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ELEMENTS
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AliRAWG£l> A GCORniB^G TO ^'BESEI^T FMA CTICE
JAMES'MORRI SO^,i¥ra?i^2M^l^
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Printed for LoirGMAN.KEES,OiiME, Brown ^3st> Gree:s.
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TO
HENRY BROUGHAM, Esq. M.P-
As, in this Commercial Country, a knowledge
of Merchants* Accounts, and Book-keeping, must necessarily
form an essential branch of Edvx:ation : a work which has for
its object the improvement of Youth in these branches, must at
all times be acceptable to the Trading Part of the Community,
and highly deserving of their regard and encouragement.
In testimony of your eminent services, in
patronising and promoting Education, whether Mer-
cantile or Mechanical, and thereby the moral and intel-
lectual improvement of mankind ; the following Treatise
on Book-keeping, which has been honoured with very
general public approbatioji, is respectfully inscribed by.
Your most obedient and
very humble Servant,
JAMES MORRISON.
London, 84"^^.*?^
1st September, 1825. ^^ -Cx. C/O i
Digitized by the Internet Archive
in 2007 with funding from
IVIicrosoft Corporation
http://www.archive.org/details/elementsofbookkeOOmorrrich
PREFACE.
JF an Art or Science is to be valued in proportion to its utility and im-
portance, Book-Keeping will hold a very high place in the estimation
of a Commercial People. Independent of the pecuniary advantages which
accrue to the Man of Business from order in recording his Transactions,
Book-Keeping is valuable for its own sake, as it affords an ingenious
and complete illustration of the harmony of Method, and the use of
Numbers.
As the alterations and improvements made in this Edition are nu-
merous, the Author will, rather than detail them, describe the work in its
present form.
In the INTRODUCTION, on Merchants Accounts, the form and method of
making out the several Accounts which usually occur in the Business
of the Counting-house, are explained and illustrated by Examples.
The Work then commences with a view of single entry, which affords
the most simple idea of the nature of Dr, and Cr,, and of the application
of those terms. This Set is extended to three months, and may be suf-
ficient for a Pupil who has only the Retail Business in view.
Next, the work contains an explanation of the Principles of double
ENTRY ; of the use of the several Books used in Business, and of the nature
of Personal, Real, and Nominal Accounts in the Ledger. This is done
before laying down Rules for Journalizing, because these Rules are in--
ferred from the nature of the Entries on the Ledger- Accounts, and there-
fore they cannot be properly understood till these Accounts are explained.
The RULES for Journalizing are arranged under distinct heads, in order
that they may be easily referred to ; and these, it is hoped, are so com-
plete, as to extend not only to every Transaction introduced into the Sets,
but likewise to every case which usually occurs in Inland and Foreign
Trade.
The Italian method is suppressed, and the Rules for stating Cash
transactions, &c., are divested of their technical form. Thus in receiving
money, instead of Cash Dr, to A. B,, we say. Debit Cash To A, B. ;
and in paying money, instead of A. B, Dr. to Cash, we say, Ct'edit Cash
By A, B., and the like in other cases.
A 2
IV PREFACE.
The SETS ofBooJcs advance from the more simple to the more complex
transactions, in a regular gradation j and comprehend the different branches
of Business, as Proper, Commission, and Company Trade, Two of these
Sets are connected, in order that the Student may understand the method
of continuing the Business, and transferring the Balances from one Ledger
to another ; and while the theory or Art of Book-Keeping is explained by
Definitions and Rules ; the work exhibits a view of the most approved
forms of arrangement in Modern Practice, so that the young. Accountant
may be at no loss how to proceed when placed in the Counting-house.
The Queries on Bills, Receipts, and Drafts, with their Answers, as also
the Exercises subjoined, are intended to impress upon the mind of the
Learner the principal points in the daily practice of Business ; and the
Author can assert, from experience, that the attentive Student will derive
the greatest advantage from them.
The Work concludes with a short explanation of Commercial Terms
or Expressions which are used among Merchants, and Men of Business.
The above are the principal points which, in the opinion of the Author,
a proper Elementary Treatise for the use of Schools should contain ;
and this opinion is the result of much experience as a public Teacher,
and several years practice in the Counting-house.
We shall close these prefatory Remarks by an extract from Messrs.
Collins and Catlow's "Guide to Teachers" in their choice of Elemen-
tary School Books : —
" For the current business of Schools, and for the general purposes of
Trade, ' The Elements of Book-keeping,' by Mr. Morrison, are un-
questionably the best adapted. His work begins with a Set of Books,
by Single Entiy, which is all that many branches of Trade ^-equire, and
is necessary to the Student, as leading to a knowledge of the subsequent
Sets by Double Entry, For the advantages of the Student, the several
Sets rise upon each other, and include every variety of Books and Ac-
counts that can present themselves to the young Accountant in after
life. The work also contains the various forms of Bills, Notes, Receipts,
and Letters, required in Trade ; and the whole concludes with a series
OF questions,*, calculated to put the knowledge of the pupil to the test,
in regard to the difficult and important parts of the work.
" One of the greatest impediments opposed to the teaching of Book-
* In this edition Answers are given to the Queries. — J. M.
PREFACE.
keeping, particularly in country Schools, has been the difficulty of ob-
taining ruled Sets of Books, which should enable the young Book-keeper
to exhibit his school-labours as a qualification for preferment in the
Counting-house. The publishers, therefore, of Morrison's Book-keeping
have prepared four distinct Sets of Books, at an easy cost, exactly corre-
sponding with the four Sets contained in the work itself, beautifully
ruled in the style and manner of the Patent Ledgers and other Books,
which are so justly admired for their neatness, in our first Counting-
houses. Morrison's Set of Blank Boohs perfect his System, therefore,
for the use of Schools, and render it every thing which the anxious
Schoolmaster can desire for the purpose of teaching Book-keeping."
Vide p. 63.
Mercantile Academy,
London, Jtt^, 1825.
VI
DIRECTIONS FOR USING THIS WORK.
The Author has been requested to give a few directions how this work should be taught in
Schools.
Set A. If the Learner have only the Retail line of business in view, this SET by Single
Entry may in general be sufficient : when he has transcribed the day-book, and checked the cal-
culations, he is to proceed to form the Ledger and take a Balance : vide page 28.
After he has finished this set, he may peruse the introduction as far as it respects the making
out Bills of Parcels, drawing Bills, Notes, and Receipts.
Set B. In Teaching book-keeping by Double Entry the chief point is, to convey to the
Learner a distinct idea of Debtor and Creditor, and of the application of these terms in the led-
ger. For this purpose he ought carefully to peruse Chapters II. and III. while he is writing the
DAY-BOOK, and forming the Bill and Cash-Books, from the entries given in pages 51-53.
When he has done this, he is to Journalize a month's transactions from the Day-Book, BUI and
Cash-Books, and then post them into the ledger, and so on with the other two months. After
he has posted all the Transactions, he is next to make a Trial Balance, agreeably to the direc-
tions given in page 46. Having done this, and finds that the difference of the stock and balanck
Accoiints correspond, he is to proceed to balance the Accounts and close the books : vide direc-
tions page 46.
Set C. This SET is a continuation of the same business, including the Transactions of a
Commission Trade. When the Student has written the dav-book, invoice, and sales' books,
pages 103-106., and formed his cash and bill-books from the entries in pagesl03-106., he is
next to Journalize the Day-Book transactions monthly, agreeably to the Rules given in page 142.,
and those in Invoice and Sales Books, singly, and then proceed to jmst, and Balance the ledger
as formerly.
N. B. To this SET the Pupil may have either a new ledger (as in the printed copy) which
will show him how the several Balances are transferred from the old Books to the new ones ;
or, he may allot in the former Ledger a sufficient space under each Account, to contain the
entries of this Set also, and this will show him how the Balances are brought down, and the
entries continued in the same folios.
After he has finished this Set, he may peruse the introduction, relating to Bills Siud Accounts.
These will tend to elucidate several entries in the sets which he has gone through. When he
has studied these, and knows how to draw them out, he may proceed to copy the letters re-
specting Drafts and Remittances — Advice of Goods being shipped — Rendering Account- Sales, and
Accounts Current. The several Accounts should be annexed to these Letters, and should be
folded and addressed, and the Bills drawn and indorsed as in actual Business.
Set D, is a Partnership Concern, and is intended to complete the course. The Subsidiary
Books are not given, because by this time the Student may be supposed to understand how to
write and Journalize them; and because the principal difficulty of keeping the Books of a Co-
partnery, is the division of the Profit or Losses : stating the Partner^ s Accounts, and closing the
BOOKS. A knowledge of all these particulars may be obtained by attentively perusing the jour-
nal, and jwsting and balancing the ledger.
The QUERIES on Bills and Book-keeping, with their answers, are intended to be committed to
memory during the course. From five to ten may be given the Student at a time. The exer-
cises for Practice, which follow, are intended as a criterion of his improvement in these
branches of Commercial knowledge. The answers and statements should be neatly arranged,
and given in writing.
* If the Pupil's time be very limited, he may omit transcribing the Invoice Book, and Sales
Book, and Journalize from the Day-Book, or printed copy.
The Subsidiary Books may be bound as follows : — the Cash and Bill-Books in one binding ;
the Invoice and Sales-Books in one ; and the Day-Book by itself
CONTENTS
Page
Preface iii
Directions for using the Work vi
INTRODUCTION — containing the Form and Method of making
out the several Accounts which usually occur in Business,
viz.
I. Receipts 1
II. Inland Bills 2
III. Foreign Bills of Exchange 3
IV. Bills of Parcels 7
V. Invoices 8
VI. Account-Sales JO
VII. Account-Current with the Interest Account 11
PART I. — BOOK-KEEPING by Single Entry.
Book-keeping defined — Single Entry described 15
Set A. Retail Business.
Bay-Book 19
Ledger 24
Cash-Book 32
Specimen of a Ready -Money Sales- Book ,,.,, 34?
PART n BOOK-KEEPING by Double Entry.
Introduction — Double Entry described 35
Chap. I. Of the Day-Book and Subsidiary Books ib,
n. Of the Ledger, and an Explanation of the Accounts 37
III. Of the Journal, and Rules for Journalising 38
I. Cash Transactions 39
II. Bill Transactions 40
' III. Purchases and Sales 41
IV. Shipping Goods Abroad * 42
V. Goods on Consignment ib,
VI. Effecting Insurances 43
VII. Entries in Bankruptcy ib.
VIIL Entries in Joint- A dventures 44
IV. Of Posting and Balancing the Books 45
Yiii CONTENTS.
Page
Set B. On Proper Trade, or when a Merchant buys and sells on his
own Account.
Inventory-Book • 51
Bill-Book Entries 53
Cash-Book Entries 55
Day-Book 59
Bill-Book 64
Cash-Book 70
Journal 75
Ledger 84
Set C. On Commission, or Agency Business, or when a Person buys
and sells on another's Account.
Preliminary Remarks on the Subsidiary Books 102
Cash-Book Entries 103
Bill-Book Entries 106
Cash-Book 110
Bill-Book 114
Invoice-Book, outward 120
Sales-Book 125
Day-Book 135
Rules for Journalising Monthly 142
Journal 143
Ledger. 156
Set. D. On Partnership, or when two or more Persons join their
Capitals in Trade.
On Partnership Accounts — * 179
Remarks on the Journal 180
Remarks on the Ledger 181
Journal 184
Ledger 204
APPENDIX.
I. Queries, with Answers^ on Bills and Accounts 229
II. Queries, with ^W5t«er5, on Book-keeping 233
III. Exercises for the Improvement of the Student,,,. 241
Letters and Mercantile Precedents 248
Explanation of Commercial Terms.... 253
INTRODUCTION
JN this Introduction we shall explain the method of drawing out
Receipts and Drafts, and such Accounts as usually occur in the
business of the Counting-house. That ihe Learner may the more
readily comprehend the nature and use of these, they are selected from
the Transactions which compose Sets B. and C.
L RECEIPTS.
A Receipt is a written acknowledgment of having received a Sum of
money or a Bill in the settlement of an Account. The usual form of
drawing out these is exhibited in the following Specimens.
No. I.
LONDON, \Sth January, 1825. Received of Mr, William Fenton,
One hundred and seventeen pounds ten shillings in full.
^117 « 10. A. B.»
Cash Book B.
No. II.
RECEIVED Vlth February, 1825, of Mr. Thomas MVmood, Fifty
pounds on account.
d50. A. B.
No. III.
MARCH lOif^, 1825. Received of Mr. TJiomas Allwood, Fifty-fom
■'unds sixteen shillings and three-pence, being the balance of his account.
^54.«16«3. A. B.
♦ A. B. is understood to be the name of the Learner, or Owner of the Books in the
following Sets.
B
' '-' Ck'f:^^ "\' y..^, INTRODUCTION.
No. IV.
LONDON, 8th January, 1825. Received of Mr. J. B. Twenty-one
pounds fourteen shillings, for' repairs to his house at Windsor.
^21 « 14. John Wright.
No. V.
WINDSOR, February 27th, 1825. Received from John Tennant,
Esq., Fifty pounds, being payment of the rent till this date, of a house pos-
sessed hy him from me.
£50. A. B.
No. VI.
RECEIVED of Mr. A. B., Merchant, London, Seventeen pounds ten
shillings, being the amount of my Salary fiom 1st January till 1st April.
March 6th, 1825. ' John Penman.
£\1 „ 10.
11. INLAND BILLS.
A Bill or Draft is a note on stamp paper given by one Person to
another, to pay to him, or to his order, a certain sum of money at a
specified time.
In every Bill there are at least two persons concerned, the Drawer
and the Acceptor. In the first draft A. B. is the Drawer or Holder of
the bill, and John Howie and Co. are the Acceptors or the Persons who
pay the bill when due. In the second draft, Edward Weston is the
Drawer, and A. B. the Acceptor.
When the term of a Bill is expressed in months, calendar months
are always understood. Thus if a Bill be dated the 1st January, and
made payable at one month after date, the term or month exj>ires on the
1st February; and if a Bill be dated the 29th, 30th, or 31st January,
and payable at one month after date, the term expires on the last day
of February, which in common years, is the 28th day, and in leap-
years on the 29th.
When a Bill falls due on Sunday, or any holiday, it must be paid on
Saturday, or day before. A Bill dated on a Sunday is not considered
valid, at least Bankers will not discount such Bills.
If a Bill be not payable at the Place where the Acceptor resides, and
no particular house be mentioned in the Bill for payment, it is proper
to add to his acceptance the House at which he intends to pay it.
Inland Bills are distinguished into Drafts and Promissory Notes, — the
fonner containing an Order, and the latter a Promise. The form of
making them out is as follows :
INTRODUCTION.
1. FORMS OF DRAFTS.
^110 // 4. London, January 7tb, 1825.
TWO months after date ■pay to my order, One
hundred and ten pounds four shillings, value received,
Messrs. John Howie and Co. 1 A. B.
London. J Accepted, John Howie and Co.
No. 164, Bill Book B.
.^370 u 1. Manchester, January 3d, 1825.
THIRTY-ONE days after date pay Mr. William
Jones, or order, Three hundred and seventy pounds one shilling, value
received.
^.Edward Weston.
Mr. A. B. \ Accepted, A. B.
London. J payable at Le JFevre and Co's,
No. 75, Bill Book B.
2. FORMS OF PROMISSORY NOTES.
.^156 /; 7 " 8. London, January 14th, 1825.
THREE jnonths after date I promise to pay to
the order of Messrs. James, Fieldi7ig, and Co., One hundred and fifty-six
pounds seven shillings and eight-pence, value received.
No. 76, Bill Book B. A. B.
^147 « 7 " 6. London, April 8th, 1825.
THREE months after date I promise to pay Mr,
A, B., or order. One hundred and forty-seven pounds seven shillings
and sixpence, value received.
No. 172, Bill Book C. Thomas Allwood.
We shall only farther observe on Inland Bills, that a Bill or obligation
drawn out either in the form of a Draft or Promissory Note is equally
valid, and entitled to the same summary diligence in enforcing payment ;
but it is more business-like, that when the Drawer writes out the Bill, he
should make it a Draft, and when the Acceptor draws it out, he ought
to make it a Promissory Note,
III. FOREIGN BILLS OF EXCHANGE.
A BiiL of Exchange is a Written Order from one Person to another,
requiring him to pay a certain Sum of money to a third Person, or to
his order, and that either on demand or at a specified time.
B 2
INTRODUCTION.
It is by means of Bills of Exchange, that money is usually remitted
from one Country to another. There are generally four Persons con-
cerned in a Foreign Bill ; two at the place where the Bill is drawn, and
two at the place of payment. Thus, for instance, A. of Amsterdam,
owes to B. of London ; and, instead of remitting the money in specie
to B. he applies to C. residing at Amsterdam, to whom D. at London
is indebted. A. pays the money to C. and receives from him a Bill ad-
dressed to D. to pay the amount to B. or to any other appointed by
him, who sends it to his Correspondent B. with an order that the money
be paid to him by D.
But it often happens, that only three Persons are concerned, as in the
first specimen ; for example, R. Conder, residing at New York, and
wishing to remit money to A. B. at London, and having George Kay
owing him money in London, addresses his Bill to Kay, desiring to pay
the sum therein mentioned to A. B. or to his order.
The TERM of a Bill varies according to the agreement of the Parties,
or the custom of the Countries. Some Bills are drawn at sight, others at
a certain number of days after sight, or after date ; and some at Usafice.
Usance * is the usual time at which Bills are drawn between certain
Places, such as one, two, or three months after date ; and double or
half Usances, means double or half of the usual time. If the Usance be
one month, fifteen days are allowed for Half usance.
Days of Grace, are a certain number of days granted after the
term mentioned in the Bill is expired. These also vary according to
the custom of the different Places. Bills at sight, however, must be paid
when presented.
The use of Bills of Exchange, and the manner of negotiating them will
be understood by the illustration of the following Bill:
No. I.
sil50, Hamburgh, June 2d, 1825.
At USANCE pay to the order of Messrs. Hol-
fo7'd, BucJcer, and Co. ONE hundred and ffcy pounds sterling, value
received, and charge the same to the account of
Moses Reiss.
^''' ^iZ'doT^'^"' } "^''"P*"^' ^°^°^°'' Sheldon.
To explain the business transacted by this Bill, suppose that Holford,
Rucker, and Co., who reside at Hamburgh, have occasion to remit to
* Usance between London and any part of France, is thirty days after date ; between
London and Hamburghy Amsterdam, Rotterdam, Middleburgh, Antwerp, Brabant, Zealand,
and Flanders, one calendar month after the date of the bill ; between London, Spain, or
Portugal, two calendar months : between London and Genoa, Leghorn, Milan, Venice,
and Rome, three calendar months.
INTRODUCTION.
London, and apply to Moses Reiss for a bill on London, Reiss agrees to
supply them, and draws the Bill on his Debtor or Banker, Solomon Shel-
don ; Holford, Rucker, and Co. on receiving the Bill, pay the value to
Reiss, and send it to their Creditor, suppose A. B. of London, first writing
on the back of the Bill,
Pay Mr, A. B., or order,
Holford, Rucker, & Co.
This is called Indorsing the Bill to A. B. and when he receives the
Bill, he applies to Sheldon, and requires him to accept the Bill ; Sheldon
agrees to do so, and writes under Reiss's signature, Accepted, Solomon
Sheldon, and delivers it back to A. B., who may either keep it till it fall
due and demand payment, or he may transfer the money by indorsing the
Bill.
Moses Reiss is called the Drawer of the Bill ; Holford, Rucker, and
Co., the Indorsers; A. B. the Holder; and Solomon Sheldon, the Acceptor,
Bills from America and the East Indies are generally made payable
at so many days or months sight, on account of the uncertainty of their
coming to hand at any fixed time. When a Bill is drawn after sight,
as in the following, the Acceptor marks the date of his Acceptance, in order
to fix the time of payment :
And as security against accidents or delays, Merchants frequently make
out three or four Bills at the same time, all of the same tenor and date,
which are called a Set of Exchange. These are transmitted by different
Ships or Posts, and when one of them is paid, the orders are of no force.
The form of the first Bill is as follows :
No. IL
^400 Sterling. New York, Fehruary 20th, 1825.
THIRTY days after sight pay this my first of
Exchange [second and third unpaid) to the order of Mr, A. B., Four hundred
pounds sterling, value received,
Richard Conder.
George Kay.
^L^ndX.^"^' } "^''^P'"^ ^'"•^^ 31.4 1825.
In drawing the second Bill, write my first and thit^d unpaid, and in
drawing the third Bill, write frst and second unpaid.
Bills of Exchange are mostly drawn in the money of the Places where
they are to be paid. If the Sum be expressed in the money of the
place where it is drawn, the Rate of Exchange should be mentioned ;
or it may be drawn payable at the Current Exchange, which,, in that
case, is settled between the Pai-ties, according to the rate which prevails
when the Bill foils due.
B 3
INTRODUCTION.
When Merchants draw Bills on a House which they suspect may not
be inclined to come under more obligations, or in case of an accident
happening with the drawee, such as a failure or disappointment, it is
common to write, either at the foot of the Bill or on a small piece of
paper attached to it, in case of need, apply to (suppose) Messrs, Ellis
and Co. their Correspondents at the Place of payment. This prevents
the expence and loss of credit which arise from Bills being returned.
The incidents which Bills are subject to, after they are delivered by
the Drawer, are, acceptance, indorsement, payinent, and protest.
I. The acceptance is written at the foot of the Bill, as in the fore-
going specimens. A Bill should be presented for acceptance as soon
as it comes to hand ; and if the person on whom it is drawn subscribes
his name, or even any other writing which does not imply a refusal,
it is sufficient to bind him for the payment. If he hesitate with re-
gard to acceptance, the Holder may mark the date when it is pre-
sented, in order to fix the time of payment. In London, Bills are
generally left at the House of the Drawee for acceptance, and called for
next day.
II. Indorsement is commonly written across the paper on the back
of the Bill, and against the end of the line. It is not necessary to
mention the place and date ; but if a Bill drawn in England, and
also made payable there, be sent abroad in the course of business, an
indorsement dated from a Foreign place has the effect to bring it under
the regulations of Foreign Bills ; whereas, if the indorsement be not
dated, the Bill, after it is sent back to England, carries no evidence of
having been Abroad, and is considered as an Inland one. The Holder
of a Bill may indorse it blank, by writing only his signature on the back
of it ; and the Bill, in this situation, may pass through several hands,
and the last Holder may fill up the indorsement in his own favour ;
but it is not safe to send Bills by Post, unless the indorsements be
filled up.
III. Payment of a Bill should be made exactly when due. In order
to know when a Bill becomes due, attention must be paid to the Usance
and days of grace in different Countries. In Great Britain and Ireland
three days of grace are allowed. The following Table shews the Usance
and Days of grace, in Foreign Bills, with respect to London.
London on
Usance.
Grace.
London on
Usance, \ Grace. \
Amsterdam,
Hamburgh,
Paris,
Madrid,
Leghorn,
1 rao. date,
1 mo. date,
50 days date
2 mo. sight
3 mo. date.
6 days,
12
10
14
no fixed No.
Naples,
Genoa,
Venice,
Lisbon,
Dublin,
3 mo. date, 3 days. .
3 mo. date, ! 50
3 mo. date, j 6
30 days date, ' 6
* 1 3
* Bills drawn from London on Dublin are, generally, either at twenty-one days' sight,
or thirty days* date j also at thirty-one days' sight, forty-five days' date, and sixty days' date
INTRODUCTION.
IV. Protest, is an indorsement, or writing, in favour of the Holder
of a Bill which is not duly honoured. If a Bill be refused acceptance
when presented, or payment when due, it must be protested. The
protest is taken by a Notary-public, in presence of two witnesses ;
containing a copy of the Bill ; a relation, that acceptance, or payment,
has been demanded, and refused ; and for what reason, if any be as-
signed ; and a declaration, that all Parties shall be liable to the Holder
for the Value, with all costs. If the Holder neglect to protest the Bill
on the last day of grace, he loses recourse against the drawer and in-
dorsers, and can sue the Acceptor only for the payment.
Foreign Bills should be returned, with protest, in course of post.
Inland Bills may be kept fourteen days, but no longer.
The Holder of a Bill, when he is to pay it away, indorses it, by
writing his name on the back of it ; and every indorser is liable for the
fate of the Bill. The Person to whom a Bill is made payable must be
the first Indorser. This transference may be continued through any
number of hands ; and in case the Bill, in the event, should prove bad,
it generally retreats in the same way it advanced; at least, in the
way of courtesy. The Holder, or last Indorser, demands Principal and
costs of the one who preceded him, from whom it is presumable he
had the Bill, and so on to another, till it reaches the Drawer, who
is finally accountable. In case of diffidence, however, the Holder may
sue all the preceding Indorsers and Drawer together.
IV. BILLS OF PARCELS.
A Bill of Parcels is a Note of the Quantity and value of Goods
sold, which is delivered to the Purchaser, by the Seller, along with the
goods.
When the Account is a copy of Goods sold at the time, the expression
is. Bought of A. B. ; but if it be for Goods sold at a former period,
make it Dr. to A. B. or To A, B. Dr.
When the Goods are sold at one time, the Place and date is written
at the top of the Account, as in the following specimen; if not, the
different dates are placed in the margin.
W^hen an Account is to be settled either by Cash or Bill, a Receipt is
granted at the foot, in which the manner of settling it is expressed.
If a partial payment be made, it is placed under the Account, and sub-
tracted. If several partial payments be made, they are short-extended,
and their Sum subtracted.
In making out an Account of Goods formerly sold, it is sufficient to
express only the date and sum of each Bill of Parcels ; and refer, for
particulars, to the Account which was sent with the Goods at the time
of purchase : this is called a General Account. An Example wall be the
best illustration.
B 4
INTRODUCTION.
/
London, January 4th, 1825.
Messrs. John Howie and Co.
BOUGHT of A. B.
Water Twist No. 20 — 10 Bundles @ 30/. £\5 „ "
21 — 20 — 30/9. 30«15"0
22 — 45 — 31/6. 70«17«6
3 Mo. 75^ Bundles ,1^116 12 6
Vide Day Book, page 1. "■
General Account and Acknowledgement.
Messrs John Howie and Co.
TO A. B. Dr.
1825.
January 4th. To cotton yarn, per Account J^116« 12 „ 6
February 16th. By your acceptance, (§ 3 Mo, 116« 12 „ 6
For A. B. ==
James Penman.
(This is a settlement for the above.)
With propriety the word Z)r. should be annexed to the purchaser's name;
in the present instance Messrs. John Howie and Co. Dr. to A. B. ; but
out of courtesy, it is usual either to annex or prefix it to the seller's name,
and it is sometimes omitted altogether.
V. INVOICES.
An Invoice is an Account of Goods sent off generally by sea, either
in consequence of an order from the Person to whom they are sent,
and at his risk, or consigned to him for sale at the risk of the
Owner.
It will be observed from the following specimen^ that the Title or Pre-
amble, contains the name of the Vessel and of the Master, place of des-
tination, and the name of the Person to whom the Goods are sent, and at
whose risk. An Account is next given of the quantity and value of
the Goods, with the marks, exhibited on the margin. The Charges at
shipping are added to the cost of tlie Goods ; and if there is Commis-
sion due for Purchasing and Shipping the Goods, it is generally charged
on this Sum.
•If Insurance be effected by the Person who ships the Goods, he
charges a small allowance, generally h -^ Cent, on the sum insured. This
sum, in order to cover the Premium and other expences in case of loss,
is allowed to be something more than the value at risk.
INTRODUCTION.
When an Agent or Shipper of Goods charges what is called the
Long price, he either deducts the Drawback from the sum of the In-
voice, or gives his Correspondent credit for the same when he receives
it: but, when he only charges the Short price, he keeps the Deben-
tures, or drawbacks, to himself. When he receives a Certificate of the
landing of the Goods at the destined port, he is entitled to receive the
drawback.
It is common for an Agent, when he purchases a Cargo on Commis-
sion, to transmit the several Shop-keepers and Tradesmen's Bills of
Parcels, for his Employer's satisfaction ; in which case it is sufficient to
express the sum of these in the Invoice, and refer for particulars to the
Bills of parcels.
The following is the usual form of an Invoice:
Invoice of One hundred and ten Barrels of Pot and Pearl Ashes, shipped
on Board the Francis, D. Brain, Master, for London ; hy order of Mr,
A. B., Merchant of that place, for his Account and Risk.
Cwt. q. lb.
65 Barrels Pot, weighing 165 „ 3 „ 20
Tare J; 20 « 2 « 27
Net Cwt.... 145 «0 «Tl
@ 6 Dollars 40 Cents is
45 ditto Pearl, weighing 110 « 2 ,,
toTTo Barrels. Tare \ 13 /> 3 » 7
Net Cwt. ... 96 „ 2 « 21
@ 7 dollars is
CHARGES.
Cooperage, Cartage, and Wharfage,
Entry Bond, and Bills of Lading,....
Commission 2 J f^ Cent,
Dol. C
929 .20
676 . 81
Dollars
Exchange @ 4/6 ^ dol. is
Errors Excepted.
New York, December T^. 1824.
Richard Conder.
Vide Day-Book, page 1.
57 . 80
7 . 50
41 . 78
1606.01
107.08
1713.09
385.v8«ll
10
INTRODUCTION.
Merchants usually prefix the words, Errors Excepted, to their sig-
nature, in every Account which they subscribe, that they may have
it in their power afterwards to correct errors, if any be discovered :
and they prefix any farther limitation, or fuller explanation of the im-
port of their Subscription, if the nature of the business require it. The
clause or clauses used for this purpose is called the docket.
If it be intended, that the Account shall be absolutely settled, so as
to exclude all revisal or alteration, this intention must be mentioned in
express words in the docket; for though the words Errors Excepted
be wanting, it will be considered as an omission, and will not prevent
the party injured by the errors from correcting them.
VI. ACCOUNT SALES.
An Account Sales is an Account of Goods sold on Commission,
and drawn out by the Agent to whom they were consigned, to be sent
to his Employer. It contains the quantity and value of the Goods
sold, the Charges attending the Sales, the Agent's Commission, and the
Net Proceeds.
Sale of 200 pieces, Linen, received hythe Union, (yHara,from Dublin,
on Account of Messrs. James Forbes Sf Co. of that Place.
Brown Linen, No.
1 20 Pieces,
2 15 a -
3 25 „ -
4 17 „ -
5 23 „ -
6 25 „ -
7 30 „ -
8 15 „ -
9 __30 „ -
200 pieces
23/9
24/6
26/9
28/3
30/6
27/9
30/6
31/9
32/6
CHARGES.
Freight and Landwaiter's Fees £7 n 3 „ 9
Cartages andPorterage -//16« 10
Wharfage, and Housing -h15// 6
Warehouse Rent, and Insurance against Fire, ^^Cent. -« 7 « 3
Commission and Guarantee 5 ^ Cent 14,/ 7«8
To Messrs. James Forbes and Co. for Net Proceeds, \
due 23d September, - f
Errors Excepted.
London, May 20. 1825.
Vide Sales-Book, page 2. A. B.
23
18
33
24
35
34
45
23
48
287
23
264
s. d.
15 -
7| 6
8 9
13
INTRODUCTION. 11
In the specimen of the Sale here given, we first specify the quantity,
price, and amount of the Goods sold ; next the various charges incur-
red by the Sales. The Commission is charged on ^^ 287 "13/ the
gross amount of the Goods ; and the difference betwixt this Sum and
^ 23 „ 1 1/ the amount of Charges, is the Net Proceeds^ or what is due to
the Employer.
The form of making out an Account Sales is various. Some enter
the charges on the first or left hand page * and the quantity, price, and
value of the goods, on the second or right hand page, in the manner
of Dr, and Cr. The difference then of the two sides exhibits the Net
Proceeds. Others rule the Account with a number of columns for the
particulars ; as the date of the sale, the Purchaser'' s name, the quantity
and quality, the price, and the value of the goods ; but though the
forms are different, all tend to the same object, that of ascertaining the
Net Proceeds.
When an Agent guarantees the debt, it is neither usual nor neces-
sary for him to mention the names of the purchasers, in the Account
Sales which he sends to his Correspondent ; for in that case, it is a
matter of indifference to his Employer to whom the Goods are sold ;
besides, it unnecessarily lays open his business to his Employer.
If the Goods be sold on credit, and the debts at the risk of the Pro-
prietor, the Agent, in rendering an Account Sales, should be careful to
insert the clause. Bad. debts Excepted, in the docket: otherwise, in
strictness, he becomes accountable for the same; but if the Agent
takes the risk of recovering the debts, and charges an extra commis-
sion for doing so, or if the goods be sold for cash, that clause is not
inserted.
The duty of an Agent is to procure the best intelligence of the state
of Ti'ade at the place where he resides ; of the quantity and quality of
Goods in the market; their present prices, and the probability of their
rising or falling ; to pay exact obedience to the orders of his Employ-
ers ; to consult their advantage in matters referred to his discretion ; to
execute their business with all the dispatch that circumstances admit ;
to be early in his intelligence, distinct and correct in his Accounts, and
punctual in his correspondence.
VII. ACCOUNTS CURRENT.
An Account Current contains the state of our Transactions with
any person, drawn out in a plain circumstantial manner, disposed in the
form of Dr. and Cr. on opposite pages.
It requires a knowledge of the principles of Book-keeping to un-
derstand fully the nature of an Account- Current. We have only to
12
INTRODUCTION.
notice at present, that in making out this Account, all the particulars
are set forth as expressed in the Journal, and Subsidiary books, and
Dr Richard Conder, Esq. New York,
1825.
Jan. .
Mar
April
May
June
Jan
April
May
June
30
To Balance due as ^ Account furnished 31st ultimo
To Cotton ^ Hopewell for Hamburgh, due 28th May
To Goods "i^ Ann, due 13th June
To C«aA paid bill fav. of Hill
To Premium on j^650 insured on 20 Bales Cotton J
'^' Fanny to London, at 6 guineas ^ Cent., Commis- >
sion i ^ Cent J
To Postages
To Interest'^ Account annexed ,
To Balance carried to New Account ,
Dr INTEREST
^237« 12 « 4 to June 30th 181 da,
150,/-/!- // ditto ,, 71 «
923»13,/10 u ditto « 33 „
37L/17-/7 1/ ditto « 17 »
250 « - « - dis. to July 18th........ 18 »
663«6«11 « Sept. 23d 85 ,,
237
923
371
150
46
8
356
^2095
17
9
3
17
VJ.
7114
£ 20|14
In calculating Interest on Accounts Current, the usual method is
to compute the Interest, first on the sums of the Dr. side, and then on
those of the Cr. ; reckoning the time from the day on which the Sums
became
due, to the time of settlement.
INTRODUCTION.
13
where the collective term Sundries occurs in the Ledger, every refrr
ence is supplied.
in Account Current mth A. B. London, Cr.
182f5.
Jan.
Mar.
April
May
May
April
June
By Ashes '^¥v2Li\Q\s, due 7th March
By your bill on G. Kay, due 26th April
By Cash received from Henry Watt
By Blake on Lees, due 28th June
By Forbes on Mills — 18th July
By Return of Premium on ^650 at 1 ^i^Cent
By Net Proceeds 0^20 Bales Cotton, due 2Sd Septenibe;
ACCOUNT Cr,
£3So
200
400
150
8 „ 11 to June 30th 115 da.
-„ - « ditto « 76 » .
- /, - u ditto /, 65 u .
„ ditto « 2 H
10
Balance carried to New Account
Errors Excepted.
London, 30th June 1825.
A. B
385
400
200
150
250
6
702
^'2095
11
10^ -
10 -
19 5
8; 4
^ 2014.
We then subtract the Sum of the interest on the one side from that
of the other, and the difference ,^8 « 19 « 7., being on the Dr. side, is
the interest due by Richard Conder. This method is followed in the
specimen above given.
14
INTRODUCTION.
II. Method.
Dr Side of the Account.
1825. Jan. 1. Toj£237 12 4
April 20. To 150
May 28. To 923 13 10
June 13. To 371 17 7
July 18. To 250
Sept. 23. To 663 6 11
foi
181
71
33
17
18
85
(Usct-
disci.
Cr Side of the Account,
Mar. 7. Byj£385 8 11 for 115 da.
April 15. By 200 « 76 „
26. By 400 « 65 „
June 28. By 150 10 „ 2 «
43043
10650
30482
6322
4500
56384
Cr.
44326
15200
26000
301
151381 85827
By this second Method we multiply the Sums by the respective num-
ber of days, reckoning the time as formerly, and extend the products of
the Dr. side, in one column, and those of the C7\ in the other. The dif-
ference 65554<, when divided by 7800, gives the interest as before. *
Of these two methods of calculating interest on Accounts Current,
we prefer the second, because it is more expeditious, the interest being
calculated only on the difference of the products, which reduces the
whole to one division.
Men of business, who follow the fi^st method of computing interest,
generally use Interest Tables : the want of expertness in calculation may
require such helps ; but we would not recommend to young people
the assistance of Tables of any kind, excepting those of Compound In-
terest and Annuities. Those who have the resolution to reject Tables
of Calculation soon acquire a facility in figuring, which seems almost
incredible to those who have not made the experiment ; and this faci-
lity will not be confined to the calculation of interest alone, but will ex-
tend itself to every other branch of Business.
* In setting down the products, the Shillings in the product are neglected when
below ten, and one is added to the pounds, when they amount to ten or upwards.
15
PART I.
BOOK-KEEPING, BY SINGLE ENTRY.
GENERAL PRINCIPLES AND RULES.
JjooK-KEEPiNG is the Art of recording the Transactions of Persons
in Business, in such a manner as to exhibit a distinct view of the State of
their affairs.
The mode of keeping Books may be varied according to the peculiar
nature of the Business; but there are, properly speaking, only two
methods, which differ materially from each other; namely, Book-keeping
by Single Entry and by Double Entry,
Single Entry is the most simple and concise method, but it is imperfect,
as it contains Personal accounts only. The Ledger, kept on this plan,
affords to the owner a knowledge of what debts are due to him, and of
what he owes to others, but it exhibits no Account of the quantities of
Goods bought and sold, nor of the Stock in hand. This mode of keeping
Books is best adapted to Retail business, in which the articles sold are
small and numerous.
The principal Books used by Shop-keepers, are a Day-Book, and a
Ledger *, the forms of which are exhibited in the following specimens,
pages 19 and24,&c.
The DAY- BOOK, records every transaction by which new Debts
are contracted, or former ones discharged. The entries may be made
either in the style of Dr. and Cr. as Joseph Crosby Cr., George Bermard,
Dr., as in the specimen first page ; or in common language, as Bought of
Joseph Crosby, and Sold George Bernard.
The following Rule will direct the Learner in distinguishing Dr. and
C?\ in any Transaction.
The Person who receives any thing is Dr., and the Person nsoho gives or
delivers any thing is Cr.
* Besides the above two Books, a Cash-Book is generally kept for entering money
received and paid; and in order that the Cash on hand may be checked as often as ne-
cessary. — A specimen of this Book is given in pages 32. and 35.
When Bill transactions are frequent, a Book of Bills Receivable and Payable will also
be necessary for entering Bills Received and Accepted. When these are negotiated or
paid, the persons concerned are then debited to^ or credited by^ Cash from the Day-book.
16 BOOK-KEEPING BY SINGLE ENTRY.
Thus, if you sell Goods to any Person on credit, he, being the Receiver,
is Dr. for the value ; and when he pays you for them, he, being the Per-
son who gives, is Cr. By the same Rule the Person from whom you
purchase Goods on credit, he, being the Deliverer, is Cr. ; and when you
pay him for them, he, being the Receiver, is Dr.
The LEDGER * contains an Account for every Person of whom
goods are bought, or to whom goods are sold, on credit ; where the Articles
for which he is accountable to you, and those for which you are ac-
countable to him, are placed on opposite pages, of the same folio : the
Dr. Articles on the left, and Cr. articles on the right-hand page, in order
to show the state of every Person's Account at one view. — The difference
between the Dr. and Cr. sides is called the Balance of the Account.
Directions for Posting and Balancing.
To post the Ledger, first open an Account for every Person occurring
in the Day-Booh, and allot such a space as you may think sufficient for
subsequent entries. The Titles of the Accounts should be written in a
half text hand, and entered in an Index, -j- Then debit or credit the
person for the amount as stated in the Day-Book : that is, write the date
of the entry on the margin, and say To Goods, or Cash ; or By Goods, or
Cash, as the case may be, insert in the folio column the page of the Day-
Book from which you are posting, and the sum in the money column.
When the space allotted for any Person's Account is filled up, it must
be transferred to anotheryo/zo. Either the sum or difference of the two
sides may be inserted in the new Jblio.
In order to strike a General Balance, take the difference of every
Account, and collect into one Sum the several Balances due to you ; to
which add the Cash in hand from the Cash-Book, and the value of the
Goods unsold taken by an Inventory. .{: From this sum deduct the
amount of the several Balances owing by you, and the difference will be
your Net Stock, or the clear value of your property. This, compared
with your former Stock, will shew the Gain or Loss on the Business since
last Balance. Vide the Balance Account in the following Ledger, page 28-
* Some Shop-keepers have their Ledger ruled with two Sets of money columns on the
same page ; the one for extending the sums of the Dr., and the other for the sums of the
Cr. Others, when the business is extensive, keep two Ledgers, one for the Drs. or those
to whom they sell, called the Retail Ledger^ and the other for the Cr«., or those from
whom they purchase, called the Wholesale Ledger.
f The method of entering Accounts in an Index, is explained page 45.
t Fide page 51.
SET A.
RETAIL BUSINESS.
19
DAY-BOOK (A).
By Single Entry.
LONDON, 4th JANUARY, 1825.
(1)
1 Joseph Crosby, London, Cr.
Bv Haberdashery, as ^ Bill of Parcels
Edward Dunkin, Manchester, Cr.
By Amount of Sundry Goods, as ^ B. P.
George Bernard, London, Dr.
To 25 Yards Irish Linen, @ 4/6 ^ yard
.14-
Miss Gordon, Blackburn, Dr.
To 1 pair Black Silk Stockings, @ 15/ - £ „ \5 „
3 pairs White ditto - - - 14/ - 2 2 „
.16"-
William Fenton, London, Dr.
To 2i Yards Superfine Cloth, drab, @ 20/6 £2 11 3
Sl^ ditto blue, @ 24/ 4 10 „
-18-
Miss Gordon, Dr.
To 7i Yard Flowered Silk, @ 15/
* This Column refers to the folio of the Ledger, where each ac-
count is posted.
C 2
£
57
10
12
17
12
20
DAY-BOOK BY SINGLE ENTRY.
LONDON, 20th JANUARY, 1825.
(2)
Lady Derby , Dr.
To 2 large Silk Shawls, - @ 6*0/
3 large Silk Handkerchiefs, 5)6
1 Parasol, 31/6
- ,/ 16 6
1 11 6
^1.
Thomas Edwards, York, Cr.
By Broad Cloths, as ^ B. P.
Miss Linwood, London, Dr.
To 5 yards fine Velvet,
3 yards Satin, - -
10 yards Silk Lace,
@21/
15/6
14/
£5 5 ,.
2 6 6
7 „
•23-
Richard Stanley, London, Dr.
To 1^ yards superfine blue Cloth, @ 23/ £2 3 1
2^ - - woollen Cord, - - - 10/ 1 5 ,,
2 - - Kerseymere, - - - - 10/6 11,,
3. _
4
Quiltings, -
,2^>i
-10/6
7 10^
Larf^ Derby, Cr.
By Cash, in full.
•27-
Henry Rawson, London, Dr.
To 15 yards green Baize,
33 - Sheeting
Received on account
@2/5
-1/8
£1 16 3
2 15 .,
4 11 3
3 „ „
d.
24
19
14
11
17
il 1 11 3
v3)
DAY-BOOK, BY SINGLE ENTRY
LONDON, 4th FEBRUARY, 1825.
21
Thwnas Edwards^ Dr.
To a Bank Bill, remitted him in full -
Discount allowed by him. - - -
c€23 2 ,/
1 17 6
Francis Bulmer, London, Dr.
To 6 yards superfine blue Cloth, @ 20/ - £6 „
8 - - ditto - drab ditto - 20/6 - 8 4
6 - - Sarsnet 10/ - S „
Richard Stanley, Cr.
By Cash in full - -
Discount allowed him
^4 12
10-
Joseph Crosby, Dr.
To Cash paid him in full £31 „
Discount allowed me. ----- 210
.16.
Pringle S^ Fletcher, London, Cr.
By Sundry Goods, as ^ B. P.
Nicholas Rowe, Leeds, Dr.
To 75 yards Russia Sheeting, @ 2/3
50 - - Serge - - - - 2/1 1
Packing
-£889
7 5 10
., 2 5
■26-
Miss Gordon, Cr.
By Cash received in full
£8 5
Abated
4 6
c 3
24
19
17
17
SS
50
10
15
15
17
22
DAi^-BOOK, BY SINGLE ENTRY.
LONDON, 3d MARCH, 1825.
^/
George Bernard, Cr.
By Cash, in full.
Edward Dunkin, Dr.
To a Bank Post-Bill, remitted him on Account ■>
.10.
George Bernard, Dr.
To 25 yards Dowlas,
30 - - Diaper,
@ 1/6-
l/4i
£l 17 6
2 1 3
.15-
Francis Bulmer, Cr.
By Cash, received, on his Account, from J. Rainey, -
•20-
Peter Wrangham, Bristol, Dr.
To 6 pair Cotton Stockings, @ 4/ - - £l 4
6 - - Thread ditto - - - 4/9 - - 18 6
7 - - Kid Gloves, - - - 3/ - - 11
6 Hats, at 8/ lO'O 12/ 14/ 16/ 17/ - - 3 17 6
Francis Bulmer, Dr.
To 1 dozen Chip Hats, at 3/ 5/ 7/ 8/6 10/6 15/ 17/ )
19/ 21/ 23/ 24/6 26/ each. .-'.--.]■
-25-
Henry Rawson, Dr.
To 20 yards Lawn, - - - (§3/6 -
23 - - Gauze, - - - _ 2/
6 pairs Women's Hose, - 3/6 -
£3 10
2 6
1 1
.28-
Nicholas Rowe, Cr.
By 25 yards Russia Sheeting, returned at 2/3 £ 2 16 3
Cash received in full, 12 1
Discount allowed him. --_.. ,199
d.
6
25
18
10
11
19
17
15
17
//
( 23 )
INDEX
TO LEDGER A.
By Single Entry.
Fol
B
Bernard, George ------ i
Bulmer, Francis ------ 2
Balance. ------ 3
Crosby, Joseph
Fol.
L
Lin wood. Miss - - - - - - - 2
D
Dunkin, Edward ------ i
Derby, Lady - - - - _ - i
E
Edwards, Thomas
F
Fenton, William ------ i
G
Gordon, Miss
Pringle & Fletcher, 2
II
Rawson, Henry ----- » g
Rowe, Nicholas ------ 3
Stanley, Richard
w
1
c 4
Wrangham, Peter
24
LEDGER, BY
(I)
1825.
Feb.
10
March
Jan.
March
Jan.
Jan.
16
Jan.
20
fol.
Dr. JOSEPH CROSBY,
To Cash, &c.
Dr. EDWARD DUNKIN,
To a Bank Post-Bill
To Balance, carried to new Ledger -
Dr. GEORGE BERNARD,
To Goods,
To ditto.
Dr. MISS GORDON,
To Goods,
To ditto.
Dr. WILLIAM FENTON,
To Goods.
Dr. LADY DERBY,
To Goods.
33
10
25
32
57
12
18
11
17
12
(1)
SINGLE ENTRY.
London, Cr.
By Goods -_----_.,---
Manchester, Cr.
By Goods -----------
London. Cr.
By Cash, ----
By Balance, carried to New Ledger - - - -
Blackburn. Cr.
By Cash, &c.
London. Cr.
By Balance, carried to New Ledger - - - -
of Derby. Cr.
By Cash
25
1825.
Jan.
Jan.
March
fol.
d.
33
10
57
Feb.
26
March
31
Jan.
26
12
18
11
26
LEDGER, BY
(«)
1825.
Feb.
Jan.
21
Dr. THOMAS EDWARDS,
To a Bank Bill, &c.
Dr.
ToGoodj.
MISS LINWOOD,
Jan.
23
Jan.
March
Feb.
March
Mardi
31
Dr. RICHARD STANLEY,
To Goods.
Dr HENRY RAWSON,
To Goods,
To ditto. -
Dr. FRANCIS BULMER,
To Goods,
To ditto. -
Dr. PRINGLE & FLETCHER,
To Balance, carried to new Ledger -
fol.
24
19
14
11
17
17
8
26
50
15
(2)
SINGLE ENTRY.
27
1825.
Jdn.
21
March
31
Feb.
York.
By Goods
London.
By Balance, carried to New Ledger
London.
By Cash
March
31
March
Feb.
16
London.
By Balance, carried to New Ledger
fol.
Cr.
24
19
Cr.
14
Cr.
17
Cr.
London.
Cr.
By Cash
By Balance, carried to New Ledger
London.
By Goods
Cr.
10
16
26
50
15
-
28
LEDGER, BY
(S)
1825.
Feb.
22
March
20
March
13
Dr. NICHOLAS ROWE,
To Goods
Dr. PETER WRANGHAM,
To Goods - - -
Dr.
BALANCE.^
To George Bernard,
To William Fenton,
To Miss Linwood,
To Henry Rawson,
To Francis Bulmer,
To Peter Wrangham,
due to me
- ditto -
- ditto -
- ditto -
- ditto -
- ditto -
Fol.
Amount of debts due to me
To Goods, &c. in Shop, as ^ Inventory - Page
To Cash in hand, as ^ Cash-Book, -
Page
Total of Debts, Goods and Cash
fol.
15
3
7
14
8
16
7
57
83
271
412
d.
17
11
18
1
11
8
3
11
14
6
1
See Direfftions for Balancing, page 16*
(3)
SINGLE ENTRY.
29
1825.
March
28
Leeds.
By Cash and Goods returned, &c.
Cr.
March
31
March
31
Bristol
By Balance, carried to New Ledger
Cr.
fol.
BALANCE,
By Edward Dunkin, -
By Pringle & Fletcher,
Cr.
due to him -
ditto - -
Fol.
Amount of debts owing hy me
By Cash in hand at the commencement of my )
Business, as ^ Cash-Book ------ j"
Net Gain in three Months.*
15
17
11
32
50
83
300
383
29
412
6
//
6
11
See Check on the following page.
30
INVENTORY of GOODS in SHOP,
31st MARCH, 1825.
Children's Handkerchiefs 2 dozen and 2
Cambric ditto - 1 4
Muslin, Green Ground 12 yards -
Superfine Cloth, Blue 7 -
Cotton Stockings, White 12 pairs -
Silk ditto
Silk Velvet, Green
Flowered Silk
Satin -
Lace - - -
Kerseymere -
Quiltings
Sheeting (Russia) -
Furniture in Shop, as ^ account paid Wm. Binn
Fire Irons and Fender
£ s. d.
£
s.d.
8/6
,/ 18 5
18/6
1 4 8
1/8
1 ,/ ,/
1^/.
5 12 ,
3/9
10/6
2 5
2 12 6
15/,
11 5 ,
13/,
13 ,/ .
12/.
10 4 ,
11/.
5 10 ,
7/.
S 10 ,
(^(6
1 14 11
1/.
1 5 ,
do
, H
Binn
21 15 „
-
1 10 6
23
5 6
£83
6 2|
CHECK
ON THE PRECEDING BALANCE.
Amount of Charges^ £ s. d.
Cash-Book - - 19 15 10
DISCOUNTS.
Allowed to me 4 7 6
——-by me 1 9 3
2 18 3
16 17 7
Net Gain - 29 ,,11
£45 18 6
Amount of Goods sold ^ Day £ s. d.
Book - - 111 2 „
do. for Cash 41 5 10
152 7 10
-do. on hand
60
8
212 8 6
166 10 ,
Deduct amount Purchased
Whole Gain £ 45 18 6
In the above Check we collect on one side, the amount of the Sales from
the Dai/'Book, as also those from the Ready-money and Retail Sales-Book, given
in page 18, and from the amount of these, we subtract the amount of the
Purchases, — the difference, consequently, is the Whole or Gross Gain, when
the amount of the Sales exceeds that of the Purchases, as in the above instance.
Against this we oppose the Charges attending the business, taken from the
Cdsh-Book ; and the Discounts allowed to and by you, as stated in the Day-
Book. The Difference between this sum and the other side must be equal to
the Net Gain, if free from error. — ^See preceding page, Net Gain, £29 11> as
above.
PETTY CASH-BOOK.*
31
1825.
Jan.
Feb.
March
Postage of a Letter
1 Stone Moulded Candles
A Waggon Coals
20 Postage of Two Letters
Carriage of Goods
Postage of a Letter
Porterage of Goods
4 Porterage of Goods
14 Carriage of Goods
20 1 Postage of Letters
26. Porterage of Goods
29 Carriage of Goods
Entered ^ Cash-Book
Entered ^ Cash-Book
Entered #* Cash-Book
Paid.
£\s.
in
'14.
"i
1 1
£ s. d.
1 18
16 1
ff3- Month. The Petty Cash Book is added up, and the amount expended is
carried to the credit side of the Cash-Book. Thus, in the month of January,
the Sum expended as above is £l 18 5, which we carry to the credit side of
the Cash-Book at the end of that Month, as in the following Cash-Book and
so of the other Months.
* The above is a Specimen of a Petty Cash-Book, which will be suffi-
cient to shew the Learner how such a Book is kept. At the end of each, see
above.
32
CASH-BOOK.
1825.
Jan.
Feb.
March
6
26
28
1
10
15
28
31
Dr.
Cash.
To Stock for Money in hand this day - -
To Henry Rawson, received in part - -
To Ready-money Sales, received this month
To Balance, from last month _ _ _ _
To Lady Derby, received in full - - -
To Richard Stanley, received in full - -
To Miss Gordon, received in full - - _
To Ready-money Sales, received this month
To Balance, from last month - - - - -
To George Bernard, received of him - -
To Francis Bulmer, received to account -
To Nicholas Rowe, received in full - - -
To Ready-money Sales, received this month
Received.
300
3
16
//
//
1
1
13
8
12
5
9
8
14
12
//
1
15
3
//
//
2
2
6
//
//
6
It
11
6
//
//
2
7
319
289
8
4
8
10
321
262
5
10
12
14
305
CASH-BOOK.
33
1825.
Jan.
4
6
31
Feb.
March
6
22
31
Cr.
Cash.
By Furniture for Shop, paid Wm. Binn, ^ Account
By Fire Irons and Fender -_--_-
By Petty Charges, paid this month - - - -
By House Expenses, - - do. - - - -
By Balance in hand, carried to next month -
By Thomas Edwards, paid him in full -
By Joseph Crosby, paid him in full
By Petty Charges this month - - -
By House Expenses - do. - - - -
By Balance, to next month - - - -
By Edward Dunkin, paid him on Account - -
By Stationary Account, paid Crosby - - - -
By Petty Charges this month
By House Expenses do. -------
By Balance, in hand -------..
Paid.
t
21
15
II
1
10
6
1
18
5
4
3
9
289
13
6
319
1
2
23
2
//
31
ig
//
II
1
3
15
//
26'2
14
11
321
8
//
25
//
//
2
10
//
I
//
1
5
12
6
271
1
11
305
3
7
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35
PART 11.
BOOK-KEEPING BY DOUBLE ENTRY,
ELEMENTARY PRINCIPLES AND RULES.
X HE method of Book-keeping by Double Entry is founded on very general
principles, and is the most certain in its conclusions. By this method, for
every sum entered on the Dr. side of any Account, the same sum must be
carried to the Cr. side of other Accounts ; and it follows from this, that an
error cannot easily pass unnoticed, because the sums of the Dr. and Cr. sides
must be equal. The Ledger, when properly kept, exhibits, in a clear and
concise point of view, not only the debts due to, or by the Owner, as in Single
Entry, but the Amount of the Cash and Bills, the amount of the Purchases and
Sales, the value of the quantity on hand, and the Gain or Loss on each article
or on the whole. This method of Book-keeping is therefore best adapted to
extensive and complicated business.
The matter, which a Merchant's Books should contain, may be reduced to
the three following heads :
First, The Debts owing to him, and those which he owes to others.
Secondly, The Goods, and other property, belonging to him, at commence-
ment of the Books; the amount sold, or otherwise disposed of; and the
quantity and value still on hand.
Thirdly, His Stock or Capital at commencement, the Profits he has ac-
quired, or the Losses sustained, and the amount of his Stock at present.
The method of Book-keeping, which answers these purposes, must be on the
principles of Double Entry ; and the plan which exhibits these most clearly
and concisely, is best adapted to the nature of the Business.
CHAP. I.
Of the DAY-BOOK, and the Subsidiary Books.
The DAY-BOOK records the Sales or disposal of such Goods as the Mer-
chant has on his own Account, and every other Transaction which cannot
with propriety be entered in any of the rest of the Books.
D 2
36 BOOK-KEEPING BY DOUBLE ENTRY.
Sometimes the Day-Book contains the amount of the several Purchases, and
also of the Shipments, with a reference to the Invoice Book for particulars.
Some Accountants enter also in the Day-Book, the Sales on Consignment
as they are made ; and at the end of the month or when the Sales are finished,
they are collected and transcribed into the Sales-Book.
The following Subsidiary Books are those now generally used in Business :
I. The INVOICE-BOOK, which contains the particulars of Goods pur-
chased. — This Book is usually made of blue or cartridge paper, on which the
original Invoices are pasted, when checked.
Sometimes this Book is dispensed with, by having the original papers filed
up ; and only the Seller's name, date, and amount of the purchase, entered in
the Day-Book as is done in the following Sets.
II. The BOOK OF SHIPMENTS, or Invoice-Book outwards, in which
are entered an Account of such Goods as are sent off, either in consequence
of orders from the Person or Company, to whom they are addressed, or con-
signed for sale.
III. The ACCOUNT-SALES-BOOK, in which are entered the Sales of
Goods consigned and the other charges laid out, or incurred on them ; as Cel-
lar, or Warehouse rent. Interest on money advanced, Commission, &c. with
the Net Proceeds ascertained.
Note. It is proper that this Book contain the Account-Sales exactly in the
form in which they are rendered to Employers.
IV. The CASH-BOOK, on the left hand page, or Dr. side, are entered all
Sums of money received, and on the right hand page, or Cr. side, all Sums
paid. This Book enables the Cash-keeper to check the money on hand as
often as he finds it necessary, and it reduces the Cash Account in the Ledger
to txjoelve lines, that is, one for each month in the year.
V. The BILL-BOOK, in one part of which are entered all Bills which the
Merchant receives, and, in the other, all Bills which he grants or accepts. It
is ruled with a number of columns for the different clauses of the Bills ; as the
date, when received, or accepted; on whom dratvn, or to whom granted; when
and where payable ; the Sum of the Bill, and the Event, that is, whether paid,
discounted, or protested.
The Books above described, when no others are kept, contain the materials
from which the Journal and Ledger are composed, and therefore should be
kept with the greatest precision and accuracy, and every calculation in them
>hould be examined before it is journalized and posted ; for a mistake in any
of them must of course, run through the Journal and Ledger.
Having thus given a brief description of the nature and use of the Books
^^enerally used, we shall next consider the Ledger, because, though the
Journal comes before them in the order of writing, yet the Journal cannot
l)e well understood until the nature of the Ledger be explained.
ELEMENTARY PRINCIPLES AND RULES. 37
CHAP. II.
Of the ledger and an EXPLANATION of the Accounts.
The LEDGER collects together Articles of the same kind under their re-
spective heads ; and for this purpose it is divided into several Accounts, the
Dr. and Cr. of each being opposite.
The Accounts in the Ledger, when the Books are kept by Double Entry,
may be distinguished into three kinds, answering to the three objects which a
Merchant's Books should exhibit, as formerly mentioned.
First, PERSONAL ACCOUNTS:— A. B., or any Person's Account, con-
tains on the Dr. the Sums for which he is accountable to us, and on the Cr.
the Sums for which we are accountable to him. The Balance shows hov*
much is owing.
BILLS RECEIVABLE, contains on the Dr. all the Bills we receive for
any debt owing us ; and on the Cr. those of which we receive payment, or
which we otherwise dispose of. The Balance is the Sum owing us in Bills in
hand.
BILLS PAYABLE, contains on the Cr. the Bills we accept, and on the
Dr. those we have paid. The Balance is the Sum we owe in accepted
Bills.
Secondly, REAL ACCOUNTS,~which are Accounts of any kind of Pro-
perty, such as Cash, Goods, Ships, Houses, Lands, or the like.
CASH, contains on the Dr., the sums of money we receive, and on the Cr,
the money we pay. The Balance shows the Cash on hand.
GOODS, contains on the Dr. the amount of the purchases, and all charges:
on the Cr. the sales, or other returns. The Balance, after valuing the quantity
on hand, is placed on the Cr. and shows the gain or loss.
In general, Accounts of Property contain, on the Dr., the value of the pro-
perty, and all expenses laid out on them ; on the Cr. the sales, or advantages
arising from them, such as freights, rents, or the like. The Balance is the gain
or loss, when the value of the property, or subject on hand, is added to the
Cr.
Thirdly, NOMINAL ACCOUNTS,— which are those of Stock, and Projil
and Loss.
STOCK, is used instead of the name of the Merchant or Owner of the Books,
on the Dr. is entered the Amount of his Debts at commencement, and on the
Cr., the Amount of his Subject ; or, in other words, the Amount of the Cash,
Goods, Debts, and other Property, then belonging to him. The difference,
therefore, shows his Net Stock, or Capital, at that time.
PROFIT AND LOSS, contains on the Dr. every Article of loss, and on
the Cr. every Article of gain. The difference, when the several items arising
from the closing of the Ledger Accounts is placed to the proper side
of that Account, shows the Net gain or loss on the business.
D 2
38 BOOK-KEEPING BY DOUBLE ENTRY.
To shorten and methodize the Profit and Loss Account, it has been found
convenient to open several Subsidiary Aceounts, such as the following :
Charges, — on the Dr. are entered all Expenses paid or incurred on the busi-
ness, which do not belong to any particular Account ; on the Cr. usually the
Sums we charge our Employers for Warehouse or Cellar-rent, Postages, or the
like.
For convenience; sometimes this Account is first debited with the charges
on Shipments, and then credited for the same, as is done in the following
Sets.
House, or Proper Expenses, — on the Dr. the Sums of money, or the value
of any thing else taken for private use. There is seldom any thing entered on
the Cr.; but there may be part of a Sum which was withdrawn, and not all
expended at the time of closing the Books.
Interest, — on the Dr. all Sums paid or incurred by us, for interest or dis-
count on Bills, or Accounts in receiving a settlement; on the Cr. side, the
Sums for Interest, or Discount allowed us.
Commission, — on the Cr. are the Sums we receive as an allowance for the
trouble of transacting business for others. It is not usual to have entries on
the Dr.; and if there be any, it must be Commission which we owe to others ;
for instance. Bankers, on whom we may draw bills, charge a commission.
Insurance, — is made Dr. for the Sums insured with others ; and Cr. when
these sums are charged to the respective Accounts on which they are due.
When we have posted a few Accounts into the Ledger, it will readily be
perceived, that every Sum which is entered on the Dr. side of the Books, is
also entered on the Cr. side; and it follows from this, that, I/' all the Accounts
in the Ledger be added, the amount of the Sums of the Dr. side mil be equal to
those of the Cr. side.
CHAP. III.
Of the JOURNAL, and RULES for Journalizing.
The journal contains an arrangement of the whole Transactions in each
month, with the Drs. and Crs. pointed out, that they may be easily posted
into the Ledger.
The Rules for distinguishing Dr, and Cr. are mferred from the nature of the
Accounts in the Ledger. The following general Rules will apply in all Cases,
whether in Personal, Real, or Nominal Accounts.
L PERSONAL ACCOUNTS.
The Person to luhom any Article is delivered on credit, is Dr.
The Person from tuhom any Article is received on trust, is Cr.
IL REAL ACCOUNTS.
Every Article bought, or received, is Dr.
Every Article sold, or delivered, is Cr.
ELEMENTARY PRINCIPLES AND RULES. 39
IIL NOMINAL ACCOUNTS.
Profit and Loss, j J«^ ^^^^^ jf'.' ^' ^^f^e, is • Dr,
' I tor every Gam or Advantage, is Cr.
When any entry is to be made in the Journal, we must consider to which
Account in the Ledger it is proper to be placed, both on the Dr. and Cr.
sides. As the whole Art of Journalizing consists in a proper choice of Drs.
and Crs., which is reckoned the most difficult part of Book-keeping, it is
proper to be more particular in the Rules, and that these may be easily re-
ferred to, we shall arrange them under distinct heads.
We begin with the Journal Entries, which occur at the opening of the
Books.
First, For the INVENTORY of our Effects.
Sundries JDrs. to Stock.
Cash, for the money on hand.
Goods, or other Property/, for the amount.
Bills Receivable, for the Bills in our hands.
Personal Accounts, for the Sums owing us.
Secondly, For the LIST of our Debts.
Stock Dr. to Sundries.
To Personal Accounts, for the Amount we owe in open Accounts.
To Bills Payable, for our Acceptances not due or paid.
L CASH TRANSACTIONS.
Cash is Dr for every Sum recsived.
Cash is Cr for every Sum paid.
Receiving payment of Personal Accounts,
Debit Cash, To A. B. (the payer)
Receiving Money on Discount.
Method 1st. Debit Cash, To A. B. for the net Sum — then
Interest Dr. To A. B. for the discount, as stated in the Day-Book.
2d.* Debit Cash To A. B. for the whole Sum — and
Credit Cash, By Interest for the discount.
Note. The first of these methods is followed in Set B., and the second
method in Set C.
Receiving Rents, Freights, &c.,Jro'm Accounts of Property.
Debit Cash, To the Property, from which they arise.
Note. When Rents, Freights, or the like are owing, it will readily occur
to the student to debit the Person accountable instead of Cash ; or, when any
other Article is received, to make that Article Dr. to the Property.
* This method of entering received on discount, is stated as if we received first the
whole sum, and then returned the discount. The same method is followed when we
pay money on discount.
D 4
40 BOOK-KEEPING BY DOUBLE ENTRY.
Receiving Money not arising Jrom any Account.
Debit Cash, To Commission, if on a Sum which we have charged, for re-
ceiving or paying Money, on account of another, — or
Debit Cash To Stock, if a Sum which does not arise from the business such
as a Legacy received.
Paying Personal Accounts.
Credit Cash, By A, B- (the receiver.)
Paying Money on Discount.
Method 1st. Credit Cash, By A. B. for the Net Sum paid, — and A. B. Dr.
to Interest, for the discount, as stated in the Day-Book.
2d. Credit, Cash, By A. B. for the full Sum, — and then Debit Cash
By Interest for the discount.
Paying Charges on Accounts of Pi'operty.
Credit Cash, By the Property, for repairs, duties, &c.
Note. If the charge be owing at taking a Balance, the Property is made
Dr. to the Person to whom it is due; or if we discharge it by giving Goods,
the Property is Dr. to Goods.
Paying Money not connected ivith any Account,
Credit, Cash, By Charges, for incidents, — or
Credit Cash, By Profit and Loss, for interest on money borrowed or
the like.
Note. If any Charge, such as Clerk's wages. Interest on the like, be due
at taking a Balance, the amount of Charges, or Profit and Loss, is made Dr.
to the Person to whom it is owing.
IL BILL TRANSACTIONS.
Bills Receivable is Dr for all Bills received.
Bills Payable is Cr for all Bills accepted.
Receiving Bills in Settlement of an Account.
Bills Receivable Dr. to A. B. (from whom received).
Note. If we receive Bills from more than one person during the month
make Bills Receivable Dr. to Sundries.
Receiving Payment of Bills.
Debit Cash, To Bills Receivable, for payment of No. —
Discounting Bills.
Debit Cash, To Bills Receivable, for the Sum of the Bill.
Credit Cash, By Interest for Discount on No. —
ELEMENTARY PRINCIPLES AND RULES. 41
Accepting Bills.
A. B. (on whose account) Dr. to Bills Payable.
Note. If we accept Bills to more than one person during the month, make
Sundries Drs. to Bills Payable.
Paying Bills.
Credit Cash, By Bills Payable^ paid No. —
Drawing and Remitting Bills.
Method 1st. A. B. (to whom remitted) Dr. to C D. (on whom drawn.)
2d- Bills Receivable Dr. to C. D. — and then
A. B Dr. to Bills Receivable.
Note. If we purchase Bills for Cash^ to be remitted; Credit Cash By A. B.
to whom remitted : and when we pay away or indorse a Bill, which we had
entered, make A. B. (to whom paid or indorsed) Dr. to Bills Receivable.
Renewing Bills.
First. If the Bill be in our own hands.
A. B. (the Acceptor) Dr. to Sundries.
To Bills Receivable, for the sum of the old Bill.
To Interest, for the interest added to the new Bill.
And then,
Bills Receivable Dr. to A. B. for the new Bill.
Note. These Entries suppose that Interest is allowed for the time the Bill
is renewed, and included in the new Bill. If the interest be paid in Cash,
Debit Cash To Interest, for the interest.
Secondly. If the Bill has been paid away.
Credit Cash, By A. B. when you pay his Bill.
Then from the Day-Book — enter
A. B Dr. to Interest, for the interest.
And from the Bill-Book
Bills Receivable Dr. to A. B. for the new Bill.
Protesting Bills.
First. If the Bill be in our hands.
A. B. (on whose Account it was received) Dr. to Sundries.
To Bills Receivable, for the Bill.
To Charges, for Expenses of protest.
Secondly. If the Bill has been paid away.
Credit Cash By A.B. paid his Bill with expenses.
or
A. B Dr. to Sundries.
To C. D. (to whom the Bill was given) for the amount of the Bill.
To Charges, for additional expenses paid by us.
m. PURCHASES and SALES.
Goods are Dr. for all purchases and Charges laid out on them.
Goods are Cr. for all Sales, or other returns arising from them.
42 BOOK-KEEPING BY DOUBLE ENTRY.
1. Buying Goods.
If for Cash Credit Cash By Goods.
If on Credit Goods Dr. to A. B. (the seller.) ,
Note. If we purchase Goods, partly for Cash, and partly on Credit or Bill
the Seller is Credited for the amount of the Goods, from the Invoice, or Day
Book ; and Debited for the Cash, from the Cash-Book ; and for the Bill or
Bills, from the Bill-Book.
2. Selling Goods.
If for Cash Debit Cask To Goods.
If for Credit A. B. (the buyer) Dr. to Goods.
Note. If we sell Goods partly for Cash, and partly on Credit or Bill, the
Buyer is debited for the amount of the Goods, and credited for the Cash and
Bills.
3. Bartering or Exchanging Goods.
First. When the value of the Goods received, and delivered are equal.
Goods Received, Dr. to Goods delivered.
Secondly. When the values are unequal.
Goods Received Dr. to A, B. from whom they are received, — and
A. B Dr. to Goods delivered.
Note. When the value of the Goods received is more or less than the
value of those delivered, it is best to enter such transactions as a Purchase
and Sale, by crediting A. B. for the amount of his Goods, and debiting him for
the amount of yours. The reason is, that unless the difference be settled
either by Cash or Bill, an Account must be opened for A. B.; and in that
case it is proper that the extent of our transactions with him should appear
at his Account in the Ledger.
IV. SHIPPING GOODS ABROAD.
Goods may be sent off either as a Sale, in consequence of Orders from the
Person or Company on whose Account they are sent, or as an Adventure
consigned to our Agent, for Sales or Returns.
A. B. Dr., or. Adventure Dr., to Sundries.
To Goods for amount of the goods.
To Charges for charges at shipping.
To Commission for our commission.
To Insurance for premium and policy.
V. RECEIVING GOODS ON CONSIGNMENT.
When we pay Charges.
Credit Cash, By Goods on Commission.
ELEMENTARY PRINCIPLES AND RULES. 43
When we sell these Goods.
If for Cash, Debit Cash, To Goods on Commission.
If on Credit, The Buyer Dr, to Goods on Commission,
When we take any of these Goods to Account.
Goods, Dr. to Goods on Commission.
When the Account Sales is made out.
Goods on Commission, Dr. to Sundries.
To Charges for Warehouse Rent.
To Commission for Agency.
To Interest (if any) charged on Money advanced.
To Consigner for Net proceeds.
When the Consignments consist of a great number of Articles, we prefer
opening only one general Account, as in Set C. entitled Goods on Com-
mission.
VI. EFFECTING INSURANCES.
If on Goods Outward Adventure, i ta * c j •
Homeward Goods, ^ ^'^ '" S™"*"^^-
When Insurance is made on your own Account.
. 1
To Insurance for premium and policy.
To Commission* for commission — then
Insurance, Dr. to the Broker or Assurance Co.
When Insurance is made on another person's Account.
A. B. Dr. to Sundries.
To Insurance for premium and policy.
To Commission for your commission.
When a return of Premium is claimed for convoy and arrival on
another's Account.
The Broker or Assurance Co. Dr. to A. B.
When a return of Premium is claimed for convoy and arrival on
YOUR Account.
The Broker or Company, Dr. to Goods or Adventure.
Vll. ENTRIES IN BANKRUPTCY.
First, If the failure be a total Loss.
Profit and Loss, Dr. to the Bankrupt.
* In the case of an Adventure.
44. BOOK-KEEPING BY DOUBLE ENTRY.
Secondly, When you receive a Composition.
Debit Cash To the Bankrupt, for the amount of the dividends — then for the
deficiency.
Thirdly, Profit and Loss Dr. to the Bankrupt,
Fourthly, If at any after Period the Bankrupt should pay up the
Balance.
Debit Cash To Projit and Loss.
Fifthly, When the Loss by a Failure is known at taking a Ba-
lance — make
Projit and Loss Dr. To the Bankrupt, for the loss ;
And carry only the difference to Balance, which is the composition to be
received. Vide Set C. Journal, p. 9. Ord and Davis.
VIIL ENTRIES IN JOINT-ADVENTURES.
First, When the Goods are wholly furnished by you.
Adventure to — in Co. Dr. to Sundries.
To Goods for amount of goods.
To Charges for charges at shipping.
To Commission for your commission (if any).
To Insurance foi premium.
When the Sales are finished, and an Account rendered by the Agent, enter,
Agent Dr. to Adventure in Co.
For the Amount of the Net proceeds ; which, if greater than the Amount or
the outset charge of the Adventure, the difference is gain ; when to close the
Account, make the following entry.
Adventure in Co. Dr. to Sundries.
To Your Partner for his share of gain.
To Projit and Loss for your share of gain (see Set C.)
If there has been a Loss, the last entry is just reversed.
In Cases where the Agent, to whom the Goods are consigned, is a Partner,
we would recommend the following method, instead of the above.
Debit him for one half of the Amount of the Adventure when shipped, and
debit the adventure in Co. for your half. When he sends an Account Sales,
he is then debited only for Your half of the Net proceeds.
Secondly, When each Partner furnishes a part of the Goods.
Adventure in Co. Dr. to Sundries.
To each Partner for what he furnished.
To Goods for what you furnished.
To Charges for amount paid by you.
To Commission (if any) for your commission.
To Insurance for premium.
ELEMENTARY PRINCIPLES AND RULES. 45
When an Account Sales is rendered, in which the Net proceeds are ascer-
tained — The Agext is then made Dr. to Sundries, viz. To Adventure in Co.
for the outset charge, To each Partner for his share of the gain, and To Profit
and Loss for Your share, if the Business has yielded profit; if otherwise,
reverse these entries.
Thirdly, When an Adventure is from any Place — on receiving the
Invoice, enter
Adventure from — in Co.* Dr. to Sundries.
2o the Person from whom the goods were ordered, for the amount.
To the Broker, or Insurance, for the premium, if insured.
To Charges for all charges paid by you.
For the Sales — the several Purchasers are made Dr. to the Article in Co.,
and when the Sales are finished, the entry is
Goods in Co. Dr. to Sundries.
To Adventure in Co for the amount of that Account.
To Charges for rent and incidents during the sale (if any).
To Commission for your commission.
To each Partner for his share of gain.
, 2o Profit and Loss for your share of gain, (see Set C.)
If there has been a loss the necessary entries wiU readily occur to the
young Accountant.
CHAP. IV.
Of posting and BALANCING the BOOKS.
The posting of the Ledger, is the transferring of the Accounts in the
Journal-entries into the Ledger. The first step is to allot a space for each
Account. The room for every Account cannot be exactly known, but must
be conjectured from the number of the transactions which are likely to follow.
The Accounts may be opened as they occur in the Journal ; or Accounts of
the same kind may be placed together. This last arrangement is more con-
venient in extensive business ; where it is often necessary to look into several
of these Accounts at the same time.
Next, an Index will be necessary for pointing out the folios of the Ledger
where the Accounts are opened. The titles of the Accounts are entered
alphabetically in the Index ; that is. Personal Accounts by the first letter ot
the sirname, Companies by the sirname of the Person who stands first in the
Firm, and every other Account by the first letter of the first word.
In posting the Ledger, proceed in the following manner; First, turn, by the
* If the entries be deferred, till the Goods arrive, the Account of Adventure
in Co. is avoided. See Rum in Co. in Set C.
46 BOOK-KEEPING BY DOUBLE ENTRY.
help of the Index, to the Account that is, Dr. in the Journal -post, where it is
opened in the Ledger ; then, on the Dr. side of the Account, write the date
on the margin, and on the same line say. To the Account, that is Cr. annexing
a short narration if necessary ; next insert, in the reference column, the page
of the Journal from which you are posting, and the sum in the money column ;
then turn to the Account that is Cr. in the Journal-post, and on the Cr. side
say, By the Account that is Dr., inserting the date, reference, and $um, as
before ; this being done, turn to the Journal, and mark on the margin, or in
a column allotted for the purpose, the folio of the Ledger where the entry
is posted.
In complex posts, that is, where there are several Drs. or Crs. turn to
each in their order, and enter the articles according to the foregoing
directions.
When the space allotted for any Account in the Ledger is filled up, the
Account must be transferred to another yb/zo y for this purpose write on both
sides of the Account opposite where the sums will be placed when the Account
is added, Transferred to Fol. , and insert the folio where the Account is
opened anew. Then after writing the title of the Nevo Account, and entering
the new folio in the Index, write on the Dr. To Amount brought from Fol. ,
and on the Cr. By Amount brought from Fol. , inserting, on each side,
the folio where the Account was first opened. The sums of an Account
transferred should be left blank till the Books be compared, as an error in
any of the entries will occasion an alteration in the Sum.
When either side of an Account is full, both sides should be transferred, and
a diagonal line drawn, to fill up the vacant space on the side which requires it.
Having posted into the Ledger all the articles in the Journal, before you
close the Accounts, it is proper to make a Trial Balance, in order to try if the
Dr. and Cr. sides correspond. For this purpose, prepare two sheets of paper,
ruled with two money-columns, for Dr. and Cr.', write Profit and Loss as the
title of the one sheet, and Balance as the title of the other; then leaving Stoch,
and Profit and Loss, open till the last, take the balance, or difference of every
Account in the following manner :
In the Cash Account enter the difference, which is the Cash on hand, on the
Dr. side of the Balance sheet.
In Personal Accounts, if the Dr. be greatest, enter the difference on the Dr.
side of the Balance sheet ; but, if the Cr. be greatest, the contrary.
In Bills Receivable, enter the difference, which is the Bills on hand, on the
Dr. side of the Balance sheet.
In Bills Payable, enter the difference, which is the sum owing in accepted
Bills, on the Cr. side of the Balance sheet.
In Goods, or other Property, if the whole be on hand, enter the amount on
the Dr. side of the Balance sheet. If all be sold, and the Cr. side of the Account
be greatest, enter the difference, which is gain, to the Cr. side of the Profit
and Loss sheet ; but if the Dr. side be greatest, the difference is loss, and is
entered on the Dr. side. If part be on hand, enter the value of it, (estimated
at prime cost, or at the current prices,) to the Dr. side of the Balance sheet,
and then ascertain the gain or loss on the part sold, which enter on the proper
side of the Profit and Loss sheet.
In Accounts of Adventures, when no returns have been made, enter the
amount which stands at the Dr., on the Dr. side of the Balance sheet. If
returns be made, and the Account Credited for the Proceeds of the sales, enter
iXtc gain or loss on the Cr. or Dr. side of the Profit and Loss accordingly.
ELEMENTARY PRINCIPLES AND RULES. 47
In Accounts subsidiary to Profit and Loss, such as Charges^ House, or
Proper Expences, Interest, Commission, &c., enter the difference on the proper
side of the Profit and Loss sheet.
When you have in this manner collected all the Balances, add the Profit and
Loss sheet, including the Sums which stand at that Account in the Ledger.
The difference is the net gain or loss : To this, add the difference of the Stock
Account, and the sum exhibits your Net Stock or Capital, and which will
correspond to the difference of the Balance sheet, if the Books be correctly
posted, and the Balances exactly collected The reason of this will appear
from what follows :
The Balance Account contains on the Dr. the Cash on hand, the value of the
Goods, or other Property which belongs to you, and all Debts due to 3'ou. The
CV. contains the Sums you owe in open Accounts and in accepted Bills. The
difference of Balance, therefore, exhibits your Net Capital at present. The
Stock Account contained your Effects and Debts at the commencement of the
Books; therefore, the difference shews your Net Capital at that time; and
when your Profits are added, or Losses subtracted from this Sum, it will, of
course, also shew your Net Stock or Capital. Hence, the proof of Book-
keeping by Double entry, consists of two methods of ascertaining what you
are worth : the one from a view of your present effects and debts ; the other,
from your former Stock, allowance being made for your profits and losses ;
and both will correspond, if the Books be correct.
The difference of Stock and Balance being found to agree, your next work
is to close the several Accounts. For this purpose, transfer the sum or differ-
ence of each Account to its proper place in the Ledger, as is done in Set B. ;
or if the particulars of the Profit and Loss and Balance sheets are to be
inserted in the Journal, as is done in Set C. make the following entries :
Lst, Profit and Loss Dr. to Sundries, viz. the several Accounts on the
Dr. side of the Profit and Loss sheet ; and,
2d, Sundries Drs. to Profit and Loss, viz. the several Accounts on the
Cr. side.
3d, Balance Dr. to Sundries, for the Cash and Goods on hand, and
Debts belonging to us — the particulars of the Dr. side of the
Balance sheet.
4th, Sundries Dr. to Balance, for the debts owing by us on the Cr. side.
When the Articles, which are comprised in these entries, are posted into the
Ledger, all the Personal, Real, and Nominal Accounts, will balance, and you
may add them as they are posted. The only Accounts that remain open are
Stock, Profit and Loss, and Balance. To close these Accounts, tranfer the
difference of Stock to the Cr. of Balance, as in Set B.
In Set C. every Article in the Ledger is posted from the Journal ; and
therefore the following entries are made to close the Books :
1st, Profit and Loss Dr. to Stock, for Net gain ; or.
Stock Dr. to Profit and Loss, for Net loss.
2d, Stock Dr. to Balance, for Net capital.
The reason of the difference o^ ^iock Accounts agreeing with that of Balance,
may be explained in a different point of view. It was formerly observed *, that
the whole sums of the Dr. and Cr. sides of the Ledger are equal; and there-
Vide p. 22.
iH BOOK-KEEPING BY DOUBLE ENTRY.
fore if the sides of every Account, except one, be balanced, that one will
balance of its own accord. The Balance Account alone remains open, and
upon trial, you will find that both sides are equal.
It is not necessary to begin new Books after balancing, nor to open the
Accounts anew, unless the present j^/fo^ be filled up. The Balances may be
brought down, and the Accounts continued in the same Jblios; but it is best
to begin a new Ledger, if the present one appear to be insufficient to contain
the business to another Balance. The articles of the Balance sheet supply
materials to begin the new Books, and these are made the first entries in the
Journal.*
When a Person in the course of business comes to have several Sets of
Books, it is usual to distinguish them by the letters of the alphabet. The
first Set is marked A, the second B, and so on.^
* Compare the Balance Account of Set B., with the first entries in the
Journal of Set C.
SET B.
ON PROPER TRADE ;
Or, when a Merchant buys and sells on his own Account.
SI
INVENTORY BOOK,
Containing an Inventory of my Property, and a List of my Debts on Ist January
1825.
Cash in hand ^former Cash Book ,„£
10 Casks Spanish Madder, value a^354< « 9 « 4
14 Bales Pernam°. Cotton „ 254 « 7«3
220 Bundles Cotton Yarn (Water Twist) 293 « 10 « 6
House at Windsor, Cost
Furniture in Counting-house, valued at
Bills on the following persons, viz.
No. 157, On Henry Gay & Co. due 6th Jan a^289
159, « Norris&Bell 22d Feb 145
163, « Ord&Davies 22d March... 212
10 „ -
11 „8
6«-
The following Persons owe me as follows :
John Howie, London, a^llO « 4
Thomas Allwood, ditto , 145 « 10
William Fenton, ditto 117 « 10
Richard Conder, Nevo York 237 « 12
Amount of Cash, Goods, and Debts.
,£
The following is a list ot my Debts.
To James Fielding & Co. London ^436 « 17 « 8
To Evans & Bayley, ditto 8 « 4 « -
To Edward Weston, Manchester 370 « 1 « -
Bills accepted by me and unpaid.
No. 68, to Joseph Horsley, due 26th Jan ^178 « 4 » 6
QB, o J. Fielding & Co. « 27th Feb 112 « 15 « -
Amount of my Debts £
E 2
1032
902
10
820
7211
647
610
4085
815
290
1106
16
12
19
53
BILL-BOOK ENTRIES
FOR SET B.
I. BILLS RECEIVABLE.
-January 11th, 1825.
Received from John Hovoie & Co. my draft accepted, dated 7th
January, @ 2 months, payable to my order, No. 164
22d
Drawn on Thomas Allvoood for the amount of his account 5th
January, @ 3 mo. No. 165
-February 10th
Received Sheldon and Sons bill, dated 9th February, @ 3 mo.
payable to my order. No. 166
12th
Received Thomas Allvoood's bill on J. Burry, payable to his
order, dated January 25th, @ 1 mo. No. 167
16th
Received from John Hotvie & Co. my draft, accepted this day.
(a) 3 mo. No. 168
-March 8th.
Edward Weston has remitted me his draft on Charles Dwyer,
payable to my order, dated 5th March, @ 3 mo. No. 169....
1 h
Drawn on Sheldon and Sons a bill in favour of J. Fielding & Co.
this date, (3) 3 mo. No. 170
24th
Received from Richard Conder, his draft on George Kay,
payable to my order, @ 30 days' sight, No. 171
Ent^. Bill-Book joa.
E 3
110
145
10
117
135
116
10
10
12
112
267
400
15
54^
BILL-BOOK ENTRIES.
Accepted Edward Weston s draft on me, dated January 3d, @
31 days, payable to Mr. Jones, No. 75
14t h
IL BILLS PAYABLE.
— January 6th, 1825.
Accepted J. Fielding Sf Co.'s bill this day, @ 3 mo., payable to
their order, No. 76
-February 12th.
Accepted Spencer & Croft's draft, @ 60 days' sight, in favour
of Kemp ik Gale, No. 77
27th
Richard Conder has drawn on me, @ 50 days' sight, in favour of
J. Hill, which draft I have accepted, No. 78 ,
■March 16th-
Accepted two bills drawn by Samuel Johnson in favour of Burk
& Moore, 1st March, @ 3 mo., No. 79 ^203« 6 « 6
Ditto Tho'. Austin, 14th do. (® 3 mo. No. 80 300/, 16 « -
.18th-
Robert Runcorn & Co. have drawn on me a bill in favour of
Thomas Adair, @ 2 mo., which I have accepted, No. 81...,
Ent'.Bill-Bookj^fl.
d.
370
156
272
150
504
429
16
55
CASH-BOOK ENTRIES.
FOR SET B.
— January 1st, 1825
Balance on hand
5
Bought for Cash, 399 lbs. Mule Twist, ^ Bill of Parcels
6
Received payment of H. Gay & Go's Bill, No. 157
8 — —
Paid John Wright for Repairsto House at Windsor
Discounted Ord & Davis's Bill, No. 163, due 22d March
The Discount is
16
Paid for a Desk for the Counting-House
18
Receired from William Fenton in full
26
Paid my Bill, No. 68, to Jos. Horsley
27
Paid Duty, Freight, and Charges, on 110 Casks Ashes, ^
Frances, from New York
31 —
Taken for House Expenses this Month
Paid Charges this Month, as^ Expense-Book
. ^February 6 ^
Paid my Bill No. 75, to Edward Weston
8
Paid Evans and Bayley in full
12
Received from Thomas Allwood in part
16
Discounted at my Banker's, J. Howie & Co's Bill, No. 164, due
10th March
Discount 23 Days
23 ^
Received a Legacy of
26
Paid J. Fielding & Co
which (including the discount) is in full to 1st January (vide
Day Book).
fi 4
1032
124
289
21
212
2
6
117
178
81
21
4
370
8
50
lie
500
266
10
11
11
56
CASH-BOOK ENTRIES.
26
Paid Duty, Freight, & Charges on 8 Casks Madder, from
Rotterdam ^Jessie ,
-27-
Paid my Bill, No. 65, to J. Fielding & Co.
Received Rent of my House at Windsor
28
Received payment of Bill, No. 167, J- Burry
Taken for House Expenses this Month
Paid Charges, as ^ Expense Book this Month.
.March 3.
Sold for Cash 66 lbs. Mule Twist.
5
Received Payment of W. Fenton's Account on Discount — net.
(vide Day Book)
6
Paid. J. Penman, my Clerk, 3 Months' Salary
10
Received from Thomas Allwood, the Balance of his Account
17
Paid my Bill, No. 76, on Discount, J. Fielding & Co's.
Received 31 Days' Discount
22
Discounted at my Banker's, Thomas All wood's Bill, No. 165
due 8th April ,
Discount 17 days
Ord & Davis having failed, I have taken up their Bill, No. 163,
due this Day
Lost my Pocket Book, containing Bank Notes to the Amount
of.. £'35 „ 10 u
Paid Charges for Advertising 1 „ 10 «
: 28
Paid Charges on Goods shipped ^ the Hopewell for Hamburgh
31 '.
Paid for House Expenses this Month
Paid Charge? ^ Expense-Book this Month
£
s.
31
3
112
15
50
-
135
10
20
2
14
21
9
73
6
17
10
54
16
156
7
13
14.5
10
6
212
6
37
-
9
5
18
~2
12
15
!
1
57
DAY-BOOK B.
( 59 )
DAY-BOOK B.
LONDON, 4th JANUARY, 1825.
(ii
Sold Joh?i Howie Sf Co.
75 bundles Water Twist, at 3 months
11
Sold Sheldon ^ Sons,
3 Casks Spanish Madder, at 3 months
18
Received from Riehard Conder, ^ the Frances, from New
York, Q5 casks Pot, and 45 casks Pearl Ashes, agreeable
to my order, amounting <^ invoice to 1713 dollars 9
cents. @ 4/6 ^ dollar
4th February-
The Jessie is arrived from Rotterdam, and has brought me 8
casks Madder, from Spencer S^ Croft, ^ my order, as
#* invoice -------------
11
Sold William Fenton,
48 bundles Water Twist, 5 ^ cent, discount for cash -
12
Sold Thomas Allwood,
5Q bundles Water Twist £ 86 6 6
4 casks Dutch Madder 153 1.9 9
14
Bought of Samuel Johnson,
618 bundles Water Twist, as ^ bill of parcels
18
Received from Robert Runcorn S^ Co. Manchester, 440 lbs.
I?idia Tfvist — 5 ^ cent, discount, for bill at 2 months
from 1 8th Prox°. amount ^ invoice ------
£
116
s.
12
117
5
385
8
272
8
77
3
240
6
877
12
452
8
11
60 DAY-BOOK, 20th FEBRUARY, 1825.
Sold Sheldon S^ Sons,
5 casks Spanish Madder, at 4 months - - ^205 19 8
13 ditto Pot-ashes, at 2 ditto 6l 15 6
22—
Norris ^ Bell's bill, No. 159, f^ue this day
not being paid, I have protested,
the same £145 11 8
Expenses of protest --------- //lO//
23
Bought of James Fielding 8^ Co.
20 bales of West-India, and
3 ditto of Georgia Cotton-wool, as <^ B. P. - -
25
Bought of Samuel Johison,
400 bundles Water Twist, as ^ B. P. - - - -
26
The Discount allowed by James Fielding <5f Co. on their
account, paid this day, is ---------
. 27 —
Sold Edward Wesion, Manchester,
20 casks Pearl-ashes, at three months -----
5th March.
The Discount allowed to William Fenton on my account re-
ceived this day, is -----------
14
Paid to James Fielding Sf Co. bill. No. 170, on Sheldon Sf Sons,
due June 17, on account ---------
— . 18
Sold Goodwin S^ Blake, Bristol,
171 bundles Water Twist, at 3 months - - - - -
Sold Sheldon S^ Sons,
2 casks Spanish, and
4 ditto. Dutch Madders, to pay in 2 months - - -
£
s.
d.
267
15
2
146
1
8
684
JO
10
575
7
6
14
//
6
112
1
//
3
17
6
267
15
2
282
11
6
241
3
u
(»)
DAY-BOOK, 12th MARCH, 1825.
61
Discount allowed by Robert Runcorn 8j Co. on their account,
settled by bill this day, is ---------
. 26
Sold Robert Runcorn Sp Co. Manchester,
14 bales Fernam" , and
3 ditto Georgia Cotton wool, at 3 months
28
Shipped on board the Hopewell, Rankine, for Hamburgh,
for account of Richard Conder, New York, and con-
signed by his order to Murray & M'Nab, of Ham-
burgh,
10 bales Water Twist, containing 580 bundles £887
Charges paid at shipping -------g
Insured with Evans Sf Bayley on £Q9.5 \
Premium at 2 Guin. ^ cent, policy 55s. j
Commission on ditto at ^ ^ cent. - - - _ 4
12
5
- 22 3
12
31
Due James Penman, my clerk.
For 3 months salary, due this day
£
22
428
d.
H
923
17
13
10
10
BILL-BOOK B,
64
BILL-BOOK (B).
BILLS
Page
Jour.
2
2
No.
When
Received.
From whom Received.
Bp wfum
Draum.
On whom
Drawn.
To whom Payable.
164
165
1825.
Jan.
11
22
* John Howie & Co.
Thomas Allwood
A.B.
A. B.
Themselves
Himself
A. B.
A. B.
BILLS
Page
Jour.
No.
166
167
168
When
Received.
Feb.
From wlwm Received.
By whom
Drawn
Sheldon & Sons
Thomas Allwood
J. Howie & Co.
A.B
himself
A. B.
On wlwm
Drawn.
To whom Payable
Themselves
J. Burry
Themselves
A. B.
T. Allwood
A. B.
BILLS
Page
Jour.
No.
When
Received.
From whom Received.
By whom
Brawn.
On whom
Draivn.
To whom Payable.
6
6
6
169
170
171
Mar.
1
14
24
Edward Weston
Sheldon & Sons
Richard Conder
himself
A.B.
himself
C. Dwyer
Themselves
Geo. Kay
A. B.
J.Fielding&Co.
* For the Form of this Bill, see. Introduction intitled. Inland Bills
IL The Learner, by comparing the Tenor of it with the Entries in the several
Columns in the above Bill-Book, will easily understand how such Drafts are
recorded.
BILL-BOOK (B).
65
RECEIVABLE.
Place.
London
London
Date.
Jan. 7
Jan. 5
Term.
2 mons.
3 mons.
Payable in
London
London
Due.
Mar. 10
April 8
Sum,
110
145
255 14
When
Feb.
Mar.
Sf how disposed of.
Di&connted with
Ltfevie &. Co.
Ditto.
RECEIVABLE.
Place.
Date.
Term.
Payable in
Due.
Sum.
fVhen
Sf how disposed of.
London
Feb. 9
3 mons.
1
London May 12
117
5
2
London
Jan. 25
1 mon.
London Feb. 2 8
135
10
London
Feb. 16
3 mons.
London May 1 9
1
116
369
12
7
6
8
1
\
RECEIVABLE.
Place.
Date.
Term.
Payable in
Due.
Sum.
When
^ how disposed of.
Manchester
London
N. York
Mar. 5
Mar. 14
Feb. 20
3 mons.
3 mons.
\ aoDavs'
I sight.
London
London
London
June 8
Junel7i
Apr. 26
112
267
400
779
1
15
If
16
2
//
2
Mar.
14
Indorsed to
J.Fielding&Co.
se
BILL-BOOK (B).
BILLS
Page
When
Jour.
No.
Accepted.
1825.
2
15
Jan.
6
2
76
14
By wltom Draum.
To whom Payable.
Place.
Date.
* Edward Weston
J. Fielding & Co
William Jones
J.Fielding&Co.
Manchester
London
Jan. 3
Jan. 1 1
BILLS
Page
JouT,
No.
When
Accepted.
Feb.
By whom Drawn.
Spencer & Croft
Richard Conder
To whom Payable.
Kemp & Gale
John Hill
Place.
Date.
Rotterdam Jan. 23
New York Jan. 26
BILLS
Page
Jour.
No.
When
Accepted.
By who^m Draum.
To whom Payable.
Place.
Date.
6
6
6
79
80
81
March
16
18
Samuel Johnston
Ditto
R. Runcorn & Co.
Burke & Moore
Thomas Austin
Thomas Adair
London
London
Manchester
Mar. 1
Mar. 14
Mar. 18
* For the form of this Bill (A. B. or your acceptance to Edward Weston,)
see Introduction, entitled, Inland Bills II. The Learner, by comparing the
above Enir?/ with the Bill itself, will be at no loss to understand it.
BILL-BOOK (B).
PAYABLE.
Teryn.
Payable in
Due.
Sum.
WJien
and to whom Paid.
31 days
3 months
London
London
Feb. 6
April 17
370
156
526
1
7
~8
//
8
8
Feb.
Mar.
6
17
William Jones
Charles Wells
i
i
PAYABLE.
Term.
Payable in
Due.
Sum.
When
and to whom Paid.
60 days' sight
50 days' sight
London
London
April 16
April 21
272
150
422
8
//
8
3
_!
3
\
1
PAYABLE.
Term.
Payable in
Due.
Sum.
When
and to wlwm Paid, i
3 months
3 months
2 months
London
London
London
June 4
June 17
May 21
203
300
429
933
6
16
10
18
6
//
//
"6
END OF BILL-BOOK.
S-,
CASH-BOOK B.
F S
70
CASH-BOOK (B).
Dr.
CASH
Received.
1825
Jan.
1
6
12
18
To Balance, in hand -----------
To Bills Receivable, received payt. of No. 157, H. Gay & Co.
To Bills Receivable,discourited No.l6S,Ord&Davis,22 Mar.
To William Fenton, received of him m full - - - -
1032
289
212
117
s.
10
10
6
10
1
d.
1
2
//
//
//
X
Entered Journal, p. 2.
1651
16
2
Dr.
CASH Received.
Feb.
To Balance, from last month --------
To Thomas Allwood, received of him in part - - -
To Bills Receivable,discounted No.l64.,J.Howie&Co.lOMar
To Stock - - received a Legacy of ----- -
To House at Windsor, received for rent - - - - -
To Bills Receivable, received payment of No. 167, J. Burry
Entered Journal, p. 4.
£
s.
1211
16
50
r/
110
4
500
//
50
//
135
10
2057 10
J.
Dr.
CASH
Received.
Mar.
1
3
5
10
17
22
To Balance, from last month --------
To Cotton Yam, received for 661bs. Mule twist- - -
To William Featon, received of him in full - - - -
To Thomas Allwood, received of him in full - - -
To Interest, for discount on bill No. 76, paid - - -
To Bills Receivable, discounted No. 165, T. Allwood, 8 Apr.
£
1245
21
73
54
//
145
s.
16
9
6
16
13
10
X
2
6
//
3
3
//
Entered Journal, p. 6.
1541
11
2
CASH-BOOK (B).
71
CASH
Paid.
Cr.
1825
Jan.
5
8
12
16
26
27
31
//
//
By Cotton Yarn, paid for sggVos. Mule Twist -
By House at Windsor, paid for Repairs - - -
By Interest, for discount on bill No. l63. - -
By Counting-house Furniture, paid for a desk -
By Bills Payable, paid No. 68, J. Horsley - -
By Ashes, paid Charges on 110 casks, ^' Frances
By House Expenses, paid this month - - - -
By Charges, paid as ^ Expense Book this month
By Balance, carried to next month - - - -
Entered Journal, p. 2.
£
g.
d.
124
10
//
21
14
//
2
//
8
6
6
t/
178
4
6
8i
4
10
21
//
//
4
19
11
1211
16
5
1651
16
2
CASH
Paid.
Cr.
Feb.
By Bills Payable, paid No. 75, E. Weston - - -
By Evans & Bayley, paid them in full - - - -
By Interest, for discount on bill No. l64. - - -
By James Fielding & Co. paid them to 1 st January
By Madder, paid Charges on 8 casks, #* Jessie- -
By Bills Payable, paid No. 65, J. Fielding & Co. -
By House Expenses, paid this month - - - - -
By Charges, paid as ^ Expense Book this month -
By Balance, to next month --------
Entered Journal, p. 4.
£
370
8
II
266
31
112
20
2
1245
2057 10
CASH
Paid.
Cr.
Mar.
By James Penman, paid him 3 months' salary - - -
By Bills Payable, paid No. 76, J. Fielding & Co. - -
By Interest, for discount on bill No. l65, - - - -
By Ord & Davis, paid their bill -------
By Profit and Loss, lost with expenses - - - - -
By Charges paid on Goods ^ Hopewell, for Hamburgh
By House expenses, paid this month ------
By Charges^ paid as ^ Expense Book this month - -
By Balance, to next month ---------
Entered Journal, p. 6.
£
s.
d.
17
10
1
156
n
8
II
6
9
212
6
//
37
//
//
9
5
4
18
12
6|
2
15
1
1087
7
10
1541
11
^
F 4
.1 )
JOURNAL B.
•"^-^-^^'Tl'^ I - I I I .
( 75 )
JOURNAL (B).
LONDON, 1st JANUARY, 1825
Sundries Drs. to Stock,
For the following Balances in my favour.
Cash - - - - for balance in hand - • - -
Bills Receivable for the following ])ills in hand, viz.
No. 157, Henry Gay & Co. due 6th Jan £289 10 //
159, Norris& Bell - 22d Feb. - - 145 118
163, Ord & Davis - 22d March - 212 6
Madder - - - for 10 casks Spanish - - >-
Cotton Wool - for 14 bales Pernam°. - - -
Cotton Yarn - for 220 bundles Water Twist
House at Windsor, value ------ -
Counting-house Furniture, ^ Inventory - -
John Howie & Co. - - London - - - -
Thomas Allwood - - Ditto - - - - -
William Fenton - - - Ditto - - - - -
Richard Conder - - - New York - - -
Stock Dr. to Sundries,
For (be following Balances a^lnst me.
To James Fielding & Co. - - London - - - - -
To Evans & Bayley - - - Ditto - - - - -
To Edward Weston - - - Manchester - - -
To Bills Payable, - for the following bills unpaid, viz.
No. 68, Jos. Horsley - due 26th Jan. - £178 4 6
65, J. Fielding & Co. - 27th Feb. - - 112 15 //
£
s.
1032
10
647
7
354
9
254
7
293
10
820
//
72
11
110
4
145
10
117
10
237
12
4085
12
436
17
8
4
370
1
290
19
1106
2
— -
76
JOURNAL, JANUARY, 1825.
11
18
11
22
John Howie & Co. l>/\ to Cotton Yarn,
For 75 bundles Water Twist, at 3 months - -
Sheldon & Sons Dr. to Madder,
For 3 casks Spanish, sold them, at 3 months
Ashes Dr. to Richard Conder,
For 65 casks Pot, and 45 casks Pearl, <^
from New York, ^ invoice ... - -
the Frances,
Bills Receivable Dr. to Sundries,
For Bills received this month, «^ B. B.
To John Howie & Co. - - No. l64, due March 10
To Thomas Allwood, - - - l65, - - April's
6
U
6
12
18
5
8
12
16
26
27
SI
Sundries Drs. to Bills Payable.
For Bills accepted this month, ^ B. B.
Edward Weston, - - - No. 75, due Feb. 6 -
James Fielding & Co. - - 76, - - April 17
Cash Dr. to Sundries.
For Sums received this month, ^ C. B.
To Bills Receivable, -- for No. 157- - - - - -
To Bills Receivable, - - - -l63-
To William Fenton - - received of him in full - -
Sundries Drs. to Cash,
For Sums paid this month, ^ C. B.
Cotton Yarn, paid for 399 lbs. Mule Twist,
House at Windsor — for repairs - - - -
Interest - - for discount on a bill - - - - -
Counting-house Furniture — for a Desk - -
Bills Payable - - paid No. 68. -----
Ashes paid charges on 110 Casks- -
House Expenses - - this month - - - - -
Charges this month -----
£
116
s.
12
d.
6
117
5
2
385
8
11
110
145
4
10
//
II
255
14
II
370
156
1
7
8
II
8
8
5^Q
289
212
117
10
6
10
//
//
//
619
6
//
124
21
2
6
178
81
21
4
10
14
//
6
4
4
//
19
II
II
8
//
6
10
//
11
439!
19
11
<5)
JOURNAL, FEBRUARY, 1825.
11
12
U
18
20
22
23
25
26
27
Madder Dr. to Spence?' t^ Croft,
For amount of 8 casks <^ the Jesse, from Rotterdam,
as #* invoice ------------
William Fenton Dr. to Cotton, Yarn,
For 48 bundles Water Twist, sold him - -
Thomas Allwood Dr. to Sundries,
To Cotton Yarn, 56 bundles Water Twist -£86 6 6
To Madder, 4 casks Dutch 153 I9 9
Cotton Yarn Dr. to Samuel Johnson,
For 618 bundles Water Twist, ^ B. F.
Cotton Yarn Dr. to Robert Runcorn Sf Co.
For amount of 440lbs. India Twist, ^ invoice -
Sheldon & Sons Dr. to Sundries.
To Madder, for 5 casks Spanish, - - - £205 IQ 8
To Ashes, - - 13 ditto pot, 6I 15 6
NoRRis & Bell Dr. to Sundries.
To Bills Receivable, for No. 159, not paid - £145 11 8
To Charges, - - for protest - - - - // 10 //
Cotton Wool Dr. to James Fielding 8^ Co.
For 20 bales West-India, and
3 bales of Georgia, as <^ B. P. - - - -
Cotton Yarn Dr. to Samuel Johnson,
For 400 bundles Water Twist, as ^ B. P. -
James Fielding & Co. Dr. to Interest,
For discount allowed by them on account - ■
Edward Weston Dr. to Askes,
For 20 casks Pearl sold him - - - -
£
272
77
240
877
452
267
146
684
575
14
112
12
15
10
10
78
JOURNAL, FEBRUARY, 1825.
W
10
12
6"
12
27
12
16
27
28
Bills Receivable Dr. to Sundries;
For Bills received this month, ^ B. B.
To Sheldon & Sons -
To Thomas Allwood,
To John Howie & Co.
- No. i66, due May 12
- - 167, - - Feb. 28
- - 168, - - May 19
Sundries Drs. to Bills Payable.
For Bills accepted this month, ^ B. B.
Spencer & Croft
Richard Conder
- - No. 77, due April 15
- - - 78, - - - 20
6
8
16
26
//
27
28
Cash Dr. to Sundries,
For Sums received this month, ^ C. B.
To Thomas Allwood, received in part - - -
To Bills Receivable, - - No. i64 - - - -
To Stock - - received a Legacy of - - - -
To House at Windsor - - for rent - - - -
To Bills Receivable, - - No. I67 - - - -
Sundries Dra. to Cash.
For Sums paid this month, <^ C. B.
Bills Payable - - -
Evans and Bayley
Interest - - - -
James Fielding & Co.
Madder - - - -
Bills Payable - - -
House Expenses
Charges
No. 75.
paid in full - - - -
for discount on a bill
paid them - - - - -
paid charges on 8 Casks
No. 65
paid this month - - -
- paid this month
117
\S5
116
SCQ
272
150
422
50
110
500
50
135
S^5
370
8
//
266
31
112
20
2
811
8
3
//
//
8
3
//
//
4
//
//
//
//
//
10
//
14
//
1
//
4
//
6
11
9
6
3
8
15
//
//
//
14
//
i—
— .
14
1
(5)
JOURNAL, MARCH, 1825.
79
14
18
IS
18
26
Interest Dr. to William Fenton,
For discount on his account received this day
James Fielding & Co. Dr. to Bills Receivable,
For No. 170, on Sheldon & Sons, due June 17,
Paid them on account ---------
Goodwin & Blake Dr. to Cotton Yarn,
For 171 bundles Water Twist sold them - -
Sheldon and Sons Dr. to Madder,
For 2 casks Spanish, and
4 casks Dutch, to pay in 2 months - -
Robert Runcorn & Co. Dr. to Interest,
For discount allowed by them on account - -
28
31
Robert Runcorn & Co. Dr. to Cotton Wool,
For 14 bales Pernam°. and
3 bales Georgia, at 3 months - - - -
Richard Conder, Dr. to Sundries,
For amount of Goods shipped <^ the Hopewell,
Rankine, for Hamburgh, on his account and risk,
consigned to Murray & M'Nab.
To Cotton Yarn, for 580 bundles Water - £887 12 6
To Charges - - - at shipping - - - - 9 5 4
To Evans & Bayley, for premium on £925 \ 02 3 6
Insured at 2 Guineas <^ cent, and policy j
cent. 4 12 6
To Commission for ^
Charges Dr. to James Pemnan,
For 3 months salary due him this day - •
267
282
17
15
II
241
22
12
428
923
IS
10
17 10
80
JOURNAL, MARCH, 1825
(fi)
8
14
24
16
//
18
Bills Reckivable Dr. to Sundries,
For Bills received this month, ^ B. B.
To Edward Weston - - - No. I69, due June 8
To Sheldon & Sons - - - - 170, - - - 17
To Richard Conder - - - - I71, - April 26
Sundries Drs. to Bills Payable.
For Bills accepted this month, ^ B. B.
Samuel Johnson - - No. 79, due June 4 £203 6 6
80, - - - 17 - 300 16 //
R. Runcorn & Co.
81,
May 1
3
5
10
17
22
6
17
22
f/
26
28
31
~ *• • Cash Dr. to Sundries.
For Sums received this month, ^ C. B.
To Cotton Yarn - - received for 661bs. Mule Twist
To William Fenton - received in full - - - - -
To Thomas Allwood, received in full - - - - -
To Interest - - - for discount on bill paid - -
To Bills Receivable, No. 165 -------
Sundries Drs. to Cash.
For Sums paid this month, ^ C. B.
James Penman - - - paid him salary
Bills Payable - - - paid No. 76. - -
Interest ----- for discount on bill
Ord & Davis - - - paid their bill - -
Profit and Loss - - - lost with expenses -
Charges ----- paid ^ Hopewell -
House Expenses - - paid this month
Charges ----- paid this month
112
267
400
779
16
d.
504
429
21
73
54
//
145
295
17
156
II
212
37
9
18
454
5 4
12 6
15
LEDGER B.
( 83 )
INDEX
TO LEDGER B
By Double Fmtry.
A
AUwood, Thomas ----- 3
Ashes ---------6
B
Bills Receivable 1
Bills Payable 1
Balance --------8
c
Cash 1
Cotton Wool 2
Cotton Yarn 2
Counting-house Furniture - - 3
Conder, Richard ----- 4
Charges --------o
Commission -------8
E
£vans & Bayley 4
F
i'enton, William ----- 3
I'ielding James & Co. - - - 4
G
Godwin & Blake 7
H
House at Windsor ----- 2
Howie John & Co. ----- 3
House Expenses ----- 5
I
Interest --------5
Johnson, Samuel ----- 6
M
Madder --------2
N
Norris & Bell ------ 7
o
Ord& Davis 7
P
Penman, James ------ 5
Profit and Loss ------ 8
K
Runcorn Robert & Co. - - - 7
s
Stock . - - - 1
Spencer & Croft ------ 6
Sheldon & Sons 6*
w
Weston, Edward ----- 4
2
81'
LEDGER.
(h
Dr.
Stock.
1825
Jan.
Mar.
To Sundries - - - -
To Balance, for net Estate
4764
£
1106
3658
Dr.
Cash.
Jan.
Feb.
Mar.
To Stock - - - -
To Sundries this month
To Ditto - - do.
To Ditto - - do.
I
103210
6\9 6
84514
29515
2793
Dr.
Bills Receivable.
Jan.
Feb.
Mar.
To Stock - - for Nos. 157, 159, 163,
To Sundries - - - l64, l65, -
To Ditto - - - . 166, 167, l68,
To Ditto - - - - 169, 170, 171,
647
255
779
2052
Dr.
Bills Payable.
Jan.
Feb.
Mar.
To Cash - - - No. 68
To Ditto- - - - 75
To Ditto - - - - 65
To Ditto- - - - 76
To Balance, for Nos. 77, 78, 79, 80, 81, unpaid.
178
370
112
156
1356
2173
0)
LEDGER.
85
Contra.
Cr.
1825
Jan.
Feb.
Mar.
By Sundries ------
By Cash, received a Legacy of -
By Profit and Loss, for net gain
£
4085
500
178
4764
Contra.
Cr.
Jan.
Feb.
Mar.
By Sundries this month
By Ditto - - do.
By Ditto - - do.
By Balance, in hand -
439
811
454
1087
2793
Contra.
Cr.
Jan.
6
12
Feb.
22
26
28
Mar.
14
22
31
By Cash - - - - No. 157
By Ditto 163
By Norris & Bell - - - 1 59
By Cash l64
By Ditto 167
By James Fielding & Co. 170
By Cash l65
By Balance, for No. 166, 168, I69, 171, in hand
289
212
145
110
135
267
145
745
2052 5 6
Contra.
Cr.
.1
290
19
6
2
526
8
8
4
422
8
3
6
933
18
6
2173
14
11
Jan.
Feb.
Mar.
By Stock - - for - - No. 65, 68
By Sundries 75, 76
By Ditto 77, 78
By Ditto 79, 80, 81
G S
86
LEDGER.
^}
Dr.
Madder.
1825
Jan.
Feb.
Mar.
To Stock - - for - - ■
To Spencer & Croft - - ■
To Cash - paid Charges ■
To Profit afid Loss, gained
10
10
354
272
31
60
718
Dr.
Cotton Wool.
Jan.
Feb.
Mar.
To Stock - - for - - -
To James Fielding & Co.
To Profit and Loss, gained
Bales of Bales of Bales of
Gtiuigia. W.India Pernio
20
20
14
14
254
684
23
962
Dr.
Cotton Yarn.
Jan.
Feb.
Mar.
To Stock - - for - -
To Cash - - for - -
To Samuel Johnson - -
To Robert Runcorn & Co.
To Samuel Johnson - -
To Profit and Loss, gained
440
440
399
S99
220
618
400
1238
293
124
877
452
575
135
2459
Dr.
House at Windsor.
Jan
Mar.
To Stock
To Cash, paid for repairs
To Profit and Loss - -
820
21
50
891
(2)
LEDGER.
87
Contra.
Cr.
1825
Jan.
11
Feb.
12
20
Mar.
18
By Sheldon & Sons -
By Thomas Allwood
By Sheldon & Sons -
By Ditto - - - -
Dutch
Casks.
10
117
153
205
241
718
d.
Contra.
Cr.
Mar.
26 By Robert Runcorn & Co.
31 By Balance^ on hand - -
Bale-i ot Bales of] Bales ot
Georgia. W.India Permo,
20
20
14
14
428
533
962
Contra.
Cr.
Jan.
4
Feb.
11
12
18
28
3
Mar.
3\
By John Howie & Co.
By William Fenton -
By Thomas Allwood -
By Goodwin & Blake
By Richard Conder -
By Cash, for - - -
By Balance, on hand -
440
66
33S
75
48
56
171
580
308
440 3991238 2459 6
116
77
86
282
887
21
987
Contra,
Cr.
Feb.
Mar.
By Cash, received for rent
By Balance - - - -
50
841
891
14
G 4
88
LEDGER.
(3)
Dr.
COUNTTNG-HOUSE FuRNITURE.
1825
Jan.
1
16
Tn <^fnpk -------------
1
2
£ s.
72 11
6 6
d.
6
//
To Cash - - paid for a desk
78
17
6
Dr. John Howie & Co. London.
Jan.
1
4
To vStork -------------
1
i
110
116
4
12
//
6
Tn Cnftnn Yam -...-..--..
226
16
6
Dr. Thomas Allwood, London.
Jan.
Feb.
1
12
To Stork -------------
1
s
145
240
10 //
6|3
385
16
3
Dr. William Fenton, London.
Jan.
Feb.
1
11
To .Stork ----.-.-----.
1
3
117
77
10
3
6
To Potton Yam ----..^----
194
13
6
(3)
LEDGER.
89
Contra.
Cr.
1825
Mar.
31
By Balance
£
78
Contra.
Cr.
Jan.
Feb.
By Bills Receivable - - No. 16'4
^y Bills Receivable - - - 16*8
110
116
226
Contra.
Cr.
Jan.
Feb.
Mar.
By Bills Receivable - - No. 165 ----- gj
By Bills Receivable ---167 4
By Cash 4
By Cash 6
145
135
50
54
385
10
10
//
16
16
Contra.
Cr.
Jan.
Feb.
Bv Cash ------^-,---- 2
B!^ Cash 6
By Interest --------..--
117
73
3
194
90
Dr.
1825
Jan.
Feb.
Mar.
LEDGER.
— i— — — i^— ■ ■ ■■■ " ■■■ m\mammmmmmmmmmm
Richard Conder, New York.
To Stock
To Bills Payable - No. 78
To Sundries --------,_--
(4>
£
150
923
1311
d.
4
//
10
Dr.
James Fielding & Co. London.
To Bills Payable - - No. 76 - - - -
To Interest ---------
To Cash ----------
To Bills Receivable - No. 170 - - -
To Balance --------^-
EvANS & Bayley, London.
By Cash
To Balance ---------
Jan.
Feb.
Mar.
14
156
14
266
267
416
1121
Dr.
Feb.
Mar.
8
22
30
Dr.
Edward Weston, Manchester.
Jan.
Feb.
6 To
27
Bills Payable
To Ashes - -
No. 15
370
112
482
.4)
LEDGER.
91
Contra. Cr.
18 By Ashes ^ Frances --------- 2
24 By Bills Receivable - - No. I71 6
31 By Balance -----^- 8
1825
Jan.
Mar,
46
285
400
52/
1311
17
d.
11
o
Contra.
Cr
Jan.
Feb.
By Stock - -
By Cotton Wool
4S6
684
1121
10
Contra.
Cr.
Jan.
Mar.
By Stock - - -
By Richard Conder
30
Contra.
Cr.
Jan.
Mar.
By Stock
By Bills Receivable - - No. 16'9
370
112
482
92
LEDGER.
(5)
Dr.
Sheldon & Sons, London.
1825
Jan.
Feb.
Mar.
To Madder
To Sundries
To Madder
£
117
267
241
626
Dr.
Ashes.
Jan.
To Richard Conder - - - .
To Cash - - - paid Charges
45
45
65
65
385
81
466
811
410
13 9
Dr.
Interest.
Jan.
12
Feb.
16
Mar.
5
22
31
To Cash 4
To Ditto 4
To William Fenton -----.-___ 4
To Cash ---------_-._ f)
To Profit and Loss -------.-- g
//
SO
37
1311
Dr.
House Expenses.
Jan.
Feb.
Mar.
To Cash 2
To Ditto 4
To Ditto 6
21
20
1
^y9
12
(5)
LEDGER.
93
Contra.
J 825
Feb.
Mar.
By Bills Receivable
By Ditto - - -
By Balance - -
No. 166
- 170
Cr.
£
117
267
241
626
Contra.
Cr.
Feb.
By Sheldon & Sons -
By Edward Weston
By Profit and Loss -
By Balance, on hand
20
25
45
13
52
65
61
112
2
290
466
Contra.
Cr.
Feb.
Mar.
By James Fielding &Co. 3
By Robert Runcorn & Co. -------- 5
By Cash
14
22
37
Contra.
Cr.
Mar.
31
By Profit and Loss
59
12
94
LEDGER.
(6)
Di
Charges.
1825
Jan.
Feb.
Mar.
31 To Cash - - -
28 To Ditto - - -
31 To James Penman
SSjTo Cash - - -
31 To Ditto - - -
£
s.
2
4
19
4
2
14
5
17
10
6
9
5
6
2
15
37
4
Dr.
Spencer ^ Croft, Rotterdam.
Feb.
12
To Bills Payable
No. 77
272
Dr.
Samuel Johnson, London.
Mar.
To Bills Payable, No. 79, SO
lo Balance - - - - -
504
948
1452
19
Dr.
Robert Runcorn & Co. Manchester.
Mar.
To Interest - - -
To Bills Payable, No 81
To Cotton Wool - -
22
429
428
880
12
16'
9 2
17| 2
(5)
LEDGER.
95
Contra.
Cr.
1825
Feb.
Mar,
22 By Norris & Bell -
28 By Richard Conder
3 1 By Prq/ic and Loss
37
s. d.
10
5
o
Contra.
Cr.
Feb.
4 By Madder
ic^ii 4>i^
272
Contra. ' " V'.i,>.i»
By Cotton Yarn -
By Ditto
Contra.
By Cotton Yarn
By Balance ----------
Cr.
Feb. 14
25
877
575
1452
19
Feb.
Mar.
Cr.
s
8
452
428
8
9
2
880
17
2
96
LEDGER.
(7)
Dr.
NoRRis & Bell, London.
1825
Feb. 22
To Sundries
£
146
Dr.
James Penman my Clerk.
Mar.
To Cash - - paid him 3 months salary
17
10
Dr.
Goodwin & Blake, Bristol.
Mar.
18
To Cotton Yarn
282
11
Dr.
OftD & Davis, London.
Mar.
22
To Cash - - paid their bill
212
(7)
LEDGER.
97
Contra. Cr.
1825
Mar.S
8
£
146
1
8
Contra. Cr.
Mar. 3
1 Rv ChavxTps .«^-. ..«...«
5
17
10
J/
Contra. Cr.
Mar. 3
I Rv Ticiliincp -i---«-«i--^«-
8
282
11
6
1
;
Contra. Cv.
Mar. 3]
Rv Jinl/incp -•.-»»__•-«-
8
212
6
II
98
LEDGER.
(8)
Dr.
Commission.
1825
Mar
31
To Profit and Loss
12
Dr.
Profit and Loss.
Mar.
To Cash fol.
To Ashes -------------
To House Expenses ----------
To Charges ------------
To Stock for net gain ---------
37
2
59
27
178
304
18
Dr.
Balance.
Mar.
31
To Cash, for money in hand ------- fol
To Bills Receivable, for No. l6'6, l68, I69, and 17 1.
To Cotton Wool, for 20 Bales on hand - - - -
To Cotton Yarn, for value on hand - - - - -
To House at Windsor ---------
To Counting-House Furniture -------
To Richard Conder - ---------
To Sheldon &: Sons ----------
To Ashes, for 77 Casks on hand ------
To Robert Runcorn & Co. --------
To Norris & Bell
To Goodwin & Blake ---------
To Ord & Davis
Amount of my Effects. -----
1
1087
n
1
745
18
2
533
16
2
987
10
2
841
14
3
78
17
4
525
17
6
241
3
5
290
12
6
428
9
7
146
1
7
282
11
7
212
6
6402
5
(8) ■
LEDGER.
99
Contra.
Cr.
1825,
Mar. 28
By Richard Conder
Contra.
Cr.
Mar.
31
By Madder ----------- fol.
By Cotton Wool
By Cotton Yarn -----------
By House at Windsor ---------
By Interest ------------
By Comjnission -----,------
(50
23
135
50
30
4
30418
Contra.
Cr.
Mar.
By Bills Payable, for No. 77, 78, 79, 80, and 81, fol.
By James Fielding & Co. --------
By Evans & Bayley ----------
By Samuel Johnson ----------
Amount of my Debts. -------
By Stock for my net Capital -------
1356
416
22
948
2744
3658
6402
II 2
( 101 )
SET C.
ON COMMISSION OR AGENCY TRADE ;
Or, when a Person buys and sells on another's Account.
/ «; :; .j: i i ( 102 )
PRELIMINARY REMARKS
ON
THE SUBSIDIARY BOOKS FOR SET C.
Cash-Book In receiving and paying Money on Discount, the full sum or
amount of the account is first entered ; and then a second entry is made for
the discount on the opposite side of the Cash-Book.
The incidental Charges on the Business is entered once a month ; the
amount of which is supposed to be taken from a Petti/- Cash-Book kept for that
purpose. The Balance of Cash on hand of the preceding month is carried to
the following month.
Bill-Book. — In order to give the learner a distinct idea of the nature of
the Bills received or accepted, and thereby to enable him easily to enter them
into the Bill-Book, we have circumstantially narrated these in the Bill Trans-
actions.
Account-Sales-Book. — We have given two forms for drawing out an
Account of Sales. The form, with the several charges, on the first or left-hand
page, and the particulars of the sale on the opposite side, in the manner of Dr.
and Cr., is best adapted for West-India produce.
Day-Book. — In this Book we have entered the amount of the purchases, to
avoid the necessity of keeping an Invoice-Book inward, or Book of Purchases,
which is according to the practice of some Counting-houses.
To connect the Journal entries, we have also inserted a statement of the
Shipments, and Sales on commission. This will greatly simplify the Journal-
izing to the Learner.
103
CASH-BOOK ENTRIES
FOR SET C.
April 1st, 1825.
Balance of Cash on hand from former Cash-Book
8
To Accommodate Thomas Allwood, I have retired his Bi]
No. 165, due this Day
11
Paid Freight and other Charges on 40 Pieces Osnaburghs, re
ceived %> the Sally, from Montrose, to sell on Account of
Collins & Greenhill
12
Discounted at the Banker's T. Allwood's Bill, No. 172, due lltb
July
The Discount is
13
Paid Charges on Goods shipped ^ the Anne for New York....
15
Pail my Bill to Spencer & Croft, No. 77.
Received from Henry Watt on account of Rich. Conder.
18
Paid Charges on Goods ^ the Isabella for Hamburgh.
_ 20
Paid my Bill, No. 78, to Richard Conder.
Paid Freight and other Charges on 200 pieces Linen, received
^ the Union, O'Hara, from Dublin, to sell on Account of
James F^orbes «Sr Co
26
Received Cash for Bill, No. 171, George Kay.
30
l^aid for House Expenses this Month
Paid sundry Charges , Petty Cash-Book this Month,
-May 2d.
Paid Hume & Coleman ...
Discount allowed by him
1087
145
cL
10
10
147
1
1
272
200
5
150
8 16
400
23
3
271
3
4.
H 4
104
CASH-BOOK ENTRIES.
May 7th.-
]
iPaid Charges on Goods shipped ^ the Hibernia for Dublin....
! 9
jPaid Freight and Charges on 450 pieces Muslins, received from
i Collins & Greenhill f the Jean, from Montrose, to sell on
I their Account
10
'Paid my Bill, No. 82, to Samuel Johnson.
Paid Charges on Goods shipped f the Triton for St. Kitts,
12
Received Cash for Bill No. 166, Sheldon & Sons
Bought a^l200 Stock in the Three ^ Cents, @ 59^ ; Brokerage
^ T* cent
18
Received from Sheldon & Sons in full of Madder.
19
Received payment of Bill No. 168, J. Howie & Co.
Received Cash for Debentures f Isabella.
. 21
Paid my Bill No. 81, to R. Runcorn & Co.
— 22
Paid Customs, Freight, and Charges on 40 Puncheons Rum
(m Co.) Y Nancy from Liverpool
24
[Received payment of Bill No. 169, C Dwyer.
26
Sold for Cash 50 Pieces Muslins, on account of Collins &
Greenhill ... .
30
Paid for House Expences this Month
Paid for sundry Charges, f- Petty Cash-Book
1 £
I
s.
1
3
2
5
5
300
10
8
3
117
5
720
-
241
3
110
12
56
2
429
16
152
6
112
1
1 70
-
J 27
1 4
3
CASH-BOOK ENTRIES.
105
June 1st.
Paid Hume & Coleman amount of Noble's Bill, returned for
non-payment
4
Received payment of Bill No. 177, R. Runcorn & Co.
Paid my Bill No. 79, to S. Johnson.
7 -
Paid Duty, Freight, and Charges on 20 Bales Cotton, f- Fanny
8
Received from Sheldon & Sons in full of Madder
Discount allowed him
13
Paid my Bill No. 83, to J. Fielding & Co.
Paid Rent of Warehouse for half a Year
]5
Received Cash for Debentures f- Hibernia.
17
Paid my Bill No. 80, to S. Johnson
18
Sold ^600 Stock, @ 61f ^ Cent.; Commission ^,
22
Paid additional Charges on Rum (in Co.) at delivery
— 25
Received on account of E. Weston, Manchester, ^650 which
I have this day remitted him, with Moffat's Draft at par,
after deducting my ^ f- Cent. Commission
28
Received payment of Richard Conder's Bill No. 178
Received a Dividend of 3/6 ^ £ on ^212 6 from the Estate of
Ord&Dale
30
I Paid my Clerk's Salary for 3 months, due this day.
Paid for House Expenses this Month
{Paid sundry Charges '^ Petty Cash Book.
£
130
428
203
80
115
4
120
25
10
300
367
4
3
150
37
33
20
\ 5
d.\
2
6
5
16
14
16
10 -
5 10
9
10
3
6
106
BILL-BOOK ENTRIES
FOR SET C.
/^pj-il -jIj^ 1325. —
j!\ccepted Samuel Johnson's Draft in favor of Wise & Yates,
this day, @ 1 mo, No. 82
__ 8
Received Thomas Allwood's acceptance No. 172, in conse-
quence of retiring his Bill, No. 165, including Interest
10
Goodwin & Blake have given me their draft on Richard Noble
dated March 27th, @ 2 mo. No. 173
16 .
James Fielding & Co. have drawn on me the following Bills
which I have accepted, payable to :
John Kay, April 10th, @ 2 mo. No. 83
Sam. Smith, « 12th, (® 3 mo, » 84
Norris & Bell having been necessitated to suspend their pay-
ments, have offered to pay 20/ f^ sS, with interest, as follows ;
One instalment of 5/ ^ £, and two of 7/6 each, which I have
agreed to, and received the Bills, viz.
Their Draft on, and accepted by E. Brown
March 6th, @ 4 mo, No. 174
Ditto do. 6th, (g) 6 mo, « 175
Ditto do. 6th, (S) 9 mo, „ 176
• May 4th.
Received from Robert Runcorn & Co, their Draft on H. Tooke,
1st inst, @ 1 mo. No. 177
8 •
Accepted Sheldon & Sons' Draft on me in favor of Tim. Watts,
(S) 2 mo, No. 85
_ 9
Samuel Johnson has drawn on me a Bill in favor of H. Blount,
@ 50 da. No, 86
15
Accepted two Bills on Account of Moss & Benson, to the fol-
lowing :
David Young, May 10th, @ 2 mo, No. 87
Veize&Son, « 10th, (Q) 3 mo, „ 88
^^
300
147
130
120
295
10
ISl
37
56
56
4^28
458
648
400
227
BILL-BOOK ENTRIES.
lo:
~ May 16th.
Received from Richard Conder two Bills of Exchange, viz.
J. Blake on Lees & Co., payable to M. Tindal
@ 40 da. sight, No. 178
W. Forbes on J. Mills, payable to H. Bird
(6) 60 da. sight. No. 179
June 10th.
James Forbes & Co. have drawn on me a Bill in favor of Patrick
O'Brien, 6th inst, @ 3 mo, which I have accepted, No. 89...
. ^ IQ .
Goodwin & Blake have remitted me their Draft on J. Smith,
3d inst, (g) 1 mo. No. 180 :
-: 17
Accepted Collins & GreenhilPs two Drafts in favor of
R. Ritchie, June 12th, @ 3 mo. No. 90
J.Sheldon, „ 12th, (S) 3 mo, „ 91
18
Received from Holford, Rucker, & Co. a Bill drawn by Moses
Reiss on Sol. Sheldon, payable to their order, June 2d, at
LTsance, No. 81 t
28
Received from William Bancroft a Bill drawn by R. Hooly on
Moses Parry, payable to Henry Shore, dated 3d May. @ 31
da. sight, No. 182
150
250
d.
10
150
283
220
140
150
350
14
CASH-BOOK C.
110
CASH-BOOK (C).
Dr.
CASH
Received.
1825
Apr.
To Balance in hand -----------
To Bills Receivable, No. 172, T. All wood, due July :i.
To Richard Conder, received of H. Watt - - - - -
To Bills Receivable, No. 171, G. Kay
Entered Journal, p. 2,
£
*.
087
7
147
7
200
//
400
//
,834 15
Dr.
CASH
Received.
May
To Balance^ from last month --------
To Interest, for discount allowed by Hume & Co. - -
To Bills Receivable, No. l6'6", Sheldon & Sons - - -
To Sheldon &; Sons, received in full of Madder - - -
To Bills Receivable, No. 1 6'8, J. Howie & Co. - - -
To Debentures, received drawback ^ Isabella - - -
To Bills Receivable, No. l6"9, C Dwyer, due June 8 -
To Muslins on Commission, received for 50 pieces ^ Jean,
sold this day -------'-----
}
Entered Journal, p. 4.
£
s.
1217
7
3
15
117
5
241
3
116|12|
56'
2
112
1
70
//
1934
6
Dr.
CASH
Received.
June
1
4
8
15
18
25
28
To Bailee, from last month --------
To Bills Receivable, No. 177, R. Runcorn & Co. - -
To Sheldon Sf Sons, received in full of Ashes - - -
To Debentures, received drawback ^ Hibernia - - -
To Funded Property, sold ^'600 Stock, @ 614 and |- -
To Commission, for A ^ cent, on receiving and remitting )
£690 on account of E Weston « ----- j
To Bilh Receivable, No. 178, Richard Conder r- - -
To Ord S^^ Davis, received a dividend of 3/6 ^£ on £212 6
Entered Journal, p. 8.
428
120
10
367
150
37
126
CASH-BOOK (C).
Ill
CASH
Paid.
Cr.
1825
Apr,
8
11
12
13
15
18
20
//
30
By Thomas Allwood, paid his bill for his accommodation
By goods onCommission, paid on Osnaburgs,*^ Sally from )
Montrose ------------ j
By Interest, for discount on bill No. 1 72. - - - - -
By Charges, ^ Ann, for New York ------
By Bills Payable, paid No. 77, Spencer & Croft - -
By Charges, ^ Isabella, for Hamburgh -----
By Bills Payable, paid No. 78, R. Conder - - - -
ByGoodson commiss'^, paid on Linen, ^ Union, from Dublin
By House Expenses, paid this month ------
^y Charges, paid ^ Petty Cash-book ------
By Balance, carried to next month -------
Entered Journal, p. 2.
£
145
1
1
272
5
150
8
23
3
1217
1834 15 4
7.
CASH
Paid.
Cr.
May
By Hume d^' Coleman, paid balance of their account - -
By Charges, ^ Hibernia, for Dublin ------
By goods onCommis^paid on Muslins, ^ Jean, from Montrose
By Bills Payable, paid No. 82, S. Johnson - - - -
Bij Charges, ^ Triton, for St Kitt's
By Funded Property, bought £1200 Stoclt, in the 3 ^ ?
cent. Consols, at 5^1 ^ cent. — Brokage | ^ cent, j
By Bills Payable, paid No. 81, R. Runcorn & Co. - -
By Rtim Sf Co. paid Charges on 40 puncheons - - -
By House Expenses, paid this month ------
By Charges, paid jp' Petty Cash-book ------
By Balance, to next month ---------
Entered Jouimal, p. 4.
£ s.
27417
3\ 2
5\ 5
30010
8
3
"1
6
720
//
II
429
16
II
152
6'
8
27
3
lOJ
4
/,'
A
9
1
1
1934| 6 9
CASH
Paid.
Cr.
June
By Hume 8^ Coleman, paid them in lieu of Noble's Bill
By Bills Payable, paid No. 79* S. Johnson - - - -
By Goods on Commission, paid on Cotton, ^ Fanny, \
from New York ---------- (
By hUerest, for discount allowed Sheldon & Sons - -
By Bills Payable, paid No. 83, J. Fielding & Co. - -
By Charges, paid Warehouse rent -------
By Bills Payable, paid No. 80, S. Johnson - - - -
By Rum S^ Co. paid Charges at delivery - - - - -
By House Expenses, paid this month ------
By Projit Sf Loss, paid Clerk's salary to this date - -
By Charges, paid ^ Petty Cash-book - - - - -
By Balance, in hand -----------
Entered Jourftal, p. 8.
£
s.
d.
130
15
1!
203
6
6
80
//
5\
4
10
1
//I
120
16
//
25
II
//
300
16
//
4
5
10
20
14
//
33
6
8
5
n
9
197
14
6
1126
16
8
END OF CASH BOOK.
BILL-BOOK C
m
BILL-BOOK (C).
BILLS
Page
Jour,
No.
When ■
Received.
On Aecount qf
Drawn by
Upon
Payable to
2
2
2
2
2
172
17s
174
175
176
1825.
April
8
10
16
Himself
R. Noble
E. Brown
Ditto
Ditto
A. B.
A.B.
Norris & Bell
Ditto
Ditto
Thomas Allwood
Goodwin & Blake
Norris & Bell
Ditto.
Ditto.
A. B.
Themselves
Ditto
Ditto
Ditto
BILLS
matmUmmimmmrim
Page,
J<mr.
No.
When
Received.
On Account qf
Draum by
Upon
Payable to
4
4
4
Ill
178
179
May
4
16
R. Runcorn & Co.
Richard Conder
Ditto
Themselves
J. Blake
W. Forbes
H. Tooke
Lees & Co.
J. Mills
A.B.
M. Tindal
H. Bird
BILLS
Page
Jour.
No.
[When
Received.
On Account of
Drawn by
Upon
Payable to
8
8
8
180
181
182
June
16
18
28
Goodwin & Blake
HolfordRucker&Co.
W. Bancroft
Themselves
Moses Reiss
Rd. Hooly
JamesSmith
S. Sheldon
Moses Parry
A.B.
Holford&Co.
Henry Shore
BILL-BOOK (C).
Tl^
RECEIVABLE.
Place.
Date.
Term.
Payable in
Due,
Sum.
£»en^.
London
Bristol
London
London
London
April 8
Mar. 27
Mar. 6
Mar. 6
Mar. 6
3 months
2 months
4 months
6 months
9 months
London
London
London
London
London
July 11
May SO
July 9
Sept. 9
Dec. 9
147
130
37
56
56
428
7
15
4
5
19
11
6
//
//
8
4
6
returned under proteM.
RECEIVABLE.
Place.
Manchester
New York
Ditto.
Date.
May 1
April 16
Mar. 26
Tern.
1 month
40 days' light
60 days' sight
Payable in
London
London
London
Due.
June 4
June 28
July 18
Sum.
428
50
250
828
Event,
received payment
ditto
RECEIVABLE.
Place.
Date.
Term.
Payable in
Due.
Sum.
Event.
Bristol
Hamburg
St. Kitt8.
June 3
June 2
May 3
I month
1 month
31 days' sight
London
London
Liverpool
July 6
July 5
July 18
283
150
350
783
1
//
5
6
//
//
//
//
I 2
lie
BILL-BOOK (C).
BILLS
Page
Jour.
No,
Accepted.
On Account of
Payable to
Place.
Date.
2
2
82
83
84
1825.
April
7
16
Samuel Johnson
James Fielding & Co.
Ditto.
Wise & Yates
John Hay
Sam. Smith
London
London
London
April 7
Apr. 10
Apr. 12
BILLS
Page
Jour.
No.
When
Accepted.
071 Account of
Payable to
Place.
Date:
4
4
4
4
85
86
87
88
May
8
10
15
Sheldon & Sons
Samuel Johnson
Moss & Benson
Ditto
Tim. Watts
H. Blount
David Young
Vieze & Son
London
London
Liverpool
Ditto.
May 8
May 9
May 10
May 10
BILLS
Page
Jour.
No.
When
Accepted'.
On Account of
Payable to
Place.
Date.
8
8
8
89
90
91
June
10
17
James Forbes & Co.
ColUns & Greenhill
Ditto,
P. O^Brien
R. Ritchie
J. Sheldon
Dublin
Montrose
Ditto.
June G
June 12
Junel2
BILL-BOOK (C).
117
PAYABLE.
Term.
Payable in
Due.
Sum.
When
and to whom Paid.
1 month
2 months
3 months
London
London
London
May 10
June 13
July 15
300
120
295
10
16
19
//
//
8
May
June
10
13
William Hadley
Edward Lee
1
717
5
8
PAYABLE.
PAYABLE.
Term.
Payable in
Due.
Sum.
When
and to whom Paid.
3 months
3 months
3 months
London
London
London
Sept. 9
Sept. i5
Sept. 15
150
220
140
14
10
//
511
4
II
13
END OF BILL-BOOK.
INVOICE-BOOK
AND
SALES-BOOK.
120
INVOICE-BOOK.
0)
Invoice of 'printed Goods skipped on board the Ann, J. King, Master, for
New York, by Order of Richard Conder, Merchant there, for his Account
and Risk, and to him consigned.
London, April 13th, 1825.
I Cambric Check 48 pieces, 1344 yards, @ 1/11 £128 l6
No. 1, Trunk, Sheet, and Packing - 1 1 6
I Calico Check - 51 Ps. 1428 yards, @ 1/7 - - £11S 1
2, Trunk, Sheet, and Packing - - - i ,/
I fine Calico, blue grd - 15 Ps. - 360 yds @ 1/11 £34 10
Cambric Check - 6 144 - - 2/3^ l6 10
J Muslin, yellow grd - 20 560 - - 1/5 39 13
41
3,
R. C.
Trunk, Sheet, and Packing
18 6
CHARGES.
£// 13
// 8
// 11
Cartage, Wharfage, and Lighterage - - -
Custom-house Entry and Fees - - - - -
Bills of Lading and Agency - - - - -
Commission on £337 3 10 @ 2^ ^ Cent. - - "^ I I
Insurance on £370 @ 6 guineas ^ Cent, policy 22/ 24 8 2
Commission on Ditto @ ^ <^ Cent. 117//
cf
s.
d.
129
17
6
114
1
ii
91
11
10
—
—
335
10
4
1
13
6
8
8
7
26
5
2
—
371
17
7
— _
_
Entered Journal, page 3.
(2)
INVOICE-BOOK.
121
Invoice of 'printed Goods shipped on board the Isabella, Brown, Master, for
Hamburgh, for Account and Risk of Holford, Rucker Sf Co. Merchants
there, and to them consigned, marked and numbered as ^ Margin,
London, April \%th, 1825.
il Cambric bordered Handkfs. 20 ps. blue, 40 doz. 8
— Ditto - - - - Ditto - 45 — red, 92 1
— Ditto - - - - Ditto - 2 — black 4 2
No. 1,
67 pieces - 136'doz.ll @ 21/
if Muslins, blue grd. 19 ps. 41 doz. 2 @ 20/ - £41 S 4
— Ditto- smoke grd. 12 — 25 10 @ 17/6 22 12 1
— Ditto - light grd. 6 -— 13 @ 18/6 12 // 6
; Cambric fancy Check 17 — 476 yds. - @ 2/1 - 49 H 8
No. 2,
54
18
8
H Muslins, light grd. 49 ps. 1176 yds. @ 1/9 £102
— Ditto - green - 16 — 384 - - ij^^ 34
No. 3, 65
H. R. ""
Deduct 1 ^ Cent, allowed for damages, and odd pence.
CHARGES.
Boxes, Ropes, and Packing ------- £l 14//
Cartage, Porterage, and Incidents till on board - 1 5 9
Bills of Lading and Agency ------ 11//
Entry at Custom-house, and Fees ----- 112 7
Commission on £406 // 4 @ 2^ ^ Cent. - - - -
Premium of Insurance on £380 @ 45/ ^ Cent. & ) ^ , „
Policy 22/ .---...-- [ 9 13 //
Commission on Ditto (§ i ^ Cent. ---- 118//
'Cr.~
By Drawback allowed here at the Custom-house
Entered Journal, page 3.
£
s.
143
15
125
7
137
6
406
8
4
1
402
7
5
13
10
3
11
11
429
14
56
2
373
12
— .
d.
122
INVOICE-BOOK.
(3)
Invoice of Goods shipped on board the Hibernia, Thomas Howie, for Dublin
by Order of James Forbes ^ Co. there, for their Account and Risk, and
to them consigned.
London, May 'Jth, 1825.
Cotton Yarn in one Bale, viz.
Mule Twist, No. 90
92
94
3 bundles, 15lbs @ 6///^ £4 10 7h
• 6m
6
4 .
95 - 5
96
9S
100
102
104 - 4
105 - 3
2 -
2 -
3 -
7 -
30
- 20 -
- 25 -
- 10 -
- 10 -
- 15 -
- 35 -
- 20 -
- 15 -
6/8
-6/9i
- 7/4
7/3-1
39 bundles, 1951b.
-7/6|
- 7/9|
- 7/11
9 8 9
6 10 10
8 6 8
3 7 11
3 10 5
5 9 4i
13 3 14
7 15 10
5 18 9
India Twist, No. 170-5 bundles, 25lbs @ 20/5^25 11
- 21/2 5 5 10
- 22/7 33 17 6
- 23/3^23 5 10
- 24/ 30 // //
Pot - -
172 - 1 - - - 5 -
176 - 6 - - - SO -
178 - 4 - - - 20 -
180 -_5 - - - 25 -
2lbundles lOMbs.
Cwt. qr. lbs.
52 casks - wg. gross - 134 2 6
Tare^- - - - l6 3 8
Net Cwt. - - 117 2 26 at 42/ ^ cwt.
CHARGES.
Sheet, Rope, and Packing the Yam ----£// 7 4
Entry Bond, Fees, and Certificate ----- 136
Cartage of the Ashes to the Ship, at 4c?. ^ Cask // 17 4
Porterage, and small Charges putting on board . ,/ 3 9
Bills of Lading -- //10 6
Insurance on £450 (g
Commission on Ditto
2 «f Cent. Policy 27/6
H<f Cent. - - -
10
2
Entered Journal, page 5.
68
118
186
247
433
12
8 6
449
12
w
INVOICE-BOOK.
123
Invoice of sundry Goods shipped on board the Triton, James Noble, for St*
Kitt's, consigned for Sale to William Bancroft, Merchant there, on Account
and Risk of Thomas Allwood, and the Shipper, each one half Share.
London, May 10th, 1825.
5 Casks, containing each 5 doz. checked Shirts,
@50/^doz. £62 10
Cost of 5 Casks, at 6/ each - - - - i 10
4 Bales, containing each 12 pieces Negro Blanket-
ing @ 24/ ^ piece £57 12 //
Canvas and Rope --------I96
1 Bale, containing 10 pieces bleached Russia Sheet-
ing, @ 75/ ^ piece £37 10
Packing and Canvas ------ ,/ g
2 Trunks Checked and striped Holland, as ^ B. P. enclosed
2 Boxes Negro Jackets, Nuns Thread, ^ ditto - - -
5 Bales Coarse Woollens, Slops, &c. ^ ditto - - - -
CHARGES.
Cartage, Lighterage, and Wharfage
Bond, Entry and Bills of Lading -
Searcher's Fees and Porterage - -
£3 17 6
2 14 9
1 11 3
Commission on £700 // 10 @ 2^ ^ Cent. - - - .
Premium of Insurance on £770 @ 6* Guineas #* ) ^^ , ^
Cent. Policy 44/ / ^50 14
Commission on Ditto @ | #* Cent. - - . - 3 17
£
64
59 1
37
193
117
220
691
54
d.
11
21 //
Entered Journal, page 5.
m
END OF INVOICE-BOOK.
0)
SALES-BOOK.
vm
Sales of 40 Pieces Osnaburgs, received ^ the Sally j from Montrose, for
Account of Collins S^ Greenhill.
Sold Norris 8^ Bell, payable at 6 months.
No. Pieces.
1 Tow Osnaburgs 3 -
2 4 -
3 6 -
4 7 -
Yards.
427 @ 6Jd. £11 2 4J
6id.
569
723 - - 7d.
996 - - 7id
15 8 ^
23 2 7
30 1 9
20- -2785
5 Flax Osnaburgs 2 -
6 2 -
7 3 -
8 4 -
9 .3 -
10 2 -
11 2 -
12 2 -
Ps. 20
- 284 @ 7d. £8 5 8
7 5 9i
12 17 llj
17 16 3
13 17 8J
9 6 8
9 13 10|
10 1 2
245i 7^d.
427 - - 7id.
570 - - 7id.
430 - - 7jd.
280 - - 8d.
282 - - 8W.
8id.
- 284
2843 Yards.
CHARGES.
Freight on the above, @ 20d. ^ Piece - - £S 6 8
Cartage at Landing, @ Id. «^ Piece - - - // 3 4
Wharfage and Housing -- ----// 310
Porterage and Cartage to Buyer ~ m ^ ~ u 5 Q
Warehouse Rent and Insurance against Fire, 1
2/6 f Cent. f "
Commission and insuring Debts 5 ^ Cent. - 8 9
4 5 4
4 3
To Collin's ^ Greenhill's Credit for Net Proceeds -
79
89
169
12
156
14
11
Entered Journal, page 5.
126
SALES-BOOK.
(2)
Sales of S^OO Pieces Linen, received ^ the Union, O'Hara, from Dublin, on
Account of James Forbes Sf Co.
1825.
May 7
20
May 20
Sold Thomas Allwood, 100 Pieces, @ 4 months.
Brown Linen, No. 1-20 pieces, @ 23/9 - £23 15
2 - 15 - - - 24/6 - 18 7
3 - 25 - - - 26/.9 - 2S 8
4 - 17 - - - 28/3 - 24 //
5 -23 - - - 30/6 - 35 1
100 Pieces
CHARGES.
Freight and Land- Waiter's Fees - -
Cartage and Porterage at Landing -
Wharfage and Housing - - - -
100 Pieces
Sold Henry Hume, 100 Pieces, @ 4 months.
Brown- Linen, No. 6 - 25 pieces, @ 27/9 - £24 13 9
7 - 30 - - - 30/6 - 45 15 //
8 - 15 - - - 31/9 - 22 16 3
9 . 30 - - - 32/6 - 48 15 //
£7 3 9
// 16 10
// 15 6
8 16
Warehouse Rent and Insurance against Fire \
i f Cent. r "
Commission and Guarantee 5 ^ Cent. - - 14
1
7 3
7 8
To James Forbes Sf Co. for Net Proceeds
134
153
287
13
IS
23
264|
Entered Journal, pages 5^6.
(S)
SALJES-BOOK,
127
Sales o^f 450 Pieces Muslins, received ^ the Jean, on Account of Collins ^
Greenhill, Montrose.
1825
May 12
15
Sold Sheldon 8^ <Son*, payable @ 4 months,
J Cossae Muslin - 200 Pieces, each 28 yds - 5600 yds.
@ 1/1
Sold Hume 8f Coleman, payable @ 4 months,
Pieces.
I Grey Cambrics - 100 - 2400 yds. @ 1/4 £l6'0 // //
f Shawl Cloths - - 100 - 100 doz. - 18/6 92 10 //
26
May 26
Sold for Cash,
J Cossae Muslin - - 50 pieces, each 28 yds. - 1400 yds.
@1/
CHARGES.
Freight and River Dues - - - - - -£S18 9
Cartage Wharfage and Housing - - - - 14 4
Porterage and Postage ------- //28
5 5 9
Warehouse Rent ^ ^ Cent. // 15 8
Commission on £625 l6 8 @ 2 ^ Cent. - 12 10 4
on 555 16 8 @ 2^ <f Cent. \ ^^ ^ ^
for Guarantee ----- ^
To Collins Sf Greenhill, for Net Proceeds -
£
SOS
252
70
10
d.
625
32
593
16
Entered Journal, page 6.
128 SALES-BOOK. (4)
Dr. Sales of 20 Bales Cotton received ^ the Fanny, Key,
1825.
June 7
June20
To Duty on 5860lbs. @ '^d. ^ \h. - - - £48 l6 8
Bill Money and Land- Waiter's Fees - // 19 3
To Freight on 5860lbs.@ \d. ^ lb.
Primage, Pierage, and Trade
To Landing, Weighing, and Housing
Lighterage and Wharfage - -
Cartage, Porterage, and Loading
Mending Bags for delivery - -
To Warehouse Rent till delivery
Brokerage ^ <^ Cent. - -
24 8 4
1 15 2
1 12 9
17 3
// 12 6
// 8 6
// 11 //
4 // 10
To Interest on Duty and Freight to Sept. 23d, 108 days
To Commission - 2^ #" Cent.
To Richard Conder - - his Account Current for Net
Proceeds due September 23d.
£
49
26
1
20
105
702
15
808 17 8
11
Entered Journal, page 9-
(4)
SALES-BOOK.
from New Yoik, on Account of Richard Conder
issr
Cr.
1825.
JuneiO
By Robert Runcorn Sf Co. sold them 20 Bales Georgia,
payable in 3 months.
No. Cwt. No. Cvvt. No. Cwt.
1 - - 2 3 // 6 - - 2 2 24 11 - - 2 2 26'
2 - - 2 1 24 7 - - 2 3 11 12 - - 2 3 11
3 - - 2 2 16 8 - - 2 2 25 13 - - 2 2 18
4 - - 2 3 1 9 - - 2 1 27 14 - - 2 3 13
5 - - 2 2 26 10 - - 2 3 14 15 - - 2 2 26
598
210
808
A'.
16
1
17
3
5
8
13 1 11 13 2 17 13 3 10
13 1 U
IS 3 10
Cwt. 40 3 10
Draft 1/15
40 2 23
Tare 5lbs. ^ cwt. 1 3 8
Net Cwt. 38 3 15 or 4353lbs. @ 2/9
No. 20 - - 2 2 26
21 - - 2 3 11
22 - - 2 2 27
23 - - 2 3 14
24 - - 2 3 18
14 // 12
Draft // // 5
14 // 7
Tare // 2 14
Cwt 13 1 21 or 1505lbi. @ 2/9^
«
130 SALES-BOOK.
Dr. Sales of 40 Puncheons Rum, ^ Nancy, from Liverpool,
w
1825.
May 1.^
JuneSO
To Moss <5' Benson, for amount of their Invoice - -
To Customs on 4435 Gals. @ 6J. ^ gal. £110 17
To Freight on Ditto - - (Ji^2d.^ gal. - 36" 19
4 10
Cartage at Landing -
Charges at Delivery
Vault Rent - - -
2/3 ^ pun.
1/9 ^ pun.
3 10 //
// 15 10
To Commission on £887, @ 2^ «^ Cent.
To Henry Hiune for his one-third of profit £26 1 8
To Sam. Johnson for his one-third of profit 26' 1 8
To Projit Sf Loss for my one-third of profit 26 18
£
627
152
784
22
80
887
Entered Journal, page 9*
(5) SALES-BOOK. 151
in company with H. Hume and S. Johnson, each one-third Cr.
1825.
£ \s.
d.
JunelS
By Evans Sf Bayley,
No. Gall.
W20 - - 110
21 - - 112
22 - - 110
23 - - 109
24 - - Ml
25 - - 110
26 - - Ml
27 - - 110
28 - - Ml
sold them 30 Pun. at 2 months.
No. Gall. No. Gall.
SO - - 111 40 - - 111
31 - - 112 41 - - 110
32 - - 109 42 - - 109
33 - - 110 43 - - 110
34 - - Ml 44 - - 118
35 - - 110 45 - - 114
36 ' - 109 46 - - 115
37 - - 110 47 - - 113
38 - - 110 48 - - 114
29 - - 110
39 - - 109 49 - - 116
1104
1101 1130
1104
1130
3335 Gall, mast pr.@ 4/
667
//
II
22
By Thomas Allrtfood,
sold him 10 Pun. at 3 months.
No. Gall.
No. Gall.
D 10 - - 112
16 - - 105
11 - - 114
17 - - 109
12 - - 110
18 - . 107
13 - - 112
19 - - 107
14 - - 115
428
15 - - 109
add 672
672
MOO Gall. @ 4/
220
887
//
//
1.
1/
"^
K 'J
•
END OF SALES-BOOK.
DAY-BOOK C.
&d
.a ^^ooa-Y./iCi
•MOOHMnn
1S5
wfm
DAY-BOOK C.
LONDON, 4tli APRIL, 1825.
s^
Bought of Hume Sf Coleman,
Sundry Goods for Export '^ B. P.
8
The Interest due by Thomas Allivood, included in Bill No.
172, taken for his accommodation, this dav, is
13
Shipped on Board the Ann, J. King, Master, for New York
by order of Richard Conder, for his Account and Risk
and to him Consigned.
3 Trunks, containing 140 pieces Printed Goods ^335 « 10 « 4
Paid Charges at Shipping 1 « 13 « 6
Commission on ^337 « 3 « 10 @2^ ^ Cent S u 8 « 7
kisured on 5^^370 at Evans & Bayley's Office, at
6 Guineas ^ Qent., Policy 22/. 24 « 8 « 2
Commission on ditto 1
Vide I. B. page 1.
17
U
Bought of Sheldon Sf Sons,
186 pieces printed Goods for Export, ^ B. P.
16
Tke Interest due on Norris 8^ Bell's instalment Bills, and
therein included, is
Shfpped on board the Isabella, for Hamburgh, by order of
Holford, Ruc/cer, Sf Co. for their Account and Risk, and
to them Consigned:
3 Boxes Printed Cottons (drawbacks deducted)5£346 // 5 « -
Paid Charges at Shipping 5 „ IS « 4
Commission on ^'406 « « 4 (g) 2^ -^ Cent 10// 3 «
Insured on 6^^380 with Evans & Bayley (@ 2^ ^
Cent, Policy 22/ 9 » 13 »
Commission on ditto @ \ "^ Cent 1 « 18 » -
Vide I. B. page 2.
The Drawback on the above Goods, shipped ^ the Isabella for
Hamburgh, payable al, the Custom House, is
K 4
405
12
371
458
17
56i :il
1S6
DAY-BOOK, 2d MAY, 1825.
(2)
May 2d.
6 Indorsed to Hume 8^ Coleman, Bill No. 173, being Goodwin &
Blake on R. Noble, due 30th inst
6 Bought of Hume 8^ Coleman,
Sundry Goods for Export, as ^ B. P.
Sold Samuel Johnson,
9 Bales Cotton, payable (m 2 mo.
Insured with the London Assurance Company,
On account of Richard Conder, on ^650, on 20 Bales
Cotton, ^ the Fanny, Ker, from New York to London,
Premium at 6 Guineis ^ Cent, to return 1 f>^ Cent, for
Convoy and Arrival,
Policy 38/6 a£'42» 17 » 6
Commission -l '^ Cent 3// 5/
Sold iVorrw S^Bell,
40 Pieces Osnaburghs, on account of Collins & Green-
hill, (^ 6 mo
Vide Sales Book, page 1.
Shipped ^ the Hibernia, Thomas Howie, for Dublin, by order
of James Forbes 8^ Co. and to them Consigned :
SOOlbs. Cotton Yarn ^186 « 3 « 9
52 Barrels Pot Ashes 247 « 4 « 9
Paid Charges at Shipping
Insured on e£^50 @ 2 ^ Cent )
Policy 13/9 j
Commission on ditto, -^ fJ- Cent
Vide I. B. page 3.
10
The Drawback on the Ashes shipped ^ the Hibernia, is.
Furnished Collins <^ Greenhill, of Montrose, with an Account
Sales of their 40 pieces Osnaburghs, "^ the Sally, and
charged them,
Warehouse Rent £ - « 4 « 3
Commission, 5^ Cent on ^169 8 « 9 « -
The Net Proceeds due themjis ,..., 156 « 1 « 5
Vide S. B. page 1.
£
130
565
264
d.
13
46
169
449
10
14
164114 8
(3)
DAY-BOOK, 9th MAY, 1825
.^7
Sold Thomas Alhvood,
100 Pieces Linen, on Account of J. Forbes & Co. pay-
able @ 4 mo
Vide S. B. page 2.
10
Sold Robert Runcorn S^ Co. Manchester,
7 Bales Cotton, payable @ 3 mo
6
Shipped, as an Adventure, on board the Triton, James Noble
Master, for St. Kitfs, consigned for sale to William Ban-
croft, Merchant there, on Account and Risk of Thomas
Allwood and the Shipper, each one-half:
Sundry Goods ^ Invoice ^691 « 17 « 4
Charges at Shipping 8 « 3 « 6
Commission 2^ ^ Cent 17 « 10 » -
Premium on £110 @ 6 Guineas ^ Cent.
Policy 44-/, insured with the London
Assurance Company 50 « 14 « 2
Commission on ditto at ^ ^ Cent 3 « 17 « -
Vide 1. B. page 4.
12
Sold Sheldon S^ Sons,
200 Pieces Cossae Muslins, on Account of Collins &
Greenhill, (Si 4 mo
Vide S. B. page 3.
15
Received ^ the Nancy, from Liverpool, 40 Puncheons Rum,
ordered from Moss S^ Benson, in Co. with H. Hume and
S Johnson, each ^ share, who allows me 2| ^ Cent, on
the Sales, for managing the same. Amount ^Invoice...
6^ Sold Hume Sf Coleman,
200 Pieces Muslins, on Account of Collins & Greenhill,
@ 4 mo
Vide S. B. page 3.
20
Sold Henry Hume,
100 Pieces Linen,
able (g) 4 mo
Vide S. B. page 2.
on Account of J. Forbes & Co.
pay-
134
207
d.
13
772
303
627
252
10
153
1S8
DAY-BOOK, 20th MAY, 1825.
(4)
Sent James Forbes S^ Co, an Account Sales of their 200
Pieces Linen, ^ the Union, and charged them for :
Warehouse ^ - « 7 « 3
Commission 5 ^ Cent, on Sales 14 « 7 « 8
The Net Proceeds due them 264 „ 2 „ -
23
Sold Samuel Johnston,
4 Baits Cotton, (g) 4 mo
26
Sold for Cashf
50 Pieces Muslins, on Account of Collins & Greenhill...
Vide S. B. page 3. J£ntd. C. B,
Furnished Collins 8^ Greenhill, of Montrose, with an Account
Sales of their Muslins, ^ the Jean, and charged them for
Warehouse Rent £ - „ 15 „ 8
Commission on the Sales 26// 8 « 3
The Net Proceeds due them, is 593 « 7 // -
30
Sold Sheldon S^ Sons,
25 Casks Pearl Ashes
3J ^ Cent, for Cash.
31
Goodwin Sf BlaJce^s Draft on R. Noble, No. 173, indorsed
Hume & Coleman, the 2d inst., is th'is day returned by
them for non-payment '. ^130// 15 « -
I have therefore sent it back to G. & B. and
charged them with expenses of protest -//IOh -
The Return of Premium on ^650 at 1 ^p^ Cent, for con-
voy and arrival of the Fanny, insured the 6th inst. with
London Assurance Co. on Account of Richard Con-
der, is
278
114
16
d.
11
6
620
120
10
11
131
6 10
(5)
DAY-BOOK, 13th JUNE, 1625
139
13 ill June.
Sold Evans 8f Bailey,
30 Puncheons Kum, (in Co.) (g) 2 mo.
Vide S. B. page 5.
20
Sold Robert Runcorn 8^ Co., Manchester,
20 Bales Cotton, on Account of R. Conder, @ 3 mo......
Rendered Richard Conder, an Account Sales of 20 Bales
Cotton, ^ Fanny and charged him for
Warehouse & Brokerage s£ 4//ll«i0
Interest on Duty & Freight 1„ 1„ 7
Commission 2^ ^ Cent 20// 4// 5
The Net Proceeds due him, is 702/, 19// 5
99
Sold Thomas Allwood,
10 Puncheons Rum (in Co.) @ 3 mo.
The Rum in Co. being now all sold, I close the several Ac-
counts as under, viz.
My Commission on Sales, 2i ^ Cent ^22,/ 3// 6
Henri/ Hume for his ^ of profit 26// 18// 4
Samuel Jo/mson for his 4 of ditto 26 // 1 8 // 4
Profit Sj- Loss for his ^ of ditto 26nl8„ 4
Vide S. B. page 5.
28
Received an Account Sales from William Bancroft, for the
Goods consigned him last month, as an Adventure in Co.
with Thomas Allwood, each one-half:
The Net Proceeds Amount to
Thomas Allwood's one-half of the Profit is ^97 // 3 // 6
And my one-half of ditto 97 // 3 ,/ 6
£
s. d.
667
808
17
728
220
17
102
18 6
Ord Sf Davis having obtained a discharge for 17/6 ^ Pound,
with security, to be paid by different instalments, I have
agreed to the same ; therefore my Loss on 5^212 ,/ 6 at
2/6 ^ £, is
966
194
26
10 9
140
DAY-BOOK, 30th JUNE, J825.
(6)
30
Closed Richard Conder's Account Current,
Postage of Letters paid by me s£-a 9y 5
Interest* for, due thereon 8«19ii 7
END OF DAY BOOK C.
Previous to the Balancing of my Books, I have this day
taken an Inventory of the Goods in my Warehouse, and
have on hand,
335 lbs Indian Twist, value 5£34<1» 3« 5
138 Mule Twist, do 41«19«10
308 Bundles Water Twist, do 428« 6« -
^
811 9 3
* See Specimen, in the iMRODucTioy, pageig.
JOURNAL C
14^
RULES FOR JOURNALIZING, MONTHLY.
To Journalize the CASH-BOOK, say
Cash Dr. to Sundries, viz.
To the several Accounts which foliow on the Dr. side.
Sundries Dr. to Cash, viz.
Several Accounts on the Cr. side of the Cash-Book.
N. B. Class together similar Entries on either side.
To Journalize the BILL-BOOK, say
Bills Receivable Z)r. to Sundries.
To the several Persons on whose account the Bills were received.
Sundries Drs, to Bills payable, viz.
— The several Persons on account of whom the Bills were accepted.
N. B. After the names add the Nos., and the time when the Bills fall due.
To Journalize the DAY-BOOK* make
Goods Dr. to Sundries,
'BoT the several Purchases made during the month.
Sundries Drs. to Goods,
For the Sales during the month.
For insurances Effected :
1st. For Goods Exported, the Entry is
Insurance Dr. to the Office with whom insured,
Or, Dr. to Sundries, if more Offices than one.
N. B. The Account of Insurance is understood to be already Credited for the
same from the Invoice-Book.
2d. For Goods Imported, the Entry is
The Person (on whose Account the Insurance has been made)
Dr. to Insurance — or
If your own Goods, they are Dr. to Insurance.
N. B. Narrate the particulars, as the rate of Premium and PoHcy, name of
Vessel, &c.
♦ The Rules given under Shippikg Goods Abroad, and Goods on Consignment, are
sufficient to direct the Learner to Journalize the Invoice-Book, and Account-Sales-
Book, to which we refer him.
145
JOURNAL (C).
(1)
LONDON, April, 1825.
1 1
Sundries Drs. to Stock,
For the following Balances in my favor, the 31st ult. trans-
ferred from Ledger B.
Cash for balance in hand
Bills Receivable for the following Bills in hand, viz.
No. 171, Geo. Kay due April 26 ^400 „ - « -
166, Sheldon and Sons May 12 117 « 5 » 2
168, John Howie & Co.... 19 116 „ 12 « 6
169, Charles Dwyer June 8 112 « 1«
House at Windsor ,
Goods ^ Inventory
Counting-house Furniture
Sheldon & Sons London
Norris & Bell Ditto
Ord and Davis Ditto
Robert Runcorn & Co Manchester.
Goodwin & Blake Bristol
Richard Conder New York.,
Stock Dr, to Sundries.
For the following Balances against me, the 31st ult. trans-
ferred from Ledger B.
To James Fielding & Co London
To Evans & Bayley Ditto
To Samuel Johnson .„Ditto
To Bills Payable. ..for the following Bills unpaid, viz.
No. 77, Spencer & Croft.. .due April 15 ^272 « 8 « 3
78, Richard Conder .- 20 150 „ -,, -
79, Samuel Johnson June 4 203
80, Ditto -
81, R. Runcorn & Co. May
17.
21.
300
429
6
16
16
1087
10
745
841
1811
78
241
146
212
428
282
525
6402
18
14
18
17
3
1
6
9
11
17
oi
416
22
948
I'i^
1356
2744
111
144
JOURNAL.
LONDON, April, 1825.
(2)
12
26
15
8
11
20
12
13
18
30
15
20
30
8
10
16
7
16
Cash Dr. to Sundries.
For the following Sums received this month.
To Bills Receivable No. 172 ^147 « 7 « 6
— 171 400 « - » -
To Richard Conder,
Sundries Drs. to Cash.
For the following Sums paid this month.
Thomas AUvoood paid his bill
Goods on Commission...'^ Sally, from Montrose ^4 « 5
^ Union from Dublin... 8 « 16
Bills Payable No. 77,.
- 78,.
.^272
. 150
House Expenses this month.
Interest for discount on a bill
Charges ^ Ann, for New York £l „ 13 „ 6
^ Isabella, for Hamburgh 5 « 13 „ 4
^ Petty Cash-Book 3 ,, 13 „ 1
8 „ 3
Bills Receivable Dr. to Sundries.
For Bills received of the following this month.
To Thomas Alltoood, No. 172, due July 11
To Goodmn S^^ Blake... — 173, May 30
To Norris Sf Bell — 174, July 9 ^37 « 4«-
175 Sent. 9 56 » 5 « 8
176, Dec. 9 56 „ 19 „ 4
Sundries Drs. to Bills Payable.
For Bills accepted to the following this month.
SamuelJohnson No. 82, due May 10
James Fielding Sf Co. — 83, June 13 120 « 16 „
84, July 15 295 „ 19 „ 8
^
547
200
747
145
10
422
23
617
147
130
150
428
300
416
717
10
19
11
JOURNAL.
14.5
(3)
LONDON, April, 1825.
4
14
13
18
18
8
16
! 7
4
13
18
Goods Dr. to Sundries.
For Amount bought of the following this month.
To Hume 8^ Coleman ^405 « 12
To Sheldon 8^ Sons 458 « 9
Richard Conder Dr, to Sundries.
For Amount of Invoice of printed Goods, ^ Ann, for
New York, as ^ L B. p. 1.
To Goods 335 « 10 « 4
To Charges I « 13 „ 6
To Commission 10,/ 5ul
Ilo Insurance 24 « 8»2
HoLFORD, RucKER, & Co. Dr. to Sundries.
For Amount of Invoice of printed Goods, f^ Isabella, for
Hamburgh, as ^ I. B. p. 2.
To Goods (less drawback) ^346 « 5 « -
To Charges 5 « 13 « 4
To Commission 12 « 1«
To Insurance 9 « 13 <j
Debentures Dr, to Goods.
For Amount of Drawback on Goods, '^ Isabella, D. B.
Sundries Drs. to Interest.
For Amount included in Bills received of the following, D.B.
Thomas Allxvood s€l <i 17 "6
Nor ris Sf Bell 4 « 7// 4
Insurance Dr. to Evans & Bayley.
For the following Insurances made with them this mo. D.B.
Premium on ^370 on Goods ?p the At- 7
lantic, to New York, 5Guin ^ cent.... 3
Ditto on 5^380 on Goods ^ Isabella, to \
Hamburgh, 45/ ^ cent j
^24. 8«2
9 « 13 .
d.
864
1
371
17
373
5Q
12
10
34
146
JOURNAL.
LONDON, May, 1825.
(4)
2
12
19
24
18
19
26
Cash Dr. to Sundries.
For the following Sums received this month.
To Interest
To Bills receivable No. 166 ^117 « 5 « 2
— 168 116 » 12 „ 6
— 169 112 « 1„-
To Sheldon 8f Sons
To Debentures ,
To Goods on Commissioti,
2
7
10
31
9
10
21
12
22
31
4
16
Sundries Drs. to Cash.
For the following Sums paid this month.
Hume 8f Coleman paid them,
Charges ^ Hibernia, for Dublin.. .j^3 „ 2 „ 5
W Triton, for St. Kitt's... 8 « 3 « 6
^ Petty Cash-book 4 « - « 2
Goods on Commission ^ Jean, from Montrose
Bills Payable No. 82 300,, 10
— 81 429,, 16
Funded Property ^'1200 in the 3 ^ Cents, at 591
Rum in Company charges on 40 puncheons
House Expenses this month
Bills Receivable Dr. to Sundries.
For Bills received of the following this month.
To Robert Runcorn & Co. No. 177, due June 4
To Richard Conder — 178, — June28a^l53«10-/-
179, — July 18 240« -»•
10
15
Sundries Drs. to Bills Payable.
For Bills accepted to the following this month.
Sheldon 8^ Sons No. 85, due July 11
Samuel Johnson — 86, — July 1
Moss 8^ Benson — 87, — July 13 ^400 «-„
88, — Aug. 13 227" 9//
3
345
241
70
716
274
15
5
730
720
152
27
1925
428
400
828
458
648
s.
15
18
3
2
19
17
6
5
6
6271 9
734'
JOURNAL.
147
(5)
LONDON, May, 1825.
7 10
10
James Forbes & Co. Dr. to Sundries,
For Amount of Invoice, ^ the Hibernia, for Dublin, as
fi- 1. B. pa. 3.
To Goods ^"433«8«6
To Charges 3 ./ 2 « 5
To Insurance 10«7'/6
To Commission 2«5«
7
20
Adventure to St. Kitt s in Co.
Dr. to Sundries.
For Amount of Invoice, ^ the Triton, for St. Kitt's, con-
signed to William Bancroft, to sell on account of
Thomas Allwood and myself, each one-half, as ^I. B.
pa. 4.
To Goods ^691«17«4
To Charges 8« 3h6
To Commission 21 « 7« —
To Insurance 50 « 14« 2
NoRRis & Bell Dr. to Goods on Commission.
For Amount of 40 Pieces Osnaburgs, ^ the Sally, and sold
for account of Collins & Greenhill, at 6 months, as ^
S. Vt. page 1
Goods on Commission Dr. to Sundries.
To Charges ,..^-//4/i3
To Commission 8// 9 »-
To Collins 8f Greenhill, for Net proceeds of 40")
Pieces Osnaburgs, ^ Sally, as f^ S. B. > 156 « 1 « 5
pa. I. )
Sundries Drs. to Goods on Commission.
For Amount of 200 Pieces Linen, ^ the Union, and sold
for account of James Forbes & Co. S. B. pa. 2.
Thomas Allwood,,, 100 Pieces at 4 months ^134 « 13 « -
Henry Hume 100 at 4 months 153// - « -
l2
d.
449
772
169
164
14
287
148
JOURNAL.
LONDON, May, 1825.
(6)
20
7
10 T
Goods on Commission Dr> to Sundries.
To Charges ^- , 7
To Commission 14 « 7
^o James Forbes 8^ Co- for Net proceeds of ^ ^^ . ^
200 Pieces Linen, ^ Union, as ^ S. B. p 2. / ^^4? " ^ '
12
15
26
6
23
10
30
Sundries Drs. to Goods on Commission.
For Amount of 400 Pieces Muslins, ^' the Jean, and sold
on account of Collins & Greenhill, S. B. p. 3.
Sheldon 8^ Sons 200 Pieces at 4 months a£'303 « 6 ,, 8
Hiime Sf Coleman... 200 at 4 months 252 « 10 ,, -
Goods on Commission Dr. to Sundries.
To Charges sS - « 15 ,, 8
To Commission 26// 8,/ 3
To Collins and Greenhill^ for Net proceeds^
of 450 Pieces Muslins, 7|p^ Jean, as ^ S.B. >- 593 « 7 « -
p. 3. )
Hume & Coleman Dr. to Bills Receivable.
For No. 173, being Goodwin & Blake on Richard Noble,
due May 30th, paid them on account, D.B
Goods Dr. to Hume 8f Coleman.
For Amount bought of them as ^f B.P
Sundries Drs. to Goods.
For Amount sold this month.
SamuelJohnson 9 Bales Cotton at 2 mo.5^264 « 3 « 2
4 — do. 2 mo. 114 „ 1 „ 6
Robert Runcorn 8^ C 0.1 — do. 3mo
Sheldon and Sons 25 Casks Ashes, 3|f Cent, for Cash
£ s. d.
278
16
11
555
16
620
130
565
10
15
13
11
37!
207
120
705
JOURNAL.
149
(7)
LONDON, May, 1825.
7
10
Insurance Dr. to Sundries,
For the following made this month, ^ D. B.
To Evans 8^ Bailey ... Premium on ^450 on Goods f^
Hibernia, for Dublin, at 2 ^ Cent, and policy
To London Assurance Company ... Premium on ^770 on
Goods ^ Triton, for St. Kitt's, at 6 Guineas ^ Cent,
and policy
15
31
Richard Conder Dr. to Sundries.
For Cost of Insuring ^650 on 20 Bales Cotton ^ the
Fanny, from New York to London, at 6 Guineas ^
Cent, to return 1 ^ Cent, for Convoy and Arrival,
policy 38/6 ^ D. B.
To London Assurance Company j§42 « 17 • 6
To Commission., Sov 2i ^ Cent 3 « 5 »-
Debentures Dr. to Goods.
For Drawback on 52 Casks Ashes f^ the Hibernia, D. B.
Rum in Company Dr. to Moss Sf Benson.
For 40 Puncheons, bought of them (in Company with
H. Hume and S. Johnson, each -\- Share) and received
this day ^ the Nancy, from Liverpool, amount as ^
Invoice D. B
31
6
Goodwin & Blake Dr. to Sundries.
For their Draft No. .173, on R. Noble, due 30th, returned
them with Protest for Non-payment, '^ D. B. viz.
To Hume Sf Coleman,„for Bill paid them i^l30 « 15 i
To Charges for protesting it - « 10 ,
London Assurance Company Dr. to R. Conder.
For return of Premium on 5^650 at 1 ^ Cent, for Convoy
and Arrival of the Fanny D. B
^
d.
46
10
50
61
10
14
1
14
627
131 5
10
L 3
150
JOURNAL.
LONDON, June, 1825.
(8)
1
5
4
1
13
-
17
-
7
9
8
8
13
7
30
-
22
9
30
8
-
8
Cash Dr. to Sundries.
For the following Sums received this month.
To Bills Receivable No. 177 a§4.28 « 9 « 2
178 150»10»-
To Sheldon 8^ Sons in full of Ashes
To Debentures drawback f^ Hibernia
To Funded Property ^"600 in the 3 f)> Cents, at 6 If
To Commission I ^ Cent, on £(^90
To Ord Sf Davis Dividend of 3/6 ^^
Sundries Drs. to Cash.
For the following Sums paid this month.
Hume 4" Coleman paid them
Bills Payable No. 79 ^203 « 6
83 120« 16 ,
80 300 „ 16
Goods on Commission...'^ Fanny, from New York ,
Interest discount allowed Sheldon & Sons
Charges paid Warehouse Rent..5^25 « - »
^ Petty Cash-Book... 5 « 11 « 9
Rum in Company paid Charges at delivery...
House Expenses this month
Profit Sf Loss Clerk's Salary to this date
Bills Receivable Dr. to Sundries.
For Bills received of the following this month.
To Goodwin 8f Blake No. 180, due July 6
To Holfordy RucJcer 8^ Co 181, — 5
To William Bancroft 182, —24
Sundries Drs. to Bills Payable.
For Bills Accepted to the following this month.
James Forbes 8^ Co No. 89, due Sept. 9
Collins 8^ Greenhill 90, — 15. ..^220 „ 10
91, — 15... 140 „ -
578
120
10
367
3
37
1117
130
624
80
4
30
4
20
33
929
283
150
350
783
150
360
511
15
d.
2
5
JOURNAL.
151
(9)
LONDON, June, 1825.
20
20
13
22
22
28
28
28
30
R. Runcorn & Co. Dr. to Goods on Commission,
For amount of 20 Bales Cotton ^ Fanuy, and sold for Ac-
count of R. Conder, at 3 mos. as ^ S. B. p. 4
Goods on Commission Dr, to Sundries,
To Charges £^ u 11 « 10
To Interest,,, 1« 1« 7
To Commission 20 « 4« 5
To R, Conder for Net proceeds of 20 Bales 1 ^^^ ,q -
Cotton ^ Fanny, due Sep. 23, ^ S. B. p. 4| ^^^ " ^^ " ^
Sundries Drs, to Rum in Company,
For Amount of 40 Puncheons sold the following, S. B. p. 5
Evans 8^ Bayley 30 Pun. at 2 months... . ^667 « - « -
Thomas Allvoood 10 at 3 220 « - « -
Rum in Company Dr, to Sundries,
For the following to close that Account, ^ S. B.
To Commission for 2^ f^ Cent, on Sales.. ..^22 « 3 « 6
To H. Hume for his I of gain 26 « 18 « 4
To S. Johnson for his ^ of gain 26 « 18 » 4
To Profit 8f Loss for my ^ of gain 26 « 18 « 4
W. Bancroft Dr, to Adventure to St, Kitfs i?i Co,
For Net Proceeds of the Goods consigned him, as ^
Account Sales received this day D. B
Adventure to St. Kitt's in Co. Dr. to Sundries,
For the Balance of that Account due as follows.
To Thomas Allwood his g of gain ^97 « 3 w 6
To Profit Sf Loss my ^ of gain 97 « 3 « 6
Profit and Loss Dr. to Ord Sf Davis.
For 2/6 ^ sS, being the Amount lost by them, and which
I have discharged this day ^D. B
Richard Conder Dr. w Sundries.
For Postage of Letters and Interest due on his Acct. D. B.
To Charges £- „ 9 „ 5
To Interest 8 ,, 19 „ 7
808
17
728
887
17
102
966
18
194
26
10
L 4
im
JOURNAL.
LONDON, June, 1825.
(10)
£
s.
,.
^
_
6
31
6
7
71
9
7
102
16
8
149
6
144
5
5
13
15
1
307
1
-
268
8
9
197
14
6
1183
15
—
841
14
_
811
9
3
78
17
6
303
6
8
169
—
-
148
12
3
600
7
10
351
6
4
257
9
6
352
10
—
126
1
8
1015
19
9
223
12
4
335
15
5
616
4
-
7613
16
—
2541
8
8
313
3
4
87
1
8
356
13
1
388
18
5
3926
10
10
7613
16
-
30
30
30
30
30
Profit & Loss Dr. to Sundries,
For Balancing the following Accounts to this date.
To Goodwin & Blake
To Charges
To House Expenses
Sundries Drs, to Profit S^ Loss.
For Gain on the following Accounts to this date.
Goods
Commission.
Interest
Profit and Loss Dr. to Stock.
For Balance of the former Account, being the Net Amount
of my Gain for the last three months
Balance Dr. to Sundries.
For Closing all Accounts that Balance in my favor.
Cash on hand
Bills Receivable, — Bills in hand
House at Windsor
Goods ^ Inventory
Counting-house Furniture
Sheldon & Sons
Norris & Bell
Ord & Davis
Evans & Bailey
Samuel Johnson
Thomas Allwood •
Funded Property
Henry Hume
Robert Runcorn & Co
Holford, Rucker & Co
James Forbes & Co
William Bancroft
Amount of my Effects.
Sundries Drs. to Balance,
For Closing all Accounts wherein the Balances are
against me.
Bills Payable, — Acceptance unpaid
Hume & Coleman
London Assurance Company
Richard Conder ,
Collins & Greenhill
Stock, Net Capital
LEDGER C.
156
INDEX
. it/i.acjlii.
TO LEDGER C.
A
Fol.
Allwood, Thomas 4?
Adventure to St. Kitt's, in com- 1
pany with T. Allwood & Self, >- 9
each one-half. J
B
Bills Receivable 1
Bills Payable 1
Bancroft, William 10
Balance 10
c
Cash 1
Counting-house Furniture 3
Conder, Richard 6
Charges 7
Commission 7
Collins & Greenhill 10
D
Debentures 8
E
Evans & Bailey 4
F
Fielding, James & Co 4
Funded Property 5
Forbes, James & Co 10
G
Goods Account 2
Goodwin & Blake 6
Goods on Commission 9
H
Fol.
House at Windsor ,, 2
Hume & Coleman 5
Hume, Henry 5
Holford, Rucker&Co 6
House Expenses 8
I
Johnson, Samuel 4
Insurance 7
Interest 8
L
London Assurance Company 5
M
Moss & Benson 9
N
Norris & Bell 3
o
Ord & Davis 3
P
Profit & Loss 8
R
Runcorn, Robert & Co 6
Rum, in company with H* Hume") „
and S. Johnson, each ^ share.. J
s
Stock 1
Sheldon & Sons 3
ISS
LEDGER.
(1)
Dr.
1825
Apr.
June
Stock.
To Sundries - - - -
To Balance for net capital
£
2744
39^6
6670
Dr.
Ca8H.
Apr. 1
30
May 31
June SO
To Stock -- 1
To Sundries this month --------- 2
To Sundries --do. --------- 4
To Sundries --do. -- 8
1087
747
716
1117
3669
10
6
//
7
11
Dr.
Bills Receivable.
Apr.
May
June
To Stock 1 745
To Sundries 2 428
To Sundries 4 828
To Sundries 8 783
2786
15
Dr.
Bills Payable.
Apr.
May
June
To Cash ----------
To Ditto •
To Ditto •
To Balance for Bills not due or not paid
422
730
624
2541
4319
0)
LEDGER.
157
Contra.
1825
Apr,
June
By Sundries - - - - -
By Tfofii 8^ Loss for net gain
Cr.
£
6402
268
667013
Contra.
Cr.
Apr.
May
June
By Sundries this month --------- 2
By Sundries - - do. --------- 4
By Sundries --do. --------- 8
By Balance on hand ---------- 10
617
1925
.929
197
3669
7
8
2
6
11
Contra.
Cr.
Apr.
1
May
31
June
2
30
//
By Cash 2
By Ditto - 4
By Hume & Coleman --------- 6
By Cash 8
By Balance ------------ lo
547
345
130
578
1183
2786
Contra.
Cr.
Apr.
May
June
By Stock 1
By Sundries ------------ 2
By Sundries ------------ 4
By Sundries ------------ 8
1356
717
1734
511
4319
ws
LEDGER.
(2)
Dr.
House at Windsor.
1825
Apr.
To Stock
1
841
s.
Dr.
Goods account.
1825
Apr.
May
June
To Stock Value ^ Inventory.
To Sundries
To Hume & Coleman
To Profit and Loss
1811
864
565
149
3390
13
LEDGER.
159
Contra.
Cr.
•1825
June
30
By Balance,
10
481
s.
14
Contra.
Cr.
Apr,
May
June
By Richard Conder
ByHolford, Rucker, & Co
By Debentures
By James Forbes & Co
By Adventure to St. Kitt's in Co.
By Sundries
By Debentures
By Balance ... Value on hand
335
346
56
433
691
705
10
811
3390
13
j60
LEDGER.
(5
Dr.
COUNTING-HOUSE FuRNITURE.
1825
Apr.
To Stock
78
Dr.
Sheldon & Sons, London.
Apr.
May
To Stock 1
To Bills Payable 4
To Muslins on Commission ------- 6
To Ashes 7
241
458
303
120
1122
18
Dr.
NoRRis & Bell London.
Apr.
May
To Stock 1
To Interest 3
To Osnaburgs on Commission ------- 5
146
4
169
319
Dr.
Ord & Davis, London.
Apr.
To Stock
212
(3)
LEDGER.
161
Contra.
Cr.
1825
June
30
By Balance
10
£
78
Contra.
Cr.
Apr.
May
June
By Goods ------------ s
By Cash ----- 4
By Ditto 8
By Balance ------------ 10
458
241
120
303
1122
18
Contra.
Cr.
Apr.
June
l6By
30
Bills Receivable
By Balance - -
2
10
150
169
319
Contra.
Cr.
June 28
30
By Cash 8
By Profit & Loss .-.- 9
By Balance ------ 10
37
26
148
212
162
LEDGER.
(^)
Dr.
James Fielding & Co. London.
1825
Apr.
16
To Bills Payable
2
£
416
15
Dr.
Evans & Baylby> L<ondon.
June
31
To Rum in Co.
667
Dr.
Samuel Johnson, London.
Apr.
May
To Bills Payable
To Ditto - -
To Goods -
300
648
378
1327
Dr.
Thomas Allwood, London.
Apr.
May
June
To Cash
To Interest - - - -
To Goods on Commission
To Rum m Co. - - -
145
1
134
220
502
(4)
LEDGER.
168
CONTHA.
Cr.
1825
Apr.
By Stock
£
416
15
Contra,
Cr.
Apr.
May
June
By Stock -
By Insurance
By Ditto -
By Balance
3
7
10
22
34
10
6'00
667
6
2
6
10
Contra.
Cr,
Apr. 1
June 22
30
By Stock 1
By Rum in Co. ---------- - g
By Balance -----------* 10
94^8
26
351
1327
Contra.
Cr.
Apr
June
By Bills Receivable - - - -
By Adventure to St. Kitt's in Co.
By Balance ---»--..
2
9
10
147
97
257
502
U $
164
LEDGER.
(«)
Dr.
Funded Property.
1825
12
To Cash
720
d.
Dr.
Hume & Coleman, London.
May 2
15
2
1
June 30
To Cash - _ - - -
To Goods on Commission
To Bills Receivable - -
To Cash
To Balance - - - - ■
4
6
6
8
10
274
252
130
130
313
1102
Dr.
London Assurance Company.
May
June
To Richard Conder
To Balafice - -
7
10
6
87
9S
Dr.
Henry Hume, London.
May
20
To Goods on Commission
153
(5)
LEDGER.
165
Contra.
Cr.
1825'
June
By Cash -
By Balance
10
367
352
720
Contra.
Cr.
Apr.
4
May
4
31
By Goods 3 405
By Ditto 6 56'5
By Goodwin & Blake 7 130
1102
CoNTR^V.
Cr.
May
By Richard Conder
By Insurance - -
42
50
9S
Contra.
Cr.
June 22
30
By Rum in Co.
By Balance
9
10
26'
126
153
m3
166
LEDGER.
(6)
Dr.
Robert Runcorn & Co. Manchester.
1825
Apr.
May
June 20
To Stock 1
To Goods ------ 6
Tc Goods on Commission --------
£
428
207
808
1444.
d.
2
1
8
11
Dr.
Goodwin & Blake, Bristol.
Apr.
May
To Stock -
To Sundries
282
131
413
16
Dr.
Richard Conder, New York.
Apr.
May
June
To Stock -
To Sundries
To Ditto -
To Sundries
To Balance
1
3
7
9
10
525
371
46
9
356
1309
17
17
2
9
IS
19
Dr.
Holford, Rucker & Co. Hamburgh.
Apr.
18
To Sundries
373
12
(6)
LEDGER.
167
Contra.
Cr.
1825
May
June
By Bills Receivable
By Balance - -
£
4.28
1015
1444
d,
2
9
11
Contra.
Cr.
Apr
June
By Bills Receivable - _.- 2'
By Ditto 8,
By Profit Sf Loss 10
130
283
413
15
1
//
1^
Contra.
Cr.
Apr.
May
June
By Cash - -
By Bills Receivable - - - -
By London Assurance Company
By Cotton on Commission - -
200
400
6
702
1309
19
Contra.
Cr.
June
By Bills Receivable
By Balance - -
• . jk
^'V*
8
10
150
223
373
M 4
168
LEDGER.
Dr.
Charges,
Apr.
May
June
To Cash..
To Ditto
To Ditto.
2
4
8
10
15
30
s.
19
6
11
^Q
17
Dr.
Commission.
June
30
To Profit Sf Loss.
10
lU
144
Dr.
Insurance.
Apr. 30 To Evans & Bayley.
May 31 To Sundries
3
34
1
2
7
61
1
8
95
2
10
LEDGER.
169
Contra.
Contra.
Cr.
Apr. 13lBy Richard Conder
18jBy Holford, Rucker, & Co
May Tpy James Forbes & Co
lOiBy Adventure to St. Kitt's in Co.
7jBy Goods on Commission
20|By Goods on Commission
26|By Goods on Commission
31 By Goodwin & Blake
June20|By Goods on Commission
30 By Richard Conder
By Profit Sf Loss
^
^.|
3
1,13
3
5;13
5
3
2
5
8
3
5
-
4
6
-
7
6
-15
7
-10
9
411
9
-1 9
10
31| 6
56 17
-1
Cr.
Apr. 13 By Richard Conder
ISjBy Holford, Rucker, & Co
May 7|By James Forbes & Co
lo'By Adventure to St. Kitt's in Co.
7iBy Goods on Commission
20;By Goods on Commission
26, By Goods on Commission
6By Richard Conder
June 25 By Cash
20 By Goods on Commission
22 By Rum in Company
Contra.
3
10
5
3
12
1
5
2
5
5
21
7
5
8
9
6
14
7
6
26
8
7
3
5
8
3
9
9
20
4
9
22
3
144
5
1
—
Cr.
Apr.
May
By Richard Conder
By Holford, Rucker, & Co
By James Forbes & Co
By Adventure to St. Kitt's in Co.
3
24
8
2
3
9
13
_
5
10
7
6
5
50
u
2
95
210
1
1 i
1 1
i7e
LEDGER.
(«)
Dr.
Debentures.
1825
Apr.
May
To Export Goods
To Ashes - - •
56
10
66
Dr.
Interest.
Apr.
June
To Cash 2
To Ditto 8
To Profit Sf Loss 10
20
Dr.
House Expenses.
Apr.
May
June
To Cash 2
To Ditto 4
To Ditto
23
27
20
71
Dr.
Profit & Loss.
June
To Cash ' 8
To Orel & Davis 9
To Sundries ------------ lo
To Stock, for Net gain ---....--
33
26
102
268
431
10
(8)
LEDGER,
171
Contra.
Cr.
1825
May
June
By Cash
By Ditto
Contra.
£
56
10
66
Cr.
Apr.
May
June
By Sundries ------------ 3
By Cash ^ 4
By Goods on Commission -------- 9
By Richard Conder ---------- 9
6
3
1
8
20
Contra.
Cr.
Jane
30
By Prq/it S^ Loss
10
71
Contra.
Cr.
June
By Rum in Co. - - - - - - - -.,.*- 9!
By Adventure to St. Kitt's in Co. - - - - - - 9
By Sundries ------------ 10
26
97
317
431
10
17^
LEDGER.
(9)
Dr.
Adventure to St. Kitt's in Co.
1825
May
June
To Sundries
To Ditto -
772
194
966
Dr.
Goods on Commission.
Apr.
May
June
To Cash - - paid Charges ^ Sally and Union- -
To Ditto -- paid Ditto <^ Jean -
To Sundries for N. Proceeds, &c. of 40 Ps. Osnaburgs
To Sundries for N. Proceeds, &c. of 200 Ps. Linen
To Sundries for N. Proceeds, &c. of 450 Ps. Muslins
To Cash - - paid Charges <^ Fanny . - - -
To Sundries for N. Proceeds, &c. of 20 Bales Cotton
1.S
5
164
278
620
80
728
1891 7 4
Dr.
Rum (in Co.)
Mayj22
15
June 22
22
To Cash - - -
To Moss & Benson
To Cash - - -
To Sundries - -
152
627
4
102
887
6
9
5
18
10
6
Dr.
Moss & Benson, Liverpool.
May
15
To Bills Payable
627
(9)
LEDGER.
17S
Contra.
Cr.
1825
June
28
By William Bancroft
966
Contra.
Cr.
May
June
By Cash, received for 70 Pieces Muslins, <^ Jean
By N orris & Bell, for 40 Pieces Osnaburgs - -
By Sundries - - for 200 Pieces Linen - - -
By Sundries - - for 400 Pieces Muslins - -
By R. Runcorn & Co. for 20 Bales Cotton - -
70
169
287
555
808
18.91 7 4
Contra.
Cr.
June
887
Contra.
Cr.
May
15
By Rum in Company
627
174 LEDGER.
Dr. James Forbes & Co. Dublin.
To Sundries -------^-
To Bills Payable
Dr. Collins & Greenhill, Montrose.
To Bills Payable
To Balance ------ -_-
Dr. William Bancroft, St. Kitt's.
28 To Adventure to St. Kitt's in Co. - - -
(10)
1825
May
June
£
449
150
5.99
June
8
10
360
388
749
June
m
Dr.
Balance.
June
30
To Sundries ^ Journal.
10
7613
16
(10)
LEDGER.
175
Contra.
Cr.
1825
May
June
By Linen on Commission
By Balance - - - -
264
SS5
599
17
Contra.
Cr.
May
By Osnaburgs on Commission
By Muslins on Commission -
156
59S
749
Contra.
Cr.
June
By Bills Receivable
By Balance - -
S50 5
616
966
Contra.
Cr.
June
30
By Sundries ^ Journal.
10
7613
16
memassmxeeF-
END OF LEDGER C.
177
SET D.
ON PARTNERSHIP,
Or when two or more Persons join their Capitals in Trade.
( n9 )
ELEMENTARY PRINCIPLES AND RULES.
CHAP. V.
ON PARTNERSHIP ACCOUNTS.
PARTNERSHIP is when two or more persons unite in Trade, and
agree to divide the Profits, or sustain the Losses arising from the
concern, according to their respective shares in the Capital.
The methods of stating Partnership Accounts usually given by writers
on Book-keeping, and which are taught in most Schools, being obsolete
and useless in business, it is unnecessary to enumerate them, we shall
therefore proceed to state such as are approved and followed in modern
practice.
The Books of a Copartnery should be kept as if they belonged to one
person only, but the plural number should be used. We, us, and ours,
instead of /, me, mine, and the like.
When the Capital is fixed upon to be employed in the Business.
Sundries Drs. to Stock (in Co.)
Each Partner — for his share or proportion.
When these Shares are paid in.
Cash (or the article received) Dr. to Sundries.
To eaxk Partner — for his share.
In general, one account is sufficient for each Partner, and it should
be kept in the same manner as that of any neutral person.
If the Capital be increased, the entries are the same as at commence-
ment ; if it be decreased, the entries are reversed.
At Balancing the Books, if the business has been successful, and the
profits are to be divided, enter Profit and Loss Dr. to each Partner for
his share of gain. When the Profit is to be applied to increase the Stock,
enter Profit and Loss Dr. to Stock for net gain.
If there has been a Loss on the Business, the last entries are reversed
No other Entry is necessary until some of the Partners are leaving the
concern, or until an alteration in the shares take place ; in either case the
books should be previously balanced, and each partner's account closed.
The business of a West-India Merchant, who is in part owner and
husband of several ships, affords very great variety in the transactions ;
and to render that variety as extensively useful as possible, we have
made the present set a Company Concern.
As the Subsidiary Books in the preceding set are given complete, it is
presumed by this time that the Leai'ner fully understands the method of
journalising them ; on this account, as well as to avoid extending the
work, we have given only the Journal and Ledger, which are sufficient
for exhibiting the method of stating Partnership Accounts.
n2
180 PARTNERSHIP ACCOUNTS.
REMARKS ON THE FOLLOWING SET:
JOURNAL.
This Book commences with the articles of a former Balance, supposed
to be transferred from a preceding Ledger.
The goods received to sell on Commission in a West-India business
being generally bulky, we have opened separate accounts for each ar-
ticle. This is preferable to opening accounts for the goods received by
each vessel, because fewer accounts in general are necessary ; besides the
amount of the sales of each article is seen at one view, together with
what remains on hand at taking a Balance.
It is remarkable that no writer on this subject has introduced either
at the opening or closing of the Books, examples of consignments on
which money has been advanced for charges, although a very common
case in real business. By avoiding transactions of this kind, the fallacy
of the method of stating the charges, adopted by some late writers, does
not appear. In order to shew the proper method, we have introduced
examples of consignments on hand at the opening of the books. These
accounts being charged with every outlay previous to the former Balance,
are afterwards debited for the charges arising from the disposal of the
goods, such as Interest and Commission. The difference of the two
sides consequently must be the charges remaining unpaid (if any) and
the sum for Warehouse or Cellar-rent, * and these accounts are closed
by transferring the same to the Cr. side of Charges, t This should al-
ways be done when any of the Goods on Commission are sold.
In the month of September more consignments are received, on which
the usual charges at landing are paid, and therefore entered to the Dr.
of these respective accounts ; but agreeable to a writer above alluded to,
who says his " arrangement is according to the approved practice of the
first Counting-houses," these would have been carried to the general ac^
count of Charges, and consistently enough, with what that account
should exhibit, the difference of the two sides at Balancing carried to
Profit and Loss. %
Agreeable to the practice of the best regulated Counting-houses, we
* This article of charge is in general not an outlay, as one of the writers above al-
luded to, invariably maices it.
t See month of August, Journal, page 19] .
% Or granting he had not carried the whole of the balance of this account to Profit
and Loss, he must have only supposed that such a part belonged to his employers, and
carried the same to Balance Account accordingly. We say supposed, for it would be
but guess work to select from the general mass of charges upon the business that pro-
portion for which his employers were accountable.
To some his method may appear at first view to be both systematic and correct, but
the experienced Accountant will consider it rather an idle speculation of a mere theo-
rist, than an improvement of modern practice.
REMARKS ON THE FOLLOWING SET. i8i
have charged Interest on all Accounts, whether real or personal, * and
estimated the Balances of those of the former, at what is considered
their present value. This is always necessary, in order to take an ac-
curate and satisfactory Balance. It is particularly so in Partnership
concerns, previously to any partner leaving the business, or new ones
being admitted ; because if this be not attended to, the Profits or Losses
will appear so much greater or less, as the interest may be either in fa-
vour of, or against the Balance.
LEDGER.
The accounts in this Book are opened by placing together all accounts
of the same kind. This arrangement will be found exceedingly useful in
extensive trade, as we have occasion frequently to look into accounts of
a particular class at the same time.
The only accounts that require any farther explanation are. Stock,
and the Partners Accounts.
STOCK is considered as a joint-account, to be divided at such periods
and in such proportions as are directed by the articles of Copartnery ;
previous to which the Balance should always include the amount or value
of the Company's estate, both Real and Personal.
The PARTNERS ACCOUNTS are kept in the same way as those
of any other person : they exhibit only the money paid to, or any other
articles received from the concern for private use, together with the in-
terest on their respective shares, and the sum allowed as a salary to the
})artner who manages the business. The Balances are carried forward
ike any other personal accounts, until the profits be divided, or an al-
teration in the shares take place, or the term of the copartnery expire,
previous to any of which these accounts must necessarily be closed.
It is not necessary that the Profits or Losses at every General Balance
appear at the respective accounts of the partners in the Ledger : it is
sufficient to note these under the Stock Account, as we have done, unti^
a general division of that account takes place.
In fixed Companies it is usual to keep what is called a Sederunt or
Docquet Book, containing an Abstract of every General Balance taken
from the Ledger, and which statement is closed by the lespective
shares of each partner, the amount of these being the Balance of the
Stock Account in the Ledger. This abstract is signed by each of the
partners in terms of the contract.
* It may be here noticed, that no interest is computed on such accounts as are ei-
ther considered as decreasing in value, or where the interest is settled for at a future
period : of the latter description are Funded property, and share in Ropework, the in-
terest of both, when received, is posted from the Cash-Book to the Cr. side of the In-
ieresi Account. This method should always be adopted with regard to money borrowed
on bond or the like, where the interest is paid annually or half yearly.
n3
C 182 )
TERMS OF COPARTNERY.
The following is an Inventory of our Effects, both Real and Personal,
being a List of the Balances in our favor and against us : Henry
Thornton and John Gordon, transferred from a preceding Ledger,
dated 30th June: each concerned in the following proportions,
viz. Henry Thornton three-fourths, and John Gordon one-fourth
Share.
The Business to be carried on under the Firm of Thornton ane
Gordon, and to be managed by John Gordon, for which he is to
be allowed £400 ^ annum in name of salary.
JOURNAL D.
Containing all the Transactions in Trade, of
THORNTON AND GORDON,
Merchants in London.
EXTRACTED MONTHLY FROM THE
Cash-Book
Bill-Book
Purchase- Book
Invoice-Book
Account-Sales-Book, and
Day-Book.
Commencing Jtily \st^ 1818.
JOURNAL D.
N 4
184
JOURNAL.
LONDON, July, 1825-
(10)
Sundries Drs. to Stock.
For the following Balances in our favor, the SOth ult.
transferred from the preceding Ledger
Cash - - - - for balance in hand - - -
Funded Property £2965 at 6'8:|: in the 3 ^ Cent. Consols
Bills Receivable for the following Bills in hand, viz.
No. 151, Richard Mills due July 12 -£525 10
154, James Weston
155, Edward Louis -
159, John Poole - -
16"9, Richard Mead -
176, George Smith -
July 26
- Aug. 9
- Aug. 14
- Aug. i6
- Aug. 30
507
262
285
450
410
//
1
15
10
Ship Minerva - - - value -------
Ship Britannia, our one-fourth -------
Rope-work Company, our one-sixth ------
Counting-Room and Cellars --------
Sugar on Commission for Duty, Freight, &c. on 40 Hhds.
Rum on Commission - - ditto ----- 50 Pun.
Cotton on Commission - ditto ----- 40 Bales
Mahogany on Commission - for Freight on 80 Planks
Merchandise - - for Balance on hand ^ Inventory
Debentures - - for Balance due at the Custom-house
William Todd - London --------
Richard Mortimer, Bristol ---------
James Forbes&Co. Dublin ---------
Matthew Goodair, Jamaica --------
Waller & Co. - Ditto ^ - - -
Hope Estate in Jamaica, our one-third - - - - -
2296
2023
2440
2750
627
450
650
845
381
139
30
235
180
210
725
640
204
637
3175
18644
//
3
11
7
2
13
5
12
15
10
6
2
6
11
JOURNAL.
]85
(2)
LONDON, July, 1825.
1 1
Stock Dr. to Sundries,
For Balances due the SOth ult. to the following Persons,
transferred from the preceding Ledger.
To Henry Thornton - - London ------
To Smith & Tindal - - Ditto
To Ash & Gurney - - Ditto
To Thomas Kilgour - - Ditto -------
To William Ainsworth - Manchester - - - - .
To Francis Barlow - - St. Kitt's ------
To Mures, Fordyce & Co. Jamaica ------
To Bills Payable - for the following Bills unpaid viz.
No. 92, Moses Louis - due July 4 -^100 //
93, John Heming - - July 8 - 165 10
^5, Matthew Goodair - July 13 - 240 i;
98, Simon Turbutt - Aug. 9 - 56? 4
100, Ditto - - - - Aug. 12 - 139 10
96, William Cuming - Aug. 23 - 110 //
104
108
5$
140
322
272
520
122
2644
11
10
!86
JOURNAL.
LONDON, July, 1825.
W
2
Cash Dr. to Sundries.
£
*.
d.
—
For the following Sums received this month.
8
7
To Waller and Co. received from J. Camden on their ace*.
150
//
If
5
5
To Interest - - received 6 mos. on £2965 in 3 ^ Cent.
*40
//
6
12
2
To Bills Receivable - - No. 151, - - - £525 10 //
26
-
154, - - - 507 // //
10<19
10
15
//
6
To Debentures - received for Certificate ^ Mavy -
103
//
28
2
To Funded Property - sold £2000 Stock at (^9^ add ^
1395
//
//
2721
5
6
2
Sundries Brs. to Cash.
—
For the following Sums paid this month.
4
2
Bills Payable - - No. 92, £100 // //
8
-
93, 165 10 //
13
-
95, 240 // //
^01
10
5
//
10
Smith & Tindal - - paid in full
108
9
20
10
Ash & Gumey - - paid in full ------
5S
10
//
//
10
Thomas Kilgour - - paid on account - - - - -
30
//
//
26'
1
Henry Thornton - paid him -------
100
//
//
31
5
Charges - - - - ^ Petty Cash-Book this month
6
3
8
803
9
5
2
Bills RECErvABLE Dr. to Sundries.
—
For Bills received of the following this month.
6
7
To Matthew Goodair No. 180, due Sept. 6 - - -
150
//
//
12
9
To Richard Mortimer - 181, - Aug. 10 £500 // //
ff
182, - Sept. 14 225 15 //
725
875
15
15
//
//
2
Sundries Drs. to Bills Payable.
For Bills accepted to the following this month.
13
7
Mures, Fordyce & Co. No. 101, due Sept. 10 £120 10 //
//
-
102, - Sept. 13 210 5 //
^^0
1 *>
16
8
Francis Barlow - - - 103, - Aug. 23 - - -
250
//
//
580
15
//
10 ^ Cent, is deducted from the Interest for the Property Tax.
JOURNAL.
187
(4)
LONDON, July, 1826.
20
6
10
6
10
20
10
22
Cotton on Commission Dr. to Sundries.
To Interest ----------^1 l
To Commission --------- ^ Q
To John Hanson for net proceeds of 20 \ qha' k
Bales^theAnn,dueOct.23,^S.B. r "^"^ ^^
Sundries Drs. to Insurance.
For Cost of Insurances made this month on Produce con-
signed us by the following vessels, Jamaica to London,
premium at 9 Guin. ^ cent, to return 4 ^ cent, for
Convoy and Arrival ------D. B. --
John Hanson - Premium on £570 on Sugar and Cotton
^ Eliza, Policy 33s. Commission \ % Cent.
Waller & Co. - Premium on £2100 on Sugar and Rum
^ Minerva, Policy 115/6 Commission \ ^ Cent.
Mures, Fordyce & Co. Premium on £1100 on Sugar,
Cotton, and Mahogany, ^ ditto. Policy 60/6 Com.
i<f Cent.
Insurance Dr. to Sundries.
For the Premiums, &c. as above.
To James Hazard - Prem. and Pol. on £570 ^ Eliza
To London Assurance Co. - - - on 3200 <^ Minerva
To Commission - for ^ <^ Cent, on £3770 - - -
William Todd Dr. to Cotton on Commission.
For amount of 20 Bales ^ the Ann, sold him, payable
at three months - - - - D. B. pa. - - - -
Mahogany on Commission Dr. to Thomas Kilgour.
For Charges paid by him at shipping 80 Planks to
Dublin, ^ the Union, O'Hara, consigned for sale to
James Forbes & Co. as «^ D. B. pa. - - - -
d.
317,
58
214
112
SS5
55
311
18
385
14
11
10
4
17
11
378
10
10
13
188
JOURNAL.
LONDON, AUGU8T, 1826.
Cash Dr. to Sundries.
For the following Sums received this month.
To Bills Receivable
- No. 16'9,
- - 155,
- - 181,
- - 159,
- - 176,
- -£450 10
- - 262 1
- - 500
- - 285 15
- - 410 //
II II
9
2
12
.
23
-
//
-
18
8
20
1
23
8
26
_
31
5
//
5
To William Todd - - received in full -----
To Interest rec. 1 year's inter, on Stock in Rope-work Co.
To Ship Britannia \ - received our Share ot gain
To Henry Thornton - received of him - - - - -
Sundries Drs. to Cash.
For the following Sums paid this month.
Bills Payable - - - - No. 98, - - - £367
- 100,
- 96,
- 103,
4 //
- - - 139 10 //
- - - 110 // //
- - - 250 // //
Proprietors of Hope Estate paid Craig ^ receipt - -
John Gordon - - - - paid him ------
John & Archibald Sidney paid Smith to order - -
Funded Property, bought £1500 in the 4 ^ Cents, at 81|
Interest ----- for Discounts paid at the Bank
Charges - - - - as «^ Petty Cash-Book this month
Bills Receivable Dr. to Sundries.
For Bills received of the following this month.
To Waller & Co. - No. 183, due Sept. 10 £210 9
184,
Oct. 3 68 14 6
To James Forbes & Co. 185, - Sept. 18 300 // //
186, - Oct. 2 340 10 //
:5>
1908
210
22
157
20
2319
173
60
42
1222
I
8
2374
18
279
640
919
3
10
13
JOURNAL.
189
(6)
LONDON, August, 1825.
3
20
11
Sundries Drs. to Bills Payable.
For Bills accepted to the following this month.
Matthew Goodair - No. 104, due Sept. 18 - - -
J. & A. Sidney- - - 105, - Oct. 2 £220 U //
106", 12 170 // //
Merchandise Dr. to Sundries.
For Goods bought of the following Persons in this
month, as <f Bills of Parcels - - - P. B.
To Jones & Coleman - - - - Aug. 2 £258 17 6
To Brookes & Spencer
To Henry Hume & Son
10 To Smith & Tindal
23
140 10
//
11 -
_ _ _
4
120 11
//
22
150 6
//
26
340 12
6
12
95 14
//
14
140 16
3
Cotton on Commission Dr. to Sundries.
For Net Proceeds, &c. of 20 Bales, as follows - S. B,
To Waller & Co. - - 10 Bales ^ Augusta, due Nov. 4
10 ^ Hopewell, - —
To Francis Barlow
To Interest - -
To Commission -
for Amount on Duty and Freight
for 2 1 <^ Cent, on the Sales -
Rum on Commission Dr. to Sundries.
For Net Proceeds, &c. of 50 Pun. ^ Columbus, as follows.
To Mures, Fordyce & Co. 10 Puncheons, due Oct. 6
To Waller & Co. - - - 40 - . - ^ 25
To Interest - - - - forAmount on Duty & Freight
To Commission - - - for S^ ^ Cent, on the Sales
d.
136
390
527
S99
423
611
236
1671
7
16
10
3 3
180
184
1
11
378
117
524
5
23
670
19
2
18
10
10
2
//
3
5
10
190
JOURNAL.
LONDON, August, 1825.
(7)
15
20
16
2
//
//
16
Sugar on Commission Dr. to Sundries.
For Net Proceeds, &c. of 40 Hhds. as follows - S. B.
To M. Goodair 5 Hhds. ^ Fame, due Oct. 7 £ 1 40 1 //
_ . - - 10 ^Mars, - - 18 289 15 8
To Proprietors of Hope Estate - 25 Hhds. ^ Minerva,
due Oct. 10 -
To Interest - - - - for Amount on Duty, &c. -
To Commission - - - for 2^ «^ Cent, on the Sales
William Todd Dr. to Cotton on Commission.
For amount of 20 Bales sold him, payable at three mos. D. B
Sundries Drs. to Insurance.
For the following effected this month - - D. B.
Proprietors of Hope Estate, for Premium on
^1700 on 60 Casks Sugar, ^ Minerva,
Jamaica to London, at 9 Guin. <^ Cent.
Policy 93s. 6d. Commission 170/ - - 173 1 6
- - Premium on £600 on 20 Hhds. Sugar,
^ Neptune to Bristol, at 5 Guineas ^
Cent. Policy 33s. Commission 60/ certain 34 13
Ship Minerva -
for Premium on .£2750
insured on the Ship valued at this Sum,
Jamaica to London, at 4 Guin. ^ Cent.
certain J Policy 154/ ------
Insurance Dr. to Sundries.
For the Premiums and Policies on the above.
To James Hazard - Prem. and Pol. on £l 000 <^ Minerva
To London Assurance Co. ditto on £700 ^ ditto 68 1
on £600 ^ Neptune 31 13
on £2700 on Ship - 123 4
6
To Commission - for ^ <^ Cent, on £2300 -
430
730
16
52
1229
460
208
123
331
97
22s
11
d.
16
12
1
16
10
13
33llis| 6
JOURNAL.
191
(8) LONDON, August, 1825.
3
II
20
6
10
15
31
4
9
10
4
12
12
12
5
4
4
4
Sundries -Dr.9. /o Rum on Commission.
For Amount of 50 Puncheons ^ Columbus, sold this
month, D. B.
William Ainsworth - - 10 Pun. at 2 months - -
Ash & Gurney - - - 10 at 2 ditto - - -
James Forbes & Co. - SO at 3 ditto - - -
£
201
220
500
922
246
522
777
536
2083
8
9
3
21
s.
17
//
5
2
14
2
6
i9
3
3
6
17
7
d.
II
II
II
u\
8
10
1
lOJ
5
9
//
8
5
Sundries Drs. to Sugar on Commission.
For Amount of 40 Hhds sold at 2 months, this month,
D. B.
John Panton - - - 5 Hhds. ^ Fame - - - .
Richard Mortimer - 10 <^ Minerva - - -
Denmson & Son - - 15 <^ ditto - - - -
Edward Hemming - 10 ^ Mars - - - -
Sundries Drs. to Charges.
For Amount at Delivery, to close the following Accounts
D. B.
Sugar on Commission - - on 40 Hhds. - - - -
Rum on Commission - - on 50 Pun. . - - -
Cotton on Commission - - on 40 Bales - - - -
192
JOURNAL.
LONDON, September, 1825.
(9)
6
10
14
18
8
8
10
12
17
20
26
28
SO
8
10
13
18
10
//
22
11
12
20
28
20
30
26
30
Cash Dr. to Sundries.
For the following Sums received this month.
To Bills Receivable - - No. 180, - - -£150 u //
183, - - - 210 9 //
182, - - - 225 15 //
185, - - - 300 // //
To Ship Minerva -
- - - - viz.
received for Freight, &c.from Jamaica,
William Alston - - -£100 2 11
George Coleman - - - 125 1 //
Richard Bow - - - 128 // //
William Black - - - 237 14 9
David Mead - - - - 306 12 6
To Rum on Commission - received Drawback on SO Pun.
To Debentures - received on Goods ^ Jupiter - -
To Interest fordiscounts allowed on Accounts paid thismo.
Sundries Drs. to Cash.
For the following Sums paid this month.
Jones & Coleman - paid in full ------
Henry Hume & Son paid in full ------
Bills Payable - - - No. 101, - - - -£120 10
102,- - - - 210 5
104,- - - - 136 10
Smith & Tindal - - paid in full --."-.--
Sugar on Com. prime and post Entries ^ Eliza 256 10 //
Freight, &c. ^ ditto. 57 14 3
Rum on Commission - paid as above ^ ditto.
John Gordon - - - paid him ------
Duties - - paid prime Entry <^ Minerva 2000 //
- - - - post Entry ^ ditto. - - 804 3
Charges paid on Goods ^ Dolphin, for Jamaica 37 1 3 4
- - as ^ Petty Cash-Book - - - - 22 15 11
Ship Minerva paid Captain Noble in full - - - ■
Profit & Loss paid 1 st Clerk's Salary due this day 37 10
paid 2d - - ditto - - ditto 15 r/
886
897
138
76
54
2053
S99
611
467
236
314
73
120
2804
60
763
52
11
19
10
12
16
9
17
10
5903 4 7
JOURNAL.
193
(10)
LONDON, September, 1825.
6
25
26
Bills Receivable 2V. to Sundries,
For Bills received of the following this month.
To James Forbes & Co. No. 187, due Nov. 20 - -
To Proprietors of Hope Estate 1 88, - Oct. 10 £300 // //
189, 20 325 12 //
To Richard Mortimer -
190, - — 12
4
//
10
12
15
15
Sundries Drs. to Bills Payable.
For Bills accepted to the following this month.
John Hanson - - - No. 107, due Oct. 2 £125 //
108, - — 2 100 15
d.
J. & A. Sidney - - - 109,
Waller & Co. - - - - 110,
- - 111,
- Nov.
- Oct.
- Nov.
2
_ - -
10
150 10
//
4
200 5
//
Sundries Drs. to Insurance.
For Return of Premium on £5470 at 4 ^ Cent, for
Convoy and Arrival of the following Vessels - D. B
London Assurance Co. - - on £3900 - - - - -
James Hazard - - - - on 1570 - - - - -
£5470
Insurance Dr. to Sundries.
For the above being done on Account of the following.
To John Hanson £ 570 ^ Eliza - -
To Waller & Co. 2100 c^ Minerva -
To Mures, Fordyce & Co. - - 1100^ ditto - -
To Proprietors of Hope Estate, 1700 < y ditto - -
£5470
500
625
522
16*47
12
19
225
120
350
15
//
15
10
156
62
218
//
16
16
22
84
44
68
218
16
16
194.
JOURNAL.
LONDON, September, 1825.
(11)
20.
;.. • Sundries Drs. to Sundries.
For Goods shipped on board the Dolphin, Richard Lyon, for
Jamaica, by order and for Account and Risk of the follow-
ing Persons as ^ Invoices, dated this day.
Drs,
Matthew Goodair
Y Waller & Co
Mures, Fordyce, & Co
J.&A. Sidney
Proprietors of Hope Estate.
Crs
Charge
222 H 9»6 5//14//6
162 //12// 7
301 «14„8
394 ,,16 H 7
665 11 4 „ 5
5|Merchandise 1746„17„9
5 1 Charges
6„ 8„9
4„ 7„6
8,/ 9„3
12„13„4
37„13„4
20
Commission
6„19„ 1
5„ Sn6
9„ 6„0
12„ 5«8
20,12„11
54„7,. 2
13„19"0
I0„I0„6
18„8„6
24 „9 ,» 6
40„15„ 6
T 1108„3„0
Insurance • I — :
Debentures Dr. to Merchandise.
'For Amount of Bounties and Drawbacks on the Goods
shipped r^ the Dolphin, for Jamaica...D. B. pa.
COi 6
11
Insurance Dr, to London Assurance Com.'pany.
For Premium on ^1950 insured on Goods ^ the
Dolphin, Richard Lyon, for Jamaica^ at 5 Guineas'
Y Cent. Policy 110/ D. B. pa
25 9 J. Forbes & Co. Dr. to Mahogany on Commission.
4.lFor Net Proceeds of 80 Planks, consigned them in July,
due November 1st, as '^Account Sales received this
day, amounting to ^^285 116 Irish, at 10^ ^ Cent,
exchange D. B.pa
£ s.d.
249
184
33^
440
739
1947
132
15
107
17
258 8
JOURNAL..
195
(12)
LONDON, September, 1825.
26
30
15
Mahogany on Commission Dr, to Sundries.
To Commission... our Com. on the above at 2^ ^ Cent.
To Waller & Co. for Net proceeds of 80 Planks ^ the
Columbus, due November 1st
Sundries Drs* to Ship Minerva,
For Amount of Freight, &c. from Jamaica, owing at this
date, by the following Persons D.B.
John Panton
Thomas Kilgour
Smith & Tindal
Brookes & Spencer
•Sundries Drs. to Sundries,
For amount of the Duty and Freight on the following
produce, consigned as f- the Minerva, from Jamaica,
D.B. Pa.
-Drs..
Sugar on Comm^ 140 Hhds.
Rum on Comm° 52 Pun.
Cotton on Comm°.... 5 Bales.
Mahogany on Comm°.70 Plks.
Crs.
2514„ 3«10
24.2«14« 2
9« 4„10
OOii —a O
Duties 2804 » 3 ,
Ship Minerva ,
565nlSA0
U5A2u 6
6«18„ 7
22«10„ -
740„14„11
6
220
226
56
82
124
93
357
11
14
17
16
19
3079
388
16
60
3544
18
o 2
196
JOURNAL.
LONDON, September, 1825.
(13)
30
30
. Sundries Drs. to Commission »
For i f- Cent, on the following Sums paid and received
*
Matthew Goodair
Waller & Co
Mures, Fordyce & Co
John Hanson
J.&A. Sidney
Francis Barlow
136«10„-
350„15/,-
330«15„-
225«15«-
553/1 8«-
250,, -«-
150« -„-
429« 3„6
Sundries Drs. to Sundries.
For Postage of Letters, and Interest due on the following
Accounts to this date.
-D]
Ship Minerva
Ship Britannia, our \
Counting-Room & Cellars...
Matthew Goodair
Waller & Co
Mures, Fordyce & Co
John Hanson
Hope Estate, our^
J.&A. Sidney
Francis Barlow
•Crs,
-„ 6 « 8
-« 11 ,.-\
- „ 9 « 3
-„ 5 u 4|
- - - I
- /; 15 « 6|
- /, 4 « 8
2„12«5
27//14,, 2
7// 3« 6
8« 2. 6
3«13« -
7«18« 9
5/,18« 2
— « 8// 5
39«13„10
-« la 1
-« Su 4
Charges ,
Interest ...,...:crr 100,, 16,, 9
* Account Current Book.
JOURNAL.
197
(14)
LONDON, September, 1825.
30
30
30
5
Proprietors of Hope Estate Dr. to Sundries.
For the following to close that Account... A. C. B. Pa.
To Commission for ^ '^ Cent, on the sums rec. and paid.
To Charges for Postage of Letters
To Interest for Balance as 'f- Account
To J.&A. Sidney for their f Balance of this Account
To Hope Estate for our^ Ditto Ditto
Interest Dr. to Sundries,
For 3 months Interest due the Partners on 5^16000 of
Stock this day D. B-pa.
To Henry Thornton on^ 12000.
To John Gordon on 4000.
^16,000
Profit and Loss Dr. to John Gordon.
For 3 months Salary due him this day, as Managing
Partner D. B. pa
£ s. d.
5
194
97
302
12 6
1910
150
50
200
100
3
WB
JOURNAL.
LONDON, September, 1825.
(15)
30
30
30
Profit & Loss Dr, to Sundries
To close the following Accounts to this date.
To Charges
To Richard Mortimer.
Sundries Drs. to Profit and Loss.
For Gain on the following Accounts to this date.
Ship Minerva
Ship Britannia our one-fourth
Interest ,
Commission
Insurance
Profit and Loss Dr. to Stock.
For Balance of the former Account, being the whole
amount of our Gain for the last three months
se
12
12
d.
9
10
10
931
123
47
203
1306
1141
JOURNAL.
199
(16)
LONDON, June, 1825.
30
30
4
4
4
4
5
6
7
7
8
8
9
10
10
10
12
12
12
12
Balance Dr. io Sundries.
For Closing all Accounts that Balance in our favor.
To John Gordon -v^--------
To Cash --«
To Funded Property ----------
To Bills Receivable ----------
To Ship Minerva -----------
To Ship Britannia - - our one-fourth - - - -
To Rope-work Company our one-sixth - - - -
To Counting- Room and Cellars ----- r -
To Sugar on Commission --------
To Rum on Commission ---------
To Cotton on Commission --------
To Mahogany on Commission -------
To Merchandise - -..i,^.-. ,^- - ^^ , •,., -
To Debentures - - -'^-''V4" - i' :t* i^^ -
To Matthew Goodair ----------
To Mures, Fordyce & Co. --------
To Hope Estate m Jamaica - our one-third - - -
To John & Archibald Sidney -------
To James Forbes & Co. ---------
To William Todd -----------
To Smith & Tindal
To Ash & Gurney ----------
To John Panton -----------
To Dennison & Son ----------
To Edward Hemming ---------
Sundries Drs. to Bala?ice.
For Closing all Accounts wherein the Balances are
against us.
Henry Thornton -----------
Bills Payable '-
Waller & Co. ^ - -
John Hanson -----*------
Francis Barlow -----------
Brookes & Spencer ----------
WiUiam Ainsworth ----------
Thomas Kilgour -----------
London Assurance Company -------
James Hazard ------------
Stock in Co. ------------
o 4
30
309
1851
2057
2600
600
450
658
3394
461
16
60
27
132
15
103
3117
802
258
839
124
220
303
777
536
19746
174
1087
38
43
205
329
123
29
486
89
17141
19746 12
d.
i*^i!IiML»5*!g|^^ ^■'Wii'-wffliwiniiiiiiiii
m
END OF JOURNAL D.
LEDGER D.
' i'' :-■ !^ h >
(> 203 )
INDEX
TO LEDGER D.
Fol.
- - 9
- - 10
Ains worth, William
Ash & Gurney - - -
B
Bills Receivable 2
Bills Payable 2
Barlow, Francis ----- 8
Brookes & Spencer - - - - 9
Balance --------12
Cash 2
Counting-room and Cellars - - 3
Cotton on Commission - - - - 4
Charges --------5
Commission -------5
D
Debentures ------- 6
Duties 6
Dennison & Son - - - - - 12
Funded Property - -
Forbes, James & Co. -
G
- 9
Gordon, John ------ 1
Goodair, Matthew - - - - - 7
H
Hanson, John - - - - -
Hope Estate in Jamaica our ^
Hazard, James - - - - -
Hume, Henry & Son - - -
Hemming, Edward - ^ -
7
8
11
11
12
Interest --------5
Insurance -------6
J
Fol.
Jones & Coleman - .... i;
K
Kilgour, Thomas - - - - - lo
L
London Assurance Company - - 1 1
M
Mahogany on Commission - - 4
Merchandise- ------ 5
Mures, Fordyce & Co. - - « 7
Mortimer, Richard - .... g
p
Profit and Loss ------ g
Proprietors of Hope Estate - - 8
Panton, John - - - - - .12
R
Rope- work Company, our ^ - - 3
Rum on Commission - - - - 4
s
Stock in Co. ------- I
Ship Minerva ------ 3
Ship Britannia, our J - - - - 3
Sugar on Commission - - - - 4
Sidney, John & Archibald - - 8
Smith & Tindal IQ
T
Thornton, Henry ----- 1
Todd, William 10
w
Waller & Co. • 7
204
LEDGER.
0)
Stock in Co. Dr.
1825
July
Sep.
1
30
To Sundries rCf- ^ IT £> (
To Balance, for Net Capital
f V - , - - - . 2
- ------ Ifi
£
2644
17141
s.
11
2
d.
10
//
19785
13
10
T
And which Net Capital belong
following Pro-
Henry Thornton |. - - -
John Gordon - ^ - - -
See Docquef,
Henry Thornton, London. Dr. 1
July
Sep.
26
30
Tn rn«h .__---_------
3 100
5 174
2
//
//
7V» "Rnl^ni'P ------------- 1
274
2
//
John Gordon, London. Dr.
Aug.
Sep.
SO
12
Tn rash ------------- ^
5 60
) 120
//
//
//
//
Tn Dittn ---------a--- <
180
//
//
;
0)
LEDGER.
205
Contra.
Cr.
1825
July
Sep.
By Sundries ------
By Profit ^ Loss, for Net Gain
to the Partners in the
portions, viz.
or - - - £12855 l6 6
or - - - 4285 5 6
£17141 2 //
15
£
18644
1141
19785
d.
10
//
13
10
Contra.
Cr.
July
Aug.
Sep
By Stock
By Cash
By Interest, for 3 mos. Interest on £12,000 Capital
104
20
150
274
CoNTl
Cr.
Sep.
By Interest, for 3 mos. Interest on £4000 of Capital
By Profit S^ Loss, for 3 months Salary - - - -
By Balance ------------
50
100
SO
180
so^
LEDGER.
(2)
Cash.
Dr.
1825
July
Aug.
Sep
To Stock -
To Sundries
To Sundries
To Sundries
2296
2721
2319
2053
9391
Funded Property.
Dr.
July
Aug.
To Stock
To Cash
2023
1222
3246
Bills Receivable.
Dr.
July
Aug.
Sep.
To Stock -
To Sundries
To Ditto -
To Ditto -
2440
875
919
164-7
5884
16
15
13
19
Bills Payable.
Dr.
July '31
Aug. 31
Sep. 30
To Cash ---------_
To Ditto
To Ditto
To Balancey for our Acceptances, not due
505
866
467
1087
2926
(2)
LEDGER.
207
Contra.
Cr.
1825
July
Aug.
Sep.
By Sundries - -
By Sundries - -
By Sundries - -
By Balance on hand
803
2374
5903
1309
9391
Contra.
Cr.
July
Sep.
By Cash
By Balance
1.395
1851
3246
Contra.
Cr.
July
Aug.
Sep.
By Cash
By Ditto
By Ditto
By BalajicCy for Bills on hand
1032
I9O8
886"
2057
5884
Contra.
Cr.
July 1
31
Aug.'Sl
Sep. 30
By Stock -
By Sundries
By Ditto -
By Ditto -
2
1122
4
3
580
15
6
527
'i
10
096
10
2926
IS
208
LEDGER.
(3;
Ship Minerva.
Dr.
1825
July
Aug.
Sep.
To Stock 1
To Insurance ------------ 7
To Cash 9
To Sundries - - (Interest) ------- 14
To Profit Sf Loss 15
£
2750
123
763
27
931
^5^Q
Ship Britannia, our One-fourth.
Dr.
July
Sep.
To Stock 1
To Sundries ------------ 14
To Profit ^ Loss 15
627
7
123
757
Rope-work Company, our One-sixth.
Dr.
July
To Stock
450
COUNTING-ROOM AND CELLARS.
Dr.
July
Sep.
To Stock ------
To Sundries - - (Interest)
1
14
650
8
658
(^)
LEDGER.
209
Contra.
Cr.
1825
Sep.
By Cash -
By Ditto -
By Sundries
By Balance
897
357
740
2600
4596
Contra.
Cr.
Aug.
Sep.
By Cash -
By Balance
5
16
157
600
757
19
19
Contra.
Cr.
Sep.
SO
By Balance
16
450
Contra.
Cr.
Sep.
30
By Balance
16
658
'210
LEDGER.
(4)
Sugar on Commission.
Dr.
11825
July
Aug.
Sep.
To Stock -
To Sundries
To Charges
To Cash -
To Sundries
845
1229
8
2083
314
3079
3394
Rum on Commission.
Dr.
July
Aug.
Sep.
To Stock ~
To Sundries
To Charges
To Cash
To Sundries
9
13
38
670
9
1061
73
388
461 14 8
Cotton on Commission.
Dr.
July
Aug.
Sep.
15
To Stock -
To Sundries
To Ditto -
To Charges
To Sundries
13
139
317
378
3
839
16
Mahogany on Commission.
Dr.
July
Sep.
To Stock ------.-.--.- 1
To Thomas Kilgour ---------- 4
To Sundries ------------ 12j
To Ditto 13
30
1
226
60
318
(4)
LEDGER.
211
Contra.
Cr
18251
Aug.Ii
Sep. 2
Jl By Sundries
8 2083 3
5
Hij Tinlnncp --------____ i
6 3394 1
11
Contra.
Cr
Aug. 3
Sep. 2
Sep. \s
1 R\; Snr»rln*»B _______
8 922 2
9 138 19
II.
6 Rv Cash --,----------
2
1061 1
2
fi 7?i< TinJnm-'O _ _ 1 i
5 461 14
8
Contra.
Cr.
July 2
Aug.
Sep. 3(
f) Rv Williflm Tndfl ----__--_- i
1 378 10
^^ 460 10
10
3
1 Rv William Todd --_---_--- "
839 1
1
T 7?7y TinJnnrp .»..-...>.... if
) 16 3
n
Contra.
Cr.
Sep. 2e
3(
5 By James Forbes & Co. -------- 12
258 8
6010
9
) Rii Tinlnncp ---------*.-- Ifi
31819
//
P2
212
LEDGER.
(5)
Merchandise.
Dr.
1825
July
Aug.
To Stock -
To Sundries
235
1671
1906
16
Charges.
Dr.
July
Aug.
Sep.
To Cash
To Ditto
To Ditto
7415 5
Interest.
Dr.
Aug,
Sep.
To Cash - -
To Sundries -
To Profit Sf Loss
1
200
47
24814 //
Commission.
Dr.
Sep. 30 To Profit ^' Loss
15 203 10 4
203 10
(5)
LEDGER.
213
Contra.
Cr.
1825
Sep.
By Sundries -
By Debentures
By Balance
£
1746
132
27
1906
16
Contra.
Cr.
Aug.
Sep.
By Sundries -----.
By Ditto
By Ditto ------.
By Proprietors of Hope Estate
Bj/ Profit Sf Loss - - - . -
74 15| 5
Contra.
Cr.
July
Aug.
Sep.
5
20
27
1
31
//
30
//
//
By Cash
By Cotton on Commission -
By Cash
By Cotton on Commission -
By Rum on Commission *• •
By Sugar on Commission -
By Cash
By Sundries ----..
By Proprietors of Hope Estate
3
40
//
4
1
1
5
22
1
10
18
6
//
5
2
7
16
12
9
54
12
14
100
16
//
5
19
248
14
Contra.
By Cotton on Commission - •
By Insurance ------
By Cotton on Commission - ■
By Rum on Commission - ■
By Sugar on Commission - •
By Insurance -----.
By Sundries -----.
By Mahogany on Commission ■
By Sundries ------
By Proprietor** of Hope Estate
p3
Cr.
July
Aug.
Sep.
91 9
1817
lljlO
23i 3
52; 1
11 10
54: 7
12 2
4 //
203 10 4
2H
LEDGER.
Debentures.
Dr.
1825
July
Sep.
To Stock - -
To Merchandise
180
132
313
Insurance.
Dr.
July
Aug.
Sep.
To Sundries - - - -
To Ditto
To Ditto
To London Assurance Co.
To Profit Sf Loss - - -
385
331
218
107
1044
Duties.
Dr.
Sep.
30 To Cash
2804
Profit & Loss.
Dr.
Sep.
30 To Cash
To John Gordon - - - -
To Sundries - - - - -
To Stock in Co, for Net Gain
52
100
12
1141
1306'
(6)
LEDGER.
215
Con-
Cr.
1825
July
Sep.
By Cash -
By Ditto -
By Balance
3
9
16
lOS
67
132
313
Contra.
Cr.
July
Aug.
Sep
By Sundries ------------ 4
By Ditto ----- « 7
By Ditto ------- 10
^y Ditto 11
385
331
218
108
1044
Contra.
Cr.
Sep.
15
By Sundries
13
2804
Contra.
Cr.
Sep.
30
By Sundries
15
1306
1306
p 4
216
LEDGER.
(7)
Matthew Good air, Jamaica.
Dr.
1825
July
Aug. 10
Sep. 20
30
To Stock - -
To Bills Payable
To Sundries -
To Commissio?i
To Sundries -
204
136
249
1
3
595
Waller & Co. Jamacia.
Dr.
July
1
10
Sep.
12
20
30
//
//
To Stock - -
To Insurance -
To Bills Payable
To Sundries -
To Commission
To Sundries -
To Balance
637
214
350
184
3
8
38
1438 10 4
Mures, Fordyce & Co. Jamaica.
Dr.
July
Sep.
To Bills Payabk
To Insurance -
To Sundries -
To Commission
To Sundries -
330
112
333
1
6
785
John Hanson, Jamaica.
Dr.
July
Sep.
To Insurance -
To Bills Payable
To Commission
To Sundries -
To Balance
4
58
7
10
225
15
13
1
2
14
li
13
16
43
12
329
11
IC
en
LEDGER.
217
Contra.
Cr.
1825
July
Aug.
Sep.
6 By Bills Receivable
31 By Sugar on Commission
30 £i/ Balance
150
430
15
^^^
Contra.
Cr.
July
Aug.
Sep.
By Cash
By Bills Receivable - - -
By Cotton on Commission -
By Rum on Commission
By Insurance - - - - -
By Mahogany on Commission
150
279
180
524
84
220
143810 4
Contra.
Cr.
July
Aug.
Sep.
By Stock
By Rum on Commission
By Insurance - - - .
J5y Balance - - - -
520
117
44
103
785
Contra.
Cr.
July
Sep.
By Cotton on Commission
By Insurance - - - -
306
329
218
LEDGER.
(8)
Hope Estate in Jamaica, our One-third.
Dr.
1825
July
Sep.
To Stock -
To Sundries
3175
3215
Proprietors of Hope Estate.
Dr.
Aug.
Sep.
To Cash ---- 5
To Insurance ------------ 7
To Sundries U
To Ditto 14
173
208
739
302
1424
John & Archibald Sidney, Jamaica.
Dr.
Aug,
Sep.
To Cash 5
To Bills Payable 6
To Ditto 10
To Sundries 11
To Commission ----------- 13
To Sundries ------------ 14
42
390
120
440
2
997 //U
Francis Barlow, St. Kitt's.
Dr.
July
Sep.
To Bills Payable S
To Commission ----------- 13
To Sufid?ies ------------ 14
To Balance 16
250
1
II
205
457
(8)
LEDGER.
^19
Contra.
v^ nan J! an g?iMAiCr.
1825
Sep.
By Proprietors of Hope Estate
By Balance -----.
97
3117
3215
Contra.
Cr.
Aug.
Sep.
By Sugar on Commission
By Bills Receivable - -
By Insurance - - - -
.fli'jrryni^. . .
730 16
625 12
68
1424
Contra.
Cr.
Sep.
By Proprietors of Hope Estate
By Balance ------
- -xymnrnttokyy >*
194
802
997 //ll
Contra.
Cr.
July
Aug.
By Stock
By Cotton on Commission
272
184
457
220
LEDGER.
(9)
James Forbes & Co. Dublin.
Dr.
1825
July
Aug.
Sep. 26
To Stock ------
To Rum on Commission
To Mahogany on Commission
8
12
640
500
258
1^99
RrcHARD Mortimer, Bristol.
Dr.
July
Aug.
To Stock
To Sugar on Commission
725
522
1247
17
10
William Ainsworth, Manchester.
Dr.
Aug.
Sep.
To Rum on Commission
To Balance - - - -
8
16
201
120
322
Brookes & Spencer, Birmingham.
Dr.
Sep.
30
To Ship Minerva
To Balance
12
16
9S
329
423
(9)
LEDGER.
221
Contra.
Cr.
1825
Aug.
Sep.
By Bills Receivable
By Ditto - - -
Bi/ Balance - -
5
10
16
£
640
500
258
1399
Contra.
Cr.
July
bep.
By Bills Receivable
By Ditto - - -
% Proji ^ Loss -
3
lo;
15
725
522
II
1247
//
//
10
17
10
Contra.
Cr.
Aug.
11
By Merchandise
322
322
10
10
Contra.
Cr.
July
By Stock
423
16
423
16
222
LEDGER.
(10)
William Todd, London.
Dr.
1825
July
Aug.
To Stock
To Cotton on Commission
To Cotton on Commission
210
378
460
1049
Smith & Tindal, London.
Dr.
July
Sep.
fo Cash 3
To Ditto g
To Ship Minerva 12
108
286
124
469
5
10
17
13
Ash & GuRNEY, London.
Dr.
July
Aug.
To Cash - - - - .
To Rum on Commission
5S
220
273
Thomas Kilgour, London.
Dr.
July
Sep.
To Cash - -
To Ship Minerva
To Balance
S
12
16
30
82
29
142
(10)
LEDGER.
223
Contra.
Cr.
1825
Aug.
Sep.
By Cash -
By Balance
5
16
210
839
1049
13
Contra.
Cr.
July
Aug
Sep.
By Stock - -
By Merchandise
Bi/ Balance
2
6
16
108
236
124
469
Contra.
Cr.
July
Sep.
By Stock -
Bi/ Balance
2
16
53
220
273
Contra.
Cr.
July
By Stock ----- ^
By Maliogany on Commission
140
1
142
S2i
LEDGER.
(11)
London Assurance Company Dr.
1825
Sep.
15
30
10
16
£ s.
156 //
486 //
d.
u
II
642
//
II
James Hazard, London. Dr.
Sep.
4
10
16
62
89
16
19
II
4
TVi Tinlnnr^ _-_---,____-
152
15
4
Jones & Coleman, London. Dr.
Sep.
4
Trt r'ocii --------
9
399
7
6
Henry Hume & Son, London. Dr.
Sep.
8
Tr» PasVl - ----------
9
611
9
6
(»)
LEDGER.
225
Contra.
Cr.
1825
July
Aug.
Sep.
By Insurance
By Ditto -
By Ditto -
7
12
311
222
107
642
Contra.
Cr.
July
Aug
By Insurance
By Ditto -
55
97
152
10
15
Contra.
Cr.
Aug.
31
By Merchandise
S99
Contra.
Cr.
Aug.
31
By Merchandise
611
226
LEDGER.
(12)
John Pan ton, London.
Dr.
1825
Aug.
Sep.
To Sugar on Commission
To Ship Minerva - - -
8
12
246
56
SOS
Dennison ^ Son, London.
Dr.
Aug.
10
To Sugar on Commission
777
Edward Hemming, London.
Dr.
Aug.
15
To Sugar on Commission
536
19
10
Balance.
Dr.
Sep.
30
To Sundries
16
19746
12
(12)
LEDGER.
227
Contra.
Cr.
1825
Sep
30
By Balance
16
£
303
Contra.
Cr.
Sep.
30
By Balance
16
777
Contra.
Cr.
Sep.
30
By Balance
16
536
19
10
Contra.
Cr.
Sep.
30
By Sundries
16
19746
12
q2
END OF LEDGER D.
229
APPENDIX :
CONTAINING,
I. QUERIES, with their ANSWERS, on Bills and Merchants'
Accounts.
1. JVkat is meant hy a Receipt ?
Ans. A Receipt is a written acknowledgement of having a sum of money, or
a bill, in settlement of an Account.
2. What is meant hy a Bill ?
Am, A Bill is a written obligation to pay a certain sum at a specified time.
3. Hoxa many kinds of Bills are there f
Ans, Two : Inland and Foreign Bills.
4. What is an Inland Bill ?
Ans, A Bill payable in the same Country where it is drawn.
5. Hoto are Inland Bills distinguished?
Ans, Into Drafts and Promissory Notes ; the former containing an order,
and the latter q. promise.
6. Hoiu many persons are generally concerned in an Inland Bill?
Ans, Two : The Draiuer and Acceptor,
7. Who is meant by the Drawer ?
Ans, The Person to whom the Bill is made payable, or who recovers the sum
or value of the Bill.
8. Who is meant by the Acceptor ?
Ans, The Person on whom it is drawn, and who pays the value when due. •
9. What is meant by accepting a Bill ?
Ans. Signing your name under that of the Drawer, by which you bind your-
self to pay it when due, as having received the value.
10. What is meant by indorsing a Bill?
Ans. The Holder of a Bill, before he can pay it away, when it has been
made payable to his order, must indorse it, (by writing his name on the back
of it, across the paper or stamp, and against the end of the line) being in effect
a promise to pay, (if the Bill be duly presented,) should the Acceptor, or any
of the preceding Indorsers fail.
1 1 . Hoxu many kinds of Indorsations are there ?
Ans. Two : Blank and Special Indorsements.
12. What is meant by a Blank or General Indorsement,
Ans. Writing your name only on the back of the bilL
13. What is meant by a special indorsement ?
Ans. When the Holder names the person to whom it is indorsed, the Bill
is said to be specially indorsed.
230 QUERIES ON INLAND BILLS.
14. Which of the two Indorsements are to be preferred in remitting Bills?
Ans. A special indorsement ; because, should the Bill fall into impro-
per hands, the person's name to whom it is indorsed must be Forged before it
can be negociated, and consequently fraud or imposition is prevented as
much as possible.
15. When the Term of a Bill is expressed in Months, whether are Calendar or
Lunar Months understood f
Ans, Calendar Months are always understood.
16. Explain this by an Example,
Ans. Suppose 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 1st February at one month's date, the term expires on the last
or 28th of February, in common years, but on the 29th in leap years.
17. What is understood by Days of Grace?
Ans. Days of Grace are a certain number of days granted after the term of
the Bill is expired. Three days are allowed in Great Britain.
18. Are Days of' Grace allowed on Bills drawn at sight?
j^ns. No : They must be either paid, or protested, when presented.
, 19. If a Bill Jails due on a Sunday, or any holiday at the Bank, when must it
be paid?
Ans. On Saturday, or the day before the holiday.
20. Is a Bill dated on Sunday considered valid?
Ans. No : at least Bankers will not discount such, as it is presumed no busi-
ness was transacted on that day.
21. What is meant by getting a Bill discounted ?
Ans. To discount a Bill means to procure Cash for it before it falls due.
22. How is this done ?
Ans. By indorsing the Bill to any person or banker, who pays the money,
deducting Interest for the time it has to run.
23. When a Bill is made payable at so many Weeks after date, how is the time
of Payment known ?
Ans. By allowing seven days to, the week, and reckoning the number of days
from the date of the Bill.
24". What is meant by protesting a Bill ?
Ans. A Protest is an instrument in writing (taken by a notary public) in
favour of the holder of the Bill, which is not duly accepted or paid.
25. When should a Bill be presented for payment ?
Ans. Upon the last day of Grace, and within bank hours.
26. When ought a Bill to be protested, if not paid ?
Ans. The evening of the day on which it falls due, or last day of grace.
27. What is the consequence should the Holder neglect to protest the Bill in due
time ?
Ans. He loses recourse against the Drawer and Indorsers, and can sue the
Acceptor only for payment.
28. When ought Inland Bills not paid to be returned?
Ans. Inland Bills may be kept fourteen days, but not longer.
29. How soon can payment of a Bill be inforced after it has been protested?
Ans. A charge may be given immediately, and six days thereafter the Ac-
ceptor or his property may be attached.
30. For what length of time is a Bill in force ?
QUERIES ON FOREIGN BILLS. 231
Ans. A Bill continues effectual for six years, although not regularly pro-
tested ; and forty years when duly protested.
31. What is meant hy a Foreign Bill ?
Ans. It is a written order from a person in one country, addressed to another
in a different country, requiring him to pay a certain sum to a third person, or
to his order, and that either on demand, or at a specified time. •
32. What is understood by Usance ?
Ans. Usance is the time of one, two, or three months after date, or after
sight, according to the custom of the places between which the Exchanges
run.
33. What is meant by double or treble usance ?
Ans. Double or treble usance, is double or treble the usual time ; and half
usance is half the time.
34. Hole many Persons are generally concerned in a Foreign Bill ?
Ans. Sometimes three, but generally four ; viz. two at the place where the
Bill is drawn, and two in the country where it is payable.
35. How are these PersoJis named ?
Ans. The Drawer, Payee, Drawee, and Holder.
36. Who is meant by the t)RAWER?
Ans, The person who makes out the Bill.
37. Who is meant by the Payee?
Ans. The person to whose order, or in whose Javor the Bill is drawn.
38. Who is meant by the Drawee ?
Ans. The person on whom the Bill is drawn.
39. Who is meant by the Holder of a Bill?
Ans. The person to whom the Bill is indorsed, or in whose possession it
remains at the time of payment.
40. Who is meant by the Indorser ?
y^ns. The person who first writes his name on the back of the Bill.
41. Who is meant by the Indorsee?
Ans. The person to whom the payee has indorsed the Bill.
42. What is meant by a Set of Exchange ?
Ans. Two, three, or four bills drawn at the same time, of the same tenor
nd date.
43. For ivhat purpose are these Bills so dratvn ?
Ans. To be transmitted by different ships or posts, as a security against ac-
cidents or delays ; and when one of them is accepted and paid, the others are
null and void.
44. Hotv is the time of payment fixed on Bills after sight?
Ans. The Acceptor marks the date of his acceptance, and the term of the
Bill is computed from the time it was accepted, and not from the time it was
drawn.
45. When ought Foreign Bills not paid to be returned to the party from ixihom
they were received ?
Ans. Foreign Bills should be returned in course of post, or at all events
within three posts.
46. What is meant by a Bill of Parcels ?
Ans. A Bill of Parcels is a note of the quantity and value of goods sold, and
delivered by the Seller to the Purchaser, along with the goods.
232 QUERIES ON FOREIGN BILLS.
47. Hoxu is a Bill of Parcels made out P
Ans. When it is a copy of the Goods sold, and delivered at the time of pur-
chase, the expression is, Bought of A. B.
48. If a Bill of Parcels be for goods sold at a former period, hotv is it ex-
pressed?
Ans. We write, Mr. C. D. to A. B. ; or Mr C. D. to A. B. Dr, ; and place
the dates (if more than one) on the margin. This is called a general account.
49. What is an Invoice ?
Ans. 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, and at his
risk, or consigned to him for sale, at the risk of the Shipper.
50. For what purpose is the clause, " Errors Excepted'* prefixed to Invoices,
and other accounts ?
Ans. That the Subscriber may have it in his power afterwards to correct
errors, should any be discovered.
51. What is an jiccount Sales ?
Ans. It is an account of goods sold on Commission, drawn out by the Agent,
and sent to his employer, who made the consignment.
52. What is meant hy the Net Proceeds ?
Ans. The Sum which remains after all charges attending the sales have been
deducted, and which sum is due to the person from whom you received the
consignment.
53. When the debts are not guaranteed by the agent, but are at the risk of the
employer, hoxv should he make out the Account- Sales '^
Ans. In the Preamble it may be stated at whose risk the goods have been
sold, or the agent should prefix to his signature, ^^ Bad debts excepted," otheV'
wise, in strictness, he becomes accountable for the same.
54. When the Agent guarantees the debts, is it necessary to mention in the Ac-
count-Sales the names of the Purchasers?
Ans, It is not absolutely necessary, although in many instances it is done ;
because it is a matter of indifference to his Employer to whom he sold the
goods.
55. What is the duty of an Agent?
Ans. An agent should procure the 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 or falling; to
pay exact obedience to the order of his Employers; to consult their interest in
matters referred to his discretion ; to execute their business with all possible
dispatch ; to be early in his intelligence ; correct in his Accounts ; and punc-
tual in his correspondence.
56. What is meant by an Account- Current?
Ans. An Account-Current is a state of our Mercantile Transactions with any
person, drawn out in a plain circumstantial manner, arranged in the form of
Dr, and Cr., and which exhibits the state of our affairs up to the date at which
it is made out.
57 Does it require a knowledge of Book-keeping to understand the nature of an
Account-current ?
Ans. Yes : because the particulars are narrated as expressed in the Journal ;
and where the collective term Sundries occurs in the Ledger, every reference is
supplied.
58. How is interest calculated on Accounts- Current?
QUERIES AND ANSWERS ON BOOK-KEEPING. 233
Ans. The usual method is to compute the interest on each sum respectively
on the Dr. and Cr. sides of the account.
59. Is there not a 'preferable to this f
Ans. Yes : the best method is to add and subtract the sums on the Dr. and
Cr. sides as they become due, and then multiply the several balances by the
days which intervened between each transaction, and if the balances be due at
one time to you, and at another to your Correspondent, extend the products in
separate columns, and compute the interest in the difference of the sums of
these columns.
60. Why should a preference be given to this last method?
Ans. Because it is not only more expeditious, by reducing the computation
to one operation (by a common divisor), but this method exhibits the balance
due to the respective parties at the different dates of the transactions.
II. QUERIES, with their ANSWERS, on Book-keeping.
1 . What is BOOK-KEEPING ?
Book-keeping is the Art of recording the Transactions of Persons in Trade,
in such a manner as to exhibit a distinct view of the state of their Affairs.
2. What is meant by single entry ?
Single Entry chiefly records Transactions on credit by simply debiting
the Person who receives any thing, and crediting the Person who gives or
delivers any tiling. Of course the Ledger affords to the Owner no other
knowledge but the debts which are owing him, and what he owes to others.
3. W^hat is understood by double entry ?
When Books are kept on the principles of Double Entry, every Sum or
Transaction which is entered on the Dr. side of any Account, the same sum
must be carried to the Cr. side of other Accounts. The Ledger exhibits in a
concise point of view, not only the debts due to, or by you, as in Single
Entry ; but also the amount of the Cash and Bills — the amount of the Pur-
chases and Sales, the value of the Goods on hand, the Gain or Loss on each
article, or on the whole.
4. Hovo many methods are there of Book-keeping as founded on distinct
principles ?
Ans. The Mode or Form of keeping Books, varies according to the peculiar
nature of the Business ; but there are, strictly speaking, only two methods :
namely, Book-keeping by Single and by Double Entry.
5. What information sho?dd a Merchanfs Books exhibit ?
Ans. The information which a Merchant's Books exhibit, may be reduced
to the three follovnng heads ?
1st. The Debts owing to him, and those which he owes to others.
2d. The Goods or other Property belonging to him at commencement or
last balance ; the amount sold or otherwise disposed of; and the quantity and
value still on hand.
6- What is the use of the Day-Book ?
Ans. The Day- Book records the sales, or disposal of Goods ; and every other
Transaction which cannot with propriety be entered in the Subsidiary Books,
as Cash and Bills, &c.
7. How many Subsidiary Books are generally used in Business ?
Ans. The number of Subsidiary Books, vary according to the nature of the
234 QUERIES AND ANSWERS ON BOOK-KEEPING.
business ; but the following are the principal Books. — Invoice Book — Book of
Shipments — Sales' Book — Cask) and Bill-Books.
8. What is the use of the Journal ?
Ans. The Journal contains an arrangement of the whole transactions in each
month, the Drs. and Crs. pointed out, that they may be easily posted into the
Ledger.
9. What is the use of the Ledger ?
Ans. The Ledger collects together transactions of the same, or similar kind,
under their respective heads, and for this purpose it is divided into several
Accounts, the Dr. and Cr. sides being opposite.
10. What is the General Rule for distinguishing Dr. and Cr. ?
Ans. Every Article received, or Person accountable to you is Dr., and every
Article sold or delivered, or Person to whom you are accountable is Cr. ; Or
in other words : every thing received, or Person receiving any thing is Dr.y
and every thing sold or delivered ; or Person delivering any thing is Cr.
IL Hotx) is the first part of the Inventory journalized^
Ans. Sundries Drs. to Stock.
Cash, for the balance on hand, — Goods or Property for the value ^ Inven-
tory. — Bills Receivable, for accepted bills in your possession. — Personal Ac-
counts, for the sums due to you in open Accounts.
12. Hotv is the second part of the Inventory Journalized ?
Stock Dr. to Sundries.
To Personal Accounts for the sums you owe in open Accounts ; and to Bills
Payable for your acceptances not due or paid.
I. How are the following Cash Transactions stated ?
13. When you receive payment of a Personal Account ?
Ans. I debit Cash, and say To A. B., received of him,
14. When you pay a Personal Account?
Ans. I credit Cash, and say By A. B., paid him.
15. When you receive Payment, and allow a Discount ?
Ans. I debit Cash To A, B, for the full sum ; and then credit Cash, and say
By Interest for Discount.
16. When you pay Money, and receive a Discount ?
Ans. I credit Cash, By A. B. for the whole sum, and then debit Cash, and say,
To Interest for discount.
17. When you receive Rents, Freights, 8^ c. from Accounts of Property ?
Ans. I debit Cash, and say. To the Property, from which they arise.
18. When you receive money not connected, nuith any Account ?
Ans. I debit Cash, To Profit and Loss, if it be a gain arising from the business:
or, I debit Cash To Stock, if it be a sum which does not arise from the busi-
ness, such as a legacy received, or a wager won.
19. When you pay Charges on Accounts of Property ?
Ans I credit Cash, and say. By the Property, for repairs, or the like.
20. When you pay money not connected tvith any Account ?
Ans. I credit Cash, By Charges, if any incidental charge.
or By House Expenses, for private expenses.
or By Profit and Loss, for Interest on Money borrowed.
QUERIES AND ANSWERS ON BOOK-KEEPING. 235
II. i/oto are thejbllovoing Bill Transactions recorded.
21. When you receive a Bill in settlement of an Account f
Ans. I make Bills Receivable Dr. to A. B.
22. When you grant or Accept a Bill ?
Ans. I make the Person (A. B.) to whom granted, Dr. to Bills Payable,
23. When you receive payment of a Bill?
Ans. I debit Cash, and say, To Bills Receivable.
24. When you pay or retire a Bill ?
Ans. I credit Cash, and say, By Bills payable.
25. When you discount a Bill ?
Ans. I first debit Cash, and say, To Bills receivable for the sum of the Bill,
and then credit Cash, and say. By Interest for the discount.
26. When you indorse or pay avoay a Bill f
Ans. I enter A.'^B. (to whom indorsed) Dr. to Bills Receivable.
27. When you draw and remit a Bill ?
Ans. I may either make A. B. (to whom remitted) Dr. to C. D. on whom
drawn ; or, Bills Receivable Dr. to C. D., and then A. B. Dr. to Bills Re-
ceivable.
27. When you reneiv a Bill ?
1st. If the Bill be in my own hands ;
I make A. B., the Acceptor, Dr. to Sundries; viz. To Bills Receivable, for the
sum of the old Bill ; To Interest,* for the interest included in new Bill. — And
then Bills Receivable Dr. to A. B. for the new Bill.
Note. This entry supposes interest included in the new Bill. If the
interest for the additional time be paid in Cash ; I debit Cash, and say, 2b
Interest ; or, if no Interest is allowed, there is no necessity for any entry when
the Bill was renewed.
2d. If I have indorsed or paid away the Bill ?
Ans. I credit Cash, By A. B. when you pay his Bill, and then A. B. Dr. to
Interest for the interest ; lastly, I enter Bills Receivable Dr. to A. B, for the
new Bill.
28. When you protest a Bill ?
1st. If the Bill be in my own hands ;
I enter A. B., from whom we received it Dr. to Bills Receivable ; and then
I credit Cash, and say, By A. B. for expenses of protest.
2d. If I have paid away or remitted the Bill ;
I credit Cash, By A. B.paid his bill.
or,
A. B. Dr. to Sundries ; viz. To CD. (to whom the bill was remitted) for the
amount of the Bill, with charges of protest : and To Charges for additional
expences paid by us.
IV. How are the following Transactions in Purchasing Goods stated,
29. When you buy Goods for Cash ?
Ans. I credit Cash, and say, By Goods,
30. When you buy Goods on Credit ?
Ans. I make Goods Dr. to A. B. (the purchaser.)
31. When you purchase Goods on Bill?
23© QUERIES AND ANSWERS ON BOOK-KEEPING.
Ans, First, I make Goods Dr. to A, B., and when I accept his draft; I make
m Dr. to Bills Payable.
32. When you jpay freight, duty, or other charges on Goods ?
Ans. I credit Cash : By Goods paid charges.
V. Hotv are the Jbllo'voing Transactions in Selling Goods entered?
33. When you sell Goods for Cash ?
Ans. I debit Cash, and say, To Goods, for the amount.
34. When you sell Goods on credit ?
Ajis. I make A. B. (the buyer) Dr. to Goods.
35. When you sell Goods on Bill ?
Ajis. First I make A. B. Dr. to Goods, and then when he accepts my draft
on him. I enter Bills Receivable Dr. to A. B.
36. When you receive a Bounty or Dratvback on Goods exported ?
^ns. I make Debentures Dr. to Goods ; and when I receive payment, I
debit Cash, and say. To Debentures ?
VI. Ho'ware thejollotoing Transactions in Bartering or Exchanging Goods
stated?
37. When the value received is exactly equal to the value delivered ?
Ans. I make Goods received Dr. to Goods delivered.
38. When the values are unequal, and the difference to be settled at a future
period?
Ans. I first make Goods received Dr. to ^. B. for the amount, and then
A. B, Dr. to Goods delivered for their amount.
39- When the values are unequal, and the difference settled by Cash or Bill at
the time ?
Ans. 1st. If the value received be greater, I enter Goods Dr. to A. B. for
the amount ; then I credit Cash By A. B. for the sum paid him, and A. B. Dr.
to Bills Payable for the amount of my Bill. 2dly. If the value delivered be
greater, I make A. B. Dr. to Goods for the amount ; then I debit Cash To
A, B. for the sum I received ; and Bills Receiveable Dr. to A. B. for his ac-
ceptance.
VII. Hovo are thefollomng Transactions in Shipping Goods entered ?
40. When you ship off Goods in consequence of orders ?
Ans. I make A. B. Dr. to Sundries.
41. When you ship off Goods to your Agent as an adventure?
Ans. I make Adventure to — Dr. to Sundries, viz. To Goods, To Charges,
To Commission, and To Insurance, (if any.)
42. When the Agent renders an Account- Sales ?
Ans. I enter Agent Dr. to Adventure to — for the P/'oceec?^, which, if greater
than the outset charge, the difference is gain.
43. How is the Account closed ?
Ans. I make Adventure to — Dr. to Profit and Loss ; but if there has been
a loss, I reverse the entry.
QUERIES AND ANSWERS ON BOOK-KEEPING. 237
VIII. Hoto are thefollo'vomg Transactions relating to Goods received to sell
on Commission, stated ?
44. When you pay charges on Goods consigned f
Ans. If Credit, Cash, and say, By Goods on Commission.
45. When you make a sale of these Goods f *
Ans» If for Cashyldehit Cash To Goods on Commission \ or ifow credit. A, B,
Dr. to Goods on Commission,
46. When you take any of these Goods to Account ?
Ans. I make. Goods Dr. to Goods on Commission.
47. When y oil make out the Account- Sales?
Ans. I enter, Goods on Commission Dr. to Sundries, viz. To Charges, I'o
Commission, To Consigner for net Proceeds.
IX. Hoiio are thefollovoing Transactions in making Insurances Journalized?
48. When you effect Insurance on your own Account on Goods outward ?
Ans. If on Goods by way of Adventure, I make Adventure Dr. to the Broker
or Assurance Company ; or, if on Goods ^ order of another person, I enter
A. B. Dr. to Sundries, viz. To the Broker for prem. and policy ; To Commission
for ^ ^ Cent.
49. When you effect Insurance on your otvn Account, on Goods homeward ?
Ans. I enter Goods Dr. to the Broker or Company, for premium and policy.
50. When you effect Insurance on another Person's account ?
Ans. I make the Person Dr. to the Insurance Company.
51. When a return of premium is claimed for convoy and arrival, for insurance
on another person ?
Ans. I make the Broker or Insurance Company Dr. to A. B., for whose
account the insurance was made.
52. When a return of premium is claimed on your account for convoy and
arrival ?
Ans. I make the Broker or Insurance Dr, to the Goods on which the insur-
ance was made.
X. H&vii are the following Transactions in Bankruptcy stated f
53. When the failure is a total loss ?
Ans. I make Profit and Loss Dr. to the Bankrupt, for the amount of my
claim.
54. When you receive a Composition ?
Ans. If in Cash, I debit Cash To the Bankrupt; or, if a Bill, Bills Receivable
Dr. to Ditto ; then Profit and Loss Dr. to the Bankrupt for my loss.
£5. Should the Bankrupt at any after period voluntarily pay the deficiency ?
Ans, 1 debit Cash, To Profit and Loss for the sum received.
56. When the Loss by a Failure is known at the time of Balancing?
Ans, I make Profit and Loss Dr. to the Bankrupt for the loss, and carry
the difference to the Balance Account, which is the composition which I have
to receive.
238 QUERIES AND ANSWERS ON BOOK-KEEPING.
Queries on the Ledger Accounts and Balancing the Books.
1. Hovo many kinds of Accounts does the Ledger contain ?
Ans. When the Books are kept by Double Entry, the Ledger contains the
three following, viz. Personal, Real, and Nominal, Accounts.
2. What does Personal Accounts contain on the Dr. and Cr, sides?
Ans. A. B., or any Person's account, contains on the Dr. sides the sums
which he is accountable to me ; and on the Cr. those for which I am account-
able to him. The balance shows how much is owing.
3. Hotv are Personal Accounts balanced?
Ans. If the Dr. side be greatest, enter the difference of Balance, and if the
Cr. be greatest, the contrary ; first crediting or debiting the account for the
difference accordingly.
4. What does Bills Receivable Account contain on the Dr. and Cr,
sideR ?
Ans. Bills Receivable contains on the Dr. the Bills I receive for any debt
owing me ; and on the Cr., those I receive payment of, or which I discount, or
pay away.
5. Hotv is Bills Receivable Account balanced?
Ans. By carrying the difference (which is the Bills on hand) to the Dr. of
Balance, first crediting the account for the same.
6. Whatdoe^BiLLS Payable Account contain on the Cr. and Dr. sides?
Ans. Bills Payable contains on the Cr., the Bills I accept ; and on the Dr.,
those I have paid.
7. How is Bills Payable Account balanced?
Ans. By carrying the difference (which is the sum I owe in accepted Bills)
to the Cr. of Balance, first debiting the account for that sum.
8. What is meant by the term Real Accounts ?
Ans, Real Accounts are Accounts of any kind of Property, such as Cash^
Goods, Ships, Houses, Lands, or the like.
9. What does Cash contain on the Dr. and Cr. sides?
Ans. Cash contains on the Dr. the sums of money I receive, and on the Cr.
the money I pay.
10. Hoxu is the Cash Account balanced?
Ans. By carrying the difference (which is the money on hand) to the Dr. of
Balance.
11. What does Goods contain on the Dr. and Cr. ?
Ans. Goods, or any other Property, contains on the Dr. the amount of the
purchases, and all charges ; and on tlie Cr. the sales and other returns.
12. Hoti) is an Account of Goods balanced?
Ans. 1st. When the Goods are all sold, by Profit and Loss, if the Cr. side be
greater the difference is gain, which I carry to the Cr. of Profit and Loss
account; but if the Dr. side be greater, the difference is loss, which I carry to
the Dr. side o{ Profit and Loss. 2d. When the Goods are all on hand, I enter
the amount or value on the Dr. side of Balance, first crediting the account for
the same. 2>d. When part of the Goods is on hand, I ascertain the value of the
pan unsold, which I enter on the Cr. side of the account, then the difference
of the two sides will show the^am or loss, which I carry to the proper side of
Profit and Loss, and the value on hand to the Dr. side of Balance.
13. What is meant by Nominal Accounts ?
Ans. Nominal Accounts are those of Stock and Profit and Loss.
QUERIES AND ANSWERS ON BOOK-KEEPING. 239
14. What does the Stock Account represent f
Ans. Stock represents the Name of the Owner of the Books.
15. What does Stock contain on the Dr, and Cr. sides ?
Ans. The Dr, sides contains the amount of my debts, and the Cr, the amount
of my effects at last Balance, or at begining the Book-s.
16. What does the different of the ttvo sides of Stock shotu?
Ans, My Stock or Capital at the period referred to.
17. What does the Profit and Loss Account on the Dr. and Cr, sides?
Ans. Profit and Loss Account contains on the Dr. every article of loss or
charge against the business ; and on the Cr, every article of gain or advantage
arising from the business.
18. What does the difference of the Profit and Loss Account shop), tvhen the
several items from closirig the Ledger Accounts are posted?
Ans, The difference shews the Net Gain or Loss on the business.
19. To What Account is the difference o/' Profit and Loss carried, at Ba^
lancing ?
Ans, To the Cr, of Stock, if there has been a gain on the Business ; but to
the Dr. side if a loss.
20. What does Charges Account contain on each side f
Ans. On the Dr. side are entered all Expenses paid or incurred on the
business which do not belong to any particular account ; on the Cr. usually
the sums we charge our Employers, for warehouse rent, postages or the like.
21. What does House Expenses contain on each side?
Ans. On the Dr, side the sums of money, or the value of any thing else,
taken for private use. If there be any entry on the Cr. it must be for a sum
which was withdrawn, and not all expended at the time of balancing th^
Books.
22. What does the Commission Account contain on each side?
Ans. On the Cr. side the sums I receive as an allowance for transacting
business for others. If there is any entry on the Dr. it must be for commis-
sion which I owe to others, foi^ instance. Bankers on whom we draw Bills
charge a commission.
23. What does Interest Account contain on each side?
Ans. On the Dr. side, all sums paid or incurred by me, for interest or dis-
count on Bills or Accounts, in receiving a settlement ; on the Cr, side the
sums for interest, or discount allowed me.
24. Hoijo are these Four last Accounts closed ?
Ans. By carrying the difference to the proper side of the Profit and Loss
Account
25. What does Balance Account contain on the Dr. and Cr. sides ; and
what does the difference of this Account show ?
Ans. Balance contains on the Dr. the Cash on hand, and other Property
which belongs to me, and all debts due me ; the Cr. side contains the sums I
owe in open Accounts, and in Bills accepted by me. The difference therefore
shows my Net Capital at the time of Balancing.
26. Explain the reason xuhy the difference of Stock agrees "with the difference
o/* Balance at closing the Books?
Ans. The Stock Account contains on the Dr. the amount of my Debts,
and on the Cr. side the amount of my Effects at opening the Books. The
difference shows my Capital at that time, and when my net Profits are added, or
Losses deducted from this sum, it will show my Capital at the time of Balancing.
The Dr. side of the Balance Account contains my Effects, and the Cr. my
240 QUERIES AND ANSWERS ON BOOK-KEEPING.
Debts at that time, and the difference must therefore also show my net Capital^
and botli will correspond if the Books be correct.
27. In a Set of Books balanced, tvhat two Accounts in the Ledger will sh cm) the
Merchant's net Capital or deficiency ?
Ans. The Stock and the Balance Accounts.
We shall conclude these Queries on Book-keeping, by proposing the follow-
ing, in Company Trade ; —
1. What is Partnership?
Ans. Partnership is when two or more Persons unite in Trade, and agree
to divide the Profits or sustain the Losses arising from the Business.
2. Hotv should the Books of a Copartnery be kept ?
Ans. The Books of a Co-partnery should be kept as if they belonged to one
Person only, but the plural number should be used, voe, us, and ours, instead of
/, me, mine, and the like.
3. When the Capital to be employed in the Concern is fixed on'^
Ans. Sundries Drs. to Stock in Co. ; each Partner for his share or pro-
portion which he means to advance.
4. When these Shares are paid in?
Ans. Cash, or the Article Dr. to Sundries; to each Partner for the amount
of his share.
5. Is one Account in general siifficientjbr each Partner, and how should it be
kept f
Ans. Yes : and it should be kept in the same manner as that of any neutral
Person.
6. What should the Partners* Accounts exhibit?
Ans. They should exhibit only the money paid, or any other articles received
from the Concern for private use, together with the Interest on their respective
shares.
7. How are these Accounts closed?
Ans. The Balance is carried forward like any other personal Account, until
the profits be divided, or an alteration in the shares takes place, or the term of
the Co-partnery expire, previous to any of which these Accounts must be
closed.
8. When the Capital is to be increased?
Ans. The Entries are the same as at Commencement of the Business.
9. When the Capital is to be decreased ?
Ans. Reverse these Entries.
10. When the Profits are to be divided among the Partners ?
Ans. Enter Profit and Loss Dr. to each Partner.
11. When the Profits are to be applied to increase the Stock ?
Ans. Profit and Loss Dr. to Stock in Co.
12. If there has been a Loss on the Business ?
Ans. The above Entries are reversed.
13. When an alteration in the Shares takes place ?
Alls. The Books must be previously Balanced, and the Partners' accounts
closed.
14. What is the Stock Account to be considered?
EXERCISES FOR PRACTICE. 241
Ans, Stock is to be considered as a Joint Account, to be divided at such
periods, and in such proportions as are directed by the articles of Co-partnery.
15. What should the Stock Account exhibit f
Ans. The Stock Account should always include the amount or value of the
Company's Effects, both real and personal.
III. EXERCISES for the Improvement of the Student.
RECEIPTS.
fVriie Receipts for the Jbllovoing Transactions.
1. I received on the 18th May, 1825, from Sheldon & Sons, ^241 • 3 in full,
of Madder : required the form of a Receipt ?
2. Borrowed from Henry Sheldon, ,^150, on 10th June, which I am to repay
on the 20th — What is the form of an acknowledgment for the same ?
3. On 13th June, I paid my Landlord half a year's rent of Warehouse, viz.
^25 — What is the form of a Receipt for the same?
4. April 15th, received from Henry Watt ^200, on Account of Richard
Conder, New York — Required the form of a Receipt which I should give
to H. Watt?
5. Received on the 8th April Thomas Allwood's Pro. Note, at 3 mo., ^
^1 47 » 7 // 6 payable to my order, for Goods sold and delivered to him ••
— W^hat is the form of the Receipt I should give him ?
6. A. B. delivers a Bill of Parcels, amounting to 6^135 « 10, to C. D., who
pays it. A. B. acknowledges the same at the foot of the Account, and
also gives C. D. a stamp Receipt — Required the form of each?
PROMISSORY-NOTES AND DRAFTS.
Draw out Bills for the folloiuing Transactions, date them from some Totvn, and
xvhere the day of the month and year are not given, insert them.
1. Draw out a Note at 3 months, dated at the time of writing it : A. B. payable
to C. D. for ^320.
2. At 30 days, E. F. to G. H. for ^17 » 12 „ 6.
3. At 21 days' sight, J. K. dated from Bristol, ^ ^75 « 16.
4. At 4 months, L. M. to N. O. for ^623 « 1 2 «/ 6, from Liverpool, payable in
London.
5. Accommodated A. B. with my Note, for ^150, at 3 months, and took his
Acceptance of the same date, term, and sum — Required the form of
each Bill.
6. Settled my Account with C. D. which is ^130 » 10, and gave him my Note
at 4 months, including interest — Required the form, and the sum for
which the Bill was drawn?
7 I am desired to draw a Bill on John Howie & Co, dated 7th Jan., @ 2 mo.
date, for s£\ 10^4 — Required the form ?
R
242 EXERCISES FOR PRACTICE.
8. Edward Weston of Manchester, has drawn on me a Bill for ^370 „ 1,
dated 3d Jan., at 31 days' date, payable to Wm. Jones — Required the
form?
9. Drawn on Sheldon & Sons, a Bill in favor of James Fielding & Co. 14th
March, at 3 months, ^ ^267 « 15 » 2 — Required the form of the Draft ?
10. Robert Runcorn & Co. of Manchester, have drawn in favor of T. Adair,
dated 13th March, which I have accepted, and by agreement was to be
allowed 5 ^ Cent discount. The amount of their Account is ^452 « 8
— Required the Form, and the sum for which the Bill was drawn?
FOREIGN BILLS.
1. Richard Conder, of New York, has drawn a Bill on me for ^150 sterlingy
dated 6th January, 1818, @ 50 days after sight, in favor of J. Hill,
which I accepted on the 27th February — Required the form of the Bill
when it becomes due — and how it should be recorded in the Books ?
2. I have received a Bill from Richard Conder, New York, drawn by him-
self upon G. Kay, London, ^ ^400 sterlings dated 20th February,
1825, at 30 days' sight, and which was accepted 24th March — Required
the form, and when due ; also the form of a Letter of Advice when duly
accepted ?
3. I wish to know how the other two Bills of the Set of the Exchange of the
same tenor and date as the above were drawn out?
4. Required the form of a Bill from New York on London, which was remit-
ted me by Richard Conder, drawn by J. Blake, dated 16th April, 1818,
at 40 days' sight, payable to Matthew Tindal upon Lees & Co. London,
and accepted by them on 16th May, and when it becomes due? — N. B.
The above Bill was specially indorsed by M. Tindal to Richard Conder,
md by Conder to me — Required these forms, and how the different
:;lauses of the Bill is to be recorded in the Bill-Book ?
Required the proper Eiitriesjbr thejolloiuing Cases.
BUYING AND SELLING.
L'T sold to J. Howie & Co. on the 4th January, 1825, 75 bundles of Water
Twist, amount ^116 « 12 « 6, payable in 3 months— Required the form of
the Bill of Parcels, and the Journal Entry ?
2. On the 12th Feb. 1825, I sold to Thomas Allwood B6 bundles of Water
Twist, amount ^86 u6 » Q; and 4 Casks of Dutch Madder, amount
6^^153 I, 19 « 9 ; at the same time I received in part ,^^50, and a Bill on
J. Berry for ^^135 « 10, and he owes me the Balance — Required the form
of the Bill of Parcels, giving him credit for the payments made ; and
what are the proper Entries ?
3. Bought from Samuel Johnson, on the 14th February, 618 bundles Water
Twist, which cost ^877 r 12— On the 16th March I accepted two Bills
drawn by him on me, one payable to Burke & Moore dated 1st March,
at 3 months, for ^^^203 « 6 „ 6; the other in favor of T. Austin, 14th
March, at 3 months, ^£300 „ 16— Make out the Bill of Parcels, and give
me credit for the two Bills, and Journalize the transaction ?
EXERCISES FOR PRACTICE. 243
4. Exchanged 550lbs. Cotton yarn, amount ^250 » 10; for 200 pieces Cam-
brics, value ^248 » 3 and received the balance in Cash — How should
this be enJ;ered ?
CASHv
1. I bought at Public Sale on the 5th January, 1825, 399lbs. Mule Twist,
and paid the amount j^l24 « 10 — Required the form of a Bill of Parcels,
and the necessary entry in the Books ?
2. On the 3d March, I sold for Cash, to Jos. Heron, 66lbs. Mule Twist,
^^21 /.. 9 « 6 — Make out a Bill of Parcels, and enter the transaction in the
Books.
3. Having discounted at the Banker's Ord & Davis's Bill for ^212 « 6. I
paid Discount ^2 « 3 « 8 — How am I to enter this transaction in the
Cash-Book ?
4. Paid Duty, Freight, and Charges on 110 Casks Ashes, ^81 » 4 » 10 — What
is the necessary entry ?
5. Received from William Fenton, in full of his account, net ^73 « 6 and
allowed him ^3 « 17 « 6 of discount — How should this transaction be
entered ?
6. I have received a Legacy of ^500 — What Accounts should I place it to ?
7. Lost my Pocket-Book, which contained in Bank Notes ^35 « 10, and hav-
ing advertized it (but without success) which cost me 30/ — ^Vhat are the
proper entries ?
8. I paid J. Fielding & Co, in full of their account, which was ^280 « 10 from
which they allowed me a Discount of e^l4 « « 6. — How should this
transaction be entered in the books ?
9. I paid my Acceptance to J. Fielding & Co. on Discount, for ,^156 » 7 « 8,
and they allowed me 31 day's Discount, which is 13/3 How should I
record the same in the Books ?
10. Ord & Davis having become insolvent, and as their acceptance to me ^
^212 /, 6 is due this day, which I had discounted, I am under the neces-
sity of lifting it — How am I to enter this transaction ?
11. Ord & Davis, who owe me ^212 « 6 have obtained a discharge for 17/6
'# s€, I have agreed to the same, and received a Dividend of 3/6 ^ s^y
and have discharged them for 2/6 per s^ of loss — What are the proper
entries ?
12. Received a year's Rent of my House at Windsor, ^50.
13. Paid John Wright for repairs to House at Windsor, ^21 « 14 — How
should these entries be recorded ?
14. Paid my Clerk, J. Penman, three months salary, ^17 » 10; and
15. Paid my Landlord half-a-y ear's rent of Warehouse, ^25 — How should
these entries be recorded ?
16 Received Cash for a Debenture ^ Isabella, ^56/, 2 —Wliat accounts
should I place it to ?
17. Having received ^^200 from H. Watt, on account of Richard Conder,
New York, required the necessary entry in the Cash-Book ?
18. Received one year's interest in Stock on Rope-work Co. ^22 « 10.
19. Received a Dividend at the Bank, half-a-y ear's interest on a^^2965 Stock
in the 3 ^ Cents. ^40 « « 6 — To what Accounts should I enter these
two transactions ?
R 2
244^ EXERCISES FOR PRACTICE.
20. Settled with the Owners of the Ship Britannia, and received my One-
lourth share of gain, .^^157 « 19 « 2.
21. Received Freights of my Ship Minerva, from Jamaica, ^897 « 11 « 2.
22. Paid Captain Noble, of the Minerva, in full, ^763 « 17 « 9.
23. Paid for repairs to Ship Minerva, ^220 u 10 — to what accounts should I
place the last four transactions ?
Required the proper Entries ^or the Jbllowing Transactions:
1st. Paid B. C.'s Draft on me at sight?
2d. Won of A. C. a wager of <^50, which is paid me ?
3d. Paid J. B. one year's interest on ^1000, borrowed on bond ?
4th. Received from E. K. one year's interest on ^500 lent on Bill, and also
the principal ?
5th. Bought for Cash P. M.'s Bill on E. F. at 50 days' date, ^ ^^150, (w 20
days* Premium, and remitted it to G. H.?
6th. Sold for Cash my Draft on S. D. «& Co. ^ ^200, and allowed 25 days'
discount ?
7th. Lifted my Acceptance to E. F. for j^400, by indorsing him G. J.'s Bill
for ^250, at 1 month, and paid him the balance in Cash, with one
month's interest on the indorsation ?
SHIPMENTS.
Having shipped Goods for Richard Conder, New York, for his account and
risk, ^"'887 « 12 « 6, 1 paid Charges at shipping a£'4 » 1 2 » 6 ; my Commission
^9 « 5 // 4 ; and insured the amount with the London Assurance Co.
a^^22 « 3 « 6 — What is the Journal entry, and the form of a Letter of
Advice?
GOODS ON CONSIGNMENT.
1. Richard Conder, New York, advises me to insure on his Account on 20
Bales Cotton, ^ the Fanny, Ker, Master, a^^650, which I have this day
effected with the London Assurance Company, at 6 Guineas ^ Cent, to
return 1 '^ Cent, if the Vessel arrives safe ; Policy 5/6 ^ Cent. a^42// 17«6;
my Commission at ^ ^g*- Cent, is ^3 « 5 — Required the Journal entry, and
Letter of Advice ?
2. The Fanny arrives safe with Convoy, and I charge the London Assurance
Company for the return of Premium ; I also pay Duty, Freight, and other
Charges at Landing — Required the Entries ?
3. I have sold the said Cotton to R. Runcorn & Co., and have made out an
Account-Sales for R. Conder, and charged him for Warehouse Rent, In-
terest, and Commission, and the Net Proceeds due him is — Required the
entries ?
4. Consigned to James Forbes & Co. Dublin, 80 Planks Mahogany for sale
which were consigned us by Waller & Co. from Jamaica. — Thomas Kil-
gour, our Agent, has paid Charges at shipping, £\ „ 13 « 3: we receive
Account Sales from J. Forbes & Co. of the same, which amount to
a^285 « 11 « 6 Irish, at lOj ^ Cent, exchange: we charge W^aller & Co.
EXERCISES FOR PRACTICE. .245
2^ ^ Cent, on the sales for our Commission — Required the proper entries
for these Transactions?
INSURANCES.
Required the Proper Journal Entries for the Jbllovoing Transactions :
1st. B. C has insured for me on Goods from Hamburgh, ^2000, at 6 Guineas
^ Cent. Policy 5/6 ^ Cent.?
2d. A. B. has paid average Loss on the Goods underwrote by him, at £2 « 11
^ Cent, after deducting his premium ?
3d. Insured with the London Assurance Company on my ship Minerva, from
Jamaica to London, ^2750, at 4 Guineas f^ Cent, and Policy d^7 « 14.
4th. Underwrote for D. E. on a^500, on Goods ^ the Mars, from Grenada, at
7 Guineas f^ Cent, and Policy 5/6 ^ Cent. ?
5th. The Vessel is Lost, and I have settled with D. E. for the sum under-
written by me, by granting him my Acceptance at 3 months, deducting
the Premium ?
6th. Insured with the London Assurance Company on account of Waller & Co.
Jamaica, ^1000, on Rum and Sugar, ^ the Minerva, Noble, from Ja-
maica, to London, at 9 Guineas ^ Cent. Policy 5/6 f^ Cent, to return 4
^ Cent, for Convoy and Arrival ?
7th. The Minerva has arrived safe, I therefore charge the London Assurance
Company for the return of Premium ?
JOINT- ADVENTURES.
1. Consigned to William Bancroft, St. Kitt's, to sell on account of Thomas
Allwood and myself, each one-half concerned, sundry Goods, amount
^691 // 17 H 4 ; paid Charges at shipping, ^8 « 3 « 6, my Commission is
^21 « 7, and I have insured on a^770 with the London Assurance Com-
pany ^50 H 14 11 2 — WTiat is the Journal Entry ?
2. William Bancroft writes me that the Goods arrived safe, and that he has
sold them as ^ Account Sales, enclosed amount ^966 « 9 : he has at
same time remitted me a Bill on M. Parry, for ^350 « 5. — Required the
proper entries to close the Adventure, and a division of the Profits ?
3. Suppose he had shipped me 40 Puncheons of Rum, value .§^600 in part of
the Sales, and I had insured the same with the London Assurance Com-
pany, at 9 Guineas f^ Cent. Policy 33/ to return 4 ^ Cent, for Convoy
and Arrival. — Required the Entries ?
4. Suppose further that the Vessel arrives with Convoy, and that I charge
the London Assurance Company for the return of Premium at 4 ^ Cent.,
that I pay Customs, Freight, and Charges during the Sale ^149 « 14 » 6:
I sell 30 Puncheons of the Rum to E. and B. at 2 Months, ^667, and 10
Puncheons to T. A. at 3 months, ^220: I charge 2^ ^ Cent. Commis-
sion on the Sales. — Required the entries, and how Allwood's Account
would have stood.
R 3
246 EXERCISES FOR PRACTICE.
The following EXERCISES are subjoined as a farther trial of the young Ac-
countant's skill in arranging a solution of them in a neat and methodical
form.
1. A Merchant's Effects on the 1st January amounted to ^4085 « 12 « 9, and
his Debts to ^1 106 « 2 « 2 : on the 23d Feb. he received a Legacy of
,^500. At Balancing his Books on the 31st March, the sum of the debit
side of his Profit & Loss Account was a^"132 « 18 « 4, and the Credit side
^311 « 9« 10. The Dr. side of his Balance Account was ^6402 « 5,
and the Cr, side ^2744 « 2 » 11. — Required his Stock at the beginning
of the year ; his gain or loss since that period, and the Amount of his
present Capital ?
2. A, a traveller for a Mercantile House in Glasgow, being short of Cash,
when at Manchester, borrows from B. ^10, and in London ^10 from C.
On his return to Glasgow, he finds he has expended of these sums
,^15 ./ 12 ,/ 6, and the balance he retained for his own use. How is this
transaction stated, either as a Cash-Book or a Journal Entry ?
3. There are three Partners in a Manufacturing Concern. A. holds -^^ ; B. \;
and C. ^. A. becomes insolvent, by which there is a loss of ££593// 10// 10
sustained by the other two Partners — Required what proportion of this
sum falls to be paid by each of the solvent Partners ; and also the neces-
sary entries in the Journal, to bring the same to the proper Accounts in
the Ledger?
4. A Merchant in looking over his Books, finds the state of his affairs to be
as follows. His Effects on the 1st January amounted to .3^6886 // 19 // 10,
and his Debts, in open Accounts, to ^^2262 ,/ 5 </ 10, and in Accepted
Bills ^1125 // 7 // 6. On the 1st July his Effects were ^10861 ,/ 8 // 1,
and his Debts to 6^6958 /, 1 // 2. — Required the amount of his former and
present Capital ; his net gain, and the rate f^ Cent, which his business has
yielded during the six months ?
5. At the dissolution of a Company Concern, the Partners agreed to divide
their Effects as follows : A. is to take the Goods on hand, valued ^ In-
ventory ^728 // 15, at 10 fi- Cent, discount. B. Collects the open
Accounts, amounting to ^521 /, 13 // 4, which are assigned to him at
15/ ^ Pound. And C. debits himself for the Bills in hand ^ ^470 // 1 1 // 3
on being allowed 1 J ^ Cent, for Commission and Risk. How will Ac-
counts stand betwixt them, A. having 4 shares, B. 3 shares, and C. 2
shares of the business ?
6. On the 1st July, 1825, Our one-third share of Hope Estate, in Jamaica,
stood indebted to us ^3175 ,i 6 ,, 2 sterling : on the 2d August our Part-
ners, in Jamaica, J. & A. Sydney, advise us that they have shipped 60
Casks Sugar, ^ the Minerva, to London, which we have insured with
the London Assurance Company, on ^1700, at 9 Guineas ^ Cent. Pohcy
5/Q ^ Cent, (to return 4 ^ Cent, for Convoy and Arrival) ^165 u 6 ,i 6
and we charge \ ^ Cent. Commission on the sum insured, ^8 // 10 : they
also advise that they have shipped 20 Hhds Sugar, ^ the Neptune, to
Bristol, for sale, which we have also insured with the London Assurance
Company, on ^600, at 5 Guineas ^ Cent, certain, Policy 33/ ^31 // 13
our Commission \ f^ Cent. ^3. On the 17th we accepted J. & A. Sid-
ney's two Drafts, the one ^a£l20tf 14 due 2d October: the other,
EXERCISES FOR I^RACTICE. 2i7
.^170, due 12th October, on their own account. On the 18th we pay
J. Craig, ^ receipt, on account of the Estate, ^173 n 15. On the 20th, we
sell to sundry Persons 25 Hhds. Sugar, which had formerly been on hand ;
the net proceeds of which amount to .^730 « 16 « 3. On the 23d we paid
Smith ^ order on their account, ^42 « 14. On 10th September we ac-
cept on their account, their Draft ^ ^120, due 2d November. On the
15th September, the Minerva arrives safe with Convoy, and we charge
the London Assurance Company for the return of Premium at 4 ^ Cent.
^68. On the 20th, we ship off Goods "'^ the Dolphin, for account of
the Estate, which amount with Charges, Commission, and Insurance, to
^739 ./ 6 II 2, and on their own account, Goods to the amount of ,^440;/ 1.
On the 25th, the Agents at Bristol inform us of having sold the 20 Hhds.
and enclose us Bills for the proceeds, amount ^625 « 2. — Required a state
of these transactions made up to 30th September, with the other Partners,
including interest. The Interest on our Stock is ^39 i- 13// 10: we
charge ^ ^ Cent. Commission on our Disbursements, which is a^^4; for
Postage of Letters 12/6. The balance of Interest due us on the trans-
actions of the Estate is ^5 /» 19 // 10. We charge J. & A. Sidney i '<p Cent.
Commission on their transactions, ^2 // 15 1/ 4; balance of Interest due by
them is 1/3 and Postages 15/6. — Required the best method to exhibit
these transactions in the plainest and most satisfactory manner ; and how
much are the respective Shares of the Balance of our respective accounts?
11 4
( 248 )
FORMS OF LETTERS ON BUSINESS,
AND
OTHER PRECEDENTS.
L ADVICE OF GOODS BEING SHIPPED.
London, April 1 8th, 1825.
Messrs, Holford, RucJcer, Sf Co. Hamburgh,
Gentlemen,
I was duly favoured with yours of the 25th ult. and
agreeably to your kind order, have shipped on board the Isabella, Brown, for
your Account and Risk, an assortment of printed Goods, the amount as ^
Invoice annexed, ^ j£373 « 1 2 « 4, at your debit, payable in 3 months.
You will observe that a few of the Prices are somewhat higher than you
specified ; but the superior quality of the Cloths, and the tastefulness of the
patterns will, I presume, justify me in sending them.
Cotton Goods of every description are on the advance ; and since the above
purchase, the same quality could not now be bought at less than l^d. to 2d.
^ yard higher. In hopes soon to hear from you, and to receive your further
favors,
I am, Gentlemen,
Your most obedient Servant,
P. S Bill of Lading inclosed. A. B.
II. EFFECTING INSURANCE, AND ACKNOWLEDGING
A REMITTANCE.
London, 20th May, 1825.
Mr, Richard Conder, New Yorh
Sir,
Your esteemed favour of the 14th instant I have duly
received, and am happy to hear that the Goods ^ the Ann, arrived safe, and
have met with your approbation.
Agreeable to your desire I have effected Insurance ^ ^650 on 20 Bales
Cotton, ^ the Fanny, which you have been pleased to consign to me ; Pre-
mium at 6 Guineas ^ Cent, (to return 1 ^ Cent, for Convoy and Arrival) ;
Policy 38/6 ^42. 17 « 6
Commission i ^ Cent 3// 5 »
Your Bill fav. Hill, due 20th ult. I have duly honored , 150 » »
Placed to your Debit ^196 « 2 « 6
MERCANTILE LETTERS. 249
On the 15th April I received from H. Watt, ^ your letter ^200 » «
16th May, Bill, Blake on Lees, at 40 days sight 150 « 10 «
Ditto, Forbes on Mills, at 60 days sight 250« OuO
Placed to 1/our Credit ^600«10«0
I doubt not but the above two Bills will be as honorably paid as they were
regularly accepted.
I shall write you again on receipt of the Cotton, in the sale of which you may
rely upon my best exertions for your interest, and in the mean time,
I am. Sir,
Yours respectfully,
A.B,
lU. ADVICE OF A BILL BEING DISHONOURED.
London, 31st May, 1825
Messrs. Goodwin Sf Blake, Bristol,
Gentlemen,
Your draft on Richard Noble, ^ ^130 « 15 due
yesterday, is this day returned to me under protest for non-payment, and
amounts, with expences, to ^131 « 5.
I will therefore thank you for a remittance for the same as early as possible.
I am. Gentlemen,
Your most obedient Servant,
A.
IV. RESPECTING AN ACCOUNT-SALES.
London, 4th June, 1825.
Messrs. Collins Sf Greenhill, Montrose,
Gentlemen,
I have now the pleasure of handing you an Account
of Sales for last month of your Osnaburgs, ^ the Sally,
Net Proceeds of which amount to ^^156 .i 1 » 5
And of your Muslins 5^ Jean, ditto 593«7//0
At your Credit ^749 « 8 » 5
As Cotton Goods of every description are rising rapidly here, you will find
it your interest to forward immediately as large a quantity as you possibly can.
The Drafts you intend to pass on me, will meet with due honor.
I am, Gentlemen, Yours very respectfully,
A. B.
For an extensive Course of Letters on Business, the Student is referred to the Author's
Mercantile Letter Writer," to be had at the publishers of this Work.
250 MERCANTILE PRECEDENTS.
V. LETTER OF CREDIT AND RECOMMENDATION.
To Mr John Griffiths, Lisbon.
Sir,
This will be delivered to you by Mr. Henry Thornton, who
visits your City for the recovery of his health. I recommend him to your
favour and good offices, and request you will furnish him with what money he
has occasion for, on my account, to the extent of Two thousand Milrees, and
transmit me his Receipt for the same ; and if you have not effects of mine in
your hands, you may draw on me at Usance for the deficiency.
I am, Sir,
London, Yours, with much esteem,
Nov. 1825. A, B.
VL RECEIPTS.
Receipt for a Promissory Note.
Received this day of , of A. B. his Promissory Note of hand,
dated this day, for the sum of , and payable to my order two months
after date, which, when paid, will be in full for sold and delivered him,
£
Receipt to Assignees for a Dividend.
Received this day of 1825, of Messrs. A. B. and C. D. as-
signees of the estate and effects of E. F. of, &c. a bankrupt, the sum of ^
being a dividend of shillings in the pound on my debt of ,
proved under the said commission.
£
VIL PROCURATION, OR LETTER OF ATTORNEY.
Procuration of a Merchant to two of his Clerks, to transact and manage Com*
mercial Concerns.
I hereby appoint my two Clerks, C. D. and E. F. of, &c. to be my true and
lawful Attornies, jointly, for me and in my name, to transact and manage all
business ; also to open all letters of correspondence, to sign and answer the
same, and to draw, accept, indorse, and pay all Bills of Exchange or other
Promissory Notes ; all monies to receive, acquittances for the same to give ;
also to draw and sign all orders and drafts for payment of money, as well on
the Cashiers of the Bank of England, as on Messrs. G. H. and Co. of
bankers, or on any other persons or bankers where I, the said A. B., shall keep
cash ; and further, also to settle, balance, and arrange all books and accounts ;
and generally to do every act, matter, and thing, as the nature of the business
of me the said A. B. may require.
MERCANTILE PRECEDENTS. 251
VIII. FORM OF A BILL OF LADING *
Shipped by the grace of God, in good order and well conditioned, by A. B.
in and upon the good ship called the Isabella, whereof is master for this
present voyage John Brown, and now riding at anchor in the river
Thames, and bound for Hamburgh, to say three Boxes of printed Goods,
being marked and numbered as in the margin f , and are to be delivered
in the like good order and well conditioned at the aforesaid port of Ham-
burgh, {all and every the dangers and accidents of the seas and navigation, of
vohatever nature and kind soever excepted) unto Holford, Rucker, and Co.
or to their assigns, they paying the freight for the said goods ,
with primage and average accustomed. In witness whereof the master or
purser of the said ship hath affirmed to three Bills of Lading, all of this
tenor and date; the one of which three Bills being accomplished, the other
two to stand void. And so God send the good ship to her desired port
in safety. Amen, Dated in London this 20th day of April, 1825.
N. B. Bills of Lading are made out in Sets. In the United Kingdom, at least one Bill
out of every set must be on stamp paper, otherwise the whole are void.
IX. FORMS OF PROTESTS OF BILLS OF EXCHANGE.*
1. Of an Inland Bill for Non-Payment.
On this 30th day of May, in the year of our Lord, one thousand eight hun-
dred and twenty -five at the request of Messrs. Hume and Coleman, of this
city of London, Merchants, and bearers of the original Bill of Exchange,
whereof a true copy is on the other side written, I, James Mill, Notary
Public, by Royal Authority duly admitted and sworn, went to the house
of Mr. Richard Noble, on whom the said Bill is drawn, and there speak-
ing with the said Richard Noble, I exhibited unto him the original Bill
of Exchange, and demanded payment thereof, to which he answered,
that the Bill would not be paid for want of effects. Therefore, I the said
Notary, at the request aforesaid, have protested, and by these presents
do solemnly protest, as well against the Drawers, Acceptor, and Indorsers
of the said Bill of Exchange, as against all others whom it may concern,,
for all Costs, Charges, and Interest suffered, and to be suffered, for want
of payment of said original Bill. — Thus done and protested in London
aforesaid, in the presence of B. C. and D. E. witnesses.
Exchange-Alley, James Mill,
Cornhill. Notary Public.
N. B. On the back of this Protest is to be made an exact copy of the Bill or Note pro-
tested, together with a list of the indorsers on such Bill or Note. The Notary's fees
for noting and protesting are settled by general acquiescence.
* For a definition of a Bill of Lading, and Protests of Bills, see Explanation op Com-
mercial Terms.
f See Invoice-Book, p. 121.
252 MERCANTILE PRECEDENTS.
% Of a Foreign Bill for Non-Acceptance*.
[Make a true Copy of the Bill and Indorsements.]
On this . day of- , in the year ,at the request of Mr. A. B.
of the city of London, merchant, and bearer of the original Bill of Ex-
change, whereof a true copy is on the other side written, I, J. M. of the
said city, Notary Public, by royal authority duly admitted and sworn,
went to the house of Mr. C. D. on whom the said Bill is drawn ; and
there speaking with a Clerk in the Counting-house, I produced and exhibit-
ed unto him the said original Bill of Exchange, and demanded acceptance
thereof, to which he answered, that [here insert the exact ansvoer given) ;
which answer not being satisfactory, I, the said Notary, at the request
aforesaid, have protested, and by these presents do solemnly protest, as
well against the drawer of the said Bill of Exchange, as against all others
whom it may or doth concern, for exchanges, re-exchanges, damages,
costs, charges, and interests, suffered, or to be suffered for want of ac-
ceptance of the said Bill of Exchange. Thus done in the presence of E.
F. and G. H. witnesses hereunto required.
Another,
On this day of , in the year , at the request of Mr. A. B.
of this city of London, — — , and bearer of the original Bill of Ex-
change, whereof a true copy is on the other side written, I, J. M. of the
«aid city, Notary Public, &c. went to the house of Mr. C. D. on whom
the said Bill is drawn, and there speaking with the said C D., I exhibited
unto him the said original Bill of Exchange, and demanded payment
thereof, to which he answered, That, &c. Therefore, 1 the said Notary,
at the request of the said A. B. do hereby, in the presence of the wit-
nesses here under written, protest the said Bill. Dated in London
the day and year in the beginning written.
263 ^?fi
EXPLANATION
OF
COMMERCIAL TERMS,
ABANDONMENT. Its most ordinary application in commercial trans-
actions is to marine insurances ; it then signifies the exercise of a right,
wiiich the Assured claims, to call upon underwriters or insurers to accept
of what is saved, and to pay the full amount of the insurance, as if a total
loss had happened.
ABATEMENT is a discount allowed for prompt payment ; it is likewise allow-
ed at the Custom House on goods which have received damage by salt
water, &c.
A BBREVIATIONS, the initials, or characters , of commercial terms, used in
marking bales, casks, or other packages of goods.
ACCEPTANCE is an engagement to pay a bill, when due, according to
the tenor of the acceptance.
ACCOMMODATION Bills or Notes, are those to which the Drawee only
lends his name, and the Draiver engages to furnish him with the means
of payment when the bills fall due.
ACCOUNT-CURRENT is a state of mercantile transactions with corre-
spondents, drawn out in a plain and circumstantial manner in the form of
JDr, and Cr., showing how affairs stand between the parties at the time
when the account was made up.
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 employer, or
the person who made the consignment.
ACT OF HONOUR, an instrument drawn up by a Notary-public, when a
bill is accepted for the honour of another person.
ACTION is, in a mercantile sense, applied to a law proceeding, instituted to
recover payment of a debt due, and unpaid.
ACQUITTANCE, a discharge in writing acknowledging payment of a debt.
ADJUSTMENT, the settling averages on losses, or poHcies of insurances
on ships or merchandize.
^4, EXPLANATION OF
ADMINISTRATOR, a person to whom the ordinary commits the admini-
stration of the goods of a person deceased, in default of an executor.
ADVANCE, money paid before goods are dehvered, or in case of consign-
ment, before they are sold.
ADVICE, mercantile intelligence. To advice a bill is to describe the amount,
date, term, to whom payable, &c., and request the person on whom it is
drawn to accept it.
AFFREIGHTMENT, the act of loading a vessel with goods.
AFFIDAVIT, signifies an oath in writing, sworn before some person who is
authorised to take the same.
AGENT, a person employed, or taken to be employed by another, to trans-
act business in the place of his employer.
AGIO, a bank term in Holland, and expresses the diiference between bank
money, or current money, and cash.
ALLOTTING, or Allotment of Goods, is when a ship's cargo is divided
into several parts, bought by different persons, whose names are written
on as many pieces of paper, which are applied by a neutral person to the
several lots or parcels, by which means the goods are divided impartially.
ALLOWANCE, a customary deduction in weights and measures, such as
draft, tare, ullage, &c.
ALLOY, a baser metal mixed with a finer one. The alloy of gold is esti-
mated by carats, that of silver by pennyweights. In England the standard
for gold coin is 22 carats fine ; that is, 22 parts of pure gold, and 2 of alloy.
The standard for silver is 11 oz. 2 dwts. of pure silver to 18 dwts. of alloy,
making together 1 lb. Troy.
ANNUITY, a periodical payment of money, either yearly, half yearly, quar-
terly, weekly, or at any other intervals.
ANNUL, in Book-keeping, signifies to render an article of no import in tha
account. Instead of erasing a sum which has been entered by mistake
on the Cr. side of an account, the account is debited for the same sum ;
and, on the contrary, if a sum has been entered on the Dr. side, the same
sum is placed to Cr. side of the account.
ANTEDATE, a spurious or false date, prior to the true date of a bond, billy
or letter.
APPRAISER, a person licensed to set a value upon goods to be sold.
ARBITER, or Arbitrator, a judge appointed by the parties, to whose de-
cision they voluntarily submit.
ARBITRATION, an amicable way of settling disputes, by referring them to
the decision of persons chosen by the parties.
ARBITRATION of Exchanges is a comparison made between the ex-
changes of different places, for the of purpose negotiating bills to advan-
tage.
ASSAY, in a technical sense, means the process by which the fineness of
coins or bullion is determined.
ASSIGNEE, a person appointed to manage the affairs of a bankrupt. In
Scotland the same person is called a Trustee,
ASSURANCE, vide Insurance.
ATTACHMENT, the act by which a creditor may claim and seize the
effects of his debitor, wherever they may be found.
AVERAGE, a contribution made for losses at sea. Averages are distin«
guished into general and particular.
General Average is a proportionable contribution paid by all the propria-
COMMERCIAL TERMS. 25i
tors of a ship and cargo for losses, which are made with a view to safety,
such as throwing goods over board, or cutting away masts to prevent
shipwreck.
Particular Average is a contribution for such damages or losses as may
happen from the common accidents of sea.
AWARD is the judgment of arbitratio-n of one or more persons, at the re-
quest of two parties who are at variance, for ending the matter in dispute.
B
BAILMENT is a delivery of things, whether writings, goods, &c. into trust,
on condition that they shall be returned when the terms of the agreement
are fulfilled.
BALANCE, the difference between the Dr. and Cr. sides of an account in
a merchant's books.
BALANCE of Trade, the difference between the commercial exports and
imports of one country with respect to another.
BALE, a pack, or certain quantity of goods, or merchandise.
BALLAST, a quantity of stones, gravel, sand, or any other heavy material,
laid in a ship's hold, in order to make her draw the more water, and render
her stiffer, or more capable of carrying sail, without the danger of over-
setting.
BALLIAGE, a small duty paid to the city of London by aliens and others
for certain commodities exported by them.
BANCO, bank-money ; particularly applied to banks of deposit. At Ham-
burgh it is used to describe banco-money from current -money.
BANK, a common repository where persons agree to keep and circulate
their money.
BANK-BILL, a note signed by one of the cashiers of the bank, promising to
pay the sum therein mentioned at an appointed time.
BANK-NOTE, a promissory note issued from a bank payable on demand.
BANKER, a proprietor of a banking-house, or the trustee for a merchant
or other person, who is possessed of money which he does not wish to
retain in his own hands, but places it for security with some banker, from
whom he draws it in such sums and at such times as his occasions require.
BANKRUPT, a person in trade whom insolvent circumstances have forced
to commit an act of bankruptcy.
BARRATRY, any fraud committed by the master or crew of a ship on the
owners or insurers ; such as sinking, deserting, or taking away the ship,
or embezzling the cargo.
BARTER, the exchanging of one commodity for another ; such was the
original mode of Commerce till money v/as invented.
BILL, a term generally applied to a draft or promissory note, sometimes to
an advertisement, and frequently to an account of goods.
Bill of Entry, a note or list of the particulars of goods entered at the
Custom-house.
Bill of Exchange, a written order for the payment of money, issued from
one place, and directed to another.
BILLS of EXCHEQUER, are those issued by Government for different
sums, which bear interest until paid off, at the rate of 3^d. "^ ^100 ^
tBS EXPLANATION OF
day. They are sometimes at a premium, and sometimes at a discount,
as they fluctuate with the public funds.
BILL of HEALTH, an account of the health of the crew, given in by the
captain or master of a ship.
BILLS, INDIA, bills drawn in India on the East India Company in London,
and payable at the India House.
BILL of LADING, is an acknowledgement signed by the master of a ship,
and delivered to the shipper or proprietor of the goods. It contains an ac-
count of the articles received on board, and a promise to deliver them at
the intended place for a specified sum. Three bills of lading are usually
made out, one to the shipper, another to be held by the captain, and the
other to be sent to the person to whom the goods are addressed.
BILLS, NAVY, are those issued by the Navy Board in payment of stores
for the ships, dock-yards, &c. They are made payable at 90 days, with
interest at 3|d. ^ day on each .^100.
BILL of PARCELS, a note of the quantity and value of goods sold, given
by the seller to the buyer along with the goods.
BILL of SALE, a sealed contract by which the right or interest in certain
goods is conveyed from one person to another.
BILL of STORE, a licence granted by the Custom-house to merchants, to
carry such stores or provisions as are necessary for a voyage, free of duty.
BILL of SUFFERANCE, a licence granted to a merchant at the Custom-
house, allowing him to trade from one port to another without paying cus-
tom.
BILLS, VICTUALLING, are those issued by the Victualling Board, like
Navy Bills by the Navy Board.
BLANK Credit, the permission which one house gives to another to draw
on it to a certain amount, at any time, for their accommodation.
BLANK LETTER of Attorney, one in which a void space is left to be
filled up with the name of the person who is to act.
BLANK INDORSEMENT of Bills of Exchange, when the holder only writes
his name on the back of it, leaving an empty space sufficient to write an
order or a receipt.
BOND or Obligation, a deed whereby a person binds himself, his heirs or
executors, to pay a certain sum, or do some other act as therein spe-
cified.
BONDS, INDIA, are those issued by the East India Company of s€50 and
^100 each, bearing interest at 5 ^ cent. ^ annum, and which is paid at
the India House.
BONDS, post obit, a bond which only becomes payable after the death of the
person whose name is therein specified.
Bonded Goods, are certain articles, which, on being landed, are ware-housed
upon a bond being given by the Owner for payment of the duties, &c.
Book of Cargo, or Loading, a book kept by the Mate of a trading vessel,
containing the particulars of the goods on board.
Book of Rates, a book showing the duty to be paid at the Custom-house, for
goods exported and imported.
BOTTOMRY, the act of lending money on a ship's keel, or bottom. Tlie
lender advances money to the owner of a ship, who pledges his propertj'
in the same as security; and engages to repay the money with a stipulated
advance, when the ship returns ; but to pay neither loan nor interest if
the ship be lost.
COMMERCIAL TERMS. 257
BOUNTY, a premium given for the encouragement of some branch of trade ;
manufacture, or agriculture.
BROKER, a person employed by Merchants in buying and selling ; who, for
a small ^ Centage, finds his Employer buyers in the one case, and sellers
in the other. There are Ship Brokers, Insurance Brokers, Exchange Bro-
kers, Stock Brokers, &c.
BROKERAGE, the allowance paid by Merchants to Brokers either for the
sale or purchase of Goods, Bills of Exchange, Stock, &c.
BULLION, uncoined gold or silver in the mass.
C.
CAMBIST, a dealer in Bills of Exchange, or a Person skilled in the business
of Exchanges,
CAPITAL, among Merchants, Bankers, and Traders, is the sum which they
put into trade.
CARAT, a word used in expressing the fineness of gold. Vide Alloy.
CASHIER, he who keeps the Cash or the Money, which it is his business to
receive and pay.
CERTIFICATE, a paper giving certain information of any thing, and signed
by persons competent to judge of the accuracy of its contents.
CHARTER, a deed by which the King passes any grant or privilege to one
person or more, or to any body politic.
CHARTER-PARTY, a contract executed by the Freightor, and the Owner of
a Ship, containing the terms upon which the ship is chartered or hired
for the voyage.
CHATTELS, all kinds of goods and property, moveable or immoveable, except
freehold property.
CHECK, a draft on a Banker made payable to the Bearer.
CHEVISANCE, a composition between Debtor and Creditor.
CIRCULATING MEDIUM, Cash, Bank-Notes, or other paper money payable
on demand.
CIRCULAR LETTER, the printed notice of the estabhshment of a mercan-
tile-house or alteration in the Firm,
Clearing a Vessel, is entering all particulars relating to her, at the Custom-
house.
CLEARING of DRAFTS, or Checks, the mode used by City Bankers for ex-
changing checks on each others' houses, and settling the differences.
COCKET, a Custom-house warrant, given on the entry of goods for export-
ation to signify that they have paid the duty.
COMMERCE, the exchange of commodities for other articles, or for some
representative value, for which other commodities can be procured; in
other words. Mercantile business in general.
COMMISSION, an allowance at so much ^ Cent, given to Agents or Factors
or transacting the business of others.
COMMISSION of Bankruptcy, an order under the great seal, directing five
or more Commissioners to enquire into the state of the Bankrupt's affairs
s
258 EXPLANATION OF
COMMISSIONER, a person who has a commission, as letters patent, or other
lawful warrant to execute any public office.
Company, persons united in trade or commerce.
Composition, a contract between an insolvent Debtor, and his Creditors, by
which the latter accepts of a ^jar^ of the debt in compensation for the
whole.
COMPROMISE, to adjust a difference or dispute by mutual concession.
CONSIGNEE, an Agent or Factor to whom goods are sent to be sold on
Commission.
CONSIGNMENT, goods sent by one House to another to sell on their account,
allowing them a certain commission ^ Cent.
CONSUL, an officer established by virtue of a commission from the King and
other Princes in all Foreign countries of any considerable trade, to take
care of the affairs of commerce of his own nation.
CONTINGENT, the proportion which falls to the share of a person concerned
in any business or adventure.
CONTRABAND Trade, a prohibited commodity or Merchandise bought or
sold, imported or exported, in prejudice to the laws and ordinances of a
state, or the public prohibitions of the Sovereign.
CONTRACT, a covenant or agreement between two or more persons.
CONTRIBUTION. Vide Average.
CONVOY, one or more ships of war, employed to accompany and protect
merchant-ships, and prevent their being insulted by pirates, or enemies of
the State in time of war.
COUNTER-ORDER, an order sent to revoke a former one, either for the
sale or purchase of any commodity.
COUNTERVAILING DUTIES, equal duties estabhshed between two coun-
tries, and charged on the exportation and importation of the same kind of
goods.
CRANAGE, money paid for the use of a crane. A machine used on Wharfs
and in Warehouses for raising and lowering goods, &c.
CREDIT, in commerce, a trust or loan of Merchandise or Money.
CREDITOR, a person whom any sum of money is due, either by obligation
or otherwise.
Credit Side, the right-hand page or side of an account.
Currency, money in common circulation whether coin or paper. In America
and the West Indies money of account is called currency, being used
instead of sterlincr.
CUSTOM, a tax for Goods exported or imported.
CUSTOM-HOUSE, the place where entries are made of goods exported or
imported, and the duties paid ; or where drawbacks are allowed on goods
exported, and the documents are received by which the money allowed is
to be obtained.
D.
DAY-BOOK, the book in which are entered the particulars of the Sales, and
sometimes the amount of the purchases of Goods, with other occurrences
in business.
COMMERCIAL TERMS. 259
DAYS of GRACE are a customary number of days allowed for the payment
of a Bill after the same becomes due.
DEBENTURE is a certificate delivered at the Custom-house, when the ex-
porter of Goods or Merchandise has complied with the proper regulations
by which certificate he is enabled to receive a bounty or drawback on the
exportation.
DEBIT, a term used in Book-keeping to express the left-hand pages of the
Ledger, to which are carried all articles supplied, or paid, on the subject
of an account, or that are charged to that account.
Debit Side, the left-hand page or side of an account.
DEBTOR, a person owing money to his creditor.
DEED, an instrument in writing containing some conveyance, contract,
bargain, or agreement.
DEL-CREDERE, a charge made for the guarantee of debts. It is sometimes
called Guarantee,
DEMAND, calling upon a man for any sum of money, or any other thing due.
A Bill at sight therefore is payable on demand.
DEMURRAGE is an allowance made to the Master of a Ship by the Mer-
chants, for being detained in port longer than the time agreed upon.
DEPOSIT, a sum advanced in part payment, and which is to be accounted for
in the general balance ; or a security to perform a duty, to be relieved
when such duty is performed.
DEVIATION is a departure without necessary cause from the regular course
of a voyage. This deviation makes void the contract of insurance.
DISCOUNT is an allowance made by the seller of Goods to the Buyer when
he pays cash, instead of taking the credit. The usual mode is to deduct
double interest for the time : Thus if the credit be 3 months, 2J ^ Cent is
allowed, and if 6 months, 5 ^ Cent, is taken off.
DISHONOUR, a term used when Bills of Exchange, &c. are refused ac-
ceptance or payment.
DIVIDEND, a share of any capital, debt, or profit ; also a share or proportion
of the interest of the Stocks in the Public Funds, as the South Sea, &c.,
divided among and paid to the proprietors half-yearly.
DOCK, a place where Vessels are built, repaired, laid up, or lodged for load-
ing or unloading.
DOCKET, a short memorandum, or summary affixed to larger papers. Striking
a docket is when a creditor gives bond to the Lord Chancellor, proving
his Debtor to be a Bankrupt.
DRAFT, a Bill or check by which one person draws money on another ; also
a small allowance on goods sold by weight.
DRAWBACK, certain duties, either of the customs or of the Excise, allowed
upon the exportation of some of our manufactures, or upon certain mer-
chandise, that have paid inward duties.
DRAWEE, the person on whom Bills of Exchange are drawn.
DUBIOUS PAPER means Bills drawn on Houses of little credit.
DUE PROTECTION signifies regular acceptance or payment of a Draft or
Bill.
DUTY, the impost laid on Merchandise at importation or exportation, com-
monly called the Duties of Customs.
s 2
260 EXPLANATION OF
E.
EARNEST is the money advanced to bind the parties to the performance of
a verbal agreement.
EMBARGO, an arrest on Ships or Merchandise by public authority.
EMBEZZLEMENT, the act of appropriating that which is received in trust
for another.
EMPORIUM, a principal place for the importation and sale of Merchandise.
ENDORSEMENT. F/^e Indorsement.
ENGROSSING, purchasing a large quantity of any commodity in order to
raise the price.
ENTREPOT, a public Magazine in most foreign countries for the reception
of Merchandise imported.
ENTRY, a statement of goods imported or exported, as entered in the Custom-
house Books.
EXCHANGE, a place in most large cities where Merchants, Agents, Bankers,
Brokers, and other commercial characters meet, to confer and treat
together of matters relating to Exchanges, Remittances, Payments, Ad-
ventures, Assurance, Freights, and other mercantile negotiations both by
sea and land.
EXCHANGES, the paying or receiving of money in one country for its equi-
valent in the money of another country by means of Bills of Exchange.
EXCHEQUER, the court to which all revenues belonging to the Crown are
brought.
EXCISE, an inland tax on articles manufactured or consumed, as malt, beer,
ale, and other liquors.
EXPORTATION, the act of sending Goods out of one country into another.
F.
FACTOR, an Agent or Correspondent residing at a distance commissioned
by Merchants to buy or sell goods on their account. Vide Agent.
FACTORAGE, the allowance, or commission given to Factors or Agents by
Merchants or Manufactures who employ them.
FACTORY is a place where a considerable number of Merchants and Factors
reside, to negotiate business for themselves and correspondents on com-
mission.
FAILURE is where a person in trade, through misfortune, or imprudence, is
unable to pay his debts.
FINANCES, a term usually applied to the public revenues.
FIRM, the 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.
FLOTSAM is when a ship is sunk or cast away, and the goods float on the sea.
FORE- CLOSING, a mortgage to compel payment or dispose of the property.
FORE-STALLING, the purchasing and laying up goods before they come to
market, with the intention of raising the price.
COMMERCIAL TERMS. 261
FOLIO, the debtor and creditor side of a Ledger, or Account-Book.
FREIGHT, the goods with which a ship is loaded ; also, the money paid for
the use or hire of the vessel.
FUND, a stock or capital by which any expense is supported.
FUNDS, Public, Vide Stocks.
FUORI di banco, out of the Bank ; the current money of Genoa.
G.
GARBLE, the dust, dross, and refuse of spices and drugs.
GARBLING, the picking out the worst of any commodity.
GAUGER, an officer appointed to gauge or ascertain the contents of any
excisable commodity.
GAZETTE, a paper published by Government, containing, among other things,
notices of the dissolution of Partnerships, Commissions of Bankruptcy,
suspension or continuance of Bounties, Embargoes, &c.
GOVERNMENT, " for your government," signifies to give your agent or cor-
respondent " better information and rules for acting by" in the purchase
or sale of merchandize.
GROSS signifies twelve dozen of any article.
GROSS WEIGHT, the whole weight of merchandize with the dust and dross;
as also the bag, cask, or chest in which the goods are contained.
GROUND AGE, a small duty payable in certain ports by ships coming to
anchor.
GUARANTEE, a person who undertakes that certain stipulations shall be
fulfilled.
GUILD, a company or society of men incorporated.
H.
HALLAGE, money paid for haling, drawing, or carrying goods to and from
ships ; also a toll due to the Lord of a fair or market, for such goods as are
sold in the common hall of the place.
HONOUR, to honour a draft is to accept it on being presented.
HUSBAND AGE, the managing owner's (of a ship) allowance or commission.
I.
IMPORTATION, the act of bringing goods into a country from foreign
parts.
IMPOST, a certain tax levied on goods imported.
INDEMNITY is where one person secures another from responsibility against
any particular event.
INDORSEMENT, the signature which the holder of a negotiable bill writes
on the back of it, by which he transfers his interest to a third person.
INGROSSING, buying up large quantities of corn or other provisions, with a
view to raise their price, and sell them again.
s 3
EXPLANATION OF
INSOLVENT, a person in trade who has not a capital adequate to the pay-
ment of his debts.
INSTALMENTS, certain proportions in which, by agreement between debtor
and creditor, a sum due is to be paid at stipulated times.
INSURANCE Broher, a person employed by merchants to eflPect insurance
on their ships and cargoes.
INSURANCE, or Assurance, is a contract of indemnity, by which one party
engages for a stipulated sum, to insure another party against a risk to
which he is exposed. The Insurer or Undertvriter is the party who takes
upon him the risk ; and the Insured is the party protected by the in-
surance. The sum paid is called the premium, and the paper containing
the contract \he policy.
INTEREST, a premium paid for the use or loan of money, which by law must
not exceed 5 ^ Cent. " To guard a person's interest" is to protect his
property, and watch over his concerns.
INVENTORY, an account or catalogue of effects ; a schedule.
INVOICE, a paper sent off with goods exported on commission, or for the
shipper's own account.
J.
JERQUING, of a ship, is a search performed by an officer of the customs
(called Jerquer) after she is unloaded, to see if there are no unentered
goods concealed.
JETSAM is when a ship is in danger of being sunk, and, to lighten her, the
goods are thrown into the sea, and the ship notwithstanding perishes.
JOURNAL, a book in which is recorded the transactions of the Day-Book, and
the subsidiary ones, having the Drs. and Crs. pointed out, in order to post
them with more ease into the Ledger.
K.
KAY, Key, Quay, a wharf or building of stone by the water side, in a sea-
port, for loading and unloading goods.
KEYAGE, the money or toll paid for loading or unloading goods or mer-
chandize at a key or wharf.
L.
LAGAN is when goods are cast into the sea to lighten a ship, and which are
so heavy that they sink to the bottom, and therefore the mariners fasten
to them a buoy or cork, to enable them to find them again.
LAND-WAITER, an officer of the Custom-house, whose duty it is, upon
the landing of merchandize, to take an account of the same.
LASTAGE, the ballast or lading of a ship ; sometimes the word is used for
garbage, rubbish, &c.
LEAKAGE, an allowance in the customs granted to the importers of liquors,
which are supposed to have received damage in their passage.
LEASE, a contract by which, in consideration of some pa3'^ment, a temporary
possession is granted of houses or lands.
COMMERCIAL TERMS. 263
LEDGER is the principal book of accounts kept by merchants and trades-
men, in which the state of every person's account is seen.
LEGACY, a bequest or gift of money, goods, or chattels by testament.
LEGATEE, the person to whom a legacy is bequeathed
LETTER of Advice, a letter giving notice of any transaction, such as advising
your correspondent that you have drawn on him, shipt goods to his order,
&c.
LETTER, or Power of Attorney, a writing which empowers one person there-
in named to act for another.
LETTER of Credit is where a merchant or correspondent writes a letter to
another, requesting him to credit the bearer with a certain sum of money.
LETTER of Licence is a written permission granted to a person under em-
barrassment, allowing him to conduct his affairs for a certain time without
being molested.
LETTERS of Marque are commissions granted to captains or merchants in
time of war, to make reprisals on the ships of the enemy.
LETTERS Patent, a privilege granted to an inventor, to entitle him ex-
clusively to enjoy the advantages of his invention for a term of years.
LICENCE, a legal permission to carry on some branch of business on which
a duty is laid.
LIEN, a claim or attachment on any property which a person has in his pos-
session, for a debt due to him from the owner of the property.
LIFE ANNUITIJ&S, annual payments to continue during any given life or
lives.
LIGHT BILLS, charges paid to the Trinity House, London, for light-houses,
buoys, &c.
LIGHT-HOUSE, a tower situate on an eminence upon the sea coast, or at
the entrance of some port or river, for the direction of ships in dark
nights, by means of some sort of illumination, as fire, candles, or lamps.
LIGHTERAGE, money given for loading or unloading a ship by means of a
boat or lighter.
LIQUIDATION means the winding up of a business, such as paying and re-
ceiving all debts relating to the concern.
LOAN, any thing lent on condition of being returned; or sums, generally of
large amount, borrowed from individuals, or public bodies, for the service
of the state, and which form part of the national debt. See Stocks.
LOT, a portion or parcel of goods. This term is usually applied to any parcel
of goods put up at once at an auction or public sale.
M
MANIFEST, a regular list of a ship's cargo, containing the mark and No. of
each separate package, the names of the persons to whom they are con-
signed, which paper must be signed by the master of the vessel, before
any of the goods can be landed.
MANUFACTURE, an article produced by labour or machinery from any
raw material.
MANUFACTORY, denotes a place where several artificers are makmg any
commodity, or article of merchandize.
s 4
264 EXPLANATION OF
MART, a place of public traffic ; a great market or fair.
MATURITY, in Bills, is when they become due, or pa3^able.
MAXIMUM, the highest price of any article, as fixed by some law or regu-
lation.
MERCHANDIZE, all sorts of goods which may be bought or sold.
MERCHANT, a wholesale dealer in all sorts of goods on his own account.
MINIMUM, the lowest price of any article, as fixed by some regulation.
MINT, the place where the public or current money is coined.
MONEY, metal coined for the purposes of commerce. »
MONOPOLY, the sole power or privilege of selling any commodity, whereby
any person, or bodies politic or corporate, are sought to be restrained of
any freedom they had before.
MORTGAGE, a pawn of land, or tenement, or any thing moveable, laid or
bound for money borrowed. The person borrowing the money is called
the mortgager, and the lender the mortgagee.
MULETS, fines laid on ships or goods for the maintenance of consuls, garri-
sons, &c.
MUTUAL DEBTS, when two traders are indebted to each other, one debt
may be set off against the other, and in case of bankruptcy, mutual credits,
as well as mutual debts, may be set off.
MUTUAL PROMISE is when one person promises to another to pay money,
or do some other act, and he, in consideration thereof, promises to do a
certain act, &c.
N.
NATIONAL DEBT is a debt due by any whole Political Community, as re-
presented by their legislature and government.
NAVY BILLS. See Bills, Navy.
NET PROCEEDS, the sum which goods produce after every deduction is made.
NET WEIGHT, the weight of any commodity, after every deduction is made,
and for which the price is charged.
NON-CLAIM is where a creditor neglects to make his claim within a proper
time, in which case he cannot enforce his demand.
NOTARY-PUBLIC, a person duly appointed to attest deeds and writings ;
he also notes or protests bills of exchange, inland and foreign, and pro-
missory notes, when refused or returned.
NOTE, a memorandum, or a written order for money.
NOTING is the act of a Notary when a bill or draft is not duly honoured,
or, in other words, refused acceptance or payment.
o.
OBLIGATION is a bond containing a penalty with a condition annexed,
either for the payment of money, performance of covenants, or the like.
OBLIGEE, he to whom a bond is made payable.
OBLIGER, the person who enters into a bond, or he by whom it is to be
paid.
COMMERCIAL TERMS. 265
OFFICE, a place where business is transacted.
OMNIUM, a term used among Stock-jobbers, to express all the articles
included in the contracts between Government and the original sub-
scribers to a loan.
ORDNANCE DEBENTURES, Bills issued by the Board of Ordnance for
the payment of Stores, &c. purchased for that department.
ORDER, a direction from one house to another, to effect certain Purchases,
&c. upon limited or unlimited conditions.
PACK or Package, any quantity of goods tied up for carriage. The latter
term also denotes the charge made for tying up the goods.
PACKER, a person who carries on the business of packing goods.
PAR OF EXCHANGE, is the intrinsic value of the money of one country,
compared with that of another, with respect both to the weight and
fineness.
PARCEL, a term applied both to small packages of wares, and to large lots
of goods. In this last sense, 20hhds. of sugar, or more, if bought at one
price, or in a single lot, are denominated " a parcel of sugar."
PARTNERSHIP, is when two or more persons unite in trade, and agree to
participate in the profits or losses according to their respective shares in
the capital employed in the concern.
PART-OWNERS, persons concerned in ship-matters, and who have joint
shares therein.
PASS IN CONFORMITY, or " to state in conformity,'' is to acknowledge that
an account transmitted is correct.
PAWN, a pledge lodged for the security of the payment of a sum of money
borrowed.
PAWNBROKER, a person who advances money upon pledges, for whicli
he is allowed interest after the rate of 25 ^ Cent. i. e. Sd. ^ shilling.
PAYEE, the person to whom a bill is made payable ; and also the person en-
titled to receive payment of any sum of money.
PAYER, he who binds himself to the payment of bills, bond, or any sum of
money, either verbally or in writing.
PENALTY, a forfeiture for disobedience to certain laws or regulations : a
penalty also is usually annexed to secure payment of money, the per-
formance of certain covenants in a deed, articles of co-partnership, &c.
PERMIT, a license from the Excise, for persons to remove exciseable articles,
denoting that the duties have been paid.
PERPETUITY, the number of years' purchase to be given for an annuity
which is to continue for ever.
PESAGE, money paid for weighing goods or any merchandize.
PIERAGE, money paid by masters of ships for the use of a pier.
PILOT, a person employed to conduct ships over bars and sands, or through
intricate channels, into a road or harbour.
PILOTAGE, money paid for piloting a ship.
POLICY OF ASSURANCE, the deed or instrument by which a contract of
assurance is effected.
PORTAGE, money paid for sailors' wages while in port: also money paid for
the use of a port in shipping or landing goods.
^66 EXPLANATION OF
PORT-SALE, a sale of goods upon the key.
POST-ENTRY. When goods are weighed or measured, and the merchant
has got an account thereof at the custom-house, and finds his entry
already too small, he must make a post or an additional entry for the
surplusage.
POSTING, in Book-keeping, is the mode of transferring articles from the
Journal, or the subsidiary books, to the Ledger.
POUNDAGE, the customs and other duties, payable on all goods imported
(except those free of duty or liable to tonnage) ; being in most cases
levied at so much in the pound, or ^ Cent, on the respective values.
PRE-EMPTION, a first buying, or buying before others.
PREMIUM, the money paid an underwriter for ensuring the safety of ships,
goods, houses, &c.
PRICE-CURRENT, a list of the various articles of merchandize in the
market, with the present prices annexed to each. In most of the great
commercial cities and towns lists of this description are generally pub-
lished once or twice a week.
PRIMAGE, a certain allowance paid by the shipper or consignee of goods to
mariners and master of a vessel for loading the same.
PRINCIPAL, the capital sum due, or lent, in opposition to interest. It also
means the head of a Firvi, or commercial house.
PRISAGE, is that custom or share that belongs to the King, out of such mer-
chandize as are taken at sea by way of lawful prize.
PROCURATION, is where a merchant empowers his clerk or agent to write
his signature or Jlrm, in accepting or indorsing bills, &c.
PRO FORMA, a term generally applied to a paper shewing the terms or
charges attending any particular business, as Pro Forma Account Sales,
&c.
PROMISSORY-NOTE, a note of hand purporting the payment of a certain
sum, at a stated period.
PROTEST, a paper made out by a Notary Public, declaring a bill has been
presented for acceptance or payment, and was refused.
Q.
QUARANTINE, the time that a ship suspected of infection is restricted
from intercourse with the shore : it also means the duty imposed on ships
for the purpose of quarantine*
QUAY, or Key, see KAY.
QUEST-MEN, persons appointed to inquire into abuses, especially such as
relate to weights or measures.
QUOTATION, a term generally applied to a list of the prices of Exchange.
QUOTED ON BOARD, means the price for which a merchant agrees to put
goods on board, free of expenses of shipping, to the buyer
R.
RE-ASSURANCE, a contract which the first assurer enters into, in order to
relieve himself from those which he has incautiously undertaken, by
throwing them upon other underwriters, who are called re-assurers.
COMMERCIAL TERMS. 267
V '- ■- ■■•-' - '■•- ' ■ ■ ■
REBATE, is an allowance in the purchase of goods, for prompt payment.
see Discount.
RECEIPT, an acknowledgement in writing of having received a sum of
money, or other value ; and is either a voucher for an obligation dis-
charged, or one incurred.
RE-EXCHANGE, or Re-change, the price of a new exchange, due upon a
bill that comes to be protested, and must be refunded by the drawer,
or indorser.
REFRACTION, is a deduction from the weight of goods for damages.
REFUNDING, the paying back of the money received in consideration of a
contract, the conditions of which have not been fulfilled.
REGRATING, buying any wares or victuals, and selling them in the market
or fair.
RELEASE, is the relinquishment of any right of action, which a man has, or
may claim, against another.
REMITTANCE, a sum of money sent either in bills of exchange or other-
wise, from one house to another.
RENEWAL OF A BILL, is the cancelling a bill or promissory note due,
and accepting another at a certain date in lieu thereof.
RESPONDENTIA, a contract by which money is borrowed on the security
of goods and merchandize, the same as in Bottomry on the security of
a ship.
RESTITUTION, is that when money has been paid wrongfully or by mis-
take, the person so paying has a right to demand it back.
RETAIL, is a dealing in commodities, in small quantities.
RETURNS, a terra expressing the value in goods or in money, returned by
the consignee of a cargo or parcel of goods to the consigner : the term
also means, a return or remittance of bills.
RETURN OF PREMIUM, the whole or part of the premium of an insurance
which is given back in terms of the Policy,
REVENUE, signifies the produce arising from any possessions. Thus the
public revenue of a kingdom is the produce of its imposts, in shape of
rents, taxes, duties, &c
s.
SALVAGE, an allowance made for saving a ship or goods, or both, from the
danger of the seas, fire, enemies, &c.
SAMPLE, a small quantity of an article at a public or private sale, as a spe-
cimen of the commodity.
SCHEDULE, in commerce, the statement of a Bankrupt's affairs, delivered
by him to the Commissioners appointed to investigate his case.
SEARCHER, an Officer of the Custom-house, whose business is to search all
ships outward bound, to see whether any prohibited or uncustomed
goods are on board.
SEA- WORTHY, is when a ship is, in every respect, fitted for her destined
voyage.
SEIZURE, an arrest of some merchandize, moveable or other matter, either
in consequence of some law, or express order of the government.
SET-OFF of Mutual Debts, is where tradesmen are mutually indebted, one
debt may be set against the other ; and in case any action be brought,
268 EXPLANATION OF
notice is to be given of the particular sum or debt intended to be set off
against another.
SMUGGLING, the act of importing or exporting goods without payment of
the Customs, or Excise duties.
SOLIDITY, the character which a mercantile house bears as to property,
SOLVENT, a person in trade, who is able to pay his debts.
SPECIE, coin as distinguished from paper money.
STANDARD, a weight or measure of admitted authority, and by which others
are adjusted. It is also taken for the rule of fineness at which gold and
silver are fixed by the King to be coined.
STAPLE, a place of public sale, or a town or city having such a place.
STAPLE-GOODS, such as are sold at a staple; or the principal produce of a
country ; and also, goods not being liable to perish, as wood, lead,
iron, &c.
STOCK, a fund raised by a Commercial company to be employed in trade; in
Book-keeping it denotes the Owner, or Owners of the Books. Stock is
a term likewise applied to the Capitals of the Bank of England, and o .
the East India and South Sea Companies, &c.
STOCKS, or Public Funds, are the debts of Government, for which interest
is paid from revenues set apart for the purpose. The mode of raising-
supplies for the State by borrowing money from individuals or public
bodies, and levying taxes for the payment of the interest, is called the
Funding System ; and the loans thus raised constitute the National Debt.
STOCK-BROKER, a person employed to buy or sell shares in the Joint
Stock of a Company, or in the Public Funds.
STOCK-JOBBER, a person who deals in the public Funds on his own
account.
STORAGE, warehouse rent.
SUBSIDY, an aid or tribute granted to the King by a tax on grounds, lands,
&c. It also means a foreign supply or grant.
SUPERCARGO, a person employed by Merchants to go a voyage, and over-
see their cargo or lading, and dispose of it to the best advantage.
SURETY, is when one person becomes bound that another shall pay a certain
debt, or perform a certain act.
SUTTLE, is the weight of goods after Tare is allowed, and when farther de-
ductions are to be made, such as draft or tret,
T.
TALLY, a cleft piece of wood to score any account or reckoning upon.
TARE, an allowance for the weight of the bag, box, cask, or other package in
which the goods are packed up.
TARIF, or tariff, a table or catalogue containing the names of diflTerent
kinds of Merchandise, with the duties to be paid.
TELLERS, clerks in public offices, who reckon, receive, and pay money
TIDE-WAITERS, or Tidesmen, officers appointed by the Custom-house, to
remain on board Merchants' vessels while they have any customable goods
on board.
TONNAGE, a custom or impost due for Merchandise brought or carried in
Tons from, or to, other nations after a certain rate f^ ton. It also means
the burden or number of tons which a ship carries.
COMMERCIAL TERMS. 269
TONTINE, a scheme upon which annuities for lives are granted, with the
benefit of survivorship.
TRAFFIC, a general term for Trade, Commerce, Barter, or Exchange.
TRANSFER, the act by which one party makes over or assigns his right,
interest or property, to another.
TRANSIT, a Custom-house warrant to pass.
TRET, an allowance on the weight of goods for waste, usually 4lbs. on every
104<, or i?Vth part of thesuttle; but this allowance is now seldom given.
It is allowed in the draft or tare.
TRONAGE, a custom or toll for weighing goods.
TRUSTEE, a person who has an estate, or money^ put or trusted in his hands
for the use of another.
TUNNAGE, an impost of so much ^ tun of 252 gallons on liquors imported
or exported,
u.
ULLAGE, signifies so much of the contents of a cask, or other vessel, as it
wants of being full.
UMPIRE. When two arbitrators cannot agree, in settling a dispute, an appeal
is made to a third person named, whose decision is final.
UNDERWRITER, is an insurer who subscribes his name to policies of in-
surance on Ships, Merchandize, &c.
USANCE, the usual term or time at which a Bill of Exchange is drawn.
USURY, consists in taking more than five '-^ Cent, for the loan of money when
the obligation to repay is absolute.
V.
VALUE, to value in a mercantile sense, is to draw a Bill ; the words " value
received," or " value in account," are also mentioned in every Bill of Ex-
change, although not essential to their validity.
VELLON, a money in which accounts are kept in many parts of Spain.
VOUCHER, a document or paper proving that some payment has been made,
or other transaction effected.
w.
WAREHOUSE, a receptacle for Wares and Merchandise.
WAREHOUSED, or Bonded Goods, certain articles which, on being landed,
are warehoused, upon bond being given for the payment of duties, &c.
WHARF, a bank or quay for landing goods at, as also for shipping off from.
WHARFAGE, money paid tor the use of a Wharf. Vide Keyage.
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UNIVERSITY OF CALIFORNIA UBRARY
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