Bookkeeping and Accounting, Introductory Course

Bookkeeping and Accounting, Introductory Course

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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. 1918 edition. Excerpt: of the simplest methods whereby corporation books will be substituted for the individual books of Mr. Glenn. First of all, it is assumed that the routine entries in the Minute Book, Subscription Book, Certificate Book and Stock Ledger have been made. The following Journal entry will record the creation of the corporation and will effect the necessary change in the accounts. October 1, 19--THE L. L. GLENN COMPANY, INC., has this day incorporated under the laws of the State of New York with an AUTHORIZED CAPITAL of $10,000.00 divided into 100 shares, each of a par value of $100.00 Subscriptions Capital Stock The following are the subscribers to all of the Capital Stock of this Company: L. L. Glenn 98 shares John Doe 1 share Richard Roe 1 share 1 L. L. Glenn, Capital Subscriptions L. L. Glenn has this day transferred his rights and interests in his business to the L. L. Glenn Company, Inc., as per agreement recorded in the Minute Book, page 34, in full cancellation of his subscription to 98 shares of capital stock and of John Doe's one share and Richard Roe's one share. The student should make it a point thoroughly to master the foregoing entries. He should note that the account of Mr. Glenn has disappeared from the books as it should, and that its place has been taken by the Capital Stock account. Subscriptions account, which was temporarily opened, was immediately closed. The old asset accounts, which were transferred to the corporation and the-corresponding liability accounts, which were assumed by the corporation, remain untouched as the books are to be continued and no changes take place in these asset and liability accounts. The Balance Sheet of the Corporation is now as follows: Balance Sheet of The L. L. Glenn Company, Inc., more

Product details

  • Paperback | 64 pages
  • 189 x 246 x 3mm | 132g
  • United States
  • English
  • black & white illustrations
  • 1236971280
  • 9781236971289