The Abolition of the Trial Balance Together with Twelve Studies in Book-Keeping and Accounting. in XIV Chapters Fully Illustrated

The Abolition of the Trial Balance Together with Twelve Studies in Book-Keeping and Accounting. in XIV Chapters Fully Illustrated

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ...balance of work. Make Trading account, Profit and Loss account and balance sheet as explained in previous lessons. In Lesson 9 we will continue this business for another month, making comparative statements of cost, general expense, sales, gross and net profit, etc., and will declare a dividend. (70) SINGLE PARTNERSHIPS. Where a business is owned by one person instead of by a corporation, the general methods of accounting would be the same in every particular, but whereas in a corporation the capital always remains at the authorized amount for which the company is incorporated, in a single proprietorship, the net profits are transferred from Profit and Loss account to the credit of the capital or investment account of the proprietor. PARTNERSHIPS. In a business owned by a partnership the procedure is the same as in a single proprietorship, with the exception that the profits are divided proportionately between the partners. In the partnership deed there would probably be a provision whereby Johnson would be entitled to 6/ioths and Lang to 4-ioths of the net profits of the business. If the partners receive salaries as remuneration for their services many complications are avoided, but where no salaries are provided for, the partners' drawings are subject to interest, unless otherwise provided for in the partnership deed. The responsibility assumed by partners is summarized in Spaulding's Encyclopaedia of Law and Forms as follows: "As a general rule, a partnership may exist in any business or transaction which is not a mere personal office, and for the performance of which payment may be enforced. It may be created for a special purpose, or confined by the parties to a particular line of business, or even a single transaction. One...show more

Product details

  • Paperback
  • 189 x 246 x 2mm | 95g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236975162
  • 9781236975164