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BARXETT TEXT-BOOK COI LECTION •n ever arranged 5.1 TRY, University of Western Ontario LIBRARY LONDON - CANADA Class LTvqoa intile Jinsi Qufacturing, •isea iisimlly *enmansliip, c. amount of he Students JJVS, EXPERIENCED AND CAREFUL TEACHERS. 'I • f liECOMMENDATIONS. [From Evcritt & Butler, E&juiros Kiiig-sirect.] St. John, N. B., i2i3d August, ISTW. A. II. Eaton, Esq., Dear Sir, — We have much pleasure in tcstlfyiu'Jf to the order of traininu: for commercial ])ursuits obtained bv the vouii-»» J '' V*^:' -. -■•';-■ EATON & FRAZEE'S BOOK-KEEPING !) %n €lmmiM\2 treatise FOR niB USE OF SCHOOLS BY A. H. EATON, Principal of the Oommeroial College, St. John, N. B., J. C. P. FRAZEE, Principal of the Oommeroial College, Halifax, N. S. r ill J- 'I; al w r: I I ' 1 <•»■ SAIKT JOHN, N. B. : PBINTET) AT THE "PAILT IfEWS" STEAM BOOK PEIKTINQ OFFICE, CANTEEDUHY ST. 1871. PREFACE. The authors of this little work know that the Tcachei*s of Nova Scotia ;iml New Bnmswick, and they believe they might extend the remark luiuh farther, have long felt the want of a cheap work on Bookkeep- ing, suitable for use as a text-book in the Public Schools. Such a work, they conceive, should contain a brief and intelligible elucidation of the principles of the science, examples of the principal books used, in order to shoAV the practical application of those princii)Ies, and as much practice as can be afforded by a book small enough to bring the price within the reach of all. In the preparation cf this work they have been guided by these views. The frequent applications which the authors have had for such a lHX)k induce them to believe that its appearance will be hailed with satisfaction by tlie teaching profession generally ; and they entertain a hope that its contents will be found to commend themselves to the favor of all in need of an elementary treatise on this important sub- ject. The course of Bookkeeping here given is offered only as an initiatoiy or preparatory course. A complete course, such as would fit the learner to take charge of the books of an extensive mercantile establishment, could not be given in so small a compass, nor could it be taught, with good results, in a school not specially devoted to that object. Kntercd nc cording to Act of Parilament ol Canada, Jn the yt-ar of our Lord One Thon- fsand Elxht H undred and fcevtiily-oiie, by A. H. Eatok, In tlie Office of tbe Minister of Agriculture. <6) ?>iL6 PREFACE. The object aimed at in this work has Ikhjii, while neglecting to ex- plain no iiuporUint principle introduced in tlio course laid down, to allonl as much practice as the limits of the work would permit. Almost all the illustrations consist of continuous business transac- tions given in proper form in the Day IJook, and correctly adjusted in the other Iwoks, thus allording the amplest illustrations, and, at the same time, material for extensive practice. (Questions have been appended to most of the ex2)lanation3 to assist the teacher in testing the knowledge of his cla.sses. No attenipt has been made to explain the manner of journalizing or posting from the auxiliary books. The pupil nuisl tirst receive tin; preparatory instructions alforded by this book, ivs it is, before he can understand that, and monj' other things which could not be included in these pages without greatly extending the limits within which the authors have felt it ne(!essary to confine themselves. With tliese explanations, and a belief that the want, wiiich has so long been felt, of a suitable text-book on Bookkeeping, is herel^y sup- plied, the work is ofi'cred to the public. i (T) I- 4 ill ; \ M CONTENTS. Puge. I'REKACE C < >IU»Kll OF StKDY and EXKIlCIrtE li AllimtVIATKtNS 11 Lm'lanationb ok Meiicantiij: Tibmh 12 iMUomXTIoN 15 qlkstions foe exebcisk 20 Single Kntry 1)ay Uook 21 Exi'MNATiON OF Cash Book 27 Questions for Exkiic'I8E 30 Cash Cook 32 13lLL liooK 87 DoiDLE Entry 40 Qi;e8TIonh for Exebcise 48 1)AV Do(jk, Double Entry 45 I'ejiabk.s on the Joubnal 53 Rules fob Joubnalizino 50 Joubnal 51* RtMABKs ON the Lh^geb G4 Double Entu y Posting C7 Trial Bal^vnce 08 Closing the Ledceb 08 Index to the Ledger 71 Ledgee 85 Balance Sheet fob Single Entby 98 (ifcNEBAL Questions 100 Exi-.RCisj«s IN Journalizing 101 Additional Set fob Pkactice 104 Balance Sheet foe Double Entby 1 10 AlTENDIX 112 Steeling Exchange 112 Amebican Exchange 115 to convkbt kova scotia clikbekcy into canada cubeency 116 Mebcantile Fobms 117 (8) ^ H ORDER OF STUDY AND EXERCISES, ' The following plan of study, to he pursued hy the learner, is recommended to the attention of teachers who use this work : 1. Ix'arn the Ahbreviations and Expliinations of Mercantile lerms. 2. Study the Introduction till ahlo to answer all the questions annexed thereto. 3. I-.et those who intend only to learn Single Entry next copy the Single Entry Day Book. 4. Study the remarks on the Cash Book till ahle to answer all the quesMons correctly. 5. Copy the Cash Hook as fir as July .list and study the entries till able readily to distinguish those which have cor- responding entries in the Day Book from those which have not. T). Examine Bill Book, comparing corresponding entries in Day Book. 7. Study the Remarks on the Ledger, and trace the entries from the Day Book till the posting is well understood. 8. Post his written copy of the Day Hook into Kis blank Ledger with no aid from the printed book. 9. Prove the posting by means of the Trial Balance as directed. 10. Complete the Balance Sheet, exhibiting assets and liabilities. 11. Close the Ledger as directed. 12. If the work so far has not been satisfactorily performed, go over it again, &c. If only Single Entry is required, the Double Entry Day Book may be used as a basis for additional exercises, — the pupil writ- ing the transactions recorded in that book, in Single Entry form, then posting as above directed. If the pupil is to learn Double Entry as well as Single, it will be better for him to learn Double Entry first ; let him, there- fore, after studying the introductory remarks, proceed at once to the study of Double Entry as follows : » (9) ■ i !l Hi '■,li I '-'4 I n 1\ ' BOOK-KEEPING. 1. Study the remarks on Double Entry till they are thor- oughly understood. 2. Copy the Day Book. 3. Study explanations of Cash and Bill Books. 4. Write up Cash and Bill Book from his own copy of the Day Book, beginning Aug. 1st. 5. Study the remarks on Journal and the Rules for journaliz- ing, and examine Journal Entries. 6. Journalize Day Book, first on loose paper, without assistance from the printed book, and when correctly done copy into the Journal. 7. Study the remarks on Double Entry Posting, and trace the entries from the Journal to the Ledger till the manner of posting is well understood. 8. Post the Journal as directed. 9. Study the remai'ks on the Trial Balance. 10. Get out Trial Balance. 11. Make out Balance Sheet. 12. Study the remarks on Closing the Ledger. 13. Close the Ledger according to directions given. 14. Study General Questions. 15. Copy appended Day Book for additional exercise, journalize and post, &c., in the same manner. Note. — Properly nilcd blank books, prepared expressly to be used mth this text book, may be had of the bookseller from whom this book was bought. :i (10) ABBREVIATIONS. The following abbreviations are frequently used :- ti' ajcovacct. ..Account. Ace Accepted. d' ...And. (jcc And so forth. (® At. Amt Amount, Jial Bahince. JJ.B Bill Book. im Barrel. B/p Bill of Parcels. c Cent. C. B Cash Book. Co Company. Const Consignment. Cr Creditor. Ca4 Hundred weight. Dft Draft. Disc't. Discount. $ Dollar or Dollars. Ditto, Do. ...The same. " ...The same. Dr Debtor. Doz. Dozen. [Excepted E. & 0. E. .. Errors and Omissions Exch Exchange. f. Franc. FH Freight. Gal Gallon. Ilhd ..Hogshead. LB . .Invoice Book. Lit ..Interest. Inst ..Instant, the present month. £,. 8. d. . . . ..Pounds, shillings, pence. Ihs . .Pounds wei""ht. Mdse ..Merchandise. Mo. Mos. . . . .Month, Months. N.A ..New Account. No ..Number. N.P ..Net proceeds. % ..Per cent. A . .Old Account. Pes ..Pieces. Fd ..Paid. Frem ..Premium. Prox ..Proximo, the next month. Qrs . Quarters of a Cwt. Rec'd ..Received. S.B . .Sales Book. Sgt ..Sight. Stg ..Sterling. mt . .Ultimo, last month. Yds . .Yards. I m (11) BOOK-KEEPING. EXPLANATIONS OF MERCANTILE TER^/lS. Abatement. A discount or allowance for prompt payment or other reason. Account Cuhkent. A statement ofthe particulars of an accormt. Account Sai.es. A statement made by a consignee to liis con- signor showing the names of the parties to whom the goods were sold, the price, time, charges, and net proceeds. Advice. Information or intelligence. To advise is to inform or give notice to. Assets. The property of all kinds belonging to a person, firm, or corporation, including the debts due them. Assignee. A person appointed to manage the affairs of a bank- rupt. Balance. The difference between the Dr. and Cr. sides of an account. To balance an account is to make the two sides equal by writing the difference on the smaller, and adding both up. Bill of Entry. A statement of the particulars of goods entered at the Custom House. Bill of Exchange. A written order for the payment of money drawn in one place and payable in another. Bill of Lading. A receipt for the goods intrusted to the care of the master of a ship, given by him to the shipper, by which he agrees to deliver the goods at a certain place in good order on the payment of a certain sum as freight. There are generally three copies made, one of which is kept by the master, one by the shipper, and the other sent to the consignee, by which he acquires the right to receive the goods. Bills of Lading are transferable by indorse- ment — : he right to receive the goods being transferred with them. (12) MERCANTILE TERMS. 'Bill of Sale. A contract under 5cal by which a person con- veys to another his right to goods and chattels. BiLii5 Payable. Written promises to pay money given by an individual or firm. Bills Rpxeivable. Written promises to pay money held by an individual or firm against others. Bonded Goods. Imported goods deposited in a Government warehouse until duty is paid, — a bond being given by the importer for the duty. Bottomry Bond. A mortgage on a ship given in security for money borrowed by the owner or master to enable him to pro- secute a voyage. If the ship be lost the lender loses his money. Bullion. Uncoined gold or silver in mass. C'learance. a document from a Custom House officer, or other qualified person, permitting a ship to depart on her voyage. Commission. A percentagje allowed to agents or factors for do- ing business for others. » Composition. An arrangement between an insolvent debtor and his creditors, by which the latter accept of a iKirt of the debts for the whole. » Consignee. A person to whom goods are consigned. Consignments. Goods receivsd by one person or house to be sold for the account of mother, — the seller being allowed a commission — so much per cent, for his trouble. Consignor. The shipper, or he who sends a consignment. Dividend. A sum to be divided. It may be the gain of a joint stock company to be divided among the stockholders, or the property of an insolvent debtor to be divided among the creditors. It is usually expressed by so much per cent. Draft. An order for money on a banker or other person to be paid on demand or at a specified time, to another per -on or his order. Indorser. One who writes his name on the back of a promis- sory note or bill of exchange and thus becomes responsible for its payment. Indorsements are either general or special. A general indorse- ment, or " indorsement in blank," is merely the name of the indorser without any other words. A special indorse- ment is a direction signed by the indorser to pay to the order of some particular person. (13) fl !t. m BOOK-KEEPING. What is left from the sale of good)-, after all Insolvent. Bankrupt ; unable to pay one's debts in full. Interest. Commonly a premium paid for the use of money ; more properly — the use of money. Invoice. A bill of parcels accompanying goods imported, or sent with goods exported. .Net Proceeds. charges have been deducted IIe(;eipt. a written acknowledgment of having received a sum of monev, or other value. Remit. To send money to a person at a distance. Remittance. Money sent to a person at a distance. Storage. A charge made for warehousing goods. "\'oucHER. A receipt or acquittance as evidence of payment. tii (U) i:tTTE.OIDTJCTIOlNr. 1'.p Bookkeeping is the science of accounts, and consists of a sys- tematic arrangement and adjustment of the records of business transactions. Single Entry Bookkecimiff has for its object principally the keeping of correct and systematic running accounts with the individuals with whom we deal on credit. A running account is a concise statement or plan of a person's business transactions with us, supposing we are keeping the account, and shows, on its debit side, the particulars of the pro- perty or property's worth which that person has got from us, and, on itr^ credit side, the particulars of what we have got from him, with the dates of all the transactions. Every business man who keeps a regular set of books, has one in which he enters an account for each person with whom he deals on credit. This book is called the LEDGER, and as it is the principal book used, we must try to explain It more fully. "VVe do this here, in order that the learner may the more readily understand the use of the other books into which the entries are generally made with a view to their final adjustment in the Ledger. Let us suppose that on .January 2nd, 1870, John Smith bought of you merchandise, that is, some kind of goods, worth, altogether, ^44.26 ; that on February 4th he paid you cash $20, and, gave you merchandise worth $13.50; that on March 15th, he gave you another lot of merchandise worth $11.20 ; and that on April 20th he got from you merchandise, worth $9.40. Now, if you and Jno. Smith settle on or after April 20th, you find how your account with him stands, thus : — (15) 11 w jSiii II ► : I I liiiji J; .. ill BOOK-KEEPIN(.'. John Smith got from you, Jan. 2n(l, 18G0, nidse worth $44 26 '• '• '« " Apr. 20, " " «• 9 40 •♦ «« " " altogether $53 06 Vou got from John Smith, Feb. 4. 1801), cash $20 00 " '• " " " " milse. worth 18 r)0 «• '« " Mar. 15, «« " " 1120 «« •« " altogether (subtract) $44 70 Balance John Smith owes you $8 96 John Smith got from you more than you got from him, and you find how much more by subtracting the amount of what you got from him from the amount of what he got from you. You find the remainder to be $8.96 ,/hich John Smith must pay you to make you square. Now these transactions, and all others of a similar kind, are so arranged in the Jjodger that it is very easy, after they are entered there, to find, at any time, how your account with any person stands — whether he owes you, or you him, and how much. Let us put these entries into an account as they would appear in the Ledger, and see how they look. The following is the form in which the Ledger is generally ruled : — Dr. JOHN SMITH. Cn. 1870 Jan'y April To mdse , " do. *• c. 1870 1 44 26 Feb'y 4 1 9 40 Mar. April 15 30 53 66 By Sundries. " Mdze " Balance.. 33 11 8 53 0. 50 20 96 66 l!il; The page is divided into two equal parts by a double line, as you see here, over which you write John Smith, to show whose account it is, and, to the left. Dr. which means debtor, and, to the right, Cr. which means creditor. Now since John Smith bought goods from you, and did not pay you for them at the time, he got into your debt, or became your debtor ; you there- fore put the values of those things which ho got from you on the left hand, or debit side, as it is called. And when you got things from him, you got into his debt, or he got out of yours, ( 16 ) INTRODUCTION. which is the same thing, for the value of them, and he became your creditor, you therefore put the vahies of those things whicli you got from him on the right hand or credit side. The date of each transaction should be correctly and plainly written in the left hand columns of either side, — the number of the year to be placed at the top, and inserted again whenever there is a change. In the broad space in the middle of each s?ide you write the description of articles received or parted with, in the next column to the right, the page of the Day JJook from which the entry is taken, and, lastly, the amounts in dollars and cents. In a very small business, and where the articles bought and sold are not of many different kinds, such entries as these might be all that would be required ; and a person might keep his accounts pretty well with no other book than the Ledger. But where the articles dealt in are of many different kinds, or where a person deals with many different individuals, it becomes neces- sary to use what is usually called a Day Book, in which the business done is first written down, and from which it is after- ward transferred to the Ledger, in the form of the account ex- hibited above. The business transactions of which we have been talking would be written in the Day Book in the following form, supposing the articles to be such as mentioned below : I'i 111 li'i HALIFAX, January 2nd, 1870. Dr. Cr. John Smith, To 20 yds. Factory Cotton.. . . f® 15c., " 12 " Bleacheil " .... r® 18c., "10 '« Canadian Tweetl... (® 65c., " 1 pair Boots " 2 lbs. Tea (a) 50c., " 25 " Sugar m 10c., " 30 " Nails.. (8) 5c., " 1 Narrow Axe " 1 Cooking Stove Dr. $ 0. *• ■$z.m 2.16 6.50 3.50 1.00 2.50 1.50 1.10 28.00 44 26 ■ J^.. Vj John Smith bought these articles from you, and did not pay you for them at the time ; he therefore got into your debt. You, therefore, write Dr. to the right of his name, next the money columns. John Smith's name is written to the left, at the beginning of the line ; and you put down carefully, after the 8 (17) BOOK-KEEPING. (I word " To," all the clifFerent articles, with the price per yard, pound, Sec, and the whole price carried out correctly next \\w money columns. When all arc down, the whole must be added up, and the total carried into the money column headed Dr. It was necessary that all the articles that John Smith got Irom you should be nut down somewhere, so that, when you came to settle with him, you could tell him, if he wished you to, or, if he disputed the correctness of your bill, exactly the articles he got from you, and the price of each. If you were to put them all down in your Ledger, they would take up a great deal of room there, and, besides encumber your Ledger with a great many small sums, so that in a short time you would have long columns of figures to add up, in which you would be very likely to make some mistakes. To avoid this we write down all the different articles in the Day BooV and carry the whole sum afterwards into the Ledger. Look !)ack to the Ledger exam- ple, on page 16, and see again how the entry is made there. The next entry is this : — Fehruury ith, 1870. Dr. Cr. III II Ml John Smith, By Cash " 30 bush. Oats (® 45c. Cr. $ c. $ 20.00 13.50 33 c. 50 These articles you got from John Smith, and owe him for them. He is, therefore, your creditor, and you write Cr. to the right of his name, as you wrote Dr. before, and you carry the whole sum out in the column headed Cr. See the Ledger entry, page 16. Again, March 15. Dr. Cr. :, \nr- John Smith, 13y 66 lbs. Butter (S) 20o.,. Cr. $ 11 c. 20 Here again you bought from John Smith, and you make him Cr., as before. As there is only one item, viz., 56 lbs. Butter, you carry the whole price, after stating the price per pound, at (18) INTRODUCTION. once into the proper money column, page 10. Again, April 20. Sec the Lcdi^cr entry, If I Du. Cii. JouN Smith, Tol Kelt If.vt... " 1 bbl. Flour. Dr. *• c. « ^1.^)0 7.50 9 40 1 1 John Smith bought these articles from you, and is therefore Dr., as in the first entry. Observe, John Smith may have bought other goods from you at other times, and paid for them at the time he bought them, and no entry need be made in your Day Book, or Ledger, at all. "When a person buys an article and pays for it at the time, or sells anything and is paid at the time, no person gets into debt, and therefore no entry need be made ; unless he wish particularly to remember the transaction, when he may both debit and credit the party for the same amount. The word " Sundries," in Single Entry Bookkeeping, gene- rally means several things or articles, and is used in the Ledger for the sake of brevity. Where the articles are all of the same kind as several items of merchandise, it is better to use the word that expresses the description of articles meant. But where the articles are of different classes, as in the entry under February 4th, we use the word " Sundries " in the Ledger. The figure 1 to the left of each of the above Day Book en- tries, refers to the page of the Ledger on which John Smith's acct. will be found. These figures are made at the time of making the entries into the Ledger, which is called posting. By referring to the Ledger example you will see figures in a small column to the left of the money columns there. These refer to the pages of the Day Book from which the entries are taken, and are also made at the time of posting. Li the arrangement of the foregoing examples, the date has been put in the middle of the page, and the references to the Ledger on the left. This is the practice of some bookkeepers. Others again write the date to the left, and the references to the Ledger in a small column next the money columns, as is done iu the regular Day Book, commencing on page 22. (19) y ; 'I nOOK-KEEPIXG. Some authors on riookkccping recommend the use of the Avord " For " instead of " To " and " ]Jy " in sin' SINGLE ENTRY DAY BOOK The following Day Book has been arranged in the form which the authors believe to be the best calculated to insure accurate and intelligible bookkeeping, while very little, if any, sacrifice of time is required to attain that desirable end. The learner should copy it in a neat, legible hand, taking care to (21) ■; i'. ^iii * nOOK-KKEPINO. placo nofiu^iiiTs in the monoy columns except the sums iatcndctl to l;u transrcrred to the Lcdgor. The teacher sliould recollect that neatness and accuracy, e(|ually "vvitli ohtiiining an intellectual knowledge of the science, are the ohjects to be aimed at ; and that no pujjil should he l)ermitte(l to proceed to posting until he has written the Day Book in a satisfactory manner. The references to the Ledger should he omitted in the copy- ing, and inserted by the pupil at tlie time of posting. ST. JOHN, May 1st, 1871. m 1870 May May A. ir. Katon and .J. C, P. Fbazee Imvc tliis day cntcr- i-^l into co-partnership under the name and style of JIato.v iS: I'liAZKK, lor the jjurpose of carryinj^ on a {r;iKiiil diy floods and grocery busintas. (Jaius or losses to be shared ccjually. A. II. Eaton invests, ( 'asli $2000.00 ]i)i» hhls. Klour (W $0 per bbl. . 000.00 jMiigee Urotliei-s owe him 400,00 Geo. Thomas owes him GOO.OO 3500.00 J. C. P. Fkazee invests, Cash $2500.00 11. T. .Muir owes liira 400.00 lUirns cSi Murray owe him 500.00 3400.00 A. H. Eaton, By his net capital as above. J. C. P. Frazee, By his net capital as above. Magee Brothers, Geo. Thomas, R. T. Muir, Burns & Murray, To balances against them per above statement. J, Hunt, By his bill for work on- store C'u. Cr. Dr. Cr. J S. Turner, To 20 bbls. Flour (S) ^7.00 J. S. Turner, ByCashperC. B., f. p. 1.. Dr. Cr. i«itft«*«*« (22) « 400 500 400 500 3500 00 3400 00 00 00: 00 140 00 85 00 80 00 00 9 1 00 85 00 80 00 SINGLE ENTRY DAY-HOOK. ST. JOHN, N. B. 1870 May 10 12 16 20 •)r. Cb. Dr. DaNIKI- & llOYI), By their Inv, (No. 1) of Dry Goo« t> Lor.AN & Lindsay, Uy their luv. (No. 2) of Groceries. Dr. To Cnsli paid them per ('. 15., p 2 iffCOO (M) " our Note (No. 1 ) at 3 inos 700.U(» T. R. Jones. Dr. To 20 lbs. Tea, (Hi 70c ii!l4.(l(i «' 1 bbl. Sujrar, 2U0 lbs. (3) loo yo.Oll '• 1 " Flour 8.0(1 DiTFFVs & Co., Dr. To 8 bbls. Flour, (a> 87.60 $GO.()(i •• 5 " Sugar, 1000 lbs. m 14c 140.0(1 «♦ 2 chests Tea, Y. II. 120 lbs. fiO 80c OG.Ot) " 3 bbls. Apples m ^4.00 12.()ii Cu. By Cash per C. B., p. 1 ^ilHO.OO '♦ tk'ir Order on DouU & Miller 88.00 29 31 DOULL & MiLLKR, To above Order from Duffus & Co remitted on acct Dr. L. C. Eaton, Dr. To 1 bbl. Flour $7.6(» " 5 lbs. Sugar (ffi 15c 75 •« " Tea ® 50c 3.(M) " 20 " Rice (® 6c 1.00 MaGEE BHiOTIlER.'?, By Cash per C. B., p. 1. A. H. Eaton, To Cash per C. B,,p. 2. J. C. P. Frazee, To Cash per C. B., p. 2. Cr. Dr, Dr. (23) « 1500 05 1200 5^ 308 2000 c. 00 00 00 1800 00 00 00 00 88 00 12 2G8 25 60 00 75 00 00 250 00 1^ I: 1 1 4 nil BOOK-KEEriNG. ST. JOIIX, N. B. 1870 June BiTENs & MrRBAY. Dr. To -JS y(k J{kck Silk ^ S8.2o $91.00 " Z2 " Ffictory Cotton (S> 20c 6.40 •' 12 pairs Woollen Blankets (W $5.50 60.00 •« 1 suit Broad Cloth 30.00 " 3 pairs long Boots $6.00 15.00 Ce. By Cash on acct. per C, B., p. 1 Daniel & Boyp, To Casli paid them on acct. per C. B., p. 2. Geo. Thomas, By Cash rec'd on acct. per C. B., p. 1 J. & A. McMillan. By their Inv. of Stationery (No. 3) 10 15 J. S, TlRNER, To our Order on L. C. Eaton . 20 21 Dr. Cr. Cr. Dr. La vton iSt Vassie, Dr. , To 8 quires Foolscap (® 20c $1.60 " 2 boxes Spencerian Pens (W 80c 1.00 " 1 Katou's Commercial Arith 1.50 To our Note (cO 2 mos. (No. 2), per B. B.. " 4 doz Penholders® 16c. L. C. Eaton, By our Order in favor of J. S. Turner. J Hunt, To Cash paid him in full per C B., p. 2. .60 1>R Cr Dr. DouLL & Miller, Dr. To 10 bbls. Flour (S) $7.00 $70.00 " 6 •' Apples (S) $3.00 18 00 " 4 " Sugar, 800 lbs., ^ 15c 120.00 " 4 half chests Tea (S) $10 00 40 00 " 10 bbls. Potatoes i® $8.00 30.00 Magee Brothers, Dr To 5 bbls. Flour ®$6.50 $32 50 " 4 " Apples (S) §4.25 17.00 •' 2 " Sugar (ffl $30.00 60.00 " 60 lbs. Tea ® 60c 36.00 " 40 lbs. Coffee r® 20c 8.00 Cr. By their Note (S) 3 mos. (No. 1) per B. B. . . (24) $ 208 400 40 00 200 00 5 30 82 25 ■20 00 278 00 153 50 $ 108 40 200 00 235 00 82 25 105 00 SINGLE ENTRY DAY-BOOK. ST. JOHN, N. D. 1870 June 24 Burns & Murray, Cr. By Cash per C. B., p. 1 1^:85.00 " their Note <© 1 mo. (No. 2) per B. B.. . . 75.00 T. R. Jones, Cr. By his Inv. of Dry Goods (No. 4) Dr. To Cash per C. r.., p. 2 ig200.00 " our d'ft on R. T. Muir (3) 2 mos 150.00 28 30 July R. T. MuiK, By above d'ft in favor of T. R. Jones. Cr. Lawton & Vassie, De To 20 suits ready-made Clothing (8) $15.00. .$300.00 " 3 cloth Overcoats tW ^20. 00 60.00 " 15 silk Hats i® S3.00 45.00 " 20 pairs Boys' Boots (a) 84.00 80.00 " 10 yards Silk Velvet (® $6. 00 60.00 Cr By Cash per C. B., p. 1 Logan & Lindsay, To Cash paid them on acct. per C. B , p. 2. Dr. F. S. Sharp, Dr. To 6 bbls. Flour <® $8.00 §48.00 " 8 " Apples (W §3.00 24.00 "10 " Potatoes (® $2.00 20.00 " 80 lbs. White Sugar O 10c 8.00 " 60 " Tea (S) 80c 48.00 " 75 " Butter (® 20c 15.00 Daniel & Boyd, By their Inv. of Dry Goods (No. 5) , Cr. . R Jones, Dr. To 28 yds. Black Silk (8) $2.00 $50.00 " 32 " Factory Cotton (W $20c 6.40 " 6 pairs Woollen Blankets " Note No. 2 in full , " them on Ship Emma , " Note No. 1 in full , '■ Clerk in full to Aug. 1 " for freight on Inv. No. 10 '• him for Ins. on Ship Emma, cont. 12th iiist Balance ou hand , Paid sundry Expenses '• them on House and Lot ' W. Wilson on his note (No. 6) (® 4 mos. ' on deposit ' him on his private acct ' " " acct '•' them on '* ' ' * (remitted per mail) * his rent bill per receipt Balance ou hand Oct. 1 4 12 24 25 28 31 1 J. R. Curry & Go's const J.C.P.Frazee'sP.A. Shipm'tto Halifax Expense Lawton & Vassie. Expense Paid for freight '• him on bis private acct " truckage, &c " Clerk in full to Oct. Slst •• gas bill to date " their d'ft at sight in favor of Stone Bros, *• rent of Store to date Balance on hand 6(K) 2(KI 200 2000 700 125 50 116 3307 7r.»8 c. 00 00 00 00 00 00 00 00 50 60 1500 81(1 1500 160 25 71 76 45 744 5002 05 00 00 00 00 00 00 00 00 00 05 120 80 7 126 20 500 200 2462 3515 00 00 50 00 80 00 00 02 32 il 1% (36) she Boi the hen r Th' and the dis] off 'J Noi heri boo Day reqi unc] No BILL BOOK. All Notes and Acceptances, either in our favor or against us, should be registered in a book for the purpose, called the Bill Book. Notes and Acceptances in our favor arc registered under the head of " Bills Receivable," and those against us under the head of "Bills Payable." The entries in the following Bill Book explain themselves. They are the registry of the Notes and Acceptances received and given in the transactions recorded in the Day Books of both the Single and Double Entry Sets. This book is useful as a book of reference, and is almost in- dispensable in a business where the receipt or giving of notes is of frequent oc lurrence. The pupil, after examining this book, should register the Notes from the Day Book entries without referring to the entries here given. A good plan would be for the teacher to take the book some time after the pupil or class has copied each of the Day Books, read over the entries which refer to the Notes, and require the pupils to register them without the aid of the book, under his immediate supervision. I m Note. — It is iisual to allow three days on Notes, called •• days of grace." llBi (37) ))!: BOOK-KEEPING. BILLS Wljen Recelv'd 1870. June ^ pk a < i5 = - 3 r « S< "^ ^ •«! » O 70 24 27 19 > < 7 2. 18 105 75 1263 900 816 ) 150 150 500 600 c. 00 00 10 00 00 00 00 00 00 Disposed of. 1870. Oct. 18 1 30 d'ys 3 mos 1 " 3 " 60 d'ys 4 mos q 3 " ' 71 6 " 23 4" i^ Rec'dcaaliSept.24'70 " " July 27 '70 Endorsed to Daniel k Boyd, Sept. 5 '70. Disc'datCoUegeBuk. PAYABLE. When Accept'd 1870. Aug Oct. 19 29 Time. After Sight. After Da'e. 2 mos 20 d'ys 3 mo9 2 " 6 " 3 «' 8 " 3 " Wben Due. 22 1.^ 11» Amount 700 200 1500 4000 350 350 875 2000 00 00 00 OOl 00 00 ooj 001 How Bedeemed. Pd. in cash Aug. 12 '70 ; «. «. 10 '70 Pd. Oct. 24 '70. m \ (?9) m It- I DOUBLE ENTRY. :,, . j,, ii:H^ Double Entry Bookkeeping recognizes, particularly this fact, viz., that every debtor has a corresponding creditor ; — the book- keeper or man of business standing apart, and finding, as the result of each transaction, some person or thing that owes him, and some person or thing that he owes. Suppose you buy a quantity of goods for $50, from J. Jones, on credit. Let us see if we can find a Dr. and Cr., that is, some person or thing that owes you, and some person or thing that you owe, not counting yourself one. It is evident that you owe J. Jones $50, and that therefore J. Jones is Cr. But what is Dr. ? You have got in debt $50, and if you have not a claim on some person or on some thing from which you can realize the money, you are $50 poorer than you were before. You no doubt see, by this time, that you have a claim upon the goods you bought, and that you are very likely to press that claim, and try to recover your $50 from them. And you are right. Now, if you have a claim upon the goods, the goods owe you, and are, therefore. Dr., just the same as a person is Dr. if you have a claim upon him. The general name which bookkeepers give to all kinds of goods bought and sold in business, is mer- chandise. So Merchandise is Dr. and J. Jones is Cr. This entry would appear in the Journal in the following form: Mdse To J. Jones, $50 $50 and means that Merchandise is Dr to you for $50, and that you are Dr. to J. Jones for $50, from which, you see, you have only to omit part of the words to leave the words in the form above. Some insert Dr. after the word Mdse., but after the form and meaning of the entry are once understood, it is diffi^ (40) DOUBLE ENTRY. cult to see what good purpose its insertion can be made to accomplish. Again, supposs you sell J. Jones a lot of goods for $50, on credit. Of course, J. Jones is Dr. But what or who is Cr. ? J. Jones will pay you, in due time, $50, and unless you are in- debted to some person or thing for it, you are $50 richer than you were before. But you are not. It is pretty plain that your stock of goods which you call merchandise furnished you with the means of claiming $50 from J. Jones, and you are therefore indebted to merchandise for that sum. So J. Jones is Dr., and Mdse. Cr., the entry in the Journal standing thus : J. Jones To Mdse. $50 $50 which means that J. Jones is Dr. to you for $50, and that you are Dr. to Mdse. for $50. Again, suppose you sell to J. Jones a lot of goods worth $50, and he gives you his Note for the amount — is J. Jones Dr. ? No. Because he has settled the bill by his Note, which was as much a payment as the money would have been. But if J. Jones does not owe you, who or what does ? The Note. Yes. For it is to the Note that you look for the money. And you may get it by selling the Note without any reference to J. Jones. It is by means of the Note that you would get your money, and you could not get it by any other means. So your claim for the value of the goods you parted with is upon the Note, therefore, the Note is Dr. Now, bookkeepers and mer- chants call all the notes they receive from others, and ail papers containing promises by others to pay money, which come into their possession, " Bills Receivable". Bills Receiv- able are therefore Dr. What is Cr. ? The note is worth $50, and the Merchandise furnished you with the means of getting it, therefore you owe Merchandise for it, that is. Merchandise is Cr. ; and the entry in the Journal is — Bills Receivable, a $50 To Mdse $50 meaning that Bills Receivable owes you $50, and that you owe Mdse. $50. 6 (41) . f BOOK-KEEPING. Again, suppose you buy from J. Jones a lot of goods worth $50, and give him your Note for the amount — what is Dr. ? You have given your Note or promise to pay money, and your claim for the amount is upon the goods, or Mdse. is Dr. ? What is Cr. ? Not J. Jones ; for you have paid him with your Note, which is a payment as much as money. The Note will claim the money when it is due, or some one will claim it by means of the Note ; therefore you owe the Note, that is, the Note is Cr. Now all written promises to pay money that a man gives to others, against himself he calls " Bills Payable." So Mdse. is Dr. and Bills Payable are Cr. Journal Entry: — Mdse $50 To Bills Payable $50 Again, if you buy goods for cash, say to the amount of $50, you would perhaps suppose there would be neither Dr. aor Cr. resulting. And there would not be in Single Entry. But in Double Entry there would be both, on the principles already introduced. Mdse. is Dr., because it has caused you to part with the value of $50, and you have a claim on it to that amount. The account of your money in Bookkeeping is called Cash ; and Cash is Cr. because it has supplied you with the means of get'' ig the goods. Journal Entry : — Mdse $50 To Cash $50 For similar reasons, when you sell goods for Cash, Cash is Dr. and Mdse. is Cr. Every business transaction thus gives rise to at least a Dr. and a Cr., sometimes to several debtors and one creditor, some- times one debtor and several creditors, and sometimes to several debtors and several creditors, which may all be expLiined as readily as the foregoing examples — the sum of the debtors being always equal to the sum of the creditors. Thus a complete and beautiful system of debtor and creditor has been arranged, per- fectly accurate in its results and called Double Entry. The foregoing explanations have been given to enable the (42) DOUBLE ENTRY. student of Bookkeeping who peruses this work to find a means of determining the true and philosophical reason for every Dr. and every Cr.; and no person can be considered to possess a good knowledge of accounts who cannot, in this manner, ex- plain every Journal entry, or, at least, understand the princi- ples on which the reasons of the entries rest. The " Rules " for Journalizing given on page 56 will pro- bably be found to present more ready directions for determi- ning the Drs. and Crs. from most transactions, and learners are earnestly recommended to commit them carefully to memory. 't QUESTIONS FOR EXERCISE. What fact is particularly recognized in Double Entry Book- keeping. If vou buv from J. Jones on credit goods to the amount of $50, what will be Dr. ? • Why? Wliat will be Cr. ? Why .? What is meant by meschandise ? Give the form of the Journal Entry. What does it mean ? Is it necessary to insert Dr. after each debtor ? If you sell J. Jones a lot of goods on credit for s^oO, what will be Dr ? Whv? What will be Cr. ? Whv? Give the Journal Entry. (43) m im: t ? I BOOK-KEEPING. What does it mean ? ^ If you sell J. Jones goods to the amount of ^50, and he gives you his Note in full, what will be Dr. ? Why ? What will be Cr. ? Why ? Give the Journal Entry What does it mean ? Why is not J. Jones Dr? Is a note payment I AVhat are Bills Receivable ' Ifyoubuy from J. l.>ur gir > him your Note in iuIL Why ? What will be Cr. ? Why ? Give the Journal Entry ? Why would you not owe J. Jones ? What are Bills Payable ? If you buy goods for cash, What is Dr ? What is Cr ? ^ How must the Drs. and Crs. in any Journal Entry compare m amount ? ^ i What ought you commit to memory ? ds to the amount of $50, and at , ill be Dr ? (44) d DAY BOOK— DOUBLE ENTRY. ;! Many raercliants keep, beside the Day-Book, an Invoice Book and a Sales Book, from which, as well as from the Cash and Bill Books, the entries are either journalized or posted direct to the Ledger. But as it is impossible to give an ex- haustive treatise on Bookkeeping in a book of this size, and as the course here presented is chiefly intended for beginners, we have not introduced an Invoice or Sales Book, and merely given examples of the Cash and Bill Book, wit hout undertak- ing to illustrate the manner of posting these or any other auxili- aries. All the business transactions supposed to have taken place are recorded in the Day Book in as brief forms as possible con- sistent with accuracy and intelligibility ; and the student who becomes familiar with them will have acquired brief and business like forms of entrv for all the most common business transactions. Let the pupil copy them in a book for the purpose, and con- tinue to do so until he can do it neatly and legibly before pro- ceeding to journalize. The more care is taken in acquiring neatness, accuracy, and legibility in the execution of the work, the more creditably it will be performed, and the greater will be the satisfaction of both teacher and pupil when it is done. When a person undertakes to learn Bookkeeping, he is like an apprentice who would be a carpenter or a blacksmith, — he must not only learn how the work is done well, but he must learn to do it well himself. wWm i,\ (45) it I' Hi r BOOK-KEEPING. ST. JOHN, Avgxist 1st, 1870. 1870 Aug. 8 'i'^' 1 Inventoky of the joint effects of A. II. Eaton and .1. C. P. Frazee on resuming business this day. (Books changed from Single to Double Entry.) ASSETS. owe us. owes us. ^Ijigce Brothers Geo. Thomas 11. T. Muir .1. S. Turner T. R. Jones Duffus & Co. DouU & MiUer L, (j. Eaton F. S. Sharp Cash on hand per C. B Mdse. in Store Note (No. 1) per B. B, owe us. owes us. LIABILITIES. We owe Burns & Murray Daniel & Boyd " Logan & Lindsay J. & A. McMillan " Lawton & Vassie " on Notes per B. B Of the balance, A. H. Eaton's net Capital is. and J. C P. Frazee's " Bought for Cash of R. J. Peare — Mdse. per Invoice No . 8 Sold J. S. Cooper for Cash— 40 yds. Bleached Sheeting 4.00 Rec'd from 11. T. Muir on acct. , cash. " Magce Brothers " " . " Doull & Miller " " . Sold G. IT. White & Co., Sussex Vale, and sent them by rail — 20 bbls. Flour (S) 4 hlids Molasses, 120 gals, each (8) 12 bbls. Apples (S) 10 hhds. Sugar, 1150 lbs. each <8) Rec'd in payment their Note (S) 3 mos. ( 46 ) «8.00 .42 3.25 7i 498 300 250 242 22 40 366 35 G3 2387 6500 105 1360 637 300 lODO 000 3851 3230 ^ 32 8 280 50 00 00 25! 00 00 00 45 00 50 00 00 OOj 00 00 00 50 00 10 lo: 10809 70 00 00 00 103 00 160 00 228 00 160 201 3'j 862 00 60 00 50 10809 500 320 70 00 00 491 00 1263 10 DOriJLE ENTRY DAY-ROOK. ST. JOHN, August Gth, 1870. IS 70 Aug. 0|SuM Thomas Barnes, Ossekeag, on acct. — i 6 reama Foolscap (W $!8.75 I 8 '■ Note Paper (fD 2.25 1 4 " Letter " (W 2.87^' 25 bunches Envelopes 1.00 ' Sold T. R Jones on acct. — 2 bbls. Flour ^8.00 4 " Apples (W 4.25 2 " Potatoes (W 2.50 2 ■'• Sugar (W 18 50 2 chests H. Y. Tea (® 33.00 n 11 12 18 75 18 00' 11 .50 1J88 3G0' 900| 24I0O Bought of R. T, Muir, Halifax— Milsc. per Invoice No. 'A Roraitted in payment, Cash ' 200 Balance on acct. Paid Note No. 2 in Cash. Sold Magee Brothers, on acct — 3 pieces Black Silk, 70 yds each Bought of Troop & Son — (\) one-fourth of ship " Emma," for Gave in payment Cash " our Note iW G mos " " order on Magec Brothers for bal. .. 2.50 40 " Fancy Stripe (S> 3.00 (47) 630 150 120 00 00 00 116 35 4000 700 126 900 00 45 00 00 00 00 "'.11 ,r I I ! I- I' F ffW BOOK-KEEPING. ST. JOHN, Aiujmt mh, 1870. m 1870 Aug. IG Discounted at College Bank- T. R. Jones' Note Avails deposited Discount at 7 per cent. 18 19 20 25 2G Bought of .1. S, Turner on acct. at 3 mos.- Mtlse. per Invoice No. 10 Paid Freight on same in Cash tVccepted Lawton & Vassie's Draft on us 'S) 2 mos. in favor of Geo. Thomaa Paid Wm. Jack for Insurance, Cash Shipped per Str. "Empress" by the order of Bauld, Gibson & Co., HaUfax — 120 bbls. Flour (S> $5.50 10 casks Kerosene Oil, ea. 60 gals (® .42 Sold J. & A. ^IcMillan on acct — 51i yds. Furniture Prints (8) $0.80 40 " " " (g) .70 Sold Geo. Thomas on acct, — 3 pairs Men's Boots i® $6.00 ^ 889 10 3000 50 28 30 Sept. 2 5 " Women's *' (8) 4 " Children's •* (W 4.00 1.50 Shipped per Str, "Empress" by the order of Bauld, Gibson & Co., Halifax — lOJ bush. Timothy Seed <© $4.33J 6| " Clover " (B> 4.12^ Sold Daniel & Boyd on acct. — 67i bush. Corn m $0.75 80 " (Jats (3) .40 40 " Potatoes (8) .60 15 bbls. Apples (® 4.00 In consequence of a flood in our cellar, Mdse. has been destroyed to the value of (No Insurance. ) Paid for sundry expenses. Cash, Rec'd per Mail from Bauld, Gibson & Co., Halifex, Cash, per draft on College Bank c. $ 900 00 00 3050 660 252 41 28 18 20 C 47 27 60 32 24 60 00 00 (48) 20 00 00 00 00 63, oo| 00 00 c. 00 00 850 116 912 69 44 74 00 00 00 20 00 46 166 250 76 800 63 00 00 00 18 So m DOUBLE ENTRY DAY-BOOK. i i^ ST. JOHN, September 5th, 1870. 1870 Sept. 8 9 Bought of Daniel & Boyd — House iiiid Lot on Leinster Street for Gave in payment, Cash 0. H. White & Go's Note (No. 3, per B. An Order on T R. Jones for Our Note (® 3 mos. for bal B.). Loanetl W. Wilson on his Note (W 4 mos. — Cash Interest at 6 per cent, included in note. . c. Sent per order of Bums & Murray, IIx., by Str. Empress — 80 pes. Prints (W .'jj;4.00 60 •• Fancy Stripe (ffl 3.00 20 bbls. Dried Apples ® 6.60 Sold Mftgce Brothers on acot. — 10 bbls. Flour CD $8.00 8 " Apples (S) 4.00 6 •• Potatoes (W 3.00 12 13 lo 17 20 80 lbs. 40 " 26 •• Sugar Tea... Rioe. . .15 .60 .05i Deposited in College Bank, Cash Rfic'd from Geo. Thomaa on acct., Cash. Sold F. S. Sharp on acct. — 1 Black Silk Hat 2 pairs Women's Boots (® ^3.60 1 suit fine Broadcloth Clothes 6 Linen Handkerchiefs (Q .50 1 " Duster Paid A. H. Eaton for his private acct. Sold L. C. Eaton for Cash— 2 pairs Fine Boots (S) §5.50 4 " Flannel Shirts (S) 3.25 2 " Kid Gloves O 1.40 Sold G. BentH- 4 hhds. Sugar, 3500 lbs., net z® $0.10 16 cwt. Cheese (® 9.60 10 bblfl. Flour O 7.00 25 bags common Salt (8) 2 00 12 firkins Butter. 60 lbs. each (8) .20 14 bbls. Mess Pork (S) 20.00 25 cwt. Buckwheat Meal <® 1.80 7 (49) 1500 1263 86 350 800 IG 820 180 130 80 32 ir, 12 20 1 (X) 10 90l 00 00 00 00 00 OOl I OOi 00 00 00 00 38 3200 c. 00 816 630 00 00 160 1500 35 38 00 00 7 32 3 6 11 13 2 00 00 00 00 60 00 00 80 52 150 26 50 00 80 350 142 70 50 U4 280 45 00 50: 00 OOi ool 00, oo; 1081 50 I m BOOK-KEEPING. m ST. JOHN, September 20tk, 1870. 1870 Sept. Oct. UccM in paym't from G. Bent Check on Bank of N. B. His NoteH No8. (i iind 1 (S> 'i and mos *' Order on Burns & Murray (rem. on acct: Uec'd payment of Note No. 1 in Cash. I'aid J. S. Turner on acct., Cash. '* Logjin & Lindsay •• " . •' Burns & Murray " " . Remitted Bums & Murray, Halifax, on acct., a Draft on Halifax, purchased of College Bk. with our Check. . Rec'd from Black Bros., Halifax, per P. O. Order, Cash. . For which we sent them per Express — 20 hunches Envelopes ,. . (S) 10c. 12 doz. B. B. Lead Pencils <8> 50c. 16 quires Mourning Paper (S) 25c. Paid house rent for J. C. P. Frazce per receipt. Rec'd from J. R Currey & Co., Toronto, to be sold on their acct 300 bbls. Fine Flour, 150 «• Apples, 100 " Potatoes, 50 firkins Butter, 26 bbls. Eggs. Paid for Freight on same in Cash Sold J. & A. McMillan— 26 doz. School Books (H) $5.26 24 " Slates 10x14 (8) 3.20 10 " Photograph Albums (S) 8.50 *12 " Eaton's Commercial Arith 2.60 10 firkins Butter i® 11.00 6 bbls. Eggs (® 8.00 Rec'd in payment, Cash His Note at 4 mos. for bal. 0.1 700 00' SOO'OO 8160 26 00 7100 76 00 131 76 85 144 90 30 615 20G 50 110 40 515 600 25 80 00 00 Oo 00 00 00 00 00 00 00 00 $ 105 00 172 00 500 11 11 45 00 75 75 00 120 GO 563 80 05 00 1016 00 (50) r-f DOUULE ENTRY DAY-DOOK. ST. JOHN, October lOM, 1870. 1H70 (Jet. 10 12 15 Sold .T. & J. Hegan— 24 (luires FcolHCiip (W $0.20 2 sets Hlimk IJooks for Office ® 20.00 4 renins tinte 8.50 Shippe 80.50 12 firkins Butter (it 10.00 10 bbls. Mess Pork (W 20.00 20 bags Common Salt (5) 2 00 Paid Truckage ou same in Cash 4 40 12 32 85 114 ll-'O 2'M) 40 Sold .Tardine & Co. bal. of J. R. Carrey & Co's cons't— 200 bbls. Flour (S) $6.12^ 1225 100 «« Apples (® 4.00 400 80 •• Potatoes (W 2.26 180 20 •• Eggs (8) 8.10 161 40 firkins Uutter (S) 10.00 ' 48r Reo'd in payment, Ca.sh Their Draft (8) 30 days on W. 0. Smith (acct ) Bal. on acct. at 60 days Closed J. R. Currey & Co's Cons't and rendered them an a«ct. Sales. Storage Commission at 2^ per cent, on Sales J. 11. Currey & Co's N. P. due per average Nov. 24. 20 Rec'd an acct. Sales of Mdse shipped E. Morrison, Hali- fax, to be sold on our acct , N. P., in Cash 24 Paid Note No. 5 by Check on College Bank Paid Clerk in full to Oct. 31st, Cash. 25 Paid Gas Bill to date in Cash. •« " Rec'd from Thonras Barnes, Ossekeag, Cash on acct. (51) 800 600 1003 11 85 3201 0. 80' 00 60| 00, 00 00 00 00 00 OOi 00 oo! ooj ool oo' 00 $ 174 c. 40 474 7 2403 40 45l 16 3208 521 360 125 20 00 50 00 00 00 00 00 80 80 00 ":n \ I 5 BOOK-KEEPING. ST, JOHN, N. B., October 27th, 1870. 1870 Oct. 27 28 29 30 31 Bought of Magee Brothers on our Note (S) 3 mos Mdse, per Invoice No. 11 Paid Lawton & Vassie's Draft at sight on us in favor of Stone Bros Accepted J. R. Currey & Go's Draft on us ® 20 days for Cash sales of Mdse. this day. Rec'd Cash for Freight from Ship " Emma". Paid Rent of Store to date in Cash. On taking Stock we find on hand this day- Mdse. valued at Real Estate valued at :i Ship Emma 876 500 2000 105 750 200 c. 00 00 00 27 00 00 :5580 ,3200 ^4000 00 00 00 ill (52) REMARKS ON THE JOURNAL. ,. I i! In this book all the Drs. and Crs. that arise from the trans- actions recorded in the Day Book are entered in a concise and simple form preparatory to posting into the Ledger. The general principles on which the Drs. and Crs. are determined have been explained under the head of Double Entry. We will here only examine a few of the entries in the Journal on the principles already referred to. By 'referring to the Day Book it is seen that when the business was resumed on the first of August, after closing the Single Entry books, certain pers ons owed us the sums set after their several names. These persons are, of course, all Drs., because they owe us. Their names are all written down, one under another, in the Journal with the sums they severally owe us set opposite. Then, again, a certain portion of our capital was in the species of property called Cash. Cash owed us the value expressed by the figures $2387.50. Cash is, therefore, Dr., and Is written in the same position as the names of persons who are Drs. It is the same with Mdse. A portion of our capital to the amount of ^6500 was in Mdse. Mdse. owed us the sum or value expressed by these figures. It is therefore Dr. For similar reasons the account of Bills Receivable are Dr. for $105 — the part of our capital which we held in notes. This reasoning gives us the first part of Rule 1st for Journalizing. The persons whom we owed at the same time were of course our creditors, and are made Cr. in the Journal for the sums severally due them. We also owed notes to the amount of $900. These notes, no matter who may hold them, will claim that sum from us when due, and are under the head of Bills Payable, made Cr. also. The property on hand and the debt due us constitute the (53) BOOK-KEEPING. m assets ; and the debts we owe both on personal accounts and notes make up the liabilities. The rule says to credit the Stock account (which stands for the owner of the business) for the total assets, and debit it for the total liabilities. The assets in this instance amount to $70809.70; the liabilities to $4222.50. It is plain that to credit the Stock account for $10809.70, and debit it for $4222.50, is exactly the same in effect as to only credit it for the difference of these sums, viz., $0587.20. This is what we have done, — in two sums — one for $3351.10, the amount of A. H. Eaton's net capital, and the other for $3236.10, the part of the net capital belonging to J. C. P. Frazee. Another reason for taking this course, instead of strictly following the rule, is this. There are partners in this business who have been carrying it on together for some time, so that the property and debts which make up the assets are held in joint proprietorship, and only the proportional parts of the net cnjiital belonging to each partner are ascertained. In a part- nership business a Stock or Capital account must be kept for each partner ; and where the books are opened in Double Entry on the fornxation of the partnership, the rule should be strictly followed for each partner. But where the books are being opened in Double Entry after the business has been conducted for a time, as is the case here, the plan pursued on the opening of this Journal is the best, and, in fact, about the only plan that can safely be pursued. A brief rule to suit this case may be stated as follows : — Debit each kind of property for the value of it, and each person who owes you, on account, for the sum he owes ; credit each person whom you owe for what you owe him. Bills Payable for what you owe on notes, and each partner's Stock for his share of the net capital. In other words, debit for the assets, and credit for the liabilities, including among the liabilities the sum due as net capital to each of the partners. The word " To" in the Journal is always written before the Cr. or Crs. in each entry. The Drs. are all written in a Qolumn next the date, the Crs. following them a little to the right with the word " To " before each, repeated after the first by means of dots or commas as in the Journal annexed. Care should be taken to write the Drs. and Crs. each in. their separate straight (54) REM.iEKS ON JOURNAL. be jach idit ible his >ets, the Cr. ext the of be rht column. This arrangement adds much to the appearance of the book, and makes it easy to readily distinguish a Dr. from a Cr. Some bookkeepers would head the entry of which we have been speaking with the introduction, "Sundries Dr. To Sundries.'* These words would do no harm farther than the room they occupy, and the extra labor in writing them; but they certainly do no good. We never write them. So with regard to the practice of making explanations in the Journal. Unless it is used as a book of original entry, all explanations in it are super- fluous ; being always found in full in the book from which the Journal is compiled. Let the references to the original books b? clear and plain, and no explanations will be needed in the Journal. The Second Entry : Mdse 8500 To Cash 8500 means that Mdse. is Dr. and Cash is Cr. for $500. Mdse. has cost us 8500 which we expect it to return to us, and Cash has furnished us with means to the amount of 8500 which we intend to I'eturn. The Day Book entry corresponds with these remarks from which we draw two general inferences stated in the rules, viz. : when Mdse is bought or comes into the business it is made Dr.? and when money is paid out. Cash is made Cr. The third entry shows that Cash is Dr. for, or owes us $320, and that we owe Mdse. the same sum. Cash owes us because we have put into that shape $320 worth of our property and is to supply us when we need it with that sr.m. We owe Mdse. for placing us in the position we occupy with regard to Cash. The Day liook says we sold Mdse. for cash. Accordingly we find in the Rules, that when we sell or part with Mdse. we make it Cr.; and that Cash is Dr. when we receive money. In this manner we might go through all the entries and deduce the Rules for Journalizing, commencing on page 56. The above remarks, however are deemed sufficient, and arc addressed more particularly to teachers (who should give verbal explanations to their pupils) and others somewhat advanced ^n the science. Let the pupil examine this Journal in connection with the Day Book, entry by entry, applying to the teacher for explana- (65) t' >\ 'lit I ' I ik 1 ': I ll \% r ' BOOK-KEEPINn. tlons of such as he does not understand. Then on a separate slip of paper or a slate let him, from his own Day Book make out the Drs. and Crs. in proper form. This should be checked by the teacher, and when found correct, the pupil may copy it into his proper Journal. RULES FOR JOURNALIZING. i RULE I. On opening the Journal, debit each kind of property on hand of which you intend to keep a separate account, for the value of it, and also each person owing you on account, for the amount he owes; and credit the Stock account for the total amount of your assets or resources. If you have any liabilities, debit Stock for the total amount of them and credit each person you owe on account for what you owe him, and credit Bills Payable for the value of the notes or acceptances held against you. In cases of partnerships, a Stock account must be opened for each partner which will be credited for the assets and debited for the liabilities of the respective partners. But the ordinary busi- ness transactions will be journalized as if no partnership existed. RULE IL Debit the Cash account for all suras of money received ; and credit it for all sums of money parted with. RULE in. Debit the Merchandize account for the cost of all goods bought; and credit it for the selling price of all your own goods sold or parted with. (56) RUIX3 FOE JOURNALIZING. ds d8 RULE IV, Debit the Bills Receivable account for the face of each note or bill you receive ; and credit it for the face of each bill when yoii part with it. RULE V. Credit the Bills Payable account for the face of each of your own notes or acceptances given out; and debit the same account for the same sums when those notes or acceptances are redeemed. RULE VI. Debit the Expense account for all expences connected with vour business. RULE VII. Debit the Private account, or each partner's private account for all your or his personal expenses. RULE Via Debit the Interest account for all amounts paid for interest ; and credit it for all amounts received for interest. RULE IX. Credit the Commission account for all your earnings on Com- mission. RULE X. Debit the Profit and Loss account for all losses, and credit it for all gains. RULE XL Debit Shipment accounts for the cost of the goods shipped and the expense of shipping ; and when an account sales is received credit them for their net proceeds. RULE XII. Debit Consignment account for the expenses attending them, for your own charges, and for their net proceeds ; and credit them for the total sales. RULE xni. *When you accept a draft, debit the drawer and credit Bills Payable. 8 ( 57 ) H m I p BOOK-KEEPING. RULE XIV. When you draw a draft, debit the party who receives it from you on account, or what you receive for it if not sold on account ; and credit the drawee, that is, the person on whom you draw it. GENERAL RULE. Debit what you receive, and credit what you part with. DIRECTIONS FOR CLOSING. As soon as the Posting is finished, take a Trial Balance, that is, see that the Drs. and Crs. exactly balance. Then credit the accounts to which inventories belong for the amounts of their respective inventories in red ink, and proceed to take the balances of all the accounts, placing them on the smaller sides, in red ink. Accounts which have inventories close to or by Profit and Loss, and the balances are transferred to the Profit and Loss account. After the accounts are closed the inventories are brought down on the Dr. side into a new account and transfeired to the Dr. side of the Balance account. The accounts of Interest, Discount, Expense, Commission, Storage, Shipments, &c., close into the Profit and Loss account. The Profit and Loss account is closed into the Stock ; or if there be partners, the gain or loss is divided according to agree- ment, and each partner's share entered sepai'ately into the Profit and Loss account, and transferred to the respective partners' Stock accounts. The private account is closed into the Stock ; or, in partner- ships, each partner's private account is closed into his Stock. All other accounts including Stock close into the Balance account. (58) JOURNAL. 1 > 1 fc i'i ST. JOHN, August, 1870. tners 1870 Aug. K Magee Brothers Geo. Thomas R. T. Muir J. S. Turner T. R. Jones Duffu8& Co Doull& Miller L. C. Eaton F. S. Sharp Cash Mdse Bills Receivable To Burns & Murray " Daniel & Boyd *' Logan & Lindsay " J. & A. McMillan ** Lawton & Vassie " Bills Payable '• A. H. Eaton (Stock acct.). . . " J. C. P. Frazee CStock acct ). Mdse To Cash Cash To Mdse Cash ToR. T. Muir ' ■ Magee Brothers " Doull & MiUer Bills Rec'ble To Mdse Thomas Barnes To Mdse Mdse To Cash '« R. T. Muir '■ "^ ' (59) $ 1 4U8 2 300 2 250 3 242 4 22 4 40 6 36G 5 36 6 63 7 2387 8 6500 9 105 2 8 4 6 6 9 1 1 8 500 7 7 320 8 7 491 2 1 6 9 1203 8 9 86 8 8 450 7 2 c. 50 00 00 25 00 00 00 45 00 50 00 00 00 00 00 10 23 00 1360 537 300 36 1090 900 3351 3286 600 320 103 160 228 1268 86 200 260 00 00 00 00 50 00 10 10 00 00 00 00 00 10 23 00 00 nOOK-KEEPIN(J. ST. JOHN, August, 1870. 1870 Auk. 8 10 n' 12 It >( 15 16 18 19 20 26 T R. Jones 4 8 9 7 1 8 10 7 9 1 10 10 4 6 7 9 9 7 10 7 9 8 10 10 9 8 3 7 6 9 10 7 11 8 141 200 867 4000 116 85 4000 700 126 900 889 10 3050 850 116 912 c. 00 00 50 00 00 45 00 00 00 00 13 87 00 00 00 00 141 200 867 2000 1600 500 116 85 4000 700 125 900 900 8000 50 850 116 912 c. ToMdae 00 (( Bills Payable To Cash 00 «( Maeee Brothers ToMdse 50 (6 ShiD Emma To Cash 00 " Bills Payable " Magee Brothers Ship Emma To Wm. Jno.k Logan & Lindsay 00 00 00 it ToL. C. Eatou Cash To Bills Payable BiJls Payable 45 (X) ToCasli nn ct ExDCTlSO To Cash no Daniel & Boyd ToMdse 6;^ Sept. Profit and Loss • ToMdse 00 ct Expense To Cash 00 r.. " Cash To Bauld, Gibson & Co 00 BOOK-KEEPING. ST. JOHN, September, 1870. 1870 Sept. 17 20 24 25 28 29 30 1 (( 4 6 10 12 15 Cash 7 8 7 9 2 8 7 9 3 4 2 7 2 10 7 8 12 7 12 7 5 8 12 7 7 9 12 12 8 12 8 7 7 9 12 12 26 700 800 81 105 25 71 76 500 11 45 120 563 80 515 600 174 481 800 600 1003 c. 80 00 00 60 00 00 00 00 00 75 00 00 05 00 00 00 40 50 00 00 00 $ 26 1081 105 172 500 11 45 120 563 80 1015 174 474 7 2403 c. 80 60" 00 00 00 75 00 00 05 00 00 40 00 60 00 To Mdse (< Cash Bills Receivable Burns & Murray << To Mdae Cash To Bills Receivable <( J. S. Turner Logan &, Lindsay Burns & Murray To Cash (( Burns & Murray To Colleee Bank {( Cash To Mdse ( (( J. C. P. Frazee (Private acct.) To Cash Oct J. R. Currey & Co's Cons't To Cash (( J. & A. McMillan To Mdse cc J. C. P. Frazee (Private acct.) To Cash l( Cash Bills Receivable <( To J. R. Currey & Co'a Cons't . . . J. & J. Hegan To Mdse i( Shipment to Halifax To Mdse (( " Cash Cash Bills Receivable Jardine & Co To J. R. Currey & Co's Cous't. . . . (62) c. 80 GO- GO 00 00 75 00 00 05 00 00 40 00 60 JOURNAL. ST. JOUN, October, 1870. '■M 1870 Oct. 16 20 24 25 27 28 29 30 J. R. Currey & Co'a Cons't. To Storage *• Commission •« J, R. Currey & Co.... Cash To Shipment to Halifax . Bills Payable To College Bank. Expense. . . To Cash. Expense. . , To Cash. Cash To Thomas Barnes. Mdse To Bills Payable. Lawton & Vassie To Cash 31 J. R. Currey & Co. To Billa Payable. Cash To Mdse. Cash To Ship Emma. Expense. . . To Cash. «; 12 8298 12 13 13 7 621 12 9 350 10 10 125 7 10 20 7 7 80 9 8 875 9 6 500 7 13 2000 9 7 105 8 7 750 10 10 200 7 c. 00 00 00 00 80 00 00 00 00 27 00 00 11 85 8201 521 350 125 20 80 875 500 2000 105 750 200 c. 40 45 15 (H) 00 00 80 00 00 00 00 27 00 00 !i| ft V.' i { I 00 (68) • REMARKS ON THE LEDGER. The following Ledger is in the form generally used by raer- chants whether for Single or Double Entry. In business a page is usually allowed for an account. It is divided into two parts by u vertical double line, the left being the Dr. side, and the right the Cr., — the two making what is called a folio. When the name of an account is made Dr. or Cr, in the Day Book or .Joui-nal it is in order that the sum for which it is made Dr. or C!!r. may be placed on the proper side of the same account in the Ledger, This writing into the Ledger is called posting, and should be done as soon after the entries are prepared in the Day l^ook in Single Entry, or in the Journal in Double Entry, as circumstances will allow. The first entry posted is that in which A. H. Eaton is made Cr. for his net capital at the beginning of the business. Turn to the Ledger and see how it is entered there. The account is headed "A. H. Eaton (Stock acct.j" which should be written in a large, plain hand so as to be conspicuous and easily read. The words " Stock acct." in brackets, show that the person is an owner or partner in the business. To the left is written Dr. and to the right Cr. The sum for which A. H. Eaton is made Cr. in the Day Book is set in the money columns on the Cr. side of his account, and before it the date in the columns for that purpose, and in the broad space between are written the words " By his net capital," which explain as briefly as possible what he is Cr. for. The page of the Day Book from which the entiy is brought is then placed in the narrow column in front of the money columns, and the folio of th*^ Ledger in the cor- responding column in the Day Book. This at once shows that the entry has been posted and where in the Ledger the account is found. The other entries are all posted in a similar manner, — the Crs. on the right hand side, and the Drs. on the left. (64) Icor- Ithat )unt Iner, REMARKS ON THE I.EDCiER. In the postincf of the entry of May l!2th, Loc^an & Lindsay are said to })c Cr. " By Mdsc.," because the word mdso. expresses the kind of vaUic we received from tliom at that time ; but in the debit entry they are said to l)e Dr. " To Sundries," })ecause the ,"|gl2()0 for which they are debited is nude up of the vahies of different kinds of property. See remarks on this word on pa^e 19. The pupil must not copy the Ledger, nor use the printed copy while posting. He shouhl post independently from his own Day Book, after having examined the posting here given and had the manner of doing it exphiined to liim. After the Day Book has been thus posted a Trial Balance or proof sheet should be taken to prove tlie posting correct. This is done as follows : — Add up the Dr. and Cr. columns of each page of the Day Book, and ascertain the total sum of the Drs., and alt>o that of the Crs., and subtract the less from the greater. The difference must be exactly the same as that found to exist between the total Drs. and the total Crs. as ascertained from the Ledger. A good form for getting out the Trial J3alance is exhibited on page D-S. If this plan be followed the posting in Single Entry is as well proved as it can be in Double Entry. By adding up each page of the Day Book as he goes along, the bookkeeper will be able to get the difference from the Day Book without much extra labor or time. The accounts in the Ledger, too, have to be added at the general time of balancing, making out bills, &c., and the additional labor required to ascertain the difference between the Drs. and Crs. is not so great as at first sight might be supposed. The only occasion on which much trouble would be experienced ^^'ill ' ^ ; in rase the results from the two books would not agree. This would show an error somewhere, which must be searched out and r >rrected, if the bookkeeper would have his work correct. It is in ider that errors may not go undetected that the plan above refered to is recommended. After the Trial Balance has proved the posting correct the pupil may complete the ^ lance Sheet on page 98, and then proceed to close the Ledger by balancing all the accounts. To balance an account it to make the two sides equal by writing the difference on the smaller side. Then rule, with red ink under the longer column of figure- aid on the same horizontal line on the other 9 (65) ;. .f m wm BOOK-KEEPING. side, short single lines, called footing lines, and place the sums beneath. Under these rule double lines, called closing lines, as is done in the Ledger here given. The balances with the date of balancing and the words " To " or *' By Balance " should be written with red ink to make them more conspicuous. When the account is closed the balance is brought down on the opposite side into a new account. The account is then opened for the posting of the succeeding business. The partners' Stock accounts are not closed till after the gain or loss is ascertained, and must be credited for the net gain, or debited for the net loss before they are closed. They are then closed exactly as the other accounts are. The balances of the Stock accounts, entered with the liabilities, will make them exactly equal to the assets. (66) DOUBLE ENTRY POSTING. It m After the pupil has journalized his Day Book properly, he will proceed to post the Journal to the Ledger. Most of the items of the first Journal Entry he will find abeady in his Ledger, being the balances brought down from the Single Entry accounts. He has only to mark in the Journal the folios of the accounts in which these items are found. The sum for which Cash is made Dr. is the first to be posted. As no Cash account was used in Single Entry, he will open one. and on the Dr. side of it write the date, Aug. 1st, 1870, with the words " To Sundries " and place the sum $2387.50 in the money columns. The word " Sundries " refers to the several Crs. in the same Journal Entry. An account for Mdse., and one for Bills Keccivable will also be opened and the sums for which they are made Dr. in the Journal posted in the same manner. Of the Crs. in the first entry all arc already in the Ledger except Bills Payable. Open an accotuit for them, and on the Cr. side write the date, with the words " By Sundries," and the sum $900 in the money columns. The word '* Sundries" refers to the several Drs. in the same entry. To post the second Journal Entry, turn to the Mdse. account, and on the Dr. side, after inserting the date, write " To Cash," and set the §500 in the money columns. Then turn to the Cash account, and on the Cr. side, after the date, write " By Mdse," placing the sum, as before, in the money columns. In the first Journal Entry of Aug. 4th there are one Dr. and several Crs. On the Dr. side of the Cash account, write " To Sundries" $491, and on the Cr. side of each of the other accounts, write " By Cash " and carry out in 11. T. Muir's account $103, in Magee Brothers' account $100, and in DouU & (07) ^nm^ ^ BOOK-KEEPING. Miller's account $228 ; — in every case marking the page of the Journal iu the Ledger, and the folio of the Ledger in the Journal. It may here be explained that the word '' Sundries " used in the Ledger in Double Entry bookkeeping always means several accounts, and not several things or articles as in Single Entry. Double Entry posting, if done correctly, places as mu6h on one side of the Ledger as on the other, and must be proved by taking a TRIAL BALANCE. To do this, write the names of all the accounts, except those tlie two sides of which are equal, one under the other on a loose piece of paper or a slate, and opposite each the sums of both the Dr. and Cr. sides, found by adding in the Ledger ; then add up both columns and if the posting has been done correctly the sums will be exactly equal. If they be not, search must be made for errors which when found must be corrected, and the Trial Balance successfully made. If many errors be found in the posting the pupil must post it again, and again, if needful. It is better to spend some time and use a good deal of paper, than to quit the subject without having acquired the ability or rather habit of working correctly. The Balance Sheet according to the plan shown at the end of the "Additional Set for Pvactice" may now be drawn out or omitted at the discretion of the teacher. CLOSING THE LEDGER. When the Trial Balance has proved the posting correct, and not till then, proceed to close the Ledger in the following order. Enter the Inventories into their respective accounts, on the Cr. side, with red ink, viz., the value of the Mdse. on hand into the Mdse. account, the value of the Real Estate into the Real Estate account, and the value of your share of the Ship " Emma " into the Ship Emma account. Then close all the personal (08) DOUBLE ExXTKV POSTING. ZZT'^ ^ v.- ^T'^'^^'' ^^l' ^^y^^^'^ ^'^^h. and Bank accouHM omitting the partners' Stock accts.) into the Baknce ancount which must now be opened. That is, enter the balances of those accounts on the smaller sides with red ink, with the words -io " or ^^ By Balance," add up and close the' aictunt! as in ^ Single En ry; and transfer the balance of each to the opptTstce Slue onhe B^^^ acct, waiting before it the words io or • By with the name of the account from which the balance was brought. As you come to the accounts with In- ventories transfer the Inventories to the Dr. side of the Balance acct. Ihen close all the other accounts (still omitting the Stock accounts) into Profit and Loss; tlien the Profit and' Loss in o Uie partnei^^ Stocks, and, lastly the Stock accounts into the J^alance. If the accounts have all been balanced correctly and the balances transferred proi>erly, the two sides d' the Balance account will be equal, iJs T V V w X Y Z H 11 INDKX TO THF, LEDOKU. Pago. Maf^ce Brothers 1 Muir, R. T 2 McMillan, J& A 5 Merchandise 8 (78) INDEX TO THE IKDOEH. I'ftgo. . 1 .. 2 I'ftgO . . 5 .. 8 Profit & Loss, 11 M N O P Q K s T (79) 'V V w X Y \Z INDEX TO THE LEDGEll. Page, Eeal Estate 11 (80) Page. INDEX TO THE LEDGER. SJiaip, F. S ^''^g'^ () Ship Emma 10 Shipment to Halillix.. . 1:2 Storanro .... V.i 1 1' * I Thomas, Gee Turner, J. S. o K V w X lon (81 ^ u w X 11 (83) ]\J Oi 18' Mn Jul Ju] Au Sep Noi LEDGER. Dr. A. II. EATON (Siock acd.) 1870 May July Oct. To Casli " Net Loss " Balauce f. 2 6 $ CO 88 3351 c. 00 •to 10 1870 May 3500 00 31 To A.H.E. (pr.ac.) f. n'] 150 " Balauce " 13 '4230 00 Aug. lOct. Nov. By his Net Capital. Cr. By Balance " Profit k Loss..f. By Balance 1 3500 c. 00 3600i00 11 3351'10 1021)123 14230 33 ft Dif. J. C. r. FRAZEE, (Stork acd.) Cr. 1870 May July 31 To Cash , 31 Oct. 31 " Net Loss. " Balauce. . To.LC.P.F.(pr.ac.)f. ■ Balance '' 8 75 88 3236 c. 00 yo 10 1870 May 3400 00 12|i 125 00 13^4140 32 Aug Oct. Nov. 1 By his Net Capital. . By Balance " Profit & Loss..f. 1 3400 c. 00 By Balance 3 400 00 |J323cll0 11 102'j!22 414032 Dr. MACIEE BROTHERS. Cr. 1870 May Juue July To Balance due. " Mdse " Cash Aug 1 <> 10 Sept y Nov. 1 To Balance Mdse. . . (( (C To Balauce, $ 400 153 300 c. 00 50 86S.>0 1870 May .1 une July 28ByCa»sh 2 21 " their Note, 31 408 -'.it 307 ■>it o ICO 38 1026 38 Aug Oct, " Balauce f. 4 By Cash 11 •' Ship Emma 31 " Balance f. 366|38||| 250 c. 00 10500 4VI8 50 853 60 l! 160 2,1 500 13 3G0 1026 38 00 00 38 (86) BOOK-KEEPING. Dr. GEO. THOMAS. Cr. 1870 May 1 Aug Nov. To Balance due. To Balpjice. • Mdse . . . To Balance. 1 $ c. 1870 j 600 1 00 i June July i 500 W ;5i 300 44 344 00 ooj I oo' Sept 13 Oct. 31 309 00 By Cash... *' Balance. By Cash... " Balance. Du. R. T. MUIR. (86) 200 300 600 c. 00 00 00 3 35,00 13 1 300 00 344 00 Cr. 1870 May 1 To Balance due To Balance " Balance f. 1 $ 400 400 C. 00 i 00 1870 June' 24 July 31 I By our Draft ' ' Balance f. By Cash 4 6 150 00 250 00 400|00 Aunr 1 31 13 25o'on' Aug 4 7 1 1, 1 103 00 Oct 103 00 " Mdse 250 'oo By Balance 353 00 353 00 III Nov 1 i! in.^nn 1 II 1 1 —i-- Dr. I ^U IINS & MURRAY. Cr 1870 INIay June 1 1 31 To Balance due «« Mdse 1 1 3 6 600 c. 00 1870 June a July 1 24 20 By Cash 1 6 S c. 108 40 208 40 " Sundries «' Mdse 160 00 July " Balance f. To Mdse 1360 00 206840 1800 00 By Balance By Balance 12068 40 Sept. 8 20 25 28 31 1 13| 630 81 76 500 72 1360 00 50 00 00 50 00 Aug. 1 1360 1360 00 H it (C <« f'iish ug 4' 25 00 13 2732 75 3000 00 8 31 18 Nov. 1 By Cash. . . *♦ Balance. By Sundries. By Balance. Dr. DANIEL & BOYD. 1870 May June July 8 5 12 31 To Cash. " Balance. Aug 30 To Milse. .. Oct. 31 " Balance. 2' 1500 400 c.| 00; 00; 313,00 63700 2750:00 1870, May; 8 July! 1 13 166 CA 370 87, 63700 Aug Nov. 1 By Mdse. By Balance. By Balance. (87) 85 c. 00 85.00 Cu. 1 $ c. 80 00 168.00 G'l 242125 i 490I25 21 3000 00 3000 00 2732 75 Cr. $ c. 2000 00 750:00 2750 00 537 00 637|00 370'37 M ; .' 1 1 'I m BOOK-KEEriNC. Dr. LOGAN & LINDSAY. 1870 Miiy 12 Jam' ;!()| July 31 Aug 12 Sept '2r, (Jet. ',n To Sundries " Cash " Balance f. I'o L. C. Eaton. " Cnnh " Balance... . .f. $ c. 2 1200 01) 4 ?,^)^)^oo (') 800 00 1800 00 1870 May ]2ByMdse. 2 85 1 45 Aug. 1 4 7i|oo,! i;] I'jy 300 55 00 1 Nov. 1 By Balance By Balance Cr. 2 11800 ;i 1800 c. 00 GO 300 00 300 00 193 55 Dr. T. R. JONES. Cr. 1870 May June July 5 Aug. 1 8 Nov, To Mdse.... " Sundries. '« Mdse To Balance. " Mdse... To Balance. !??' c. 1870 52 00 June 350 0(» .July 140 40 (£ 542 40 24 31 22'00 14100 1G3 00 Sept Oct. 7G 10 By Mdse. . . «• Ca^ll... " Balance. By Real Estate. " Balance . . . $ c. 40000 120 40 22 542 00 40 86 13 70 103 90 10 00 Dr. DUFFUS & CO. Cr. 1870! May 20 Aug. 1 To Mdse. To Balance. 2 308 308 c. 00 00 ! 1870 May July 20 ol 4C 00 By Sundi-ies. Bixlaiice. . >C8 c. 00 40 00 308 00 (88) c. 00 00 c. 00 40 00 86 90 VGIO (13 00 R. c. 00 00 ,uo Dr. LEDGER. DOULL & iAIILLER. Cr. 1870 May June Aug. Nov. 1 To Duffus&Co's onlr •« Mdse To Balance. To Balance. si 88 •278 c. 11(1 (10 1870 July 31 306 306 K) 00 .Vug. Oat. 138 00 By Balance By Cash... " Balance. $ 'o. 300 00 866 00 1; 228 13 138 36(1 00 00 00 Dr. L. C. EATON. Cr. 1870 May July Aug. 1 To Mdse. To Balance. 2 5 $ 12 105 c. 25 45 1870 June July 15 31 Byouror. fav. J.S.T. " Balance f. 3 82 35 0. 26 45 117 !0 125 00 50 IK) 75 1500 800 1600 150 172 00 00 00 00 00 00 00 00 4500 120 80 7 125 20 500 200 00 00 50 00 80 00 00 2462i02 11G4832 n (91) m ^ ^m •It:' -il I *# IMAGE EVALUATION TEST TARGET (MT-3) V /. ,.%i S^^ w. i< i/j v. 1.0 I.I 1.25 m iM 132 m 1,4 2.0 mm U 111.6 V. <^ n /y VI c^. ^<^ ^ Us C/j BOOK-KEEPING. Dr. MERCnANDISE. Cr. ]870 Aug << tc Oct. 1 2 I 18 27 31 To Sundries . . . •• Ctisli " SuiKlrios . . . << >< " Bills Payable... ♦• Profit & Loss. 9 c. 1870 1 6500 00 Aug. 2Bi 1 500 00 (> 4 •• 1 , 450 00 (< 6 '• 2 3050 00 (i 8 " 6 875 00 <( 10 «' 11 2078 77 it C( 00' 'Ug 1(! 1 12G3 10 Sept 5 2 yoooo it 24 3 BIG 00, Oct. 31 4 300 00 4 500,00 4 1 Gl>0|00 4484' 10 221 G 00 1 By Sundripf 2 " lUiil Kstatc I 3 •♦ Caah I 4 '• Balance f. 13 8 c. 000 00 12»;3 10 105 00 221G00 4484 01 Du. BILLS PAYABLE. Cb. 1870 Aug 10 To Cash. 12, '♦ " Oct. 124 '• :3l " College Bonk . . . ♦' Balance f I » cJ 1870 2 i 200 00 700 00 Aug ' it 1 1 11 5 350 00 .i 12 13 8725 00 0 To Cash 2 116 c. 1870 ,Aug 12 By Ship Emma 2 $ llf. c. 00 Dr. EXPENSE. Cr. 1870 Aug Sept Oct. 15 1 24 t< 25 (< 31 To Cash. t< It f« it $ c. 1870 2 125 00 Oct. 31 8 75 00 5 125 00 5 20 80 5 200 00 64580 By Profit & Loss. .f. 11 545 545 c. 80 80 Dr. collkctE bank. Cr. 1870' Aug.jlG Sept 12 Nov, 1 To Bills Rec'bla . ' Caeh To Balance. $ c. 1870 1 2 880 13 Sept 28 8 1500 2389 00 13 Oct. 24 31 1 1530 13 By Burns & Murray Bills Payable. . . Balance f. 600 350 :1539 2389 c. 00 00 13 13 Dr. DISCOUNT. Cr. 1870 Aug. 10 To Bills Rec'ble. 9 c. 10 87 1870 Oct. 81 By Profit &Los8..f. 11 10 c. 87 (94) Cr. $ iir. c. 00 Cr. c. 80 600 360 1539 ^389 0. 00 00 13 13 Cr. 10 c. 87 Dr. LEDGER. BAULD, GIBSON & CO. 11 Cr. 1870 Aug 25 28 Nov. 1 To MOse. . . To Balance. $ c. 1870 2, 912 00 Sept 2 3! 74 1 46 Oct. 31 986 46 186 46 2 By Cash. Balouce. $ . 0. 8 8iK) 00 13 186 46 986'40 ■ — " 1 1 Dr. PROFIT & LOSS. Cr. 1870 Sept Oct. 1 To Mdse 81 " Expense f. *• Discount f. •' A.II.E.Stk.acctf. '• J.C.P.F. " " f. S c. 1870 3 250 00 Oct 31 10 545 80 ti 11 10,87 «• 1 1029 23 i< 1 1029 2865 22 12 By Ship Emma. . .f. *« Interest f. " 8hip'ttoHx...f. " Storage f. " Commission. . . f. •« Mdse f. « 10 634 11 16 12 39 12 11 13 85 8 2078 2865 c. 00 00 50 40 45 77 12 Dr. REuiL ESTATE. Cr. 1870 Sept 5 To Sundries 3 3200 00 1 Dr. INTEREST. Cr. 1870 (Jet. 31 To Profits Lo88..f. 11 9 16 0. 00 1870 Sept _6 By Bills Rec'ble 3 16 c. 00 Dr. A. n. EATON (Private ard.) Cr. 1870| Sept; 16 To Cash. 150 c. 00 1870 Oct. 31 ByA.H.E.(Stk.ac)f. $ 160 0. 00 (96) ' I i I I I ■( : ,1 y 12 BOOK-KEEPINO. I)K. J. C. P. FRAZEE, {Private acct.) Cr. 1870 Sept 30 Oct. To Cash $ c. 1870 4 46 00 Oct. 31 4 80 126 00 00 ByJ.C.P.F.(Sk.ac.)f 9 125 125 c. 00 00 Dr. J. R. CURREY & GO'S Contt. Cr. 1870 Oct. 1 16 To Caeh 4 5 $ 120 32 «t ♦' Sundries 00 00 Dr. J. & J. HEGAN. Cr. 1870 Oct, 10 To Mdse. 174 c. 40 Dr. SHIPMENT TO HALIFAX. Cr. 1870 Oct To Sundries " Profit &Lo88..f. S c. 1870 4 481 50 Oct. 20| 11 S'J 60 621 00 By Cash. 521 521 c. 00 00 Dr. JARDINE & CO. Cr. 1870 Oct. 16 ToJ.R.C.&Co'8con. 8 4 1003 c. 00 Dr. STORAGE. Cr. 1870 Oct. 31 To Profit & Loss.. f. 11 11 c. 40 1870 Oct. le By J.R.C.&Co' scon. " SI, 5,1 11 c. 40 (96) Cr. 126 c. 00 125100 Cr. { $ 1015 2403 8418 c 00 00 00 Cr. Cr. c. |6'| 52100 __L 521 loo Cr. 1 Cr. 5,1 11 c. 40 LEDGER. 13 Du. coAmissro^ Cr. 1870 31 To Profit & Loss. .f. 11 9 c. 85 15 1870 Oct It) 1 « lly .J.R.C.&Co's con. 5 85 c 46 Du. J. R. CURRY & CO. Cu. I 1870 Oct. 29 '• 31 To Bills Payable.... " Balauce f. 8 5' 2000 13 1201 3201 c. 00 15 15: 1870 Oct. 'IC Nov. 1 ByJ.RC.&Co'scon, By Balance. S ! c. 3201 16 3201 15 120l'l5 Da. BALAXCE. Cr. 1870 Oct. ToMagce Bros...f. " Geo. Thomas, .f. "T R. Jones... f. "Pnffus& Co..f. " Doull & MiUer .f. "J. >c A. McM...f. '•F. S. Sharp... f. «'BmsRec'ble...f. "Thos. Barnes, .f "Ship Emma... f. "College Bank., f. "B.,Gib. &Co..f. "Real Estate... f. " J.&J.Hegan...f. ".Jariline & Co..f, "Cash f. "Mdse f. 8 0.1 1870 1 866 88, Oct. 31 2: 301) 01)1 4' 70 lOJ 4' 40 00 ^1 138 00 5 597 25 i 115 50 9 2216 00 9 6 23 10 4000 00 10 1539 13 11 18G 46 11 3200 00 12 174 40 12 lOO.S 00 7 2402 02 8 6580 00 22000 47 ByR. T. Muir....f. '■ Burns .Si M...f. "J. S. Turner... f " DanieI&Boy.l..f. " Logan & L. . . f. " Lawton & V.. f. " Bills Payable. f. " J R.C. &Co...f. "A.ir E.(Skac)f. " J.C.P.F. " f 2 2 3! 4i 13' l| 1 103 72 2732 370 193 240 8725 1201 4230 4140 22009 c. (M) 50 75 37 65 50 00 15 33 32 47 (97) M '\\ ■'A :j i :>: I i ¥ iW r: if; 1 1 1 I- '■•' t ' ' BOOK-KEEPING. BALANCE SHEET, TRIAL BALANCE. Page I' ^ <'':il I folio Balance of Day Book. Balance. Balance of Ledger. Magee Brothers Geo. Thomas H. T. Muir Bums & Murray J. S. Turner Daniel & BoyJ Logan & Lindsay T. 11. Jones Duffus & Co Doull & Miller L C. Eaton J. & A. McMillan Lawton & Vassie F.S.Sharp A. II, Eaton (Stock acct ) . . , J. C. * Frazee (Stock acct.) . Balance.. Db. 8270 80 17402 868 600 400 708 490 2213 1500 542 308 8G6 117 200 560 163 60 76 8270 17317 86 60 00 00 40 25 00 00 40 00 00 70 00 80 00 00 00 30 86 Ce. 17402 85 355 200 150 2068 248 2750 1800 620 268 82 235|00 164080 100 00 8600' 3400' 00 00 00 40 00 00 00 40 00 25 00 00 17317 86 (98) LEDGER. i July 3^v^ 1S70. {Single Entry.) Ce. c. 17402 85 855 200 00 00 150 00 2068 248 2750 1800 620 268 40 00 00 00 40 00 8225 235 00 164080 100 00 8600 3400 00 00 17317 86 Calculation Showing Mktiiod or Finding tue Net Gain or Loss. Bftl of orifirinal Caitital ilue A . 11. Eftton 3440 3325 0. 00 °" 90 90 6765 65h7 177 0. " »• '♦ »« J. C. 1'. FraztHJ Total Bal of original Capital 88 88 00 Excess of Assets over Liabilities found below 20 DIFFERENCE— NKT LOSS. A. H. Eaton's half of Net Loss 80 J. C. P. Frazee's " " " Aascta. Liabilities Due from Macee Brothers 498 60 1860 637 300 35 1090 900 8861 3236 10809 " •* Geo Thomas 800 260 242 22 40 366 85 68 2387 6600 106 00 00 26 00 00 00 46 00 60| 001 00 '• " R. T. Muir •* to Burns & Murray 00 " from J. S. Turner '• to Daniel & Boyd 00 •* '* Loifan & Lindsav 00 " from T. 11. Jones . . " •* Duffus & Co " *• Doull & Miller '• '« L. C. Eaton '• to J. & A. McMillan 00 '• " Lawton & Vassie 60 *• fh)in F. S. Sharp Cash on hand oer C. B Mdse. " *' Inventory Notes Rec'ble " B. B Notes Payable • B. B 00 Balance due A. H. Eaton ^'3440.00 Less his Net Loss 88 90 10 Balance due J. C. P. Frnzee 3825.00 Less hia Net Loss 88.90 10 10809 70 1 70 ' II U (99) m M ;* <-m GENERAL QUESTIONS. 1. What is the Stock acct. ? 2. For what is it credited ? 3. For what is it debited ? 4. "What docs the difference represent ? 5. How does it close ? 0. What does the Dr. side of tlie Cash acct. represent ? 7. The Cr. side ? H. What does the difference represent ? 9. How does it close ? 10. "NVliat does the Dr. side of the Bills Receivable represent ? 11. The Cr. side? 12. What proves the acct. correct ? Ans. — The balance agreeing with the total valae of the notes unpaid. 13. How does it close ? 14. Is the balance an asset or liability ? 15. What does the Cr. side of the Bills Payable acct. represent ? 16. The Dr. side ? 17. With what must the balance correspond ? 18. Is the balance an asset or liability ? 19. What does the Dr. side of the ]\Idse. acct. represent ? 20. The Cr. side ? 21. How does it close when the goods are all sold ? 22. How, when a balance of goods remains unsold ? 23. What accts. always close into the Profit and Loss acct. ? 24. AVhat does the Dr. side of the Profit and Loss acct. show f 25. What, the Cr. side? 26. How does it close ? 27. How do Private accts. close ? 28. What does the Dr. side of Balance acct. represent ? 29. What, the Cr. side ? 30. What do you understand by assets ? 31. What, by liabilities ? 32. How do all !^ersonal accts. close ? (100) GENERAL QIESTIONS. ;ct. ? show ? What will be your Journal entry — If you commence business with a Cash capital of $8000 ? If you commence with Cash ,^3000, Mdse. $!>ioOO, Notes against others $1500, debt against Wm. Eaton $5500 / Suppose you owe at this time on your Notes $700, and to W. Wil- son on acct. $300 ? If J. Jones buys $700 worth of Mdse. on account ? If you sell Mdse. $900, and receive Cash $400, Note at 3 mos. $500 ? If you get the above Note discounted at the College Bank® 7 percent., avails deposited to your credit ? If you buy of J. Hastings Mdse.$700, and give your Note for $200, Cash $300, Balance on acct. at 60 days $200 ? If you purchase for Cash a suit of clothes $80, and a gold watch $120? If you exchange Notes with A. B. Capp for mutual accommodation, each Note drawn at 30 days for $600? If you accept J. Smith's draft in favor of J. Cooper at GO days for $200? If you give a draft on Wm. Eaton in favor of W. L. Blair for $300 ? If you receive a consignment of Goods from J. Masters to be sold on his acct., and pay Frt. on same in Cash $120? (101) Ca.sh f 81)00.00 To Stock ijJSOOO.OO CfiKh 3000.(10 Mdse li.>0(».00 Bills Uoc'ble... 1;>00 00 Wm. Katon 600.00 To Stock 7600.00 St(H5k 1000.00 To Bills I'ay.. "00.00 " W. VVilsou. 800.00 J. .Tones 700.00 To Mdse 700.00 Ciush 400.00 Bills Uec'blo... 600.00 To Mdse HOU.OO ('ollej?e Bank. . . 490.00 I'rofit and Loss. 0.04 To Bills Uec'ble 600.00 Mdse 700 00 To Bills I'ay'We 200.00 •'Cash 300.0(> " J. Hastings. 200.00 Private acct. . . . 200.00 To Cash 200.00 Bills Rec'ble. . . 600.00 To Bills Pay'ble 600.00 J. Smith 200.00 To Bills Pay'ble 200.00 W. L. Blair. . . . 300.00 ToW. Eaton.. 300.00 J. Masters' const. 120.00 To Cash 120.00 ! 1 w IJOOK-KEEPING. A I t What will be your Journal entry — Suj)pobe J. Masters draws a draft on you at the same time, on a:xt. of the const., and you accept the draft at (]() days for $1500? If you ship Mdse. to S. Kerr (Can- ning) to be sold on your acct. for $:)00 { If you sell fiom J. jNIasters' const. lpi;JOO, and receive Cash $700, Koto for bal. $000 / If you receive an account Sales irom S. Kerr, (Canning) of Mdo<\ shipped to be sold on your acct., N. 1*. reed, in Cash $000? If you buy IIouf>c and Lot on Lcin- ster St. for $>4000, and give a check on College Bank for ^J>000, your Notes at S and () mos. for jjlHOO, and a Note which you held against A. B. Capp for $(100 ? Suppose you ship Mdse. to Chip- man & Co., Halifax, to be sold on your acct. $900, and pay Freight on same in Cash $20 ? If you receive from G. Bent (St. John) Mdse., to be sold on his acct., and give your Note at 1 mo. for Freight, $15 ? If you sell 4 of Ship Emma for $7000, and receive Cash $3000, Note at 3 mos. $2000, and a House and Lot on King St. for $2000? If you sell $800 worth from G. Bent's const, and receive Cash $300, Note $300, and an order on Everett & Butler for $200 ? ( W2 ) J. Miwters 1600.00 To Bills I'ay'ble 1600.00 Shin't to Canning 500.00 To Mdse 600.0C Cftsh 700.00 IMlls Kcc GOO.OO To J Miwters' const. 130().<»o r.iHh GOn.OO To Ship't to I auuiug (jUO.UO Ileal i-.st.ite 4000.00 ToColii'geBank 2000 00 " llillHl'ay... 1400.00 '• Bills Uco'ble GOO.OO Ship't to Halifax 920.00 To Mdse 900.00 •♦Cash 20.00 G. Bent's const. 15 00 To Bills Pay'ble 15.00 Cash 3000.00 Bills Rec'ble. . . 2000.00 Real Estate 2000.00 To Ship Emma 7000.00 Cash 300.00 Bills Rec'ble. . . 800.00 Everett & Butler 200.00 To G. Bent's const. 800.00 OENERAL QIESTIONS. 900.00 2U.00 16.00 7000.00 800.00 What M'ill be your Journal cntrj' — If you sell the remiiindcr of G. Bent's const, for i|8()0, and receive in payment, your own acceptance for $200, J. Smith's draft on you for $.300, and an order on J. I^ichard for bal. $W{) { If you close tlie const., and render Cj. lient an acct. Sales, Storage |(), Commission on Sales (a> \lk per cent. $40, G. Bent's Net Proceeds $1539? If you buy a draft at the Bank for Cash and remit his proceeds .' If A. B. Capp should fail to meet his Note in Bank for .^600, and allow it to be protested, and you pay the same with protest fee in Cash $(503 ? If he should become Insolvent and Compound with you an 50c. on the dolhir for above Note Reed. Cash $301.50, the bal. is a Loss $301.50? If you lose your purse with $75 Cash in it ? If you find $95 Cash and cannot find the owner ? If you lose $300 worth of Mdse. by fire or flood (uninsured) ? If you draw on T. 11. Jones for $355, and sell the bill for Cash less $5 ? If T. R. Jones refuse to accept, and the draft is returned, you ])av the draft in full, by Cash $355?' If you buy a draft at 1 mo. sight on College Bank, Halifiix, at 5 per cent, premium for $1000 ? (103) Bills Payable... 200.00 .J.Smith 8(K).0O J. IViclmr.!.... 300.00 To 0. Bent's coust. 800.tM> G. Rent's const. 1585.00 To Storiige O.OO •« Cojirn 40.(»i» «• 0. Ueut... 153'J.OO C. Bent 153i).00 To Cash 153'J.OO Bills Rec'blo.... GOO.OO A. B. ('!V|

3.00 15 " Rve Flour _ (W 8.00 8 10 Deposited in College Bank, Cash. Accepted Doull & Miller's Dnifl on me in favor of A. & T. Gilmour at 30 days, for 00 OOi 00 00 00 00] 00, 00 (lO Rec'd from Daniel & Boyd, Caali on acct. Paid sundry Notes due this day Shipped per Str. "Linda," and Consigned to J. R, Curry & Co., St. John, to be sold on my acct. — 100 bbls. fine Flour , (W $;6.00 100 " Corn Meal (W 4.00 (105) 20000 8000 00 00 2500 00 1500 00 7000 2000 2000 2500 00 00 00 00 If ill II \ -K i 11! J il i 2 BOOK-KEEPING. YARMOUTH, December I2th, 1870. 1870 Dec 12 16 Rec'd from Hall & Fairweather, St. John, per Str. ♦• Linda" to be sold on their acct. — 20 hhds. Sugar 60 boxes Raisins 60 bags Coffee Paid freight, &c., on above in Cash Shipped Everett & Butler, St. John, per the Order of Duffus & Co., Ilalifiix— 10 pes. 400 yds. Brussels Carpeting iW ^1.50 80 " Merrimac Prints (8) 6.00 76 " English " (® 4.00 40 •• Saxon Flannel ® 3.00 Paid Bums & Murray on acct.. Cash. Rec'd Cash on Notes due this day Paid Geo. Thomas on acct. Cash 16 20 21 Sold Logan & Lindsay for Cash from Hall & Fair- weather's Const — 15 hhds. Sugar, 16000 lbs O $0.10 25 boxes Raisins (8> 3.00 20 bags Coffee, 1000 lbs O .26 Bought of Black, Bros. & Co.— Mdse. per Invoice No. 8 Gave in payment. Cash " my Note at 3 mos ♦' Draft on Jardine & Co., at 60 days. Balance on acct. at 8 mos Sold W. L. Evani on his Note at 3 mos. the remainder of Hall & Fairweathcr's const. — 6 hhds. Sugar, 6000 lbs (S) $0.10 30 bags Coft'ee, 1500 lbs (W .26 26 boxes Raisins (W 3.00 Closed Hall & Faimreather's Const and rendered them an acct. Sales — Storage Commission on Sales at 2^ per cent. Hall & Fairweather's net proceeds. Rec'd an acc't Sales of Mdse. shipped J. R Curry & Co., St. John, to be sold on my acct. — My net proceeds due Slst inst , Rec'd Cash for retail sales this day. . , c. c. 20 00 1000 6000 2600 00 00 00 2800 00 500 700 1600 100 00 00 00 00 1 00 1100 600 00 00 ADDITIONAL SET FOR PRACTICE. 8 c. 20 00 1000 6000 2600 00 00 00 2800 00 100 600 00 00 YARMOUTH, December 22d, 1870. 1870 Dec. 22 23 26 28 30 1871 Jan. 1 Bought for Cash Hou-e and Lot on King St., No. 46. . Gave Geo. Thomas a draft at 8 days on J. R. Currey & Co., for N. P. of Shipment to St. John. , Sold Chipman & Co. - 160 bbls. superfine Flour (ID #6.00 20 chests Tea, 600 lbs (B) 50 1 suit fine Clothes Rec'd in payment — Cash Their Note (S> 8 mos balance on acc't at 30 days Discounted above note at College Bank. Received Cash N. P Discount for 93 days at 6 per cent Bought of Manchester, Robertson & Allison, St. John, on acc't — Mdse. per Invoice No. 4 Paid Freight on same in Cash , Sold Scammell Bros, for Cash — 26 lbs White Sugar 20 " Tea 40 •' Rice 9 bbls Apples 6 " Flour & $0.20 0.60 0.10 4.00 6.00 Bought of Everitt & Butler, St. John— Mdse. per Invoice, No. 6 Qave in payment Draft at sight on Thos. R Jones for. . Draft at 30 days on Jardine & Co. for Cash Balance on acc't at 60 days. Exchanged notes with N. Eaton for mutual oooommo- dation.eoch note drawn at 30 dys for same sum. . . . , Insured my house on King St., valuetl at $8000 in the London Insurance Co. at 1 per cent. Also Mdse. in Store value $5000 (® 1 per cent. Premium paid in Cash. Paid notes due this day in Cash, Sold B. Smith, Windsor- One half (4) of Ship Emma for. . . Received in payment Cosh " His note at 90 days for bal. " ( 107 ) « c. 46 300 600 492 7 26 76 2100 50 300 260 100 60 00 00 00 00 6000 00 $ 3000 c. 00 600 00 700 00 700 00 1600 8000 00 00 BOOK-KEEPING. m ■\i ! U YARMOUTH, January Ut, 1871. 1871 Jan. »' >< Gave Manchester, Robertson & Allison above note to' apply on acct Sold Jardine a Co. on acct. — 4 hhds. Sugar, 1220, 1280. 1C50, 1850 lbs.— Total, 6000 lbs. gross. Tare 10 per cent. 600 Net 6400 ® 10 cents. 260 pes. Merrimac Prints ® f!3 00 Roc'd Cash for L. C. Eaton's note due this day Paid A. & T. Gilmour Cash for suit of Clothes for my- self Paid Clerks in full to 1st inst viz. Cash Mdse .' Pwd my acceptance due this day in favor of A. & T. Gilmour 10 16 16 18 Rec'd from Scammell Bros., St. John, per Str. Linda to be sold on their acct — 160 bbls. Spring Grove Flour. 100 boxes Raisins 60 firkins Butter Paid Freight on same in Cash Rec'd Cash on notes due this day. Paid my board biU, 2 mos. to date. Sold J. Churchill for Cash from Scammell Bros, con- signment. — 100 bbls. Flcur (® ^6.00 26 firkins Butter, 1250 lbs (8) .20 60 boxes Raisins <5) 3.00 Also from my own goods. — 26 lbs Tea. « .40 60 " Sugar. <® .20 8 bbls. Apples (S) 4.00 6 " Corn Meal. <® 4.00 Rec'd from T. R. Jones on acot., Cash. Daniel & Boyd Jardine & Co. it (I Lost by fire in Storehouse last night, mdse. to amt. of. . (No Insurance) (103) c. 175 00 125 00 800 od 700 00 50000 2000 c. 00 3000 OO 45 00 300 2000 00 00 35 5000 30 CO CO 00 800 00 ADDITIONAL SET FOR TRAf TICE. c. 00 00 00 iCO ICO 00 YARMOUTH, Jan. 18/7/, 1871. 1871 Jon. M. A $0.40! 0.25, 3.50! .50, 18 Shipped Chipman & Co., Halifax, per Stmr. Stjirr " to be sold on my acct — 500 bush. PoUtocs (® 200 •' Turnips r® 200 bbla. Apples (8) 200 boxes Dried Herring ® Paid Shipping expenses in Cosh 19 Sold N K. Clements & Co. on their Note at 3 mos.j bal. damaged goods remaining in storehouse, for.. Bought of Everitt & Butler - Aldse. per Invoice No. G Gave in payment ( heck on College I'auk N. K. Clements & Co's Note in my favor My Order on T, h". Jones for Balance on acct. ® 2 raos 20 22 Paid Cash for disbursements of Ship Emma. Paid DouU & Miller on acct. (.ash '• Burns & Murray ♦' ** •« Duffus & Co. " ♦ 5G c. 00 1500 600 500 600 500 40!) 700 Accepted Hall & Fairweather's Draft on me (® 10 days' for amt. of acct I SoM for Cash the remainder of ScammcU Bros.' const ! 50 bbla. Flour (a) $G.00j 60 boxes Raisins (a) 3.00; 25 firkins Butter, 1250 lbs. (8) .20 Closed Scammell Bros.' const, and rendered them an acct. sales — Storage Commission on Sales at 2^ per cent. Net Proceeds remitted in Cash. 24^Received Cash for Freights from Ship " Emma," :io Loaned J. R. Currey & Co., St. John on acct., Cash. . . Sold them — 30 pes. Merrimac Prints (a) ^.5i) 100 yds. Canadian Tweed i® .75 50 " Furniture Prints (8> .40 28 Rec'd from Thipman & Co. an acct. sales of my Ship't to Halifax — My Net Proceeds received in Cash Inventobies On taking St'k there is found on hand — Mdse. valued at f 8000 Real Estate, House and Lot 8000 Ship ••Emma" (4) 7000 125 00 00 oo! oo; 00 oq 00 00 00 9 500 3000 700 2C80 1700 1200 01) )0 1)0 G2 00 Note.— Iftlic foregoing Exercises be woikfd out corrcelly the result will corruspond with the luUowiiig lialauce bhcct. ( 109 ) "1 11: BOOK-KEEPING. BALANCE SHEET, Ledgek Titles. L.F. Trial Balance. Inventories Dr. Cr. Stock 20000 50978 17650 15700 18700 3000 5320 2000 6000 2600 1400 2120 4176 7000 1000 1425 8080 395 7 2000 75 300 800 1106 c. 00 25 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 76 00 00 00 00 00 00 GOOOO 82680 16000 9700 11946 2700 2250 1000 11080 3500 2600 4fc60 6150 1600 1100 100 18 111 1100 2100 660 1200 c. 00 60 00 00 00 00 00 00 62 00 00 00 00 00 00 00 00 88 00 00 00 00 00 7000 8000 8000 c. Cash Hills Receivable Ship Emma 00 Merchandise 00 Daniel & Bovd Jardine & Co T. R. Jones liills Payable Doull & Miller Bums & Murray Duffus & Co Geo. Thomas < "ollece Bank Shipment to St. John Black Bros & (o Storaec. iCommission ij. R. Currev & Co Real Estate 00 ( hinman & Co Discount Manchester. Robertson & Allison Everitt & Butler Private acct Expense Profit & Loss Shinment to Halifas !l71732 171732 23000 00 Net gain (110) 00 00 ADDITIONAL SET FOR PRACTICE. Januai-y 3Ut, 1871. Losses and Gains. $ C. «5 80 7 300 800 1377 00 75 00 00 13 2564 88 1000 1246 00 00 100 13 111 00 00 88 94 00 2564 88 Net Capital.., Stock. 76 00 41302 41377 13 40000 c. 00 1377 13 13 41377 Assets and Liabilities. 18207 1650 7000 8000 300 3070 400 c. 76 00 00 00 00 00 00 6500 00 325 00 8000 00 805 00 23 62937 75 5080 1000 1100 2730 975 100 c. 100 550 62 00 00 00 00 00 00 00 41302 62937 13 75 (111) .A.i^i=>Bisrr)ix. STERLING EXCHANGE. The term Bills of Exclidiige is often abbreviated iiit j " Ex- change," as ^'hcn wc say, '* to bay Exchange," " to sell Ex- change," &c. A Bill of Exchange is a written order or request from one person to another, desiring the latter to pay to some person designated in the bill, or to his order, a certain sum of money therein named. Bills of Exchange are extremely useful in Commerce. They enable persons at a distance from each other to make payments from one to another without the transmission of money, and thus avoid the danger of its being lost. Foreign Bills of Exchange are such as are drawn in one country and payable in another. Inland Bills are such as aie drawn and payable in the same country. Bills of Exchange payable in Great Britain are called Sterl- ing Bills of Exchange, and are bought and sold by the INIerchants of this country to a very large extent , and it is therefore a matter of importance for every one to be able readily to convert any sum in Sterling to its equivalent in our currency at the rates at which these bills are generally negotiated. The old par value of the Pound Sterling was $4.44* or %^ ; but at the present time, and for many years past it has been considerably greater, and is expressed by so much per cent. ( 112 ) APPENDIX. above that ol.l par value. In the Dominion of Cnn.a.Ia and i„ the Dnital States, the present Commercial par i, 1 !. , i. mean., that tt ,s Ji per cent, above the old par, whid, mto the I'omiil Sterling equal to $4.8()ii bn!^'.t''!',';? "'"'li''" "J!","':';'-? '"'"Sl" ""<1 3"I< 1^ - f^.60 __ y (J — 4.»()5 •' 8 - « 108 _f0>« «-en sum (113) ^ i'^ :i! BOOK-KEEPING. EXAMPLES. Reduce $2567.94 to Sterling at 1.10. 1.10 2567.94 40 9 44.00)28111.4G(je626 5 2A Ans. 22000 '^ 11114 8800 2314G 22000 1146 20 22020 22000 U20 12 11040 8800 2240 4 8960 Reduce $1169.76 to Sterling at 1.09^ 1.09i 1169.76 JO 9 48.80)105;i7.84(£240 7 3 Ans. EXERCISES. Ans. £206 19 0. ^. At 1 10 what would a EiU on London for £618 12 9 cost ? Ans. $3024.45. In' (114) APPENDIX. AMERICAX EXCHANGE. giv7„'r &r^:) ''o^' "■•"•'' •^-™- — - must be hence »600 -^ 80=4^25 aL ™'°^ '" *" "«"" '» »™'''i'«l "> Ky,. cu"rcyT'' ^°''' "' "' '''" ''^ ''°"«'>' "■» «15>^-20 American in*7M.'20trerw°!ll^;'L'':UJtf/f?i'' '"^r"° »l->^'™-™.y; ireforc tatoeain «168.20, th« iraS'|!ll?o'b;^",£;,7A;,!'*■'''° *^-" '' """- EXERCISES. ■ ' ^ "pefcKJf ,f ^\r™'™ f^^y"' -'--"'of IS per cent, lor gold. How much did 1 rrct -• Ans. $G15. 2. Bought a suit of clothes in St. John for ftl'i on.i • i r Ans J^^l 4-7 Afcr' """'" ""^y ^ ^"""'l '" Eaton's Commercial u ( 115 ) BOOK-KEEPING. It I TO CONVERT NOVA SCOTIA CURRENCY INTO CANADA CURRENCY. Ri I.E. Deduct 2H per cent, by the following method : — * Multiply the amount in Nova Scotia currency by 2 (without sotting down the 2), and set the product under the given sum, two places to the right ; divide this product by 3, Betting the ([uotient directly under it; then add tlicse two results together (carrying to the cents 2 if the mills amount to 15 or more, or 1 if the mills amount to less than 15 and more than 4) and subtract the sum from the given amount. The quotient will be the equivalent in Canada currency. XoTK. If care be taken to place the figures as directed above, the discount will come in a convenient place for subtracting, and no confusion will arise. The dcci'nal points in all the numbers should be kept directly under ore another. If this plan lie practised a short time, there will be no need of currency tables. EXAMPLES. 1 . Reduce $45.00 N. S. currency to. its equivalent in Canada carrcncy. .90 product by 2, set two places to the right. .30 quotient by 3. 1.20 sum — discount to be subtracted. $43.80 remainder, Canada currency. 2. Reduce .$10.86 N. S. currency to its equivalent in Canada currency. .3972 product by 2, set two places to the right. 132 quotient by 3 carried as far as necessary. .53 sum — discount to be subtracted. $19 33 remainder — Canada currency. 3. Reduce $573.98 N. S. currency to its equivalent in Can.ida cy. 1147.96 product by 2. 3Ji2.6^ quotient by 3. sum. Carry 2 for 15 mills. remainder. Canada currency. 15.31 #658.67 (116) ArPKXDix. MERCANTILE FORMS. MONEY ORDER.-(See May 20, page 03 s $•88.00 ,, ,.^ \ '^ DUFFUS & CO. AX ORDEH roK MERc„ANmsE.-(Seo May 10, page 03, i>/. Jo/in, May 10, 1870. Messrs. Eaton & Frazee- J. HUNT. $55.00 DUE BILL, PAYABLE IN GOODS. Halifax, Jan. 20, 1871, ^^^.'^Z:^^:^ ^--^' Fi%-five Dollars,' in EATON & FRAZEE. $25.00 RECEIPT IN FULL. St. John, Jan. 12, 1871. of aS„tr„d'a:;.^- ^- ^"'»" '^-"'^fi- Dolil-s i„ fun L. C. EATON. $200.00 receipt on AccT,-(See June 5, page 23.) Received from Geo. Thomas Two 'S^ John, June 5, 1870. (117) Hundred DolL.o uix u. EATON & FKAZEE ars on anct. 1}00K-KEEPIN(.*. I I I t $(57.30 KECEIPT FOR MONEY PAID FOR ANOTHER. Han/ax, Feb. 4, 1871. Ecccivcd from J. C. P. Frazee Fifty-seven Dollars Thirty Cents to apply on acct. of A. H. Eaton. K. T. MUIR. RECEIPT FOR AN ENDORSEMENT UPON A NOTE. $•300.00 Sussex, Jan. 16, 1871. Received from Fred. Smith Three Hundred Dollars which is endorsed upon his note. W. T. McLEOD. i f !'* > i f In A PROMISSORY NOTE. — (See May 12, page 23.) STOO • Si. John, May 12, 1870. Three months after date, for value received, we promise to pay Logan & Lindsay, or order, Seven Hundred Dollars. EATON & FRAZEE. $150.00 A JOINT PROMISSORY NOTE. St. John, Fehy. 4, 1871. Three months after date, for value received, we, or either of us, promise to pay to J. & A. McMillan, or order. One Hundred and Fifty Dollars. A. H. EATON, J. C. P. FRAZEE. $1500.00 AN INLAND BILL OR DRAFT. Halifax, Jan. 12, 1871. Thirty days after sight, pay to the order of H. Chubb & Co. Fifteen Hundred Dollars, value received, and charge to the acct. of EATON & FRAZEE. To A. Jardine & Co., Merchant, St. John, N. B. ( 118 ) APPENDIX. A SET OF EXCHANGE. ^'^^^ J/ /V r o o' ^ T « iinhfux, Jan. 30 IStt of D. H. Starr Five Hundro^ P l"^''r^^ P'^ ^° ^^^ "^''"^^^ -d charge to tl!e acct of ' "" EATO^%"ri? ."^^^^'^^^' To Vaughan Bkos. & Co., ^^^^^ ^ FlUZEE. Ship Brokers, Liverpool. £500 n r, r of D. H. Starr Kve Hund.t?! 7 ^^ 'c'''",';'^ P'^ '° ""^ <"<''-^'- -a ch„,,e to <^'^<^i''"-'%!^^^^^f^i^^^ lo Vaughan Bros. & Co., J^itAZLL. Ship Brokers, Liverpool. £500 T7 rr r Sixty days after sight of this our ^wf f r '\''^ ''''' and second of the same d.fo 7' of Exchange, (first order of D. H LTpi f H /'r^ ""^^^^^^^^ I^^^^ to the received, and cha'gfto' tiraccltof "^^^"'^ '^^^•^"^^'' ^^^^^ To Vaughan Bkos. & Co., ^'^'^'^^'^ ^ FRAZEE. Ship Brokers, Liverpool. A LETTER OF INTRODUCTION. Dear Sir,— ^Ja/i/ax, Jan. U, 1811. ^V'ishes to confer with vou on .Zlf^'- ^'l^^ '" ^^' J°^^» ^e he will himself makt Cwn to ^ou """" ^'^ "-^^^^'^ «^ ^^^^^ We are. Dear Sir, Yours verv truly. To Jas. Manson, ^AtON & FRAZEE. St. John, N. B. (119) ^!'i t 'I}'' ; . f i if,. ■ BOOK KEEriNG. A LETTIjR WITH AN ORDER. Yarmouth, N. S., Feb. 15, 1871. Messrs. Barnes & Co. : Gentlemen, — Please forv^ard the following goods per Str. " Linda " at your earliest convenience, as my stock of the articles enumerated is short. I am, Gentlemen, Yours Eespectfully, S. M. IIYERSON. 15 Reams Foolscap, Cream Laid, ruled; 10 Doz. Slates, 12x16. 2 " l^hotograph Albums. Eaton's Commercial Arithmetic. Eaton & Era zee's Bookkeeping, with full sets of Blank Books for same, bottles Stephens' Blue Black "Writing Fluid. 24: (C (( A LETTER OF CREDIT. Dear Sir,- Halifax, Feb. 15, 1871. If the bearer, IMr. Geo. A. Thomson, desires to make any purchases of goods of you on credit, you may consider us responsible to you for payment for the same to any amount not exceeding Twelve Hundred Dollars, ($1200). In the event of his failing to make his payment according to agreement, we require you to give us timely notice of the same. We are, Dear Sir, l^ours Respectfullv, EATON & FKAZEE. . To Sheraton, Son & Skinner, » Merchants, St. John. (120) 18T1. per Str. k of the [SON. 11 sets of id. 1871. to make sider us )unt not svent of Lent, we I isio'r == -— '- Deo.| 15 ( Sold Log„n^& Lindsay for Cash :- Dec. 20 25 boxes Raisins .. " A' ^^O <)0 r. ihds. Su-ir, 5000 lb.... ' - SO bafrg CofTce, 1500 " 25 bo.xes Raisins.. 6 mos. : — •« .10 •« .25 .« .3.00 500 no 375 [00, 15 00 Cash paid Freight Storaft'e CHAR0E.S. 20100 See page 106. Mr, Elias G. Conkmn commissionon;;ie;;vt"2i"por"cent:;::::::; I 6^:^; HaIl&Fairweatlier'sN.P.,d«oJnn. 17th '71 [K. & O.K.] CLARENCE CHRISTrE ' Com. Merchant. St. Joiiy, N. B., Jan. 4th, 1871. 19 .««« r ,^?"5'''*^ o/ Barnes & Co 2 reams of foolscap paper. ... ' I 5 (lOZOn Hnhnr.1 K/,^1.^ ....a J;;. 25 rt 4.50 dozen school books. . . 2^ slates — - y " photograph aibiims « 1-^0 fl « P""'<'"'«g'''immar..'.".'; « MOO 8 " fifth reader. a 7.00 6 gallons of black ink « 3.50 4 do^en Eaton's Commerc'iai ArUhme'tiV " ^-^^ a 18.00 Received payment, J. S. TlTRNER. BARXES & CO St. Joh.v, X. B., Jan. 5th, 1871 $367.90 ^" 3 gallons Molasses .. . « O.ijc. .< !? !^^- J«"nS Hyson Tea .'.'.' !"' « ^5 ^^ 13 lbs. brown Sugar.. . « 87^ 15 bushels of Potatoes.*.*.*.*. ** ^^ « 45 Tor 10 lbs. Butter. . . ^"- *22 23 5 doz. Eggs « 17c. II 3 gallons Maple Mol'asseg « 12^ Aote at 20 days to balance".".*. ** ^^ 17.05 N^OTK.~Such a Bill as this would be termed a r tcr Bill, JARDIXE & CO. 122.23 ■» S i ¥k f OPINIONS OF THE PRESS. [From the St. John " Daily Telegraph and Journal."] Eaton