The Accountants' Library Volume 45

The Accountants' Library Volume 45

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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: ...Account therewith, payment being made to the contractor on the Certificate of the Engineer, as in the former method. It may be argued in favour of the first method that not until the Certificate of the Engineer has been issued is there any sum due to the contractor; on the other hand, it is contended that immediately the contract has been executed the liability on the part of the Council has been incurred. To more clearly illustrate the difference between the two methods, we will assume that the Council have entered into a contract with John Brown for the erection of, say, a refuse destructor, at a cost of, 3,500, that up to the end of the financial year three certificates have been issued by the Engineer for 4o0, 3oo, and. 5oo respectively, which amounts have been paid to the contractor; by the former method of accounting the entries would appear as follow: --By the latter method of accounting the entries would appear thus: --The former method is preferable, inasmuch as by the latter, apart from the question as to whether the liability shown to the contractor actually exists, a fictitious asset is set up. Unfortunately, the practice largely prevails of debiting the Impersonal (Capital) Account from the Treasurer's Cash Book with the amounts paid, the Contractor's Account being ignored altogether. This is a mistake; an account with each contractor ought certainly to be opened. The following form of Contracts Register, which serves the purpose of the Contractors' Personal Accounts, is suggested. It has been found very serviceable. Works carried out by Council's Staff.--Many of the larger Urban District Councils carry out works of this description with their own stalfs of workmen. Where this is done the Capital Account will more

Product details

  • Paperback | 28 pages
  • 189 x 246 x 2mm | 68g
  • United States
  • English
  • black & white illustrations
  • 1236768469
  • 9781236768469