | wide, each 24 yds. at 1/1 j 14 pieces | wide, each 9 yds. at 2/4; 
 42 pieces Gingham, viz. 12 pieces blue, each 28 yds. at 1/2, and 30 pieces pink, 
 each 28 yds. at 1/8 Amount, £123\\16/. 
 
 2. Glasgow, 4th Jan. 1827. A. Buchanan buys of George Fenton, 19 pieces Cam- 
 
 bric, viz. No. 1. — 10 pieces, each 20 yds. at 2/4 ; No. 2. — 5 pieces, each 20 
 yds. at 3/6 ; No. 3 — 4 pieces, each 20 yds. at 4/6. At same time he pays .£30 
 in part, and the balance 14th Feb. Required the said balance, and discharge the 
 account. — Answer, ^628iil6it8. 
 
 3. Leeds, 4th Jan. 1827. Moore & Gay sell to A. Buchanan, Glasgow, 14 pieces 
 
 Quilting, each 12 yds. at 4/9 ; and 12 pieces Cassimere, each 30 yds. at 6/6. 
 The account was paid 26th Feb. and 5 ^ Cent, discount allowed for Cash ; and 
 2 yds. of the Quilting was short. State the net sum paid and discharge the ac- 
 count — Answer, ^ 148m 12/. 
 
 4. Richard Howie of Edinburgh buys of A. Buchanan, Glasgow, 20th Feb. 1827; S 
 
 pieces | Muslin, each 24 yds. at 1/6; 4 pieces | ditto, each 9 yds. at 2/7; 6 
 pieces | Gingham, blue, each 28 yds. at 1/6 ; 4 pieces ditto, pink, each 28 yds, 
 at 2/1 ; and 1 piece Superfine Cloth, 21 yds. blue, at 21/, for which he pays in 
 part ^630 ; give a Bill of parcels, and tell the balance due by R. Howie. — 
 Ansu>er, ^G26ii7u4. 
 
 5. Morley & Co. Paisley, buy of A. Buchanan, Glasgow, 3d Jan. 1 827 ; 250 lb Co- 
 
 chineal, at 30/ P* ft), for which they are to be allowed 1^ ^ Cent, discount for 
 Cash in 1 month. Write the form of the Bill of parcels, and discharge it. — An^ 
 swer, £S69\\1\\6. 
 
 6. John Smith, as Agent for Gordon and Forbes, sell to Thomas Hamilton & Co. 2d 
 
 Feb. 1828 — 200 pieces | Muslin, each 28 yds. at 9d, & 100 pieces | Cambric, 
 each 24 yds. at lO^d. at the risk of his employers. Give the form. — Answer, £S15» 
 
 Queries. 
 
 1. What is a BiH of Parcels? 
 
 2. How are such accounts made out ^ 
 
 3. How are such accounts settled ? 
 
 4. How is an account settled by Bill expressed ? 
 
 5. When the Agent does not insure the debts, how is the account expressed f 
 
 6. For what purpose is this done ? 
 
 * The amounts of the following Bilis of Parcels— Invoices— Account Sales— And Accounts Current are 
 here given ; but the Fomu of these must be made out from the Engraved Specimens here exhibited. 
 
 20 
 
290 DEFINITION OF, AND EXERCISES IN 
 
 Invoices. 
 
 11. Invoices. 
 
 1. Ak Invoice is an account of Goods sent off generally by sea, either in consequence 
 of an order from th« Person to whom they are sent, and at his risk ; or consigned to 
 him for Sale at the risk of the Shipper ; with the different charges attending the ship- 
 ment added to the value of the goods; the sum of which is called the amount of the 
 Invoice. * 
 
 2. The Commission for purchasing Goods shipt is generally 2^ ^ Cent, and which is 
 charged on the value of the goods, including the charges. 
 
 3. If the Goods are insured, the Agent charges \ ^ Cent, for his Commission, and the 
 sum insured is generally a little more than the value at risk, in order to cover expenses 
 in case of loss. 
 
 4. When an Agent or shipper of goods charges what is called the Long Price, he either 
 deducts the Drawback from the sum of the Invoice, or gives his correspondent credit 
 for the same when he receives it ; but when he charges only the Short Price, he keeps 
 these Debentures or drawbacks to himself. When he receives a Certificate of the land- 
 ing of the goods at the destined port, he is entitled to receive the drawback. 
 
 5. Sometimes, for the satisfaction of the Employers, the Seller's Bills of Parcels are not 
 copied, but sent along with the goods, and only the amount of each bill stated in the 
 Invoice, with a reference for particulars to the Bill of Parcels. 
 
 6. Merchants usually subjoin the words *' Errors Excepted," to their signature on 
 every account which they subscribe, in order that they may have it in their power after- 
 wards to correct Errors, should any be discovered. 
 
 • See Engravea Form annexed. 
 
Pa^f.2&if. 
 
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MERCHANTS' ACCOUNTS. 291 
 
 Exercises in Invoices. 
 
 Exercises in Invoices. 
 
 The Forms of the following Invoices are to be given in writing. 
 
 1. Invoice of Goods shipped by A. Buchanan of Glasgow, on board the Fanny, Lucas, 
 
 for Halifax, N. S. by order and for account and risk of Messrs. James Denny & 
 
 Co. Merchants there. 2Sth March, 1827. 
 
 11 Pieces Quilting, containing 130 yds. at 4/, and 1 piece Broad Cloth, 21 yds. 
 mixt, at 23/6; Charges till on board, ^liillirS; Insurance on £55 at 2 Gui- 
 neas ^ Cent; policy 5/6. Required the amount of the Invoice? ^653iil3ii7. ^ 
 
 2. Invoice of 5 Bags of Cochineal purchased by A. Buchanan, Esq. Merchant, Glas- 
 
 gow, and shipped by Kilgour & Co. London, ^ the Streamer f Capt. Ford, for his 
 
 account and risk. 3d. Jan. 1827. 
 
 No. 1, 192 lb.; No. 2, 201 lb. ; No. 3, 186 lb. ; No. 4, 176 lb. ; No. 5, 200 lb. ; at 
 29/3 ^ lb. ; cost of Bags, and sundry charges till on board, ^2iilOii9; Insur- 
 ance on ^1450 at 10/6 ^ Cent ; Policy, 1/3 W Cent Answer, ^1408iil5ii6. 
 
 S. Invoice of sundry Goods shipped on board the Spooner, Thomas Seaman, Master, 
 for Jamaica, by order of George Smith, Merchant, Grenada, for his account and 
 risk, and consigned by his order to William Hanway of Jamaica. GlasgoWy 13th 
 June, 1827. 
 
 Box, No. 1, containing 50 peices | Cotton Checks at 17/ ; 20 peices f Cotton Ben- 
 gals at 18/6 ^ piece; Box and Packing 22/6. 
 Boxes, No. 2, to 4 — 3 Boxes, each containing a repetition of the above ; Box, No. 
 5, containing 40 pieces f Platillas, each 34 yds. at 48/6 ^ piece; Box 18/6; 
 Rope, &c. 6/; Box, No. 6, containing 10 pieces | Allover Harness Shawls, 60 
 at 7/ each ; 50 pieces | plain Harness Robes, 62 at 13/6 ; 4 pieces | Rich All- 
 over Harness Spanish Sleaves, 78 at 3/9 ; 70 pieces | Rich Harness with fronts, 
 80 at 14/6; Trunk, 35/; Sheet, &c. 7/6. Charges, Cartage, wharfage, and 
 shipping, ,£liil5ii4; Custom-house Entry and Fees, ^2iil2ii6; Freight, Prim- 
 age, and Bills of Lading, £11m14ii6; Commission on c£500m8ii10 at 2| ^ Cent; 
 Insurance on ^530 at 2 Guineas, and Policy 5/6 ^ Cent Commission on ditto 
 i ^ Cent Answer^ ^528ii7ri8. 
 
 Queries. 
 
 1. What is an Invoice? 
 
 2. What T^ Centage is generally charged by Agents at shipping Goods, and on 
 
 what sum is it charged ? 
 
 3. What ^ Centage is charged for eflfecting Insurance ? 
 
 4. What is understood by the Long and Short price ? 
 
 5. Are the particulars of the Invoice always copied ? 
 
 6. For what purpose is the clause " Errors ExcejHed" subjoined to Invoices and 
 
 other documents ? 
 
292 DEFINITION OF, AND EXERCISES IN 
 
 Account Sales, 
 III. Account Sales. 
 
 1. An Account Sales is a particular account of Goods sold on Commission by the 
 
 Agent who made the Sales, transmitted by him to his Employer who consigned the 
 goods ; containing the name of the vessel by which they were received, and for whose 
 account and risk they have been sold ; with the particular charges attending the sale 
 deducted from the amount of the whole.* 
 
 2. There are two ways of making out an Account Sales. The one as in the Engraved 
 
 form exhibited, the other in the form of Debtor and Creditor, with a preamble over 
 both, giving a description of the Goods, the name of the ship, and party from whom 
 they were received f ; but though the Forms are different, both have the same object 
 in view, that of ascertaining the Net proceeds. 
 
 3. The amount of the Sales, with that of the Charges attending these deducted, is called 
 
 the Net proceeds, or sum due to the Owner of the goods. 
 
 4. When the Debts are at the Risk of the Employer, the Agent should state the Buyers* 
 
 names, and subjoin the phrase •* Errors and Bad Debts Excepted," at the foot of the 
 Account Sales ; otherwise, he becomes in strictness accountable for the same. 
 
 5. When the Agent guarantees or insures the Debts, though it is not indispensable to 
 
 mention the names of the purchasers, yet it is generally done in the Account Sales 
 with which he furnishes his Employer. 
 
 6. The Duty of an Agent, is to procure the best intelligence of the state of Trade at the 
 
 place where he resides— of the quantity and quality of the goods in the market — 
 their present prices, and the probability of their rising and falling — to pay exact obe- 
 <lience to the orders of his Employers — to consult their interest in all matters refer- 
 red to his discretion — to execute their business with all the dispatch of which cir- 
 cumstances will admit. 
 
 « See Engraved Form annexed. 
 i Sf pages 148 and 149. 
 
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MERCHANTS' ACCOUNTS. 293 
 
 Exercises in Account Sales* 
 
 Exercises in Account Sales. 
 
 7%e FwiMS ofthefoUoiiing Account Sales are to be given in writing ; arranged on one page ; 
 and on opposite pages in the form of Debtor and Creditor. 
 
 Account Sales of Fifteen Hogsheads Sugar received T^ the Ann, from Grenada, and 
 
 sold on account of George Smith there. 
 1827. 
 June 1 1, Sold Buchanan & Co. 5 Hhds. at 2 months, viz. 
 
 No. 11. 13 Cwt. 1 qr. 12 lb. No. 12. 12Cwt. 1 qr. 20 lb. 
 
 13. 12 3 -^ 14. 14 1 6^; 
 
 15. 15 2 16- Tare. 5 1 19^' 
 
 at 83/ Net ^ CwL 
 
 June 18, Sold Dawson h Co. 10 Hhds. at 2 months, viz. 
 
 No. 1. 15Cwt. 2qr. 11 lb. No. 2. 14 Cwt. 1 qr. 10 lb. 
 
 14- 
 
 3. 
 
 13 — 
 
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 7- 
 
 4. 
 
 16-^ 
 
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 5. 
 
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 6. 
 
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 8. 
 
 15-. 
 
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 9. 
 
 15 — 
 
 <~.. 3«— 
 
 — — 
 
 10. 
 
 16 — 
 
 — 1 
 
 Tare, 16 1 4- at 83/6. Net ^ Cwt. 
 
 Charges. 
 Duty on 201 Cwt. 2 qr. 16 lb. King's beam, at 30/ ^ Cwt. 
 
 Freight on ditta ditto at 6/6 ^ ditto. 
 
 Promiscuous Charges at Import at 5/ ^ Hhd. 
 
 Expenses at delivery, 2/6 ^ Hhd. ; Celler rent 30/; Agency 15/. 
 
 Interest on Duty, Freight, &c. ^3ri8ii8 ; Commission and Guarantee 4 ^ Cent. 
 
 Net proceeds due George Smith, due 17th August, ^422it-ii7. 
 
 QUE&IES. 
 
 1. What is an Account Sales ? 
 
 2. How many tvat/s may an Account Sales be made out ? 
 
 3. What is meant by the Xet Proceeds 9 
 
 4. When the Debts are at the Ri^ of the Employer, how should the Account Sales 
 
 be rendered ? 
 
 5. When the Agent guarantees the DebtSf is it necessary to state the purchasers' 
 
 names in the Sales ? 
 €. What is the Duti/ of an Agent ? 
 
294 DEFINITION OF, AND EXERCISES IN 
 
 Accounts Current. 
 IV. Accounts Current. 
 
 1. An Account Current contains a statement of the mercantile transactions of one per- 
 
 son with another, as are not separately settled for; disposed in the form of Debtor 
 and Creditor. The word Current may here farther imply the present state of an ac- 
 count in its course, or continued progression. 
 
 2. Accounts Current are most commonly kept by Agents with their Employers, and are 
 
 generally rendered every six or twelve months. In such it is common to charge, 
 and allow Interest on the sums on the Debtor and Creditor sides, besides ^ ^ Cent. 
 Commission on the Cash and Bills which they pay, as well as Postages.* 
 
 3. There are two ways in which an Account Current may be arranged. In the one, the 
 
 Interest due on each sum is placed opposite to it as in the Bank account in page 91, 
 Method 2. In the other, the Interest due is subjoined at the foot of the page, as in 
 the Engraved form, and the difference between the Debtor and Creditor sides is 
 carried to the proper side of the Account Current. 
 
 4; It requires a knowledge of the principles of Book-keeping to understand fully the na- 
 ture of an Account Current. In making out the Engraved one, it will be observed 
 all the particulars are expressed as in the Journal or Subsidiary Books ; and, instead 
 of the collective term Sundries, every article is specified. 
 
 5. The best method of computing Interest on Bank Accounts, or Accounts Current, Is 
 
 that given in page 91, formerly alluded to. It is the most expeditious, — exhibits 
 the balances at the different dates, — and reduces the computation to one division. 
 
 6. A person is said to have an Account Current with a Bank, when he occasionally lodges 
 
 and draws his own money ; he is said to have a Deposit Account with a Bank, when 
 he lodges money in it either to bear interest, or for the sake of security or conveni- 
 ence ; and he is said to have a Cash Account with a Bank, when, in consequence of 
 giving security for a certain sum, he is entitled to draw to that amount without 
 lodging any money. 
 
 * See Engraved Form annexed. This account is transmitted by A. Buchanan of Glasgow, to George 
 Smith of Grenada, which is called his Account Current, and shows how affairs stand between the parties at 
 the Current or present time when made out. 
 
 For a more extensive variety of the different documents used in the Counting-house, and to improve 
 the Penmanship of the learner, see a work just published in post quarto, entitled " A Series of Mercantile 
 Precedents," written by Geo. Morrison, and finely engraved in afac simile, by Mr. Swan of Glasgow. 
 
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MERCHANTS' ACCOUNTS. 
 
 295 
 
 Exercises in Accounts Current 
 
 Exercises in Accounts Current. 
 
 The Forms of the following Accounts Current are to be given in writing.* 
 
 1. 2}r,,^,«„<wjrOHN Stieling, Esq. Jamaica, his Account Current , 
 
 with SiMSON, MONTEATH & Co. London. *^^^e^Cr. 
 1827. 
 July 9 Received from him a Bill on Forster & Co. at 50 days sight, ,^.>.^100it 
 Aug. 21 Received from him a Bill on Lloyd & Co. at 20 — ditto,,,,.,^^ 
 Sep. 13 Shipped Goods ^ Spooner by his order, due in 3 mos. »».»^>,...<i 
 Nov. 29 Net Proceeds of his 30 Puncheons Rum ^ Cuba, due 29 Jan.^ 
 
 Dec. 13 Paid William Gray ^ his order, 
 
 30 Lost by Compostion of John Black's debt of ^96iilii6, at 40 ^ 
 Cent 
 
 31 Interest on this account till this date,. 
 
 Commission on ^400 paid, and received i ^ Cent. 
 Postage of letters from him ,, 
 
 Required the Balance, and to whom due 
 
 lOOii -ti - 
 480ii Sri 8 
 6S9iil9ii 2 
 20011 -II - 
 
 liiUx 
 
 2. Z>r.v««-~^/e5WS. MuEBAY & Co. Jamaica, in Account Current, 
 
 with SiMSON, MONTEATH & Co. London. 
 1827. 
 Aug. 9 Accepted their 3 Drafts drawn on us, viz. 
 
 Bill in favour of J. Fraser, at 31 days sight,,,,.,,--.-^ 
 
 Ditto of Williamson & Co. at 60 ditto, ^ 
 
 Ditto of Willis & Co. at 60 ditto,. 
 
 Sep. 13 Shipped Goods ^ Spooner by their order, due in 3 mos. 
 
 Dec. 30 Net Proceeds of their 15 Hhds. Sugar ^ CM6a,due 21 Feb. 
 
 II Ditto of their 10 Tierces Coffee ^ Cuba, due 23 March, 
 
 31 Interest on this account till this date, .^^.,,,,^ ..^.^^ 
 
 II Commission on ^500 paid by us, at ^ ^ Cent „ ,>.w,^.»>,>.» 
 
 II Postage of Letters from them,.>^^.,.^,„^..., 
 
 ,Cr. 
 
 ,..,^20011 -11 - 
 — 200ii -II - 
 lOOif -II - 
 851ii 9ii 2 
 393iil6iilO 
 238ii 8ii 5 
 
 111 5ii - 
 
 Required the Balance at this date ? 
 
 QUEEIES. 
 
 1 What is an Account Current ? 
 
 2 With whom are Accounts Current usually kept ? 
 
 3 How many ways may an Account Current be arranged ? 
 
 4 Does it require a knowledge of Book-keeping to understand an Account Cur- 
 
 rent? 
 
 5 What is the best method of calculating Interest on these ? 
 
 6 What is the difference between an Account Current, a Deposit Account and a 
 
 Cash Account ? 
 
 * Calculate the Interest till 31 December, and place it opposite to each sum in the first, as explained in 
 the 5d Article ; and subjoin it at foot in the second, as in the Engraved Form. Tlie Balances of the above 
 accounts will be seen at these in the Ledger. 
 
296 DEFINITION OF, AND EXERCISES IN 
 
 Heceipts. 
 V. Receipts. 
 
 1. A Receipt is a written acknowledgment for having received a certain sura of money 
 
 or goods. Receipts are expressed in different ways according to circumstances. 
 
 2. All sums above Two pounds require to be written on stamped paper. 
 
 3. Though acknowledgments for money or other value are generally given in the form 
 
 of a letter, yet it is an evasion of the Stamp Act which extends to all writings what- 
 ever, that either express, import, or signify, that " any debt, sum of money, debt or 
 demand, or any part thereof has been paid, settled or balanced, or otherwise dis- 
 charged, or satisfied," even though the same should not be signed by the party grant, 
 iug said acknowledgment. 
 
 4. The same Act requires that a Receipt containing a general acknowledgment without 
 
 specifying the amount, or that expresses to be " in full of all demands, shall be writ- 
 ten upon a stamp value tea shillings." 
 
 Exercises in Receipts. 
 
 The Forms of the following Receipts are to be given in writing. 
 
 1. John Wright receives from Alex. Buchanan, £26\il6/y Glasgow, 26th Jan. 1827, in 
 
 full of furniture for shop, as ^ Engraved Form annexed. 
 
 2. William Tenant owes James Laird, £50 for half a year's rent of a house in Queen 
 
 Street, Glasgow, which he pays him 15th May, 1827, as W Engraved Form. 
 
 S. Hay & Simpson pay Ralph Kelly ^21, the 15th May 1828, for rent of a Ware- 
 house in Wilson Street, Glasgow, subset by him. 
 
 4. Charles Cuming owes William Wright, £250»\2/. for Furniture to his Dwelling- 
 
 house at Paisley, as ^ Invoices, dated the 1 5th and 28th May, 1828. 
 
 5. Richard Brown receives from Robert Cowan ^32iil5ii6, in full. Glasgow, 10th 
 
 June, 1828. 
 
 6. Glasgow^ 2d Feb. 1828. William Hill pays John Unwin, £37 to account 
 
 7. Edinburgh, 6th May, 1828. George Brown pays John Johnston ^ei!9iil5i»9, in full 
 
 of Clothes. 
 
 8. Peter Pay well sends John Grocer, Glasgow, 18th Sep. 1828, by the hands of Thomas 
 
 Carrier, £-20 Sterling. Required two forms of a receipt for itj that is, the one on 
 account of a third person ? 
 
i^^ix 
 
 IS 
 
MERCHANTS' ACCOUNTS. 297 
 
 On the Nature and Negotiation of Inland Bills. 
 VI. Bills. 
 
 1. A Bill is an obligation written on stamped paper, by which one party binds himself 
 to pay a certain sum to another party at a specified time. 
 Bills are divided into two kinds — Inland and Foreign. 
 
 2. Inland Bills. 
 An Inland BUI is one payable in the same country in which it is drawn ; such bills are 
 distinguished into Drafts and Promissory notes ; the former containing an ordert 
 and the latter di promise ; both being of equal obligation, and entitled to the same 
 privileges. 
 
 5. A Draft. 
 
 An Inland Draft is a written order from a party called the Drawer ^ addressed to another 
 party called the Drawee, both in the same country, requiring the latter to pay a cer- 
 tain sum to his order, within a specified time. 
 
 4. A Promissory Note. 
 
 A Promissory Note is a written promise from a party called the Accepter^ to another 
 party called the Payee or holder, to pay a certain sum to his order within a specified 
 time.* 
 
 5. Requisites of Bills. 
 
 In a regular Bill the following/our particulars are necessary, — 1st, The sum, place, and 
 date. — 2d, The time of payment. — 5d, The person to whose order it is payable.— 
 4th, The address and subscription. 
 
 6. Term of Bills. 
 
 When a Bill is drawn at so many months after date, calendar months are always under- 
 stood. Thus, a Bill dated on the 1st January, and made payable at one month after 
 date, the term or month expires on the 1st February ; and if a Bill be dated on the 
 29th, 30th, or 31st January, and made payable at one month's date, the term expires 
 on the last or 28th day of February, in common years, but on the 29th in leap years. 
 Also, a Bill dated on the 29th May at 3 months, the term expires on the 29lh Au- 
 gust, to which add the three days of Grace, which makes it fall due on the 1st Sep- 
 tember. 
 
 * For the form of a Draft, see the first, and for that of a Promissory Note, see the second of the Engrav- 
 ed Inland Bills, amiexed. 
 
 When a Bill is made out by the paity who is to receive the value, it is generally Tnade a Draft. It is 
 designated a draft till after acceptance, when it very properly becomes a regular Bill. Acceptance is gene- 
 rally performed on Inland BiDs, by the accepter writing his name only under that of the drawer ; by which 
 he binds himself to pay the contents of the Bill, in conformity to its tenor. When a Bill is made out by the 
 party who is to pay the value, it is generally drawn a Promissory Note. The party to whose order it is 
 made payable is called the Payee, and who must always be the first Indorser. 
 
 Generally every person capable of managing his own affairs, is a competent party to a Bill ; but married 
 women and young men under age, and not in business, and all persons who are non compos mentis, are i&j 
 competent parties. 
 
 2P 
 
298 6N the nature OF INLAND BILLS. 
 
 On the Nature and Negotiation of Inland Bills* 
 
 7. Parties generally concerned on Inland Bills. 
 The Drawer— Drawee— Accepter — Payee — Indorser — and Indorsee. 
 
 8. TheBraieer. 
 
 The party who makes out the Draft, or to whose order it is made payable, and who re- 
 ceives the sum or value when due. 
 
 9. The Drawee. 
 
 The party on whom the Bill is drawn, and who, when he accepts it, is also called the 
 Accepter. 
 
 10. The Accepter. 
 
 The party on whom the Bill is drawn, and who by subscribing it, becomes bound to pay 
 its value when due. * 
 
 11. The Payee. 
 
 The party to whose order the Draft is made payable, and who must always be the first 
 Indorser. 
 
 12. The Indorser. 
 
 The party who writes his name on the back of the Bill— the drawer of it, if the bill has 
 been made payable to his order, and every person afterwards who may have occasion 
 to pay it away. ^ 
 
 1 3. The Indorsee. 
 
 The holder or party to whom the Bill is last Indorsed, or he who holds possession of 
 it at the time of payment. 
 
 14. Discounting Bills. 
 
 To discount a Bill means to procure Cash for it, before it becomes due ; and a Bill is 
 therefore said to be discounted, when it is indorsed to any person or banking com- 
 pany, who pays the Proceeds, that is the Net sum you receive, deducting the discount 
 for the time the bill has to run. 
 
 15. Incidents to which Bills are subject. 
 
 The Incidents to which Bills are subject after delivery are. Acceptance — Indorsements — 
 Payment — and Protest. 
 
 16. Indorsements. 
 
 -A General or blank Indorsement is when the name only is written on the back of the 
 bill, across the stamp, and against the end of the line, being in effect a promise to 
 pay (if the bill be regularly presented) should the accepter, or any of the preceding 
 Indorsers fail. 
 
 A Special indorsement is when the holder names the party to whose order he indorses it ; 
 and this form is preferable to blank in remitting bills, in point of security, because it 
 prevents as much as possible fraud or forgery, as the person's name, to whom it is in- 
 dorsed, must hQ forged before it can be passed. 
 
 * On Inland BiUs acceptance is generally performed by writing only yotir signature under that of the 
 Drawer; but on Foreign Bills it is usual to write this across the Bill with red ink ; and flreqvently, to pre- 
 vent the sum from being increased, the Accepter writes it in words. 
 
 A Bill drawn or accepted per Procuration, means that a party duly authorised has drawn or accepted 
 a bill for another ; and which is done by a letter or other writing in any form, in which he is distinctly au- 
 thorised to draw or accept a bill, or bills, for the party by whom he is empowered- 
 
MERCHANTS' ACCOUNTS. 299 
 
 On the Nature and Negotiation of Inland Bills. 
 
 17. Payment. 
 
 A Bill ought to be presented for payment on the last day of grace, within Bank hours, 
 that is, before 3 o' Clock afternoon. Bills which fall due on Sunday or any holiday, 
 must be paid the day before the holiday.* 
 
 1 8. Days of Grace. 
 
 Days of Grace are a certain number of days granted after the term mentioned in the bill 
 is expired. These vary according to the usage of different countries. In Great 
 Britain and Ireland 5 days are allowed. Bills drawn at sight however, must be 
 paid or protested when presented. 
 
 19. Protesting. 
 
 If a Bill is refused acceptance when presented, or payment when due, it must be pro- 
 tested. For this purpose, it is necessary to cause a Notary-public call that evening 
 on the party drawn upon, in the former case, or at the place where it is made pay- 
 able in the latter case, and demand acceptance or payment (as the case may be), by 
 which he secures his right of recourse against the Drawers and Indorsers, jointly and 
 severally, for payment, interest and damages. It is not necessary to protest the 
 Note or Bill on the last day of Grace ; it may lie over without being protested for 
 any length of time less than six months. 
 
 20. Noting a Bill 
 
 Is the Notary marking on the Bill the date of protesting with his initials, which is legal 
 evidence of the Protest 
 
 21. Neglecting to Protest. 
 
 A Bill neglected to be protested loses its privileges and becomes only a simple document 
 on which an action may be raised against the accepter for payment of the Debt, but 
 this is attended with numerous disadvantages, and ought if possible to be prevented 
 by keeping the Bill in force by record, as before stated. 
 
 22. The time a Bill may lie over with the Notary's marking on it. 
 A Bill with Indorsers may lie over with the Notary's marking on it for six months, and 
 
 then to protest and record the bill without Indorsers ; and in the other case of In- 
 dorsers, cause the Notary to extend his Protest, and get it recorded in the Books of 
 a Court of Law. 
 
 23. Payment may be enforced when protested. 
 
 In case the parties liable to pay do not reside within one shire, a Horning must be sent 
 for to Edinburgh, and on receiving it a charge is given to the parties to pay within 
 six days ; at the end of which time, a Caption is sent for, and the parties apprehend- 
 ed on it, or if their Property only is wished to be attached, a Poinding may be exe- 
 cuted without raising a Caption. If the parties live within one shire, a charge can 
 be given upon a Sheriflf's Precept, and at the end of six days a poinding may be exe- 
 cuted. 
 
 24. T%e length of time a Bill is in force. 
 
 A Bill continues effectual for six years, although diligence has not been used ; and forty 
 years if diligence has been executed in due time. 
 
 * When no place of payment is named in the Bill, it is understood to be payable at the ofl5ce or place of 
 business of the Accepter. When the Accepter is not generally known, the omission of a particular place 
 of payment on the bill, may not only be an obstacle to its negotiation, but likewise cause much trouble to 
 the Holder after it has been n^otiated : a place of payment on such bills is therefore necessarj-. 
 
 In the case of the Accepter's death, or when he has left the Country, or cannot be found, application 
 must be made to the Accepter's nearest surviving relative, or legal representative, or at the place where he 
 last resided. 
 
SOO EXERCISES IN INLAND BILLS. 
 
 ■ . f — . — . — . — • 
 
 Exercises in Inland Sills, 
 
 Exercises in Inland Bills. 
 
 The FoEMS of the fottowing Inland Drafts and Promissory Notes are to be given, in vnit- 
 ing, and the time when theyfaU due stated on the bills, 
 
 1. A Buchanan sells Robert Johnson goods to the value of ^61iil9/, for which the 
 
 former draws on the latter at 40 days from 14 Jan. 1827, and which Johnson ac- 
 ce})tSy by writing his name under that of the drawer Buchanan, as in the first of the 
 Engraved forms. 
 
 2. Robert Johnson owes A.'Bucbanan £6^'\5/, for which he sends him his Promissory 
 
 Note at 2 months date from 26 Feb. 1827, as in the second of the Engraved forms* 
 
 3. Richard Armour, Manchester, draws on A. Buchanan, Glasgow, (for goods which 
 
 he purchased) 14 March 1827, at 20 days ^ £100, payable to J. Yates; and at 
 80 days ^ £70iilO/, payable to E. Jones. 
 
 4. Monteath & Co. Glasgow, owe A. Buchanan, there, £683ii8ii4; and send him their 
 
 Promissory Note, dated 12 March 1827, at 2 months. 
 
 5. James Finlay & Co. Glasgow, draw on A. Buchanan, there, for £455iil2r?3, 2d 
 
 March 1827, at 2 months, (for Cotton which he purchased,) and for which he ac* 
 cepts, 
 
 6. A. Buchanan, Glasgow, draws on Dawson & Co. there, 18th June 1827, at 2 months, 
 
 W £573 for 10 Hbds. Sugar, sold them, and which they accept 
 
 7. Robert Owen & Co. Glasgow, owe A. Buchanan, there, £646iil5iilO, for which he 
 
 draws on them 9th March 1827, at 2 months after date. 
 
 8. John Kemp & Ca Glasgow, indorse to A. Buchanan their draft, on, and accepted by 
 
 R. Peel, 12th March, at 2 months for £40 ; and also send him their Promissory 
 Note 20th March, at 2 months, ^ £4lul6n6, 
 
 9. Morley & Co. Paisley, owe A. Buchanan, Glasgow, £375, for which they send him 
 
 their draft on John Day, 7 Jan. 1827, at 3 months, ^ £150 and their own Note, 
 dated 25 March at 2 months, ^ £225, payable at A. Buchanan's house in Glas* 
 gow. 
 
 10. A. Buchanan, Glasgow, owes William Kelly £677it5/, and sends him his Note, 
 13th March 1827, at 2 months, ^ £524iil5/, and indorses him Henry Halset's ac- 
 ceptance to himself, dated Paisley, 21st March 1827, at 2 months, ^ £l52iilO/, 
 payable in Glasgow. 
 
 11. Simson Monteath & Co. London, value on Pringle & Son, Manchester,^£T04iilO/, 
 
 26 October, at 3 months date, for Cotton which the latter purchased of them, and 
 which they accept, payable at their Bankers, Le Fevre & Co. 
 
 12. To accommodate Henry Halset, Paisley, I have discounted for him the two follow- 
 ing bills, 20 May 1827, viz. his draft on and accepted by J. Watt, 10 April, at 
 2 months date, ^ £150; his indorsation of J. Bow on E. Mann, 27 April, at 
 2 months date, ^ £250. Required the form of both bills, and the Net proceeds 
 or sum paid Halset 
 
MERCHANTS* ACCOUNTS. 301 
 
 On the Nature of^ and Queries an Inland Bills, 
 
 Queries. 
 
 1. What is a Bill? 
 
 2. What is an Inland Bill ? 
 
 3. What is an Inland Draft f 
 
 4. What is a Promissory Note ? 
 
 5 What are the requisites of a regular Bill ? 
 
 6. When a Bill is drawn at months after date, are these Calendar or Lunar months i 
 
 7. How many parties may be concerned in an Inland Bill ? 
 
 8. Who is meant by the Drawer ? 
 
 9. Who is meant by the Drawee ? 
 10. Who is meant by the Accepter ? 
 1 r. Who is meant by the Payee ? 
 
 1 2. Who is meant by the Indorser ? 
 
 13. Who is meant by the Indorsee ? 
 
 14. What is meant by Discounting a Bill ? 
 
 15. What Incidents are Bills subject to, after they are delivered by the Drawer ? 
 
 16. What is an Indorsement ? 
 
 17. When ought a Bill to be presented for payment? 
 
 18. What are meant by Days of Grace ? 
 
 19. What is meant by protesting a Bill ? 
 
 20. What is meant by Noting a Bill ? 
 
 21. What is the consequence of neglecting to Protest ? 
 
 22. How long may a Bill with Indorsers lie over with the Notary's marking on it ? 
 
 23. When can payment be enforced, after it is protested and recorded ? 
 
 24. For what length of time is a Bill in force ? 
 
 DrRECTIOKS FOB WaiTING OCT BiLtS. 
 
 1. Every Bill must be written on stamped paper, of such value as Law requires. If, by 
 
 mistake, a Bill should be written on a stamp of less value than required, it will affect 
 its validity ; although, on the contrary, a stamp of higher value will not. 
 
 2. In drawing a Bill, the impression of the Stamp should be completely written through, 
 
 and no empty space left either at the beginning or end of the lines, by which the 
 sum might be increased, or the Bill vitiated in any shape whatever ; as serious con- 
 sequences from this negligence have sometimes arisen to the Accepter. Signing 
 blank stamps, also, is a practice which cannot be too severely censured. 
 
 5. Erasures and alterations on Bills are always dangerous, and particularly so, if either 
 in the date^ term, or sum ; and unless made with the consent of parties, and authen- 
 ticated on the Bill with the initials of the party by whom they are made, they com- 
 pletely destroy its validity. 
 
 4. Want of a Date, or scoring the Acceptance of a Bill, renders it nulL 
 
 5. The forms and expressions which the custom of Merchants, and the practice of the 
 
 Country have sanctioned, should be strictly adhered to, and never deviated from with- 
 out a sufficient reason. For instance, in drawing Bills, it is common to use the 
 words — pay " to the order" of such a person, or, to such a person " or his order," 
 and to conclude with the words '* value received,"* although the Bill is by Statute 
 transferable without the first, and valid without the latter clause ; yet they ought 
 never to be omitted, as they are more agreeable to the general object for which Bills 
 were originally intended. 
 
 6. In Joint Bills it may also be observed, that the clause " Jointly and Severally" does 
 
 not relieve any of the Accepters, individually, from paying the full contents of the 
 Bill to the Holder, should he demand it. 
 
 * It may be remarked, tliat the words " value received," are essential to obtain the benefit (^ the Sta- 
 tute giving Interut. 
 
302 ON THE NATURE OF FOREIGN BILLS. 
 
 On the Nature and Negotiation of Foreign Bills of Exchange. 
 VII. Foreign Bills. 
 
 1. A Foreign Bill is a written order from a party in one country, addressed to another 
 party in a different country, requiring him to pay a certain sum to his order, or to a 
 third, or fourth party, at a specified time.* 
 
 2. Parties generally concerned in a Foreign Bill. '■ 
 
 There are generally three parties concerned in a foreign Bill — the Drawer, or party who 
 
 makes out the Bill — the Drawee, or party on whom it is drawn — the Payee, or party 
 
 to whom it is payable ; but, sometimes only two are concerned, especially in' bills 
 
 drawn from Scotland on London, namely, the Drawer, and the Accepter. 
 
 5. A Set of Exchange 
 Are two or three Bills drawn at the same time, at so many days or montlis after sight, 
 and all of the same tenor and date. As a security against accidents and delays they 
 are forwarded by different ships r.r posts. The first accepts against the second and 
 third ; the second against the first and third ; and the third against tlie first and se- 
 cond ; consequently when one of them is accepted and paidf the others are of no use. 
 
 4. Time of fixing payment on Bills drawn after sight. 
 
 The Accepter marks the date of his acceptance on the Bill, and the term is only comput- 
 ed from it, and not from the date of the Bill. 
 
 5. Usance and Double Usance. 
 
 Bills arc sometimes drawn at Usance, and sometimes at Double Usance. Usance is the 
 usual time at which Bills are drawn between certain places, such as one, two, or 
 three months after date or sight ; and Double or Treble Usance means twice or 
 thrice the usual time. If the Usance be one month, fifteen days are allowed for 
 half Usance. 
 
 6. Negotiation of Foreign Bills 
 
 Consists in the diligent and due performance of the several duties which the Law and 
 practice of the Country require of the several parties. 
 
 7. Duty of the Drawer. 
 
 The duty of the Drawer is to furnish the Payee with a good and unexceptionable Draft 
 on a Drawee, with whom he has suflBcient credit, or funds in his hands ; because in 
 the event of non-acceptance, or non-payment, the Payee or holder can sue the Drawer 
 for the contents of the Draft and damages. 
 
 8. Duty of the Drawee. 
 
 The duty of the Drawee is to be punctual in returning any Bill transmitted to him for 
 acceptance by thej^rs* post, whether accepted or not, otherwise he is answerable for 
 the sum of the Bill, unless he give due intimation, by letter, of his non-acceptance. 
 
 » See Engraved Form annexed, and explanation of it, page 119. In this Bill there are four parties: 
 two at Jamaica where it is drawn, namely, Murray & Co. the Drawers, and John Ramsay the Buyer or 
 remitter ; and two at Lomlon where it is payable, namely, Williamson & Co. the Payees, and Simson, 
 Monteath & Co. the Drawees, and afterwards the Accepters. 
 
MERCHANTS' ACCOUNTS. 303 
 
 On the Nature and Negotiation of Foreign Bills of Exchange. 
 
 9. Time allowed for Acceptance. 
 
 The Drawee in general ought either to accept in twenty-four hours, or to signify to the 
 Payee or Holder that it will not be accepted. If it be a Bill drawn after sight, and 
 which he means to accept, he is bound to date his acceptance on the day it was 
 presented, or at all events the day following. 
 
 10. Should the Drawee refuse to accept. 
 
 Should the Drawee refuse to accept Bills when he has effects in his hands, the Drawer 
 can recover damages ; and although the Holder cannot by Summary diligence mo- 
 lest the Drawee, yet by virtue of the assignation which the Draft contains, he can 
 insist by an ordinary action for these effects. 
 
 11. JFhen the Drawee is bound to accept. 
 
 The Drawee is bound to accept only to the amount of the Funds which he may have in 
 his hands belonging to the Drawer ; unless he has come under an obligation to ac- 
 cept to ^certain amount unconditionally ; but he is bound to give due intimation by 
 letter of his non-acceptance, otherwise he is liable for the sum of the Bill.* 
 
 12. Summary Diligence. 
 
 Summary diligence is a privilege which entitles the Holder of a regularly negotiated 
 Bill to enforce immediate payment, or at least to molest the party liable much more 
 effectually than if the sentence of a court in an ordinary action had been obtained. 
 
 13. AccejHing and pai/ing " Supra Protest.^' 
 
 A Supra Protest or acceptance upon honour, is a collateral acceptance, by first allowing 
 the Bill to be protested, and then for the honour of the Drawer or Indorser imme- 
 diately to accept it; by which means should the Accepter not afterwards be put in 
 possession of funds, he will secure his right of recourse. 
 
 14. How to take a/* Supra Protest." 
 
 The Drawee must write on the Bill to this effect, " Accepted Supra Protest in honour 
 of A. B." and subscribe his name ; after which he should immediately send the Pro- 
 test and information of the acceptance to the party for whose honour it was accepted. 
 
 » When it happens that the Drawer is uncertain whether the Drawee may come under more obligations, 
 or in case of his failure, the Drawer writes on a small piece of paper attached to the Bill, " In case of need, 
 apply to D. & Co. ;" suppose his correspondents at the place of payment, and if they wish to accommodate 
 him, they accordingly accept " Supra Protest," which prevents the expense and loss of credit that would 
 arise from a dishonoured bill. 
 
 When the Drawer advises the Drawee, that he has drawn on him, he generally adds, " as advised," or 
 " as per advice," and when he wishes the Drawee to honour the Draft at all events, he annexes to the bill, 
 *• with, or without further advice;" besides, if he wishes the contents to be charg^ to any particular ac- 
 coimt, a clause is added, directing the Drawee to place it accordingly. 
 
304 ON THE NATURE OF FOREIGN BILLS. 
 
 On the Nature and Negotiation of Foreign Bills of Exchange, 
 
 15. Duty of the Holder. 
 The Duty of the Holder is to use proper exerlions to procure acceptance and payment ; 
 and if these are not obtained, to protest for non-acceptance or non-payment accord- 
 ingly ; and to give due intimation of the dishonour of the Bill to the Drawer and 
 Indorsers j that is, that no unnecessary loss of time has taken place. 
 
 16. Why the Drawer should get early notice of non-acceptance. 
 To enable him to take the necessary steps for recovering any Eflfects which he may have 
 
 in the hands of the Drawee, as well as to furnish the Holder with another Bill, or 
 providing for payment of the dishonoured one by the time it falls due. 
 
 17. Dishonoured Sills 
 
 Are when acceptance or payment is refused, by which a protest becomes necessary as 
 soon as the Drawee refuses to accept or pay. When a Bill is dishonoured for non- 
 payment, it generally, at least in the way of courtesy, returns successively in the 
 way it advanced, until it reaches the Drawer ; although the Holder «iay take any 
 of the preceding Indorsers he chooses, for tlie sum of the Bill for interest and ex- 
 penses. 
 
 18. Due Intimation to the several Parties. 
 
 That is, that no delay has taken place, which the Holder by the diligent performance of 
 his duty could have prevented ; and this must be given to the parties by letter co- 
 pied into the Holder's Letter-Book, Intimation must be given to each of the In- 
 dorsers, when there are more than one, because recourse is lost upon such Indorser, 
 as may not have been duly advised, as well as any Indorser's after him. * 
 
 19. The consequences should the Holder neglect to Protest, 
 Should the Holder either neglect to Protest in due time, or to give intimation of non- 
 acceptance or non-payment, he forfeits all claim against the Drawer and Indorsers, 
 because by this neglect of his duty, he puts it out of their power to take legal steps 
 for their relief; even although he can show from the failure of the Accepter or any 
 other circumstances that no loss has in point of fact, ensued from his neglect. 
 
 20. Intimation must be given within a fixed time. 
 
 In ordinary cases, intimation of the dishonour of a Foreign Bill must be forwarded by 
 the first post, or at all events within three posts ; and if an Inland Bill, Svithin four- 
 teen days at farthest. 
 
 * Should it happen that only the last Indorser is known to the Holder, of course he can only intimate 
 to him ; and he, for his own interest, is bound to intimate to the prior Indorser, and thus in succession to 
 the Drawer. If the credit of the last Indorser be doubtful, the Holder encloses to him notes of intiniatioB 
 to some of the intermediate Indorsers, and requests him to address them. 
 
MERCHANTS' ACCOUNTS. 305 
 
 Exercises iuy arid Queries on Foreign Bills. 
 
 Exercises in Foreign Bills, 
 
 The Forms of the JoUowing Foreign Bills are to be given in writing, and the time when 
 
 they fall due stated on the bills. 
 1 . A. Buchanan, Glasgow, buys at the Royal Bank, John Thomson's draft, at 20 days 
 
 date, 12th March 1827, per L.900, on Pole, Thornton, & Co. Bankers, London, 
 
 payable to Kilgour & Co. there, and to whom he remits it. 
 
 52. A. Buchanan, Glasgow, remits Kilgour & Co. London, M. Rowand's draft on 
 Smith Payne & Co. London, at 20 days date, 6th April 1827, per L.508, 15s. 6d. 
 payable to A. Buchanan's order, and which he indorses. 
 
 3. John Stirling, Jamaica, remits his draft (second of exchange first and third of the 
 
 same tenor and date unpaid) on Forster & Co. Aldermanbury, London, 25th May, 
 at 50 days after sight, per L.lOO, payable to Simson, Monteath & Co. ; and which 
 was accepted 9th July, payable at their Banker's, Le Fevre ^ Go's. 
 
 4. Murray & Co. Jamaica, draw on Simson, Monteath & Co. London, per L.200 ster- 
 
 ling, 15th June, at 60 days sight, in favour of Williamson & Co. for value of Joha 
 Ramsay, and which S. M. & Co. accept, 9th Aug. 1827, payable at their Bankers, 
 Le Fevre ^ Go's, {See Engraved Furm, page 302.) 
 
 5. Ross & Son, Riga, draw on Simson, Monteath & Co, London, in favour of R. Field, 
 
 August 15th, (old style) at 5 months date, for 12779 Roubles, 50 Copecks, at the 
 exchange of lO^d. per Rouble, and which they accept, payable at Le Fevre ^ Go's. 
 
 6. William Irvine, Glasgow, values on Simson, Monteath & Co. London, 7th Septem- 
 
 ber, at 3 months after date, payable to his order, and which they accept, payable at 
 Le Fevre ^- Go's. 
 
 7. Robert Manford, Lisbon, values on Simson, Monteath & Co. London, 28th August 
 
 1827, at Usance, for 5021,540 Reas, payable to C. Tyson,, for value of Moses MiU 
 roy, at the exchange of 60d. per Milrea, which they accept, 20th September, payable 
 at Le Fevre ^ Go's. 
 
 8. Vanderpoole & Co. Rotterdam, remit to Simson, Monteath & Co. London, their draft 
 
 on Vanderloo, London, 1 0th November, at 2 months Sight, for 5375 Florins, at the 
 exchange of 55/10 Flemish per £ Sterling, and which he accepts^ 20th November, 
 payable at Vos ^ Go's. 
 
 Queries. 
 
 1. What is a Foreign Bill ? 
 
 2. How many parties are generally concerned ? 
 
 3. Wliat is a Set of Exchange ? 
 
 4. How is the time of payment fixed on bills drawn after sight ? 
 
 5. WTiat is Usance and Double Usance ? 
 
 6. Wherein does the proper Negotiation of a Bill consist i 
 
 7. What is the Duty of the Drawer ? 
 
 8. What is the Duty of the Drawee ? 
 
 9. What time is allowed for acceptance for bills drawn after sight ? 
 
 10. Should the Drawee refuse to accept Bills when he has effects in his hands be^ 
 
 longing to the Drawer, what is the consequence ? 
 
 1 1. Is the Drawee bound to accept every Bill drawn on him ? 
 
 12. WTiat is meant by '' Summary Diligence ?" 
 
 13. What is meant by accepting and paying *' Supra Protest?** 
 
 14. How is a " Supra Protest" taken ? 
 
 15. What is the Duty of tL2 Holder ? 
 
 16. Why is it necessary that the Drawer should get early Dotiee ^ non-aceeptaace ? 
 
 17. What is meant by a Bill being Dishonoured ? 
 
 18. What is meant by due intimation ? 
 
 19. What are the consequences should the Holder neglect to protest in due lime, or 
 
 to give intimation of non-acceptance or non-payment ? 
 
 20. What time does the Law allow to give intimation .' 
 
 2Q 
 
A SERIES OF 
 
 MERCANTILE LETTERS. 
 
 Receiving Orders to Insure. 
 
 Grenada^ lOth February, 1827. 
 Sir, 
 
 I return you my best thanks for 
 furnishing me with the State of your Mar- 
 ket, which appears so favourable that I in- 
 tend to make you a small Consignment by 
 the Ann, Captain Glen, expected to sail by 
 the first proximo. 
 
 I will, therefore, thank you to get insur- 
 ed for me L 675 Sterling, on 15 Hhds. Su- 
 gar, at L.25, — and on 20 Bales Cotton, at 
 L.15. 
 
 Hoping that this produce will arrive safe, 
 and meet with a good and ready market, 
 I am, Sir, 
 
 Yours very respectfully, 
 
 George Smith. 
 
 P. S. The Bill of Lading is enclosed. 
 
 Effecting Insurance. 
 
 Glasgowt 6th April, 1827. 
 Sir, 
 
 In obedience to the instructions 
 contained in your esteemed letter of 10th 
 February, I have this day effected Insu- 
 rance on the Consignment per the Ann, as 
 under, which you have had the goodness to 
 make me. For this mark of your friendship 
 I tender you my best thanks, and beg to 
 assure you, that in the disposal of your Pro- 
 perty, your interest shall ever be my first 
 care. In the interim, I remain, 
 Sir, 
 
 Yours very respectfully, 
 
 A. Buchanan. 
 Geo, Smith, Esq. 
 Grenada. 
 
 Prem. on L.675, at 2Gs. perCt. L.14 : 3:6 
 Policy & Duty, ...5s.6d. per Ct. 1 : 18 ; 6 
 Commission, ^ per Ct 3 : 7:6 
 
 At your Debit, L.19: 9: 6 
 
 See Tramactions, page 56. 
 
 Shipping Goom to Order. 
 
 Genxi-embn, 
 
 Glasgow, 2d April, 1827. 
 
 Agreeably to the kind order 
 contained in your esteemed favour of the 
 12th February, I have now the pleasure to 
 hand you Invoice, amount L.215 : 8 : 0, due 
 July 2d, at your Debit. The Goods are of 
 such a quality, and at such moderate prices, 
 as I trust will ensure your future favours. 
 The Brig is called the Jane, William Col- 
 lins, Master, and is expected to sail in a day 
 or two at most. 
 
 The Bill of Lading is enclosed. Wait- 
 ing your further commands, 
 
 I remain. Gentlemen, 
 Yours most respectfully, 
 
 A. Buchanan. 
 
 Messrrs. James Denny & Co. 
 
 Halifax. ' 
 
 For Invoice, see Appendix, Engraved Form. 
 
 Advising of Goods being Lost. 
 
 Gentlemen, 
 
 Glasgow, 31st May, 1827. 
 
 I regret exceedingly to have 
 to announce to you the unpleasant intelli- 
 gence of the loss of the Jane, on board of 
 which were your Goods. 
 
 I am happy, however, to say, that the 
 Underwriters by whom they were insured 
 are honourable men, who without any trou- 
 ble, have agreed to pay the amount on the 
 24th proximo ; and, by the 30th, your Ac- 
 count- Current will be made up, and trans- 
 mitted to you ; meantime I am, 
 Gentlemen, 
 
 Yours very truly, 
 ^r A. Buchanan. 
 
 Messrs. J. Denny & Co. 
 
 Halifax. 
 
MERCANTILE LETTERS. 
 
 307 
 
 Drawiko Bills, &c. 
 
 Grenadut 1st March, 1827. 
 Sui, 
 
 I had this pleasure on the 10th 
 ult to which I beg to refer you ; and now 
 advise that I have this day drawn on you, 
 in favour of John West, per L.400, and 
 tliat of William Smith, per L.I 50 Sterling, 
 the former at 21 , and the latter at 40 days' 
 sight, to which I request your well known 
 attention. 
 
 I need scarcely add, that future Consign* 
 ments will depend on the result of that al- 
 ready made to you ; meantime 
 I am. Sir, . 
 Your most obedt Servant, 
 
 Geo. SiUTH. 
 A. Buchanan, Esq. 
 Ijondon. 
 
 Accepting Bills, &c. 
 
 Glasgow, I6th April, 1827. 
 
 Sib, 
 
 The Drafts mentioned in yours 
 of the 1 St ult. have just been presented, and 
 which I have this day accepted, viz. 
 To John West at 21 days per L.400 
 To Wm. Smitli at 40 1 50 
 
 At your Debit L.550 Ster. 
 
 You will observe from the enclosed Prices 
 Current that Sugars are on the rise ; it 
 will therefore be for your interest to make 
 me an early, and as large a Consignment as 
 possible. I remain, 
 
 Sir, 
 Your most obedt. Servant, 
 A. Buchanan. 
 Geo. Smith, Esq. 
 Grenada. 
 
 See Transactions, page 58. 
 
 Receiving Orders to Ship Goods. 
 
 Sir, 
 
 Grenada, 2d April ^ 1827. 
 
 Please purchase for me the ar- 
 ticles as noted below, of a good quality and 
 tasteful patterns, and ship the same in 6 
 packages by the first vessel for Jamaica, ef- 
 fecting Insurance on the lowest terms. 
 
 You will consign them to Mr.Wm.Han- 
 way, Merchant in Jamaica, to whom you 
 will enclose the Invoice an^ Bill of Lading, 
 with duplicates to me. 
 
 Expecting soon to receive an Account 
 Sales of the whole of my Sugar and Cotton 
 consigned to you per the Ann, I am. 
 Sir, 
 Your most obedt Servant, 
 Geo. Smith. 
 A, Buchanan, Esq. 
 London. 
 
 Executing these Orders. 
 
 Glasgow, 13th June, 1827. 
 Sir, 
 
 In conformity to your favour of 
 the 2d April, I have shipped for your ac- 
 count and risk, on board the Spooner, Thos. 
 Seaman, Master, for Jamaica, consigned by 
 your order to Mr. Wm. Hanway, Merchant 
 there, Goods, amounting, with Charges and 
 Insurance, to L.528:7:8, as per Invoice an- 
 nexed, at your debit due September 13th. 
 
 As every attention has been paid to the 
 quality, and selection of new and tasteful 
 patterns in this shipment, I cannot doubt of 
 their giving satisfaction. Waiting your 
 further orders, I remain, 
 
 Dear Sir, 
 Your most obedt Servant 
 
 A. Buchanan. 
 Geo. Smith, Esq, 
 Grenada. 
 
 See Transactions, page 64. 
 
 CoNsisNiNG Goods Abroad. 
 
 London, 4th July, 1827. 
 Sir, 
 
 Annexed you have Invoice of 
 Goods shipped per the Fame, amount 
 L.436 ; 1 : 3, consigned to you for Sale on 
 our account. 
 
 As the articles are all fashionable pat- 
 terns, and of a superior quality, I trust you 
 will find little diflficulty in procuring both 
 a good and a ready market for them. I leave 
 tlie sale to you, convinced tliat you will use 
 your best exertions for my interest. 
 
 We have just received your Invoice of the 
 Cotton per the Ann, and hope that she wift 
 arrive safe in a few days. We are, 
 Sir, 
 Your most obedt. Servants, 
 SiMsoN, Montkaih & Co. 
 
 R. Manford, Esq. 
 
 Lisbon. 
 
 See Invoice-Book, page 140. 
 
308 
 
 MERCANTILE LETTERS. 
 
 RiCBiviMa Account- Sales. 
 
 Lisbon, 4th Sept. 1827. 
 Gentlemen, 
 
 I am happy to have it in my 
 power to transmit you herewith Account- 
 Sales of your Goods per the Fame, Net 
 proceeds 1691,160 Rees. 
 
 I considered it better for your interest to 
 effect a Sale of the whole at the present 
 prices, than to keep the Goods for an un- 
 certain time on the slender probability of 
 obtaining more — the market being com- 
 pletely overstocked with most kinds of Bri- 
 tish manufacture. 
 
 I have this day valued on y^ at Usance 
 in favour of C. Tyson, for 3021,340 Rees, 
 at the Exchange of 60d. to Balance our 
 Accounts, as noted below. I remain, 
 Gentlemen, 
 
 Yours respectfully, 
 Rob. Manford. 
 
 Dr. Cotton per Ann, 4712,500 Rees. 
 
 Cr. Proceeds per Fame, ... 1 69 1 , 1 60 
 
 Balance in Draft, 3021,340 
 
 Seepages 129, 131, and 124, 125. 
 
 Furnishing Account-Sales, &c. 
 
 Glasgow, 31st May, 1827. 
 Sir, 
 
 My last was of date 16th ult. to 
 which I refer you. — I have now the plea- 
 sure to hand you an Account-Salesof your 
 20 Bales Cotton per the Ann, at such a 
 price as J trust will meet your approbation. 
 The Net proceeds, being L.334: 15, due 
 28th proximo, is placed to your credit, 
 which, if correct, please state in conformity. 
 Sugars of a good quality have lately ex- 
 perienced an advance of 4s. per Cwt. and 
 as there are little in the market, a further 
 rise must soon take place. I am. 
 Sir, 
 Your most obedt. Servant, 
 A. Buchanan. 
 Geo. Smith, Esq. 
 Grenadct. 
 
 ^or Account -Saies, see Appendix, 
 Engraved Form. 
 
 Rendering! Accounts-Current, &c. 
 
 Glasgow, 30th Juncy 1827. 
 Sir, 
 
 I refer you to my respects of the 
 13th current, accompanying Invoice of 
 Goods per the Spooner, Seaman, for Ja- 
 maica, since which I am without any of 
 your favours. 
 
 I now hand you an Account- Sales of 
 your 15 Hhds. Sugar per the Ann, Net 
 proceeds, L.422 : - : 7, due 17th August, 
 at your Credit ; and a copy of your Ac- 
 count- Current, Balance in my favour, due 
 at this date, L.345 : 3 ; 2, placed to your 
 Debit in New account, both of which I 
 hope you will find correct, and if so, please 
 pass in conformity. I remain, 
 Sir, 
 Your most obedt. Servant, 
 A. Buchanan. 
 
 Geo. Smith, Esq. 
 Grenada, 
 
 For Account-Current^ see Appendix^ 
 Engraved Form. 
 
 On a Bill being Dishonoured. 
 
 London, 23d July ^ 1828. 
 
 Mr. John Murray. 
 
 Sir, 
 
 We are sorry to inform you that 
 your Draft on Kinnear & Co. for L.500, 
 due the 20th, is returned to us under Pro- 
 test for non-payment, and amounts with 
 Expenses to L.508: 3s. 
 
 Be assured we have used every exertion 
 to procure payment, but without success. We 
 will thank you to remit us for the same by 
 return of post, and are, 
 
 Sir, 
 Your most obedt. Servants. 
 
 James Dow & Co. 
 
 Principal and Protest, L.500 : 8:0 
 
 Com. & Re-exchange, 1^ per Ct. 7:10:0 
 0: 5:0 
 
 L.508: 3:0 
 
MERCANTILE LETTERS. 
 
 309 
 
 REMITTIWa FOE A DlSHONOUEED BiLL. 
 
 Gentlkmek, 
 
 Glasgow, 21lh July, 1828. 
 
 I am just favoured with yours 
 of the 23d. informing me that my Draft on 
 Kinnear & Co., due tlie 20th, has been re- 
 turned you for non-payment. 
 
 I rest satisfied that you have done every 
 thing in your power for my interest, al- 
 though unavailing. 
 
 Enclosed you have Cabbell on Ransom 
 & Co. at 20 days, for L.508 : 3s. which co- 
 vers the amount, and I remain, 
 Gentlemen, 
 Your most obedt. Servant, 
 
 John Murray. 
 
 Respecting Bankruptct. 
 
 Dear Sir, 
 
 London, 1st Sept. 1828. 
 
 After a minute investigation of 
 the affairs of Kinnear & Co. I am sorry to 
 inform you that more tham Is. 6d. per £, 
 will not be obtained, and it is even doubtful 
 when this small composition will be realized. 
 1 regret that you are so deeply concern- 
 ed in tliis Failure. Any service that I can 
 render you here, you may freely command 
 it, and I remain, 
 
 Dear Sir, 
 
 Yours very truly, 
 J. Dow, Jun. 
 
 Letter of Recommendation. 
 
 Dear Sir, 
 
 Glasgow, 8th Sept. 1828. 
 
 I beg leave to introduce to your 
 respectable House, my particular friend 
 Mr. William Watson, of this place, who is 
 the bearer. 
 
 He visits Manchester in the way of bu- 
 siness, and as his Credit is unquestionable 
 and extensive, 1 shall be glad to hear that 
 you have opened an account with him — 
 fully assured that it will be for your mutual 
 interests. I am, 
 
 Dear Sir, 
 Your most obedt. Servant, 
 
 A.B. 
 Henry Smith, Esq. 
 Manchester. 
 
 Respectino Blank Credit. 
 
 X Hamburgh. 
 
 Gentlemek, 
 
 Although it is impossible to en - 
 tertain the sUghtest doubt of the solidity of 
 your House, after the recommendation given 
 me by Messrs L. and A., yet I have always 
 had the strongest aversion to granting any 
 one that dangerous facility, a Blank Credit ; 
 and I therefore am unwilling to agree to 
 the proposal contained in your letter of the 
 20th. 
 
 It is true, that in every extensive Concern, 
 there must inevitably occur some exchange 
 operations. But it is an established rule 
 in my business, that no Bill of Exchange 
 is entered in my Books without being con- 
 nected with some real mercantile transac- 
 tion. If I ever permit a Correspondent to 
 draw on me, I must not only know, but be 
 concerned in, the object of his Draft; be- 
 sides being perfectly assured of reimburse- 
 ment coming to cover the engagement ; and 
 when the Draft is paid, the affair extends 
 no further. 
 
 It is sincerely to be wished that all mer- 
 chants acted on the same grounds. Com- 
 merce would gain inconceivably thereby, as 
 there would be no dread of misplaced con- 
 fidence. 
 
 But in order to give you a proof of my 
 opinion of your House, I am about to open 
 my account by a very considerable commis- 
 sion. 
 
 Have the goodness to procure me the best 
 information respecting the prices, and the 
 different qualities of Coffee, which are offer- 
 ed for sale at your markets. I know that 
 formerly, by giving commissions to your 
 market, we might gain something by a sub- 
 sequent rise in price ; but as it is a consi- 
 derable time since I have been accustomed 
 to trade in this article, I am unacquainted 
 with your present mode of purchasing, and 
 the abilities of your Brokers, who I remem- 
 ber to have been completely ignorant of the 
 article they professed to purchase. I have 
 therefore to request you will send me by the 
 Post, small samples of all sorts of Coffee, 
 the prices to be quoted on board : also to 
 inform me of what shipping opportunities 
 you have, to enable me to give you direc- 
 tions accordingly. I am, 
 
 Gentlemen, 
 
 Yours respectfully, 
 Jacques De Orville. 
 Messrs. M. & S. 
 
 Copkenhagen. 
 
A SHORT 
 
 EXPLANATION 
 
 OF 
 
 COMMERCIAL TERMS OR EXPRESSIONS. 
 
 Accommodation, when applied to Bills or 
 Notes, are those for which no value has 
 been given ; that is, when the Drawee only 
 lends his name ; and that the Drawer en- 
 gages to provide him with the means of pay- 
 ment when the bill falls due. 
 
 Adventure, when a merchant exports 
 goods to, or from a foreign market on his 
 own account and risk, it is called an indi- 
 vidual speculation, or adventure to, or from 
 that place. 
 
 Advice, mercantile intelligence ; to advise 
 a bill is to describe the amount, date, term, 
 to whom payable, &c. and request the person 
 on whom drawn to accept it 
 
 Affidavit, signifies an oath in writing, 
 sworn before some person who is authorised 
 to take the same. 
 
 Agent, a person duly empowered to do 
 business for another. 
 
 Arbitration, the determination of a cause 
 by persons mutually chosen by the parties. 
 
 Assignee, a person deputed by another to 
 manage the subject of a bankrupt. 
 
 Average, a contribution made for losses 
 at sea, which falls upon the proprietors or 
 insurers in a just proportion. 
 
 Balance, of Trade, the difference between 
 the commercial exports and imports of one 
 country with respect to another. 
 
 Bank Bill, a bill drawn on and accepted 
 by a banking house or banker. 
 
 Bankrupt, a trader whom misfortune or 
 extravagance has rendered unable to pay his 
 debts. 
 
 Barter, the trucking or exchanging of 
 one commodity for another. 
 
 Bill of entry, a list of the particulars of 
 goods entered at the Custom-house. 
 
 Bill of Lading, a printed agreement be- 
 tween the shipper of goods and the Captain 
 of a ship, binding the latter to deliver them 
 " in good order and well conditioned," on 
 payment of a certain freight. It is usual 
 to make out three bills, one to the shipper, 
 the second to be held by the captain, and 
 the third to be sent to the person to whom 
 the goods are consigned, by which he can 
 claim them on their arrival. 
 
 I Bill of Sale, is a solemn contract, under 
 seal, whereby a person conveys the right and 
 interest which he has in goods and chattels. 
 
 BM of Store, is a license granted by the 
 Custom-house to merchants, to carry such 
 stores and provisions as are necessary for a 
 voyage, free of duty, 
 
 Blank Credit, the permission which one 
 house gives to another to draw on it to a cer- 
 tain extent, at any time, for their own ac- 
 commodation. 
 
 Broker, an agent employed by merchants 
 in buying and selling ; who, for a trifling 
 charge, finds the merchant buyers in one 
 case, and sellers in the other. There are 
 several kinds of Brokers, such as Ship Bro- 
 kers, Insurance Brokers, Exchange Bro- 
 kers, Stock Brokers, &c. 
 
 Bonded Goods, are certain articles which, 
 on being landed, are warehoused upon bond 
 being given by the owner for the payment 
 of duties, &c. 
 
 Bottomry, is a contract in the nature of a 
 mortgage of a ship, when the owner of it 
 borrows money, to enable him to carry on 
 a voyage, and pledges the keel or bottom of 
 the ship, as a security for the repayment j 
 and it is understood, that if the vessel be 
 lost, the lender losses his money. 
 
 Bounty, is a premium paid by Gover- 
 ment to the exporters of certain British com. 
 modities, for foreign parts, &c. See Deben- 
 ture. 
 
 Brokerage, is a commission or per Cen- 
 tage paid by merchants to brokers, either 
 for the sale or purchase of goods, bills of 
 exchange, stock, &c. 
 
 Capital or Stock, the effects'of a house in 
 money or wares, by means of which it car- 
 ries on trade and supports its credit. 
 
 Charter Party, the engagement between 
 the owner of a ship and the merchant, who 
 engages the whole ship to go from one port 
 to another with goods, for a certain sum. 
 
 Chevisance, a composition between Deb- 
 tor and Creditor. 
 
 Circulating Medium, cash, bank notes, or 
 other paper money payable on demand. 
 
 Circular Letter, the printed notice of the 
 
EXPLANATION OF COMMERCIAL TERMS. 
 
 311 
 
 establishment or dissolution of a house, or 
 alteration in the firm, &c. See Firm. 
 
 Cocket, a Custom-house warrant given on 
 the entry of goods for exportation, to signi- 
 fy they have paid the duty. 
 
 Commission, an allowance given to agents 
 or factors for transacting the business of 
 others, always so much per Cent. 
 
 Commission of Bankruptcy, an order un- 
 der the great seal, directing five or more 
 Commissioners to inquire into the affairs 
 of a bankrupt. 
 
 Composition, part of a debt taken in lieu of 
 the whole. 
 
 Compromise, to adjust a dispute by mu- 
 tual concessions. 
 
 Consignment, goods sent by one house to 
 another to sell for their account, allowing 
 them so much per Cent, for their trouble. 
 See Commission. 
 
 Contraband Trade, that which is prohibit- 
 ed by law. 
 
 Contingent, the proportion that falls to the 
 share of a person concerned in any business 
 or advantage. 
 
 Convoy, ships of war sailing with other 
 ships in order to protect them. 
 
 Counter- Order, an order sent to revoke 
 a former one, either for the sale or purchase 
 of any commodity. 
 
 Credit, in general, the confidence which 
 one house reposes in another j more parti- 
 cularly the reverse of Debit. 
 
 Currency, the money in circulation, as 
 distinguished from bank paper, &c. 
 
 Current, a term used to express the pre- 
 sent time. Hence the price current of any 
 merchandise is the known or ordinary price 
 at the time it is published. 
 
 Custom-house, where entries are made on 
 goods exported or imported, and the duties 
 imposed by law paid. 
 
 Debenture, a certificate given by the pro- 
 per officers of the customs on certain goods 
 exported, on which the exporter or seller is 
 entitled to a drawback or bounty. 
 
 ' Del Credere, a per centage made by mer- 
 chants in selling goods for guaranteeing the 
 solidity of the purchaser. 
 
 Demurrage, a penalty incurred by mer- 
 chants for delaying a ship beyond the time 
 specified in her charter-party. 
 
 Deviation, is a departure without legal 
 cause from the regular course of a voyage, 
 which deviation incapacitates the insured 
 from recovering, in case of loss. 
 
 Dishonour, an expression made use of 
 when bills of exchange, &c. are refused ac- 
 ceptance or payment, j 
 
 Dividend, a share of any capital, debt, or 
 profit ; also the interest in the stocks. 
 
 Drawback, a premium allowed on expor- 
 tations. See Debenture. 
 
 Dubious-paper^ means Bills drawn OB 
 houses of little credit. 
 
 Due Protection, regular acceptance or 
 payment of a draft or bill. 
 
 Duty, the tax imposed by government 
 upon the import or export of goods. 
 
 Effects, monies, goods, or moveables in the 
 hands of one person belonging to another. 
 
 Embargo, an arrest on ships or merchan- 
 dise by bublic authority. 
 
 JEJni^Jonum, a principle place for the im- 
 portation and sale of merchandise. 
 
 Excise, is an inland charge or imposition 
 on various commodities. 
 
 Factorage, called also commission, is an 
 allowance to factors by those who employ 
 them. 
 
 Finances, a term generally applied to the 
 public revenues. 
 
 i-'irTJijthe mercantile appellation of a house 
 engaged in commerce. 
 
 First-rate-paper, bills drawn or accepted 
 by a good house, such as has always paid 
 its bills regularly. 
 
 Flat, an article of merchandise is said to 
 be flat when there are few buyers. 
 
 Freight, the sum paid for transporting 
 merchandise by sea, &c, 
 
 Gazatte, a paper published by goverment, 
 containing, among other things, notices of 
 the dissolution of partnerships, commission- 
 ers of bankrupcy, suspenison or continu- 
 ance of bounties, embargoes, &c. 
 
 Government, " for your goverment" is an 
 expression adopted from the French,signify- 
 ing, " in order to give you better informa- 
 tion, and rules for acting by, in the purchase 
 or sale of any merchandise." 
 
 Guarantee, a person who undertakes that 
 certain stipulations shall be fulfilled. 
 
 Honour, to honour a draft is to accept it 
 on presentation. 
 
 Impost, a certain tax or duty levied on 
 merchandise imported. 
 
 Insolvent, a tradesmen who has not a ca- 
 pital adequate to the payment of his debts is 
 said to be insolvent. 
 
 Instalments, payments of a debt in cer- 
 tain proportions and at stipulated times. 
 
 Insurance or Assurance, is a contract of 
 indemnity, by which one party engages for 
 a stipulated sum, to insure another against 
 a risk, to which he is exposed. The party 
 who takes upon him the risk, is called the 
 Insurer, or Underwriter ; and the party pro- 
 tected by the insurance is called the Insured ; 
 the sum paid is called the Premium ; and 
 the instrument containing the contract is 
 called the Policy, 
 
312 
 
 EXPLANATION OF COMMERCIAL TERMS. 
 
 Interest, a premium paid for the use or 
 loan of money. To guard a person's inter- 
 est, is to protect his property, and watch 
 over his concerns. 
 
 Landiuaiter, an oflScer belonging to the 
 Custom-house, whose duty it is to take an 
 account of goods imported. 
 
 Letter of Advice, a letter giving notice of 
 any transaction. 
 
 Letter of Attorney, or power of Attorney, 
 a writing which empowers one person there- 
 in named to act for another. 
 
 Letter of Credit, a letter by which one 
 person can receive money on the credit of 
 another. 
 
 Letter of License^ is a written permission 
 granted to a person under embarrassment, 
 allowing him to conduct his afiairs for a 
 certain time without molestation. 
 
 Letters of Marque^ a power granted by 
 the Lords of the Admirality to ships fitted 
 out by individuals to act against the com- 
 mon enemy. 
 
 License, a privilege from government for 
 carrying on a trade or business, on which a 
 certain duty is laid. 
 
 Lieu, a claim, or attachment on any pro- 
 perty which a person has in his possession, 
 for a debt due to him from the owner of 
 the property. 
 
 Lighterage, a charge for carrying goods 
 to and from a ship in a lighter. 
 
 Liquidation, is the winding up of a busi- 
 ness, such as paying and receiving all debts, 
 &c. 
 
 Manifest, a list of a ship's cargo, which 
 
 paper must be signed by the master of the 
 
 vessel, before any of the goods can be landed. 
 
 Maturity, in bills, is when they become 
 
 due. 
 
 Maximum, the highest price of any ar- 
 ticle, as fixed by some law or regulation. 
 
 Nonclaim, is where a creditor neglects 
 to make his claim within a proper time, 
 in which case he cannot enforce his de- 
 mand. 
 
 Notary Public, is a person legally em- 
 powered to attest deeds and other writings ; 
 also to note and protest bills, drafts, or 
 notes, when refused or returned. 
 
 Order, a direction from one house to ano- 
 ther to eflfect certain purchases, &c. upon 
 limited or unlimited conditions. 
 
 Pass in Conformity, or to state in confor- 
 mity, is to acknowledge that an account 
 transmitted is correct. 
 
 Pierage, money paid for the support of 
 an established pier. 
 
 Primage, so much per cent, generally al- 
 
 lowed to the captain of a ship on the amount 
 of freight. "^ 
 
 Prime Entry, the first or orignal entry 
 made at the custom-house on goods import- 
 ed or exported. 
 
 Price Current, a list of the articles in the 
 market, with the present prices annexed to 
 each, and which is generally furnished every 
 month. 
 
 Procuration, the power of using the sig- 
 nature of a house on letters and bills. 
 
 Quarantine, the time a ship suspected of 
 infection, is restricted from intercourse with 
 the shore ; also certain duties imposed on 
 ships. 
 
 Quoted on hoard, means the price for 
 which a merchant agrees to put goods on 
 board, free of expenses of shipping to the 
 buyer. 
 
 Remittance, a sum of money sent either 
 in bills of exchange, or otherwise, from one 
 house to another. 
 
 Renewal of a Bill, is the cancelling a 
 bill or promissory note due, and accepting 
 another at a given date in lieu thereof. 
 
 Salvage., a certain allowance due to thosCj^ 
 through whose instrumentality property is 
 saved from the perils of the seas, enemies, 
 &c. 
 
 Solidity, the character which a house bears 
 as to property. 
 
 Tidewaiters, officers employed to see the 
 loading and unloading of ships, in order to 
 prevent contraband trade. 
 
 Tonnage, the admeasurement of a ship, 
 by which she pays the tonnage duty ; or it 
 is her actual capacity for stowage, and is in 
 that case not unfrequently called per bur- 
 then. 
 
 Tunnage, an impost of so much per tun 
 on liquors imported or exported. 
 
 Umpire, when two arbitrators cannot a- 
 gree in settling a dispute, a third person is 
 named, who is called an umpire, and whose 
 decision is binding. 
 
 Usury, consists in taking more than five 
 per cent, which is called legal interest fqr 
 the loan of money, when the obligation to 
 repay is absolute. 
 
 Value, to value, in a mercantile sense, is 
 to draw a bill ; the words " value received," 
 or " value in account," are always mention- 
 ed in every bill of exchange. 
 
 Underwriters, persons who insure ships, 
 cargoes, or other risks, whch is performed 
 by writing their names under a policy of 
 Insurance. 
 
 Wharfage^ money paid for the use of a 
 wharf. 
 
 Edinburgh : BuNCAU STEVENSONt 
 
 Printer to the University, 
 
THIS BOOK IS DTJIE ON THE LAST DATE 
 STAMPED BELOW 
 
 AN INITIAL PINE OP 25 CENTS 
 
 OVERDUE * °° °'' ^"^ ^^^"™ DAY 
 
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 LD21-I00m.l2,'43 (8796b) 
 
rc 25238 
 
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