Book-Keeping by Single and Double Entry

Book-Keeping by Single and Double Entry

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1867 edition. Excerpt: ... balance, all the unsettled balances on the Dr. side of the Ledger are added together in one amount, and all those on the Cr. side in another. If the entries are posted and the accounts balanced correctly, the two sums will be equal: if the two sums do not agree, some error has been committed, which must be found out and rectified. The statement thus drawn out is termed a 'Trial Balance'. At the time of making this balance, the accounts used for ascertaining the Profit and Loss, such as Goods, Sugar, Trade Expenses, &c. and some others, are supposed not to be as yet balanced, and not to contain any entries of goods on hand, or of profit and loss. See note, page 172, and the following Ledger, pages 172 to 182. TAKING STOCK An Inventory of Goods or Stock on hand, as mentioned under Single Entry, should be taken at least once a year, with the view of ascertaining the state of your affairs. A list of all the Goods kept for sale, that are on hand at the time of taking Stock, with the prices, is entered into a book for the purpose, termed the ' Stock-Book'. The Goods are valued at cost price, or, when necessary, at a percentage below cost price, to allow for bad stock, or depreciation in value. In balancing the accounts in the following Ledger for Goods, Coffee, and Wine, the amount of Goods on hand requires to be entered in the various accounts, as shewn in the Ledger, pages 172 to 175. The amount of Stock of a more permanent nature--such as Buildings, Machinery, Counting-house Furniture, &c.--is also entered, the value being ascertained from the accounts in the Ledger under these or other suitable heads, according to the nature of the case. In such accounts, a yearly deduction of 5 or 10 per cent, requires to be made from the original cost, ...show more

Product details

  • Paperback | 28 pages
  • 189 x 246 x 2mm | 68g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236558448
  • 9781236558442