BOOK-KEEPING
BOOK-KEEPING is an art, teaching how to record and dispose the accounts of business, so as the true state of every part, and of the whole, may be easily and distinctly known.
Though the number and kinds of books used in this art be in some measure arbitrary, there are three which can never be dispensed with by those whose trade is complex or extensive, viz. the Waste-book, Journal, and Ledger.
I. Of the Waste-book.
The Waste-book is a register, containing an inventory of a merchant's effects and debts, with a record of all his transactions, narrated in a plain, simple style, and in the exact order of time as they succeed one another,
The Waste-book opens with the inventory; which consists of two parts: First, the effects, that is, the money a merchant has by him, the goods he has on hand, his share in ships, houses, farms, &c. with the debts due to him; the second part of the inventory is the debts due by him to others: The difference between which and the effects, is what merchants call neat stock. When a man begins trade, the inventory must be gathered from a survey of the particulars that make up his real estate; but must afterwards be collected from the balance of his old books, and carried to the new. This inventory is the first thing narrated in the Waste-book, as being the source and spring whence all subsequent transactions flow.
After the inventory is fairly narrated in the Waste-book, the transactions of trade come next to be jotted down; down; which is a daily task, to be performed as they occur; and should be done distinctly, that is, every thing should be clearly and exactly expressed.
If no subsidiary books are kept, the Waste-book should contain a record of all the merchant's transactions and dealings in a way of trade; and that not only of such as are properly and purely mercantile, but of every occurrence that affects his stock, so as to impair or increase it; such as, private expenses, servants fees, house-rents, money gained or lost on wagers, legacies, and the like. By such occurrences as these, a merchant as effectually becomes so much poorer or richer, as by the result of any branch of his trade. And the ends proposed in book-keeping can never be gained, if such things pass unrecorded.
II. Of the Journal.
The Journal is the book wherein the transactions recorded in the Waste-book are prepared to be carried to the Ledger, by having their proper debtors and creditors ascertained and pointed out.
One great design of the Journal is, to prevent errors in the Ledger; a thing of the worst consequence in book-keeping; which yet, without the help of this book, would be almost inevitable. For, suppose a person should attempt to form the Debtors and Creditors from the Waste-book in his mind, and at the same time post them to the Ledger, he shall find his thoughts so much embarrassed and over-charged, by attending at once to so many different things as occur here, that, were he an accountant of very great experience, he could not well miss of falling into frequent blunders. This makes it necessary to divide the talk, and do at twice what cannot be performed at once, without such hazard of mistakes; that is, first to write out the Debtors and Creditors in a separate book by themselves, and afterward transfer them to the Ledger. The work by this means being divided into parts, becomes more simple, and consequently more easy, and so may be performed with greater certainty of its being right. Again, after the Ledger is filled up, the Journal facilitates the work required in revising and correcting it; for, first the Waste-book and Journal are compared, and then the Journal and Ledger. Whereas, to revise and correct the Ledger immediately from the Waste-book, would be a matter of no less difficulty than to form it without the help of a Journal. Lastly, The Journal is designed as a fair record of a merchant's business: For neither of the other two books can serve this purpose; nor the Ledger, by reason both of the order that obtains in it, and also on account of its brevity, being little more than a large Index. Nor can the Waste-book answer this design; for being written up in the time of business, and commonly too by different hands, it can neither be fair and uniform, nor very accurate.
The Journal is a kind of middle book betwixt the other two; it looks back to the one, and forward to the other. With the Waste-book it agrees in form, being ruled after the same manner. The order also and succession of things is the same in both. The thing then that distinguishes the two books is the style; that of the one being natural, and that of the other artificial. In the Journal, persons and things are charged Debtors to other persons or things as Creditors; and in this it agrees with the Ledger, where the same style is used, but differs from it as to form and order: So that it agrees with the Waste-book in those very things wherein it differs from the Ledger; and on the other hand, it agrees with the latter in that very point wherein it differs from the former.
But an example of the Waste-book turned into the Journal form, will give a clearer idea than can be conveyed by words.
### WASTE-BOOK
| Date | Description | Amount | |------|-------------|--------| | July 1st | Bought 40 yards black cloth, at 14s. | 280000 | | | Bought of James Sloan, 100 yards shalloon at 10d. | | | | Whereof paid | 20000 | | | Rest due at two months | 20304 |
| Date | Description | Amount | |------|-------------|--------| | | Sold William Pope 4 pipes Port-wine, at 27l. 10s. | | | | Whereof received | 55000 | | | Rest due on demand | 55000 |
### JOURNAL
| Date | Description | Amount | |------|-------------|--------| | July 1st | Black Cloth Dr to Cash 28l. | | | | Paid for 40 yards, at 14s. | 280000 | | | Shalloon Dr to Sundries 434l. | | | | To Cash, in part for 100 yards, at 10d. | 20000 | | | To J. Sloan, for the rest, at 2 months | 20304 |
| Date | Description | Amount | |------|-------------|--------| | | Sundries Drs to Port Wine 110l. | | | | Cash, in part, for 4 pipes, at 27l. 10s. | 55000 | | | Will. Pope, for the rest on demand | 55000 |
Before proceeding to give rules for writing in the Journal, it will be necessary to take notice, that every case or example of the Waste-book, when entered in the Journal, is called a Journal post or entry: Thus the examples above make up three distinct posts. Again, a post is either simple or complex. A simple post is that which has... has but one Debtor and one Creditor, as the first of these above. A complex post is either when one Debtor is balanced by two or more Creditors, as in the second post; or when two or more Debtors are balanced by one Creditor, as in the third post; or when several Debtors are balanced by several Creditors, and then the post is said to be complex in both its terms. This being premised, the rules to be observed are these following.
I. In a simple post, the debtor is to be expressly mentioned, then the creditor, and, lastly, the sum, all in one line: After which follows the narrative, or reason of the entry, in one or more lines, as in the first of these three posts above.
II. In a complex post, the several Debtors or Creditors are expressed in the first line, by Sundries, or Sundry Accompts, and the rest of the line filled up as in the former rule. After which, the several Debtors or Creditors must be particularly mentioned, each in a line by themselves, with their respective sums subjoined to them; which are to be added up, and their total carried to the money-columns, as in the second and third posts.
The Journal, as described and exemplified above, is the form that was first in use among merchants; and is still the most common: but some make their Journal just a fair copy of the Waste-book, with the Debtors and Creditors written out on the margin, which is ruled large for that purpose. We shall here subjoin the three preceding posts done after this way; which, to one who understands the common method, will be sufficient instruction.
| Dr Black Cloth, | l. s. d. | Bought 40 yards black cloth, at | |-----------------|---------|--------------------------------| | Cr Cash, | 28 00 00 | 14s. | | Crs Cash, | 2 00 00 | Bought of James Sloan 100 yards | | J. Sloan, | 2 03 04 | shalloon, at 1s. | | Dr Shalloon, | 4 03 04 | Whereof paid — 2 00 00 | | | | Rest due at 2 mon. — 2 03 04 |
| Drs Cash, | 55 00 00 | Sold Will. Pope 4 pipes Port wine, at | | W. Pope, | 55 00 00 | 27l. 10s. | | Cr Port Wine, | 110 00 00| Whereof received — 55 00 00 | | | | Rest due on demand 55 00 00 |
Of the Terms Debtor and Creditor.
The nature and use of the terms Debtor and Creditor will be obvious, from the considerations following.
I. Accompts in the Ledger consist of two parts, which in their own nature are directly opposed to, and the reverse of one another; which therefore are set facing one another, on opposite sides of the same folio. Thus, all the articles of money received go to the left side of the Cash-account, and all the articles or sums laid out are carried to the right. In like manner, the purchase of goods is posted to the left side of the account of the said goods, and the sale, or disposal of them, to the right, &c.
II. Transactions of trade, or cases of the Waste-book, are also made up of two parts, which belong to different accompts, and to opposite sides of the Ledger: e.g. If goods are bought for ready money, the two parts are, the goods received, and the money delivered; the former of which goes to the left side of the account of said goods, and the latter to the right side of the Cash-account.
III. These two different parts, in cases of the Waste-book, are not opposed to one another, as the two sides of the Ledger-accounts are; but, on the contrary, have a mutual connection and dependence, the one being the ground, condition, or cause of the other. Thus, in the preceding example, when goods are bought for ready money, the receipt of the goods is the cause of parting with the money; and, on the other hand, the delivering of the money is the condition on which the goods are received.
From these three observations, it is plain, that, in order to post a case of the Waste-book to the Ledger, the first thing the accountant must do, is, to divide the case into its parts, and then to think with himself, to which accompt, and to what side, each of these parts is to be carried; and when the entry is actually made, the connection of the parts with one another must be expressed in each of the accompts to which they are transported. Now, since in speaking and writing things must have names whereby they may be expressed and written, it is necessary that two words or terms be contrived, and appropriated to these two different parts, that have the same relation to one another as the parts themselves have, which may at once characterize and distinguish the parts from one another, point out and ascertain to what side of the Ledger each of them is to be carried, and withal express their relation to, and dependence upon one another.
The Italians at first for this purpose pitched upon the terms terms Debtor and Creditor, because their common ac- ceptation comes nearer to the thing here meant than any other they could think on. By means of these terms, the two parts, in any case of the Waste-book, when poit- ed to the Journal, are denominated, the one the Debtor, and the other the Creditor, of that post. And when carried from thence to the Ledger, the Debtor, or Debtor part, is entered upon the left side (hence called the Debtor side) of its own account, where it is char- ged Debtor to the Creditor part. Again, the Creditor, or Creditor part, is posted to the right side, or Credi- tor-side of its account, and made Creditor by the Debtor part. Hence Italian book-keeping is said to be a me- thod of keeping accounts by double entry, because every single case of the Waste-book requires at least two entries in the Ledger, viz. one for the Debtor, and another for the Creditor.
We shall illustrate what has been said by two examples. First, suppose a merchant buys a pipe of wine for ready money, the two parts in this case are, the wine received, and the money delivered for it; which are characterized by the terms Debtor and Creditor in the Journal-post thus: Wine Dr to Cash; where the meaning is, (though to express it so is needless), that as Wine is Dr to Cash, so Cash is Cr by Wine. And accordingly when carried to the Ledger, the Wine-account is charged Dr to Cash, and the Cash-account is made Cr by Wine. Again, 2dly. Admit the merchant sells this pipe of wine for pre- sent money, in this case the two parts are the same as before; but when clothed with Debtor and Creditor, will stand inverted thus: Cash Dr to Wine. And ac- cordingly, in the Ledger, the Cash-account is charged Dr to Wine, and the Wine-account gets credit by Cash. From all which it is evident, the terms Debtor and Cre- ditor are nothing else but marks or characteristics stamped upon the different parts of transactions in the Journal, expressing the relation of these parts to one another, and showing to which side of their respective accounts in the Ledger they are to be carried.
Rules relating to Debtor and Creditor.
I. A thing received upon trust, is Dr to the person of whom it is received.
II. The person to whom a thing is delivered upon trust, is Dr to the thing delivered.
III. A thing received, is Dr to the thing given for it.
IV. In antecedent and subsequent cases, parts that are the reverse of one another in the nature of the thing, are also opposed in respect of terms.
V. In cases where personal and real Drs or Crs are wanting, the defect must be supplied by fictitious ones.
VI. In complex cases, the sundry Drs or Crs are to be made out from the preceding rules jointly taken.
We now proceed to the particular application of Deb- tor and Creditor in the several branches of trade, viz.
I. Proper trade, which a merchant carries on for him- self.
II. Factorage, which he manages for another, called his Employer.
III. Partnership, which is carried on by a trustee, in name of all the partners.
I. IN PROPER TRADE.
Proper trade is either domestic or foreign. Proper domestic trade, is that which a merchant carries on by himself, without the help of a factor. Proper foreign trade, is the business that occurs to a merchant by em- ploying a factor.
1st, Debtor and Creditor applied in proper domestic trade.
Proper domestic trade, comprehends the inventory, buying, selling, bartering, receiving money, and paying money. To each of these we shall assign a distinct prob- lem; and, to prevent burdening the learner's memory, we shall deliver the several cases as comprehensively as pos- sible, subjoining to each problem such notes as seem ne- cessary for clearing any thing that requires further illus- tration.
N.B. As we refer from the cases and notes of each problem, to the exam- ples of the Waste-book and Journal, by the dates; so we have made the letters and numbers, as references from them to the cases and notes of the prob- lems, which the reader will easily observe.
Prob. 1. A. Debtor and Creditor applied to the inventory.
The inventory consists of two parts, and accordingly is journalized at twice, viz. 1 Sundries Drs to Stock. The several Drs are, Cash, for the merchant's ready money; Goods on hand, for their respective values; Per- sons, for their debts due to him. 2 Stock Dr to Sund- ries. The several Crs are, the persons to whom the merchant owes. Compare the Waste-book and Journal, Jan. 1.
Note. Stock is a fictitious term used instead of the merchant's name.
Prob. 2. B. Debtor and Creditor applied in buying.
In buying one single commodity there are seven dis- tinct cases, (viz. three simple, and four complex): in all which the goods bought and received are Dr; but the Cr varies according to the terms of purchase.
Case 1. When goods are bought for ready money, the entry is, Goods bought Dr to Cash, Jan. 6.
2. When goods are bought, and paid for by giving the seller a bill or note upon a third person, Goods bought Dr to the Acceptor, viz., the said third person.
3. When goods are bought on time, Goods bought Dr to the Seller, Jan. 10 Oct. 21.
4. When goods are bought for part money, part bill. Goods bought Dr to Sundries, viz. To Cash, for the sum paid, To Acceptor, for value of the bill.
5. When goods are bought for part money, part on time. Goods bought Dr to Sundries, viz. To Cash, paid in part, To Seller, for the rest, Jan. 15.
6. When goods are bought for part bill, part time. Goods bought Dr to Sundries, viz. To Acceptor, for value of the bill, To Seller, for the rest.
7. When goods are bought for part money, part bill, part time, Goods bought Dr to Sundries, viz. To Cash, for the sum paid. To Acceptor, for value of the bill, To Seller, for the rest. Feb. 2.
Note 1. When two or more kinds of goods are bought from one person at the same time, there will be two or more Drs, viz., the several kinds of goods bought, each for its own account. And the same variety of cases will occur here as when one single commodity is bought; only this, that if the former goods be bought for ready money, or on bill, or on note, the entry will be
Sundries Drs, To Cash, if bought for ready money. Feb. 16. To Acceptor, if on bill. To Seller, for the rest.
But if the former goods are bought for part money, part bill, or for part money, part time, or for part bill, part time, &c., it is best to resolve the case into two entries, viz., first charge the Goods Dr to the Seller, for their full value, as if they had been bought for cash; and then enter the Seller Dr to Cash, or to Seller, for the rest, as in the nature of the case, for the balance. Thus, suppose the goods are bought for part money, part bill, part time, the two entries will be:
1. Sundries Drs to the Seller, for the respective values of the goods. 2. Seller Dr to Sundries, viz. - To Cash, for the full paid. - To Acceptor, for value of the bill.
Note 2. If you buy goods which have been received some time afterward; and, in respect of this delay, some part of the price to the seller: in this case, charge the Seller Dr to Cash, for the full advanced; and when you receive the goods, make them Dr to the Seller, for their full value. Or if immediately upon receiving the goods, you pay the full price, make the receipt Dr to Cash, or to the Seller, for the full price advanced; and to Cash, for the full price now paid. In bargains of this nature, there is commonly a penalty agreed on to be paid by the seller in case of non-performance. Now, if this case falls under the head of advance, enter Cash Dr to Sundries, viz., to the Seller, for the full advanced, and now received, and to Profit and Loss, for the penalty; or, instead of using the game accounts, enter Profit and Loss, for the penalty, and Loss Dr to Sundries, under the title of Return for advance, which may be made Dr for all the penalties of this nature you pay, and get Credit for all you receive. May 13. If you buy goods to be received afterward, without advancing any part of the price, it is sufficient to take a note of them in a pocket-book; and when you receive them, they are booked as goods presently bought.
Prob. 3. C. Debtor and Creditor applied in selling.
Selling is just the reverse of buying, and has the same variety of cases, viz., seven; whereof three are simple, and four complex: in all which, the goods sold and delivered are Cr; but the Dr varies according to the conditions of sale.
Case 1. When goods are sold for ready money, the entry is, Cash Dr to Goods sold. Feb. 25.
2. When goods are sold on bill or note, Acceptor Dr to Goods sold. March 17. See Note 7.
3. When goods are sold on time, Buyer Dr to Goods sold. March 1.
4. When goods are sold for part money, part bill, Sundries Drs to Goods sold, viz. Cash, for the sum received. Acceptor, for value of the bill. March 22.
5. When goods are sold for part money, part on time, Sundries Drs to Goods sold, viz. Cash, received in part. Buyer, for the rest. March 4.
6. When goods are sold for part bill, part time, Sundries Drs to Goods sold, viz. Acceptor, for value of the bill. Buyer, for the rest.
7. When goods are sold for part money, part bill, part time, Sundries Drs to Goods sold, viz. Cash, for the sum received. Acceptor, for value of the bill. Buyer, for the rest.
Note 1. Thus the entries in buying and selling one single commodity are just the reverse of one another: and this also holds in buying and selling two or more kinds of goods; which we shall therefore pass, referring the learner to the rules for buying and selling commodities.
Note 2. If you sell goods to be delivered, not presently, but some time afterward, and receive money for advance, charge Cash Dr to the Buyer, for the sum received; and when you deliver the goods, make the Seller Dr to Cash, for their full value. But upon delivery of these goods, you immediately receive the remaining part of their price, entering Sundries (viz., the Buyer, for the sum received per advance, and Cash, for the sum now received) Drs to the Goods delivered. If you find you cannot perform the bargain, and be obli-
ged to return the money advanced, and pay the penalty, make Sundries (viz., the Buyer, for the sum advanced, and Profit and Loss, or Refusal of bargain, for the penalty) Drs to Cash now paid.
Note 3. If you sell a ship, house, &c., enter Cash, or the Buyer, Dr to said Ship or House, for the full value; and fold the Cash, or the Buyer, Dr to Cash now paid. But if you sell goods to A.B., and leave it to his choice, whether to keep or return them, erect an account under the title of Suspense-account, and charge it Dr to the goods sent off. If the goods be returned, reverse the former entry; if he pays the price, charge Cash Dr to Suspense-account, for the value of the goods sent him. If he sends up the price, charge Cash Dr to Suspense-account. May 7. June 16.
Prob. 4. D. Debtor and Creditor applied in bartering.
Barter, or the exchanging of goods for goods, is nothing else but buying and selling blended together; the cases of which, if the goods received and delivered be of equal value, are these four.
Case 1. When one commodity is received for another delivered, enter Wares received Dr to Wares delivered. April 10.
2. When one commodity is received for two or more delivered, enter Wares received Dr to Sundries, viz., to the several wares delivered, for their respective values.
3. When two or more sorts of wares are received for one delivered, enter Sundries (viz., the several wares received, each for their value) Drs to Wares delivered. April 16.
4. When several wares are bartered with A.B. for several, make two entries, and that whether the wares received and delivered be of equal value or not.
1. A.B. Dr to Sundries, viz., to each sort delivered, for their respective values.
2. Sundries (viz., each sort received, for their respective values) Drs to A.B. April 30.
Note 1. Supposing the goods received and delivered are not in themselves of equal value, but that the deficiency is made up by money or bill, or the one wanting in the other creates the difference; in such supposition there will be several wares cases, such as 1. Wares received, for part wares, part money. 2. Part wares, part bill. 3. Part wares, part time. 4. Part wares, part money, part time, &c. In all which cases, the Wares received are Drs to Sundries. The particular Drs in each case are as follows.
Case 1. To Wares delivered, for their value, Cash, for the sum paid. To Wares delivered, for their value, Acceptor, for the bill. To Wares delivered, for their value, Dealer, for the rest. To Wares delivered, for their value, Cash, for the sum paid. To Dealer, for the rest.
Note 2. On the other hand, wares in barter may go off, or be delivered, 1. For part wares, part money. 2. For part wares, part bill. 3. Part wares, part time. 4. Part wares, part money, part time, &c. In all which cases, Sundries are Drs to the Wares delivered. The particular Drs in each case are the same with the Crs in the cases immediately preceding, as follows.
Case 1. Wares received, for their value, Cash, for the sum received, April 22. Wares received, for their value, Acceptor, for the bill. Wares received, for their value, Dealer, for the rest. Wares received, for their value, Cash, for the sum received. Dealer, for the rest.
Prob. 5. E. Debtor and Creditor applied in receiving money.
In all cases of this nature, Cash is Dr; but the Cr varies, according to the terms on which the money is received. Bookkeeping
1. When you receive money for goods presently sold, the entry, as already mentioned in the first case of selling, is Cash Dr to Goods sold, for their value. Feb. 25.
2. When you borrow, or take up money at interest, enter Cash Dr to the Lender, for the sum received, mentioning the rate of interest, and time of payment.
3. When you get money, whether as payment of a debt, or taken up at interest, and receive it, not from the debtor or lender, but upon his assignation from a third person, enter Cash Dr to the Assigner, not to him that pays it.
4. When you receive money, as payment of goods formerly sold, or in payment of an accepted bill or note, or any other debt, where neither discount nor interest is allowed, enter Cash Dr to the Payer, for the sum received, mentioning whether in full or in part. Feb. 5. March 23. April 6. July 30. Aug. 3. Nov. 12.
5. When you receive money, as payment of an accepted bill or note, or any other debt, (except for goods formerly sold), per advance, and upon that account allow discount, or abatement on any other consideration, enter Sundries Drs to the Payer, viz.
Cash, for the sum received, Profit and Loss, for the sum discounted or abated.
Nov. 12
6. When, in receiving payment for goods formerly sold, you allow discount or abatement; if the account of said goods be closed in the Ledger, enter as in the last case; but if the said account be yet open, enter thus,
Sundries Drs to the Buyer, viz.
Cash, for the sum received, Goods, for the sum discounted or abated. April 1.
7. When you receive money, as interest of a sum formerly lent, the principal being continued, enter Cash Dr to Profit and Loss, or to Interest account, for the sum received. Sept. 10.
8. When you receive both principal and interest, enter Cash Dr to Sundries, viz.
To the Borrower, for the principal, To Profit and Loss, or to Interest account, for the interest Nov. 8.
9. When you receive money as the premium for insuring another man's ship or goods at sea, enter Cash Dr to Insurance account, or to Profit and Loss.
10. When you receive money as the price of a ship, house, or estate, presently sold, or as the freight, or the rent of them, supposing the hiring out of the ship, or setting of the house, &c. not to be booked, enter Cash Dr to such a Ship, House, or Estate. Sept. 1.
11. But if the hiring out of the ship, house, or estate, was formerly booked, the entry for money received as freight or rent will be, Cash Dr to the Freighter or Tenant.
12. When you receive money, in legacy or compliment, or with an apprentice, or as gained on a wager, or by exchange of money, &c. for which nothing goes out, enter Cash Dr to Profit and Loss, or to Stock.
Note 5. It commonly happens that legacies are not paid presently; and in this case you must charge the executor A.B. Dr to Profit and Loss, till you receive payment; and then discharge him by Cash, or the thing received. June 3.
Prob. 6. F. Debtor and Creditor applied in paying money.
In all cases of this nature, Cash is Cr; but the Dr va-
ries, according to the terms on which the money is delivered.
1. When you pay money for goods presently bought, the entry (as already stated in the first case of buying) is, Goods bought Dr to Cash, for the sum paid. Jan. 6.
2. When you lend or give out money at interest, enter the Borrower Dr to Cash, for the principal, mentioning the rate of interest, and time of payment. March 10. August 6.
3. When, by order of your creditor, you pay money to any person, enter the Assigner (not the Assignee) Dr to Cash, for the sum paid.
4. When you pay for goods formerly bought, or pay an accepted bill or note, or any other debt, where neither discount nor interest is allowed; enter the Receiver Dr to Cash, for the sum paid, mentioning whether in full or in part. Jan. 15. Jan. 30. March 10. and 23. May 3. June 8. June 22. and 29.
5. When you pay an accepted bill or note, or any other debt, (except for goods formerly bought), per advance, and upon that account have discount allowed you, or abatement on any other consideration; enter Receiver Dr to Sundries, viz.
To Cash, for the sum paid, To Profit and Loss, for the sum discounted.
6. When, in paying for goods formerly bought, you have discount or abatement allowed; if the account of said goods in the Ledger be closed, enter as in the last case; but if the said account be yet open, enter thus,
Receiver Dr to Sundries, viz.
To Cash, for the sum paid, To Goods, for the sum discounted or abated.
7. When you pay the interest of a sum formerly borrowed, the principal being continued in your own hand; enter Profit and Loss, or Interest account, Dr to Cash, for the sum paid.
8. When you pay both principal and interest, enter Sundries Drs to Cash, viz.
Lender, for the principal, Profit and Loss, or Interest account, for the interest.
9. When a ship or goods you have formerly insured happens to be lost, and thereupon you pay the value to the owners, enter Insurance account Dr to Cash, for the sum paid.
10. When you pay for a ship, house, or estate, presently bought; or pay repairs, taxes, or other charges on them: enter Ship, House, or Estate, Dr to Cash, for the sum paid.
11. When you pay charges on goods, as freight, porterage, &c. enter Goods Dr to Cash, for the sum paid.
12. When you pay charges that relate to trade in general, such as warehouse rent, shop-rent, shop-keepers wages, postage of letters, &c. enter Charges of merchandise Dr to Cash. July 2. July 5.
13. When you pay your landlord rent for a dwelling-house, servants' wages, or make any disbursements for yourself or family; as all expenses of this nature should be collected in a small book by themselves; so, when you bring them to the Journal, enter thus:
House-expenses Dr to Cash, for the total. Nov. 11. Dec. 30. 14. When you pay upon losing a wager; or when you lose upon exchange, that is, put off a piece of coin for less than it cost you: or when you give away money in charity, or any other way not yet mentioned, for which nothing comes in; enter Profit and Loss Dr to Cash Or 22.
Note 1. An assignment differs as to its nature and form from a bill or note; but the formal entries take the same respect to all of them. In an assignment there are three persons concerned: 1. He who gives the assignment, called the Assignor. 2. The person on whose account, the assignee, called the Assignee. 3. He whom it is payable to, called the Affinee. Here we shall propose two or three cases not yet taken notice of. Suppose you pay a debt to A. B., by an assignment on Peter Westwell, the commandant of New York, Peter pay the debt. If you pay an assignment or bill on you to M. Smith, Smith will pay it. If you pay an assignment charge A.B. Dr to M.S., Smith; if E, F, gave you an assignment or bill on G.H. which he does not pay presently, charge G.H. Fr to E.F. 4. If H.I.J.RGB. pay you a certain sum, which they do not pay presently, upon having difficulties allowed in this case, make J.H.Dr to Sundries viz. To Cash, for the time paid, and to Profit and Loss, for the loss discounted.
Note 2. If you pay a debt with goods instead of money, the goods delivered, not Cash, will be Dr. A. If you pay A.B. in goods, for goods formerly bought, or for a bill you have formerly accepted, and that whether the former debt or the latter debt is paid, enter A.B. Dr to Goods, for their value, and Cash or Credit Dr, or both Dr, to the respective debtors, viz. GoodA for the value of any goods delivered. If you pay A.B. in goods above the debt due, and he prevents you from going back to cash due, enter A.B. Dr to Cash for the difference, A.B. or the balance thus due, Dr to Goods, for the balance due, debited, for their value. If you pay interest of a bond, or bond purchased, with goods, charge Future Profit on Cash Dr to Goods delivered, &c. Note 3. If you enter Easy filling to your Ledger under each entry, every small dealer may erect a general account, under the title Debits General, and charge it Dr for all his petty debts, mentioning in each entry the occasion of the payment received, the amount paid, and give it credit for all the payments, excepting also the amounts by which both the names and sums of money. To this credit also add any small debts due on your account, as you pay; or, if you think it more convenient, credit the account, complete the list of the Summation made, and take other debts Payables. Charge the former with all the petty debts due to you, and give it credit as you receive payment. Make the latter Cr for all the petty debts due for you to others, and charge it Dr as you pay. Note 4. In like manner, every payee shall enter every debitor assuming account in the Ledger for every person you may have a bill upon, or who may have one on you, erect two general accounts; one, by the title Bills Receivables, and the other Creditors; and charge to both, as often as you may become liable to you, whom you give it credit, as you receive payment. March 17th and 23rd.
Note 5. If the person have an account already opened in your ledger, or if you have the privilege of dealing with him in other things for the future, you are not to use these general accounts.
Note 6. The entries mentioned in this and the preceding problem, with referance to foreign trade, where the payer is paid off, and the receipt before the wages is booked; which is indeed the best way, if the wages is over soon to be determined. But if you enter into a wager that cannot be so fixed, and therefore you might be the payer and the party in hands, in this case, it is proper to erect an account, under the title Debits General, and charge it Dr to Cash for the sum confirmed. If you pay the wager, and receive the bets, enter A.B. Dr to Wagers accounts, for the sum received, if you lose, make a Dr to Cash I., Litt. and others accounts, for the sum lost, and signers and signees. If the wages are confirmed on some or the parties hands. Thus, in April 1773, two gentlemen in London entered into a wager concerning the reduction of Dinizzak by the Russians; whereupon one of them paid his wager before the determination of the wager was made, he should pay him three guineas a day till the city should be taken or surrendered. In this case, if you receive the two guineas, enter Cash Dr to Wager accounts, and when the wager is determined, make a Dr to Current Dr to Cash for part paid, and signers and signees. If you consume the remainder, charge Wagers accounts Dr to Cash, and when the wager is determined, make a Dr to Wager accounts, for all you pay them off. March 26th, March 29th.
Note 7. Theft, Conspicous, viz. Robbery of barges, Intercal, Barbarous Intrigues. Homicide, Fraud, Extortion, are of the same nature with the general account Profit and Loss, being nothing else but particular branches of it; and the only delight of keeping them distinct is, in order to know what is gained or lost on any particular head.
Note 8. When a ship of goods you have intimated to another happens to be lost at sea, and therewith you pay the value; after this the subject lost becomes your own: and if any of the stock be recovered, enter the thing recovered into Profit and Loss accounts for its value, and charge Insurance accounts Dr to Cash, for what you expect in regard of it.
Note 9. If you have frequent occasion to deal in outlandish money, or pieces not current, you may erect an account under the title Foreign coins, or, particularly, Dutch currency, charge Dr to such account as you receive, and give it credit as you put them off. March 21st, March 27th.
Note 10. If any parcel of goods have been damaged or lost, or liquor to be salved, enter Profit and Loss to the account of the goods or liquor, for the return of the same damage, and the value of the loss.
Note 11. We shall now conclude proper domestic trade, by reminding the learner, in nothing any case the form staring, carefully to consider whether it be paid by A.B. on your part, to foresee the losses of unforeseen occasions, however great they can be, sufficiently directed to this end. For if the party of a former contract be another remote, the act entire another trade must also be approached in regard of terms, notwithstanding whatever particular rules may seem to impose. This is, firstly, the proper idea of India, Slaves, etc., it is plain, that when you receive payment, you must enter G.B. Dr, not to A.B., but to Bills receivables, notwithstanding what is said, prob. 5, cafa, 4.
2dly, Debtor and Creditor applied in proper foreign trade.
Proper foreign trade comprehends, 1. The shipping of goods to a factor. 2. Advices concerning them from the factor. 3. Returns made by the factor to you.
Prob. 1. G. Debtor and Creditor applied inshipping off goods to a factor.
In all cases, voyage to ———— is Dr; but the Cr. varies, according as the goods shipped off are already entered in your books, or presciently bought; and that again, either for ready money, or on time, etc.
Case 1. If you ship off goods which are already entered in your books, enter Voyage Dr to Sundries, viz.
To the respective Goods, for their value,
To Cash, for custom, insurance, and all other charges.
2. If you buy a cargo for ready money, and ship it off immediately, without entering the purchase in your books, enter Voyage Dr to Cash, for prime cost, and all charges.
3. If you buy goods on time, and ship them off, without entering them in your books, enter Voyage Dr to Sundries, viz.
To Seller, or Sellers, for value of the goods,
To Cash, for charges at shipping.
4. If you ship off a cargo, made up partly of goods taken from your own warehouse, partly of goods bought, on time, enter
Voyage Dr to Sundries, viz.
To Goods your own, for their value,
To Seller or Sellers, for value of the goods bought,
To Cash, for all charges. Jan. 21
Case 2. Several other cases may be supposed, as follows.
When the cargo consists of goods, purchased own account, bought for ready money, or on your own account bought, part for ready money, part on time). July 23rd Dr. 3. All bought, part for ready money, part on time). Or, 4. Part your own, part bought, part immediately received in barter, or as payment of a debt, or in consideration of journalizing their exchange rates, may be easily gathered from what is already said, and therefore we shall leave them for the learner's exercise.
If you do not pay your charges when buying immediately, you must deduct the buyer whom you dishonor, and not Cash, Dr. If it appears, the general account, under the title of Debts Payables, or Charges Payables, and charge Voyage Dr to it, and as you pay enter it Dr to Cash.
Note 3. As Voyage is to be given for all charges; or whatever augment the sale price may be produced by whatever reduces the same, such as drawbacks on re-exported goods. Set. 28.
Note 4. Instead of the title Voyage to ———, some use Adventure to ———, or Adventure to ———, preferable a ship; as; Adventure to Barbadoes for the Neptune.
Prob. 2. H. I. Debtor and Creditor applied, upon advice from your factor, A. B.
H § 1. The cases of the first advice.
In all cases of the first advice, Voyage is Dr, not the Di varies, according to the nature of the advice.
Case I. If the first advice be, That A. B. has received your goods, but sold none of them, enter A.B my Debit, Current Dr to Voyage, for the sum given the voyage was formerly charged with.
If the first advice be That A.B has received the goods, and sold them for ready money, enter A.B. my Debit current Dr to Voyage, for the neat proceeds; that is, the sum due to you, after the factor's commission and all charges are deducted. Sep. 22.
3. If 3. If the first advice be, That the goods are received, and all sold on time, enter A. B. my accourt on time Dr to Voyage, for the neat proceeds.
4. If the first advice be, That they are received, and all sold, part for ready money, part on time, enter Sundries Drs to Voyage, viz.
A. B. my accourt current, for the money in his hands,
A. B. my accourt on time, for the debts outstanding.
5. If the first advice be, That the goods are not only received and sold, but a cargo shipped in return, and now at sea; here there are three varieties
1. If the value of the cargo inward, with charges paid by the factor, be equal to the neat proceeds, enter Voyage inward Dr to Voyage outward, for the neat proceeds.
2. If the factor overpaid the neat proceeds, enter Voyage inward Dr to Sundries, viz., to Voyage outward for the neat proceeds, and to Factor my accourt-current, for the rett.
3. If he underpaid the neat proceeds, enter Sundries (viz. Voyage inward, for its value, and A. B. my accourt current, for the rett) Drs to Voyage outward. June 18
6. If the first advice be, whether from the factor or any body else, That the ship and cargo is lost at sea, there will be also three varieties.
1. If the goods lost were not insured, enter Profit and Loss Dr to Voyage, for the whole value.
2. If the goods lost were all insured, charge the Insurer, or Cash, if you get present payment, Dr to Voyage.
3. If part of the goods only were insured, make Sundries (viz. the Insurer, or Cash, for the value insured, and Profit and Loss, for the rett) Drs to Voyage, for the whole loss.
I. § 2. The cases of the second advice.
In journalizing a second or third advice, respect must be had to the entry that was made upon the advice immediately preceding; for whatever was then Dr, must be now made Cr. And therefore, supposing the first or former advice was, That the factor had received the goods, but sold none of them, the entry to be made upon a second advice will be as in the cases following.
Case 1. If the second advice be, That the goods formerly received are now sold, in whole or in part, for ready money, enter A. B. my accourt-current Dr to ditto my accourt of goods, for neat proceeds.
2. If the second advice be, That goods received formerly are now sold, in whole or in part, on time, enter A. B. my accourt on time Dr to ditto my accourt of goods, for neat proceeds.
3. If the second advice be, That goods formerly received are now sold, part for ready money, part on time, enter Sundries Drs to A. B. my accourt of goods, viz.
A. B. my accourt current, for the money in his hands,
A. B. my accourt on time, for the outstanding debts.
But if the former advice had been, That the factor had sold your goods on time, then, upon this supposition, the advice that comes next, whether second or third, is journalized as follows.
Case 1. If the next advice be, That the factor has now received payment of the debts outstanding, enter A. B. my accourt current Dr to ditto my accourt on time, for the sum received by him.
2. If the next advice be, That he has indeed received payment of the debts, but was obliged to allow abatement, for lack of goods, or for other reasons, enter Sundries Drs to A. B. my accourt on time, viz.
A. B. my accourt-current, for the sum received by him;
Profit and Loss, for the sum abated.
Prob. 3. K. L. Debtor and Creditor applied, when returns are made you by the factor.
Returns are made in goods or bills.
K. § 1. The cases of returns in goods.
Case 1. If the factor ship off, and consign goods to yourself, advising you thereof by post, before the arrival of the ship, enter Voyage from—Dr to A. B. my accourt-current, for cost and charges of the cargo, as per factor's invoice.
2. If the factor ship off goods for yourself, of which you have no advice, or of which you book no advice, prior to the arrival of the ship, enter Goods received Dr to Sundries, viz.
To A. B. my accourt-current, for cost and charges, as per invoice,
To Cash, for new charges paid here.
3. If your factor A. B. at Leghorn ship off goods not to yourself, but, by your order, to C. D. your factor at Lisbon, and advise you thereof, by sending you a copy of the invoice, enter Voyage from Leghorn to Lisbon Dr to A. B. my accourt current, for cost and charges, as per invoice.
Note 1. The entries in this problem suppose that you have received the account of factor, and debited the accourt-current for neat proceeds, which naturally leads to give the accourt-current credit here, and shows how the Dr part of a prior entry is reversed, or becomes Cr in a posterior one.
Note 2. There are two or three cases relative to those mentioned, which we shall here take notice of. 1. If the thing consigned to your factor arrives, you enter Goods received Dr to voyage, cost to voyage biller, for what it was charged with, and to Cash, for charges paid here. Or, if you please, first charge Voyage Dr to Cash, for charges, see July 9.; and then illustrate the case by the above example.
2. If the thing consigned to your factor arrives, you enter Goods received Dr to voyage, cost to voyage biller, for what it was charged with, and to Cash, for charges paid here.
3. If a cargo consigned to you happens to be lost at sea, before the voyage bill charged in your books, enter Buyer, or Cash, or Thing received, Dr to the Voyage. See July 9.
4. If the factor ship and carry your goods himself, and they be not insured, enter Profit and Loss Dr to Voyage, for what it was charged with. But if the cargo be insured, charge the Insurer, or Cash, if you get present payment, Dr to Voyage, &c. 3. If a cargo consigned to you happens to be lost at sea, before the voyage bill of before any entry is made in your Books; in this case, enter Profit and Loss, the Insurer, or Cash, Dr to A. B. my accourt current, for the value lost.
L. § 2. The cases of returns in bills.
Case 1. If you draw upon your factor, and receive present money for the bill, enter Cash Dr to A. B. my accourt-current, for value of the bill.
2. If you draw upon your factor, and give the remitter a day for payment; or if you owe the remitter, and give him the bill as payment; enter the Remitter Dr to A. B. my accourt-current, for the value of the bill July 15.
3. If you draw upon your factor A. B. payable to your factor C. D. charge C. D. my accourt-current Dr to A. B. my accourt-current, for value of the bill.
4. If your factor remit you a bill, for which you receive present payment, enter Cash Dr to A. B. my accourt-current, for the value of the bill.
5. If your factor remit you a bill, payable at single or double usance, or any other time after date or sight; upon getting the bill accepted, enter Bills receivable Dr to A. B. my accourt-current, for value of the bill. Sept. 30. 6. If your factor A.B. by your order, remit a bill to your factor C.D. charge C.D. my account current Dr to A.B. my account-current, for value of the bill.
2. In FACTORAGE.
Factorage comprehends three things: 1. The receipt of the employer's goods. 2. The disposal of them. 3. Returns made for them.
Prob. 1. M. Debtor and Creditor applied upon the receipt of goods.
When you turn factor, and have goods consigned to you by your employer; upon receiving the goods, enter A.B. his account of goods Dr to Cash, for freight, custom, or other charges you pay. Aug. 10.
Note 1. If there be any kind of goods, namely, as A.B. his account of freight A.B. his account of goods, &c., &c.
Note 2. Instead of the title A.B. his account of goods, some use A.B.'s file or A.B.'s file per Cash, as A.B.'s file per the Invoice-book.
Note 3. In the invoice-book, the book kept regularly in the warehouse is supposed to be kept, and all consigned goods are enumerated in the invoice-book; but in real business, or where an invoice-book is kept, the common practice is to copy them directly into it; and in the invoice-book, to mention only the name, price, quantity, and charges, and taking any note of the name or quantity of the goods. Thus, the entry in the invoice-book, Aug. 10, narrated in this manner, would stand as follows.
Prob. 2. N. Debtor and Creditor applied in disposing of your employer's goods.
Case 1. When you sell all, or any part of your employer's goods, for ready money, enter Cash Dr to A.B. his account of goods, for the sum received. Aug. 17.
2. When you sell all, or any part of his goods, on time, charge the Buyer Dr to A.B. his account of goods, for the sum due. Aug. 23.
3. When you take all, or any part of his goods, to yourself at the current price; or when you put off his goods in barter, for others which you take to yourself; enter Goods received Dr to A.B. his account of goods, for their value.
4. When all your employer's goods are disposed of, balance his account of goods; that is, charge A.B. his account of goods Dr to Sundries, viz. to Cash, for any charges paid by you, not yet booked; or to the person or persons to whom they are due, if not yet paid; and to Profit and Loss, for your commission; and to A.B. his account on time, for the outstanding debts, if any; and to A.B. his account-current, for the employer's ready money in your hands. Aug. 23.
5. When you receive payment of the outstanding debts, enter as in proper trade, viz. Cash Dr to the Buyers; but if you be obliged to make abatement, for defect in weight or measure, or bad marks, &c. enter Sundries Dr to the Buyer, viz. Cash, for the sum received.
A.B. his account-current, for the sum abated.
6. When you receive payment of a debt on your employer's account, you must not only give the buyer or payer credit as directed above, but at the same time charge A.B. his account on time Dr to ditto his account-current, for the whole sum of the debt, whether any abatement be allowed or not.
Note 1. If you allow abatement to the buyer, while the account of goods is yet open, you may charge A.B. his account of goods Dr to the Buyers, for the sum abated.
Note 2. When you pay the persons mentioned in case 4, who get credit at balance, the account of goods, such as packers, pedlers, porters, coopers, dyers, brokers, &c., enter Cash Dr to Cash, for the amount Dr to Cash; but if they allow abatement, this being your employer's credit, not your own, charge the Receiver Dr to Sundries, viz. to Cash, for the sum paid, and to A.B. his account-current, for the sum abated. Aug. 31.
Prob. 3. O.P. Debtor and Creditor applied when you make returns to your employer.
Returns are made either in goods or bills.
O. § 1. The cases of returns in goods.
Case 1. When you buy up goods for ready money, and ship them off for your employer, enter A.B. his account-current Dr to Sundries, viz. To Cash, for prime cost, and charges paid; To Profit and Loss, for your commission.
2. When you buy goods on time, and ship them off for your employer, enter A.B. his account-current Dr to Sundries, viz. To Sellers, for prime cost of the goods, To Cash, for charges, as custom, insurance, &c. To Profit and Loss, for your commission.
3. When you take goods of your own, and valuing them at the current price, ship them off for your employer, enter A.B. his account-current Dr to Sundries, viz. To Goods sent off, for their value, To Cash, for charges at shipping, To Profit and Loss, for your commission.
Note 1. There may be several other cases; as, 1. When the goods shipped off are bought, part for ready money, and part on time, May 18. 2. When part of them are bought for ready money, part of them your own. Aug. 30. 3. When part of them are bought for ready money, part of them your own, part of them are bought for ready money, part on time, part of them your own. All which being compounds of the cases mentioned, can prove no difficulty to the learner.
Note 2. General Entry is the same, whether the goods shipped off be in return for goods sold by you, or in answer to your employer's commission, when you have none of its effects or money in your hand. May 18. The entry is the same also, whether the goods shipped off be confided to himself, or in his order to his factor, or any other person.
Note 3. If the charges on shipping are not presently paid, the Credit will not be Cash, but the persons to whom they are due. May 18. Aug. 30. Or, if you pay the charges yourself, enter Cash Dr to Cash, but if abatement be allowed you, this being your employer's advantage, not your own, enter the Receivers, or Charges Payable, Dr to Sundries, viz. so Cash, for the sum paid, and to A.B. his account-current, for the sum abated. Aug. 31.
Note 4. In like manner, when you pay for the goods mentioned case 3, enter as in proper trade, viz. the Cash Dr to Cash; but if abatement be allowed you, your own account, viz. the Seller Dr to Sundries, viz. so Cash, for the sum paid, and to A.B. his account-current, for the sum abated.
P. § 2. The cases of returns in bills.
Case 1. When your employer draws a bill on you, which you accept and pay on sight, enter A.B. his account-current Dr to Cash, for value of the bill.
2. When your employer draws a bill on you, payable at 1 or 2 usance, enter A.B. his account-current Dr to Bills Payable, for value of the bill. Sept. 3.
3. When you draw upon your employer, enter Cash, if you receive present money for the bill; or, if not, the Remitter Dr to A.B. his account-current, for value of the bill. May 31.
4. When you remit a bill to your employer, for which you pay ready money, enter A.B. his account-current Dr to Cash, for value of the bill. Sept. 8.
5. When you remit a bill to your employer, which you either procure on time, or receive in payment of a debt due to you by the drawer, enter A.B. his account-current Dr to the Drawer, for value of the bill. 6. When your employer remits a bill to you, enter Cash, if you receive present payment; or, if not, Bills receivable, Dr to A. B. his accoant-current, for value of the bill.
Note 1. When you pay the bill mentioned in case 2, enter Bills payable Dr to Cash. Sept. 10.
Note 2 Charge A. B. his accoant current Dr to Cash, for all charges you pay in making returns, such as postage.
Note 3. Having now shewn how to keep factory accounts in your own books, along with your other business, it will not be improper to observe, that these accounts may also be kept, by help of the Sales book, without bringing anything to your Ledger, or other books, except the accoant current, thus: Turn the Sales-book into a folio-form; and when you receive the consigned goods, enter them on the Dr side, mentioning their quantity, mark, and number, with the charges you pay; to which side also carry all after charges, abatements made to buyers, and your own commission. On the Cr side, enter the sales, mentioning the names of the buyers on time; and, as they pay, mark the article as paid on the margin; or, which will do just as well, never draw out the sums to the money columns, till you receive payment. In your Ledger, give A. B. his accoant current credit for all the money you receive for his goods, and make the same accoant Dr for all the charges paid by you, abatements made to buyers, your own commission, and returns made to your employer. But though this method may now and then be used with respect to small consignments; yet the conducting of large concerns in factory requires the use of all the five books mentioned at the beginning of this chapter.
Note 4. When you cannot dispose of your employer's goods to advantage, and thereupon by his order ship them off to a factor of your own, in expectation of a better market, the regular method in this case is, 1. When you ship off the goods, enter Voyage to— for account of your Employer, Dr to Cash, for charges paid at shipping. 2. When you have advice from your factor, that he has received them, enter your Employer his accoant of goods in the hands of factor, or rather your Employer his accoant of goods at such a place, Dr to Voyage thither, for charges of the said voyage. 3. When you have advice that he has sold them, e.g. for ready money, enter your Employer his accoant current at—Dr to ditto his accoant of goods at—, for neat proceeds. The entry in any other case will be obvious to one who understands proper trade and factorage, as explained above. But though this be the regular method, yet in real practice, the best way, in our opinion, is, when you ship the goods, to charge the employer's accoant of goods (as they stand in your Ledger) Dr to Cash, for charges at shipping, making no more entries, till you receive the Accoant of sales, and then charge A. B. his accoant of goods, for the neat proceeds; and discharge A. B. his accoant current at—, as returns are made to you by your factor.
3. IN PARTNERSHIP.
Partnership is that branch of trade which is managed and carried on by a trustee, in the name, and for the account of the partners; that is, when a joint stock, made up by two or more merchants, is deposited in the hands of one person, to be employed by him in a way of commerce, according to instructions.
Merchants, upon entering into a partnership, generally choose one of their own number, to whom they commit the management of their company-concerns; who, on account of his being partner, as well as manager or doer for the company, is called partner-trustee; and shares of gains and losses that happen, according to his share of the stock; and must allow his proportion of all charges, even of his own commission, since, in quality of trustee, he serves himself as partner equally with the rest.
The accoants of the company's affairs may be kept by the trustee in his own books, along with the accoants of his own private business; or they may be kept in separate books allotted for that purpose. The former is common practice, in matters of small concern, or short adventures; the latter is used by fixed companies, whose trade is considerable, or who have the prospect of dealing long that way.
Hence it is obvious, that each partner will have occasion to keep an accoant in his own books, of every thing he gives in and receives from the company, and also of what he owes to the company, or they to him; and, on the other hand, it will be the business of the trustees, not only to keep clear accoants with the persons he deals with, in buying up and disposing of goods for the company; but he must also keep distinct accoants, with respect to the partners, shewing what share each of them gives in, and what part of neat proceeds is due to them, and likewise what every one of them owes to the company, or the company to them. These things premised,
1. We shall shew how a partner keeps the accoants which he has occasion for. 2. The way how a trustee keeps the accoants of the company's affairs in his own books. 3. The manner of keeping company-accoants in books, apart, that contain nothing else.
1. How a partner keeps the accoants he has occasion for.
The Ledger-accoants described.
A merchant concerned as partner in a company, must keep the two Ledger-accoants following; in which observe, that A. B. represents the trustee's name.
1. A. B. my accoant in company. This accoant is Dr for your inputs, and proportion of all charges, and Cr for your share of neat proceeds.
2. A. B. my accoant proper. This is a personal accoant, being charged and discharged exactly as such, for the mutual debts and payments betwixt you and the trustee.
Note 1. A. B. my accoant in company, is a general title, that may represent one or more kinds of goods; and that whether in the trustee's custody, or by him sent to sea. But different authors title this accoant differently. Some choose to express it thus: Goods in the hands of A. B.; or particularly, Bread cloth in the hands of A. B. If it be a sea-adventure, you may use the title, A. B. my accoant of Voyage to—. If the company be fixed, the title may be taken from the commodity they deal in, as Accomp in Wine company, accompt in Tobacco company, &c.; or from the place they trade to, as Accompt in East India company, &c.
Note 1. Instead of A.B., my accompt proper, some write A.B. my accompt current; some too write A.B. his accompt current; and others title this accompt simply by the trustee's name. But though the titles of accompts are in some sort arbitrary, or as the merchant pleases, yet it is suitable or congruous, that they carry in them some badge of distinction, shewing to what class of accompts they belong.
We now proceed to a particular application of Dr and Cr in the cases that most commonly occur on this head, which shall be confined to the two problems following.
Prob. 1. Q. Debtor and Creditor applied, when you give in your share of stock to the trustee.
Case 1. If you give in just your own part; and that either, 1. In money, or in goods presently bought for ready money; or, 2. In goods presently bought on time; or, 3. In goods already entered in your books, enter A.B. my accompt in company Dr
To Cash, if you give in money, or pay for goods, Oft. 4.
To Seller, if you buy goods on time,
To Goods proper, if the goods were formerly your own.
2. If you find both your own part and the trustee's, enter Sundries (viz. A.B. my accompt in company, for your own part, and A.B. my accompt proper, for his part) Drs.
To Cash, if you give in money, or pay for goods,
To Seller, if you buy the goods on time,
To Goods proper, if you give in goods formerly your own, Oft. 9.
3. If the trustee provide both your part and his own, enter A.B. my accompt in company Dr to ditto my accompt proper. And when you pay him, charge A.B. my accompt proper Dr to Cash. But if he demand interest, make Sundries (viz. A.B. my accompt proper, for the debt, and Profit and Loss, for the interest) Drs to Cash.
Note 1. It may be necessary to refer other varieties in 1/2, holding three mentions; viz., 1. When you give in part money, part goods presently bought on time. 2. When you give in part money, part goods of your own. 3. When you give in goods, part bought on time, part your own. 4. When you give in part money, part goods bought, on time, part goods of your own. In all which cases enter A.B. my accompt in company Dr to Sundries, as follows:
Variety 1 To Cash, for the sum given in.
To Seller, for value of the goods bought.
To Goods proper, for their value.
Variety 2 To Seller, for value of the goods bought.
To Goods proper, for their value.
Variety 3 To Seller, for value of the goods bought.
To Goods proper, for their value.
Note 2. The like varieties may be used in case 2. In journalising of which, the best mode will be found to enter A.B. my accompt in company Dr to Sundries, as in the former note, for the whole value of the money, and goods given in; and then, in another entry, charge A.B. my accompt proper Dr to sundries, for the same amount, but under the heads of Cash and Goods received. Oft. 10.
And when the trustee pays you for his part, enter Cash Dr to A.B. my accompt proper, for the debt, and to Profit and Loss, for the interest.
Prob. 2 R. Debtor and Creditor applied, when goods in company are disposed of, and you receive all or part of your share of neat proceeds.
Case 1. If you have advice of sales, and at the same time receive your share of neat proceeds; which may be either in money, bills, or goods; enter Cash, Bills receivable, or Goods received, Dr to A.B. my accompt in company, for value received. Oft. 9. and 20.
2. If you have only advice of sales on time, without receiving any thing, enter A.B. my accompt proper Dr to ditto my accompt in company, for your share of neat proceeds due to you; and when you receive payment, charge Cash, Bills receivable, or Goods, Dr to A.B. my accompt proper, for value received. But if the trustees had been obliged to allow abatement to the buyers, or had any of the debts outstanding proved bad, then, in this case, if the accompt in company be yet open, enter Sundries (viz. Cash, Bills receivable, &c. for the sum received, and A.B. my accompt in company, for your share of the sum abated or lost) Drs to A.B. my accompt proper. If the accompt in company be balanced, charge Profit and Loss Dr for your share of the abatement, or of the loss.
3. If the goods are sold, part for ready money, part on time, and thereupon you receive your share of money received, enter Sundries (viz. Cash, for the sum you receive, and A.B. my accompt proper, for your share of sales on time) Drs to A.B. my accompt in company.
4. If part of the goods only are sold, you may put off the booking of it till further advice; unless it be for ready money, of which you immediately receive your share; in which case, enter Cash Dr to A.B. my accompt in company, for the sum you receive.
5. If you withdraw your share of stock, or any part of it, enter Cash, or Goods withdrawn, Dr to A.B. my accompt in company, for the sum or value withdrawn.
6. If after the goods are disposed of, you take up only your share of neat gain, continuing your share of stock as a fund for a new adventure, charge Cash Dr to Profit and Loss, for the sum received, and let the accompt in company stand as it is.
N.B. This is the ordinary case in fixed companies.
Note 1. There may be other varieties in Case 1. & 2. besides those mentioned; viz., 1. You may receive, as your share of neat proceeds, part money, part goods, and then Sundries are Drs, viz. Cash, and Bills receivable. Oft. 9.
2. You may receive part money, part goods, and then Drs are Bills receivable, and Goods received. Oft. 10.
3. You may receive part bill, part goods; and then the Drs are, Cash, Bills receivable, and Goods received. Oft. 11.
4. If the person on whom you get the bill have an accompt in your Ledger, make him Dr, and not Bills receivable.
2. How a trustee keeps the company's accompts in his own books.
The Ledger accompts described.
A Trustee who keeps the company's accompts in his own books, has occasion for the three Ledger accompts following, in which A.B. represent your partner's name.
1. Goods in company with A.B. o. Sales in company with A.B. or particularly Sugar in company with A.B. This accompt is debited for the value of the goods brought into company, for all charges, and your commission: it is credited as you dispose of the goods, in the same manner as if the goods were your own.
2. A.B. his accompt in company. This is credited for your partner's inputs, his share of charges, and proportion of neat gain at close: it is debited for his share of near meat proceeds, and his proportion of loss, if any, when the company accounts are finished.
3. A. B. his account proper. This is a personal account, which is debited and credited for the mutual debts contracted and payments made betwixt you and partners.
Note 1. If the company deal in foreign trade, you who manage as trustee will have occasion for other accounts, viz., Voyage in company, Factor our account current, &c., all which are used the same way as their parallels in proper foreign trade.
Note 2. As you must keep an account in company, and an account proper, for each partner; so, if these be compared with the accounts of the like name kept by the partners, they will be found exactly the reverse of one another; that is, the Dr side of the accounts kept by you will be the same with the Cr side of those kept by partners; and on the other hand, the Cr side of the former will be exactly the Dr side of the latter.
Note 3. Instead of the title A. B. his account proper, a great many use A. B. his account current. And it must be owned the merchant is at liberty to do in this as he inclines; it comes to the same thing in the issue, only the one title is more distinctive than the other.
Prob. 1. S. Dr and Cr applied, when goods are brought into company.
Case 1. If the goods are bought, (which is either from you the trustee, or from a partner, or from a neutral person,) enter twice; viz. 1/3, Goods in company Dr To Goods proper, if bought of yourself, for value of To Partner's account proper, if of a partner, the goods To Cash, or Seller, if of a neutral person bought.
2dly, Charge each partner his account proper Dr to ditto his account in company, for his part of the purchase.
Oct. 26. Nov. 22
Note. When you pay a neutral person for goods bought on time, charge the said person Dr to Cash; and there is no second entry. Oct. 27. Nov. 25. But if the goods are bought on your share, enter twice, namely, Dr to Cash, or Seller, viz. to Cash, for the full paid, and to Goods in company, for the sum discounted or abated.
Each partner's account in company Dr to ditto his account proper, for his share of the sum discounted or abated.
Case 2. If each partner bring in just his own part of goods to company, enter once; viz.
Goods in company Dr to Sundries, viz.
To Goods proper, for value of your share,
To each Partner his account in company, for value of their shares.
Note 1. This shortens an account as if the goods were bought, though that way would also be right, and prove the same in effect.
Note 2. Enter as above, if the partners give in each his own part in money, with which you buy goods; or, which is the same thing, if upon buying of the goods each partner immediately pays over his part of the price, only Cash, and not Goods delivered. Oct. 26. Nov. 25.
Note 3. But if you merely book the money received from the partners, enter Cash Dr to Sundries, viz. to each partner's account in company. And when you pay the money, charge Goods in company Dr to Cash, for their value; and there is no second entry.
Case 3. If you or partner pay charges on goods brought into company, as carriage, insurance, &c., this augments the cost, and must be entered as the cost, namely, 1/3, Goods in company Dr To Cash, if paid by you. Oct. 25. Nov. 1.
To Partner, his account proper, if paid by him.
2dly, Each partner his account proper Dr to ditto his account in company, for his share of the said charges.
Prob. 2. T. Debtor and Creditor applied, when goods in company are disposed of.
Case 1. If goods in company are sold, (which is either to you the trustee, or to a partner, or to a neutral person,) a double entry is necessary; viz. 1/3,
Goods proper, if sold to yourself,
Partner's account proper, if to him on time,
Dr Cash, or Buyer, if to a neutral person,
To Goods in company, for their value in the sale.
2dly, Each partner his account in company Dr to ditto his account proper, for his share of the sale. Oct. 29. Nov. 1. and 30. Dec. 2. 18. and 28.
Note 1. The entries are the same when you receive freight for a ship company. Oct. 35. Dec. 37.
Case 2. When you receive payment for goods in company formerly sold to a neutral person, charge Cash Dr to the Buyer; and there is no second entry. Nov. 4. Dec. 13. But if you allow discount or abatement to the buyer, a double entry is necessary; namely, 1/3, Goods in company Dr to the buyer, and Goods in company Dr to the sum discounted or abated) Dr to the Buyer; 2dly, Each partner his account proper Dr to ditto his account in company, for his part of the discount or abatement. Dec. 10.
Note 3. If goods be lost, damaged, broken, or lost, enter Sundries Dr to each partner his account proper, for their respective shares of the damage or loss, and Profit and Loss, for your own share) Drs to Goods in company.
Case 2. If goods in company are disposed of in barter, for other goods of the same value brought into it, charge Goods in company received Dr to Goods in company delivered; and there is no second entry. Dec. 7.
Note 1. If the goods to be received and delivered be of different values, a double entry will be necessary: As, suppose a trustee engaged in company with A. B. each 1/2 should deliver 80 l. worth of broad cloth, in company, for tobacco to the value of 100 l.; in this case he enters twice: 1/3, Tobacco in company Dr to Sundries, viz. to Broad cloth in company, 80 l. and to Cash, or Dealer, 20 l.; 2dly, A. B. his account proper Dr to ditto his account in company, 10 l. for his share of the money now laid out or due to Dealer. Again, invert the supposition, and admit, that he delivers broad cloth in company to the value of 100 l. and receives 80 l. worth of tobacco, the rent in money, or due by his dealer; in this case he enters also twice: 1/3, Sundries (viz. Tobacco in company, 80 l. and Cash, or Dealer, 20 l.) Drs to Broad cloth in company; 2dly, A. B. his account in company Dr to ditto his account proper, 10 l. his part of money received, or due by Dealer.
Note 2. If you barter goods in company, for others which you take to yourself, enter also twice: 1/3, Goods proper received Dr to Goods in company delivered; 2dly, Each partner's account in company Dr to ditto his account proper, for his part of sale. In like manner, if you barter goods of your own, for others which you bring into company, enter twice: viz. 1/3, Goods in company received Dr to Goods proper delivered; 2dly, Each partner his account proper Dr to ditto his account in company, for his part of purchase.
Case 3. If you or partner withdraw just your or his exact part of goods in company remaining unfold, enter once, viz.
Goods proper, if withdrawn by you,
Partner's account in company, if by him,
Dr To Goods in company, for their value in company. Dec. 24.
Note Prob. 3. U. Debtor and Creditor applied in payments between trustee and partners.
Case 1. If you the trustee receive payment of partner in money, charge Cash Dr to partner his accompt proper, for the sum received. Oct. 27. Nov. 25.
2. If partner give you his bill on E. F., charge Cash, or Bills receivable, or E. F. Dr to partner his accompt proper, for value of the bill.
3. If you draw on partner, charge Cash, or E. F. viz. the man you deliver the bill to, Dr to partner his accompt proper, for value of the bill.
4. If you pay partner in money, charge partner his accompt proper Dr to Cash, for the sum paid. Nov. 4. and 17.
5. If you give partner your bill on E. F., charge partner his accompt proper Dr to E. F. for value of the bill.
6. If partner draw on you, charge partner his accompt proper Dr to Cash, if you pay at sight; if not, to Bills payable.
7. If, in adjusting shares in company, one partner pay into another, charge partner receiver his accompt proper Dr to partner payer his accompt proper, for the sum. Nov. 27. and 25.
N. B. The entry is the same, if you draw a bill upon one partner payable to another.
8. If partner make payment to E. F. of a debt due by the company, charge E. F. Dr to partner his accompt proper. Nov. 25.
Prob. 4. V. Debtor and Creditor applied, when the company send goods to sea.
Case 1. If the goods sent to sea have been formerly brought into company, and stand already entered in the books, upon shipping them off make a double entry; viz., Voyage in company to ——— Dr to Sundries, viz.
To Goods in company, for their value,
To Cash, for charges, as custom, insurance, &c.
2dly, Each partner his accompt proper Dr to ditto his accompt in company, for his share of charges only.
Note. If partner pay the charges, the Voyage is charged Dr, not to Cash, but to partner his accompt proper.
Case 2. If the goods sent to sea are presently bought, (which is either from you, from a partner, or from a neutral person), enter also twice; namely, 1/2, Voyage in company to ——— Dr to Sundries, viz.
Goods proper, if bought of you,
To Partner his accompt proper, if of a partner,
Cash, or Seller, if of a neutral person;
And
To Cash, for charges, if paid by you,
Partner his accompt proper, if by him.
2dly, Each partner his accompt proper Dr to ditto his accompt in company, for his part of the whole.
Prob. 5. X. Debtor and Creditor applied, upon advice from company's factor.
Case 1. If you receive per advice from factor the accompt of sales, enter twice; viz. 1/2, Factor our accompt current Dr to Voyage in company, for the amount of neat proceeds. 2dly, Each partner his accompt in company Dr to ditto his accompt proper, for his share of the whole.
Case 2. If factor in Jamaica advise you, that because he could not dispose of the goods to advantage, he has, according to orders, shipped them off to your factor at Carolina, enter twice; namely, 1/2, Voyage in company to Carolina Dr to Sundries, viz. to Voyage in company to Jamaica, for value of the cargo outward, and to Factor at Jamaica our accompt current, for new charges paid by him. 2dly, Each partner his accompt proper, Dr to ditto his accompt in company, for his share of new charges.
Case 3. If the cargo outward be lost at sea, there are three varieties. 1. If none of the goods be insured, enter Sundries (viz. each partner his accompt in company, for his part of the loss, and Profit and Loss, for your own part) Drs to Voyage in company; and no second entry.
2. If the goods be all insured, enter twice; viz. 1/2, Charge the Insurers, or Cash if you get present payment, Dr to Voyage in company. 2dly, Charge each partner his accompt in company Dr to ditto his accompt proper, for his share of the sum received from, or due by the Insurers. 3. If only part of the goods be insured, enter also twice; viz. Sundries (viz. Insurers, or Cash, for the value insured; each partner his accompt in company, for his share of the loss; and Profit and Loss, for your own share) Drs to Voyage in company. 2dly, Each partner his accompt in company Dr to ditto his accompt proper, for his share of the sum received from, or due by the insurers.
Prob. 6. Y. Debtor and Creditor applied, when returns are made by factor.
Case 1. If you receive returns in goods, enter twice; namely, 1/2, goods in company received Dr to Sundries, viz. to Factor our accompt current, or to Voyage in company. pany, if not yet discharged, for value of goods; and to Cash, for charges here, if paid by you, or to partner his accompt-proper, if by him). 2dly, Each partner his accompt-proper Dr to ditto his accompt in company, for his share of said charges.
Case 2. If you have return in bills, enter once; namely, Cash, if remitted to you, and paid at sight, Bills receivable, if remitted to you at advance, Partner his accompt proper, if remitted to him,
To Factor our accompt current, for value of the bill.
Case 3. If you or partner remit a bill to the factor, enter once, viz. Factor our accompt current Dr To Cash, or the Drawer, if remitted by you, for value To Partner his accompt proper, if by him, of the bill.
Prob. 7. Z. Debtor and Creditor applied in admitting a new partner.
The entries to be made in admitting a new partner not being reducible to distinct cases, we shall explain the matter by a particular example. Suppose then yourself, as trustee, already in company with one partner A. each one half, for 300 l. and that you agree with B. to admit him as a third partner, upon his paying in 100 l. as his ¼ share of stock; upon this supposition, the entries to be made are as follows.
1st, You may either let the accompt of Goods in company stand as it is, till the goods are sold, or balance it, by charging Goods in company with A. and B. Dr to Goods in company with A.
2dly, Charge A. his accompt in company Dr to ditto his accompt proper, 50 l. for his one half of the sale to B.
2dly, If B. presently pay in his share of stock, there are three varieties. 1st, If he pay the whole to you, charge Cash Dr to B. his accompt in company, 100 l.
2dly, If he pay the whole to A. charge A. his accompt proper Dr to B. his accompt in company, 100 l.
3dly, If he pay one half to you, and the other to A. charge Sundries (viz. Cash, 50 l. paid in to you, and A. his accompt proper, 50 l. paid to him) Drs to B. his accompt in company.
4thly, If B. do not pay in his share of stock presently, then charge B. his accompt proper Dr to ditto his accompt in company, 100 l.; and when he pays, discharge his accompt proper, as above.
III. Of the Ledger.
The Ledger is the principal book, wherein all the several articles of each particular accompt, that lie scattered in the other books according to their dates, are collected and placed together, in spaces allotted for them, in such manner, that the opposite parts of every accompt are set directly facing one another, on opposite sides of the same folio.
The Ledger is the chief or principal book of accompts, as being that which immediately answers the end of bookkeeping. For, as has been already observed, the Journal is only preparatory or introductory to the Ledger; and the Waste-book contains only the matter of accompts, without either the form or order; whereas the Ledger has all the perfection of form and order aimed at in bookkeeping, affording a ready answer to all the demands of the inquisitive merchant; and is therefore justly esteemed the principal book of the three. It is called the Ledger, (an Italian word that signifies art or dexterity), because in it the artificial part of book-keeping chiefly appears. The Ledger, in opposition to the scattered order of things in the Waste-book, has all the particular articles of each accompt collected and placed together; and that in such a manner, as to have the opposite articles separated, and set facing one another on opposite sides of the same folio. Thus, the opposite articles of the Cash-accompt are, the sums of money received, and the sums laid out; which accordingly stand, the former on the Dr side, and the latter on the Cr side of the same folio. Again, in an accompt of goods, the prime cost and charges go to the Dr side, and the sales to the Cr side; by comparing of which, appears the gain or loss: and so in other accompts.
The Ledger folios are divided into spaces, for containing the accompts; on the head of which are written the titles of the accompts, marked Dr on the left-hand page, and Cr on the right: Below which stand the articles, with the word To prefixed to the Dr side, and the word By on the Cr side. Upon the margin are recorded the dates of the articles, in columns allotted for that purpose. The money-columns are the same as in the other books. Before them stands the folio-column, which contains figures directing to the folio where the correspondent Ledger-entry of each article is made; for everything is twice entered in the Ledger, viz. on the Dr side of one accompt, and again upon the Cr side of some other accompt; so that these figures mutually refer from the one to the other, and are of use in examining the Ledger.
For the ready finding any accompt in the Ledger, it has an alphabet, or index, wherein are written the titles of all accompts, with the number of the folios where they stand.
Note. If the Ledger-accompts be numbered, 1, 2, 3, &c. according to their order; these numbers may be inserted in the Folio-column and Index, and used instead of the folio figures. We have numbered the accompts of the following Ledger, but have not made this use of them; our design being only to refer, by means of them, to the Ledger-accompts as occasion requires.
How the Ledger is filled up from the Journal.
To transport immediately from the Waste-book to the Ledger, would, as has been formerly observed, be a complex task, and require too great a measure of thought and attention; but the former being first reduced to a Journal, the transferring from it to the Ledger becomes easy, and may be performed by the following
RULES.
1. Turn to the Index, and see whether the debtor of the Journal post to be transported be written there: If it be not, infer it under its proper letter, with the number of the folio to which it is to be carried.
2. Upon the folio, and in the head of the space allotted for the accompt, write the title in a large text letter: for ornament, making it Dr on the left side of the folio, and Cr on the right.
3. Record the date in the columns on the margin of the Dr side, and write the Cr with the word To prefixed to it, immediately below the title, or other articles formerly posted; and complete the entry in one line, by giving a short hint of the nature and terms of the transaction, carrying the sum to the money-columns; and insert the quantity, if it be an account of goods, &c., in the inner columns, and the referring figure in the folio-column.
4. Turn next to the creditor of the Journal post, and proceed in the same manner with it, both in the Index and Ledger; with this difference only, that the entry is to be made upon the Cr side, and the word By prefixed to it.
5. The post being thus entered in the Ledger, return to the Journal, and, on the margin, mark the folios of the accounts, writing the folio of the Dr above, and the folio of the Cr below, a small line drawn between them, thus, . These marginal numbers in the Journal are a kind of Index to the Ledger, and are of use in examining the books, and on other occasions.
6. In opening the accounts in the Ledger, follow the order of the Journal; that is, beginning with the first Journal post, allow the first space in the Ledger for the Dr of it, the next for the Cr, the third for the Dr of the following post, if it be not the same with some of those already opened; and so on till the whole Journal be transported.
The above six rules are formed for simple posts, where there is but one Dr and one Cr; but may easily be applied to complex ones: e.g. In posts where only one of the terms is complex, the simple term is entered Dr to, or Cr by Sundries, or Sundry-accounts, referring to the Journal for particulars. And the single Drs or Crs of the complex term, are each of them, in their respective accounts, entered Dr to, or Cr by the simple term. Again, in posts where both terms are complex, each particular Dr and Cr are entered Dr to, or Cr by, Sundry accounts, with a reference to the journal, as before. And here observe, that an article of Sundry-accounts has no referring figure in the folio-column, because it refers to several accounts: But this defect is supplied by the marginal numbers of the Journal, which must still be consulted before the particulars of the indefinite article can be known.
How to transpose an account from one folio to another.
When the space allotted for an account proves too little: that is, when either the Dr or Cr side, or both, are so charged and filled with articles, that they can hold no more; the account must be transposed to a new space: Which may be done by one or other of the methods following.
1. In all accounts that have inner columns for the quantities, such as Account of goods, &c., add up both the Dr and Cr sides, and charge the new account Dr to the old, for the total of the Dr side; and make the old account Dr to the new, for the total of the Cr side. Thus the old account will be evened; that is, the sums and quantities on both sides will be equal; and the new account will exhibit the same sums and quantities on its Dr and Cr sides, that the old did, before it was transposed.
2. In accounts that have no inner columns, such as Personal accounts, Cash-account, Profit and Loss, &c., where the difference between the two sides is only considered, it is sufficient, after adding up both sides, as before, to carry the balance or difference only to the new account, by making it Dr to the old, for the said balance, if the Dr side of the old be heaviest; but if the Cr side be heaviest, then charge the old account Dr to the new. See No. 1. and 61.
Note. The number of the folio on which the new account is opened, must be inserted in the Index, and also in the folio-column of the old account; and again, the folio-number of the old must be written in the folio-column of the new; that the accountant may readily turn from the one to the other, as occasion requires.
How the Books are examined.
An accountant should be at all imaginable pains in filling up the books, to make them exact and correct: But as errors must happen, the examination of the books after they are written up becomes absolutely necessary.
1. The Waste-book being the first and fundamental book, the only means left for discovering errors in it, are, a careful reading of it, and comparing it with the accountant's memory, or the Book of letters, or Letters of correspondents, Bills, Invoices, &c.; or perhaps some accident or circumstance may happen to bring things to remembrance. And this, with calling up the sums of money anew, is all that can be done.
2. In revising the Journal, compare each post with the Waste-book, to see if the sums of money be right, and whether the narrative or reason of the entry be justly expressed. Next, Consider whether the true Dr and Cr are assigned; and, after having thus narrowly examined the posts, and corrected what happens to be wrong, return to the Waste-book, and, on the margin opposite to the revised post, make a dash with the pen, thus, /, to signify that the Journal has been compared with it, and found right.
3. The Ledger is revised or examined, by comparing it with the Journal, in the manner following. Take the Journal, and, beginning with the first post, turn (as the marginal numbers direct) to the folio of the Ledger where the Dr of the said post stands, and see whether it be duly entered. And, upon finding it right, return to the Journal, and affix to the marginal number of the said D. a dot or point, thus [·], to show that it has been examined. Next, Turn to the folio where the Cr is posted, and, upon finding it right, or after correcting it if wrong, return to the Journal, and affix a dot to its referring figure. figure in the margin, for the same purpose as before. If there be more Drs or Crs in the post, proceed the same way with each of them. And thus go on with the next post, and after it with the third, &c. till the whole Journal and Ledger be compared.
As every thing is twice entered in the Ledger, once upon the Dr side of one account, and again upon the Cr side of some other account; it is plain, that the total sum of all the money on the Dr sides will be precisely equal to the total sum of all upon the Cr sides: And therefore the accountant, after revising the books, is next, for further satisfaction, to add up the Dr sides of the whole Ledger into one sum, and the Cr sides into another. If they agree, it is highly probable that all is right; if they differ, something is unquestionably wrong.
This addition of the Dr and Cr sides is, by merchants, called the Trial-balance; and ought to be made, not simply by taking the sum of every page, but by summing the Dr and Cr sides of every account separately, and then adding these on every page into one sum. By going to work in this manner, you lose no labour; for when you come afterwards to close the accounts, instead of adding their Dr and Cr sides anew, you take their sums from the trial-balance.
If, after the revise is made, the totals of the Dr and Cr sides agree, the accountant may, without further trial, conclude the books to be right. But if they differ, his next step is to examine the Ledger by itself. Which is done thus: Beginning with the first account, compare the first article on the Dr side with its counter-part (to which the referring figure directs), and, upon finding them right, or making them so, affix a dot to the end of the sum, or in the folio or month column of each of them, thus [•], to signify that they have been compared. Proceed in like manner with all the other articles on the Dr side, and next with those upon the Cr side; and then go on to a new account, and from it to the following, till the whole Ledger be finished. Here observe, that, in prosecuting the examination, all the dotted articles you come to are to be omitted, as having been compared already. The Ledger, being thus examined, if the corrections of the errors found bring the sums of the Dr and Cr sides to a balance, the books may now be presumed right; but if not, something is still wrong: And there is no way left to discover the mistake, but a more careful research of the books.
This revising or examination is what merchants call Pricking of the books; and should not be put off till the Ledger is filled up, but performed weekly, and in due order; that is, the Waste-book should be revised, before it be posted to the Journal; and the Journal ought to be examined, before it be transported to the Ledger; and the revising of the Ledger finished, before the balance is begun.
How Errors are corrected.
In explaining the method of correcting errors, we shall join the Waste-book and Journal together, because the manner of correcting is the same in both; and then show the way of correcting mistakes in the Ledger.
I. Errors in the Waste-book and Journal may be reduced to six classes, and corrected as follows:
1. If the errors be the omission of a whole post, the way to correct or supply the defect is, to write it in a separate place by itself, with a reference to it from the place where it should have been. 2dly, If only a word or two be wanting, they may be interlined or written upon the margin. 3dly, If a whole post be repeated, or twice written, it is corrected by cancelling one of them; but the cancelling ought to be done in such a flight manner, that the original writing may still be legible and distinct. 4thly, In like manner, if only a word or sentence be repeated, let one of them be slightly cancelled. 5thly, If there be any wrong name, word, or figure, the best way is, to let the wrong name, word, or figure, stand as they are, but correct the mistake by a note on the margin or foot of the page. 6thly, If you commit a mistake, and presently discover it in the very time of writing, the handsomest way of correcting it is, not to alter or cancel any thing, but to write the post or sentence anew, beginning with such a phrase as this, I say; as in the following example: Sold A. B. I say, Bought of A. B.
II. Errors in the Ledger are of four sorts. 1st, When an article is entered upon a wrong account: This is to be corrected, first, by making the other side of the said account Dr to, or Cr by Error, for the sum of the said article; which rectifies this account: After which, the article must be entered in due form, in the account to which it belongs; or rather make the correction thus, viz. charge the one account Dr to the other, for so much per error. By either of these methods, the error is removed, and the purity of the books restored. 2dly, When an article is entered in the right account, but upon the wrong side; that is, upon the Dr side, when it should have been upon the Cr side, or vice versa; to correct this, the first thing to be done is, to remove the error, by making the other side of the said account Dr to, or Cr by Error, for the sum of the article: After which, the article must be entered anew upon the right side, as if no such blunder had happened. 3dly, When there is an error in a sum of money: This, if it be too little, is corrected by a new charge on the same side, for the defect; and if it be too much, the mistake is rectified by a discharge on the opposite side for the excess, viz. the account is debited or credited to, or by ditto person, or ditto goods, for so much short-posted, or overcharged. 4thly, When an article is quite forgot, or neglected, errors of this nature are easily adjusted, viz. by making the entry omitted; only observe, that it is not to be crowded in betwixt two former entries; in order to make it possess the place it would have done, had it come regularly in; for though the order, whatever it be, can occasion no error in the issue, yet this interlining would look more confused and irregular than the disorder of the date, which any person skilled in book-keeping will easily perceive to have happened through mistake.
Of balancing the Ledger, and raising from it an Inventory, to begin a new Set of Books.
Merchants commonly once a-year balance or close their Ledger, and raise from it the materials of an Inventory to a new set of books, for the ensuing year. Now, Now, to make the method of doing this plain and intelligible to a learner, it must be observed, that, by the word Balance, merchants understand the difference between the sums on the Dr and Cr sides of any account. Which difference being entered on the defective side, the account is said to be balanced; that is, to have the sums of the Dr and Cr sides evened, or made equal. And the sides of the several accounts throughout the Ledger being thus evened, and the total sums formally set down on the foot of the accounts, the Ledger is said to be balanced, closed, or finished. Again, in order to understand how the new Inventory is formed from the old Ledger, it must be observed, that these balances or differences of the sides of accounts, are of different kinds. In some accounts, the balance is, the gain or loss made upon the sale of goods; in some, the balance is, the price of goods remaining unsold; and in others, it is a debt due to, or by the merchant, &c. Now, balances of the first kind, viz. of gain or loss, must be distinguished from the rest, and carried to the Profit and Loss account; which being done, the balance or difference of its sides, will be the gain or loss made upon one year's trade, and goes to the Stock-account. All the other kinds of balances must be brought together into one space or folio, under the title of Balance-account, and are the very articles of which the Inventory is made up. The most natural method of balancing the Ledger is, first to point out what is contained upon the Dr and Cr sides of each account, and consequently what the balances are; and then, to show the mercantile and approved way of going to work, in closing the Ledger, collecting the balances, and converting them into a new Inventory. This we shall do in the form of problems.
PROB. I.
What the Balances in the Accounts of proper Trade are.
§ 1. What the Balances in proper domestic Trade are.
1. Cash-account, No. 1. and 61.
Contains, upon the Dr side, the ready money which the merchant had at first, or when the books were begun; together with all he has received since that time. The Cr side contains all the payments he has made, or the money he has given out. So that the difference of the two sides is, the ready money he has by him; and therefore this account is closed, by being credited by Balance, for the said difference.
2. An Account of Goods, No. 2. 3. 11. 12. 14. 18. 20. 21. 27. &c.
Contains upon the Dr side, the prime cost and charges; and, upon the Cr side, the sale or disposal of them. So that there are here three varieties. 1. When the goods are all disposed of, which is known by the inner columns being equal, the difference of its sides is, the gain or loss made upon the sale; and so is closed, by charging it Dr to Profit and Loss, for the gain, if the Cr side be heaviest; or giving it credit by Profit and Loss, for the loss, if the Dr side be heaviest. No. 2. 11. 14. 18. &c. 2. When none of the goods are disposed of, which will appear by the Cr side being empty, then it is closed by Balance, for the whole sum on the Dr side. No. 21. 27. &c. 3. When only part of the goods are disposed of, which will appear by the inequality of the quantity-columns; this case requires commonly two closing entries, viz. First, the account must be credited by Balance, for the goods remaining, valued at the prime cost; which equals the inner columns: After this, if the money-columns be unequal, it must be made Dr to, or Cr by Profit and Loss, for the gain or loss made upon what are sold; which evens the outer columns, and closes the account. No. 3. 12.
Note 1. If the goods are of different kinds or prices, as they should be distinguished, when posted to the Ledger, by different numbers, or separate inner columns; so care must be taken, in balancing the account, to mention the kind of goods remaining unsold, and to value them at their own prices.
Note 2. A merchant may, at any time, know what goods he has on hand, by comparing the inner columns of the Accounts of Goods, without being put to the trouble of inspecting his warehouse, and weighing or measuring the goods themselves.
Note 3. If there be lack or outcome of goods, that is, defect or excess in weight or measure, it will happen, when the goods are all disposed of, that the inner columns will not be equal. In this case, the balance or equality must be restored, by inserting as much in the deficient column as will make it equal to the other, writing the words Inlack, Broke, Lost in weight, Ullaged, Outcome, or the like, before it, as the reason why it is added: but nothing goes to the money-columns.
3. Plate and Jewels.
This account contains, on the Dr side, the things of that kind you are possessed of; and, like an account of goods remaining on hand, is closed, by being credited by Balance.
4. Personal accounts, No. 5. 6. 7. 9. 10. 13. 15. &c.
Contain, upon the Dr side, the debts due by the person to the merchant, with the payments made upon any other score by the merchant to him. The Cr side contains the payments made by the person to the merchant, with the debts due by the merchant to the said person, upon any other dealings. So that there are here two cases. 1st, If the Dr side be heaviest, the difference is a debt due by the person to the merchant. No. 13. 24. &c. 2ndly, If the Cr side be heaviest, the difference is a debt due by the merchant to the person. No. 15. 57. And in both cases the account is closed, by making it Dr to, or Cr by Balance, for the difference of its sides.
5. Bills receivable, No. 25.
This is a general personal account, and contains upon the Dr side, bills accepted, and payable to the merchant. The Cr side contains the payments he has received. So that the difference of its sides (if there be any) is, what is yet unpaid: And the account is closed, by giving it credit by Balance, for the said difference.
6. Bills 6. Bills payable, No 52.
This is an accompt of the same nature with the former; and contains, upon the Cr side, the bills accepted by the merchant, payable to others; and, upon the Dr side, the payments he has made. So that the difference of the sides (if there be any) is the bills yet unpaid: And the accompt is closed, by charging it Dr to Balance.
7. Bills of Exchange.
This accompt exhibits, on the Cr side, all the bills you draw on your factors or correspondents; and the Dr side shows what of them are accepted, protested, or yet outstanding; and is closed, if the sides happen to be unequal, by being debited to Balance, for the bills outstanding, viz., the bills of whose acceptance you have hitherto had no advice.
8. Bonds.
This accompt exhibits, on the Dr side, all the bonds you have received, and on the Cr side, what of them are paid, or outstanding; and is closed, if the sides happen to be unequal, by being credited by Balance, for the bonds yet unpaid.
9. Suspense-accompt, No 34.
Contains, upon the Dr side, the goods sent off; and upon the Cr side, either the same goods returned, or advice from your correspondent that he designs to keep them, or the price sent up. So that either the sides of this accompt are equal, and then the accompt closes of itself; or, if there be any difference, it is owing to your having hitherto had no advice concerning some of the goods sent off; and in this case the accompt is closed, by being credited by Balance, for the said difference.
10. Foreign Coin, No 26.
Contains, upon the Dr side, the value at which the several pieces are received; and on the Cr side, the value at which they are put off. In closing this accompt, there are three cases. If, the pieces are all disposed of, the accompt is closed, by being debited or credited to or by Profit or Loss, for the gain or loss made by them. 2dly, If none of the pieces are yet disposed of, it is closed by being credited by Balance, for the whole value on the Dr side. 3dly, If part of them are disposed of, and part of them yet on hand; in this case, the accompt must first be credited by Balance, for value of the pieces on hand; and if after this the money-columns still remain unequal, it must be debited or credited to or by Profit and Loss, for the said difference; which is the gain or loss made upon the pieces disposed of.
11. Wagers Accompt.
Contains, upon the Dr side, the consignments made when the wagers were entered into. The Cr side contains the decisions of the wagers. So that here occur two varieties, viz., 1st, If all the wagers are determined, the difference of the sides will be the gain made upon those decided in favour of the merchant; and the accompt is closed, by being charged Dr to Profit and Loss, for the said difference. 2dly, If any of the wagers are yet undecided, the accompt must first be credited by Balance for them: After which, if the sides are still unequal, it must be charged Dr to Profit and Loss, for the difference.
12. Decedent Person's Estate.
The Dr side of this accompt exhibits the legacies, bills, or debts, you the executor have paid on account of the person deceased; and the Cr side shows what he died possessed of: And the accompt is closed, by being made Dr to Profit and Loss, for the difference of its sides; which is the sum that falls to you the executor.
13. Accompts of Ships, Houses, and other Possessions, No 4.
Contain, upon the Dr side, what they cost at first, or are valued at, with all charges, such as repairs, or other expenses laid out upon them. The Cr side contains, (if any thing be writ upon it), either what they are sold or exchanged for, or the profits arising from them; such as freight, rent, &c. Here there are three cases. If nothing be written upon the Cr side, it is closed, by being credited by Balance. 2dly, If the Cr side be filled up, with the price of the ship, house, &c., sold, or otherwise disposed of, then the difference of the sides is the gain or loss made upon the sale; and the accompt is closed, by being debited or credited to or by Profit and Loss. 3dly, If the Cr side contain only the freight or rent; in this case, first charge the ship, house, &c., Dr to Profit and Loss, for the freight or rent; and then close the accompt with Balance. No 4.
14. House-expenses, Charges of Merchandize, Refusal of Bargains, Interest-accompt, Insurance accompt, and all others of the like nature, that are disbursements for which nothing comes in, or pure incomes for which nothing goes out. No 65. 42. 35.
Contain, upon their Dr sides, the articles of loss, and upon the Cr sides the articles of gain; and are closed, by being debited or credited to or by Profit and Loss, for the difference of their sides.
15. Profit and Loss, No 38.
Contains, upon the Dr side, the articles of loss, and on the Cr side the articles of gain. To this accompt are carried, not only whatever comes in course to it from the Journal, but also all the articles of gain and loss that occur in closing the Ledger-accompts. After which, the Dr and Cr sides being added up, their difference is the neat gain or loss made since the books were begun; and therefore this accompt is closed, by being debited or credited to or by Stock, for the difference of its sides.
16. Stock-accompt, No 8.
As gathered from the Journal, contains, upon the Dr side, the debts due by the merchant when the books were begun. The Cr side contains his ready money, effects, and debts due to him at the same time. But then, to this accompt, as it now stands, there is brought, at closing of the Ledger, the difference of the sides of the Profit and Loss accompt. After which, the Dr and Cr sides being added up, and compared, their difference will be the merchant's present neat stock; and the accompt is closed by Balance. § 2. What the Balances in proper Foreign Trade are.
1. Voyage to, or from ——, No 16. 40. 47. Contains, upon the Dr side, the prime cost and charges of the cargo. The Cr side is either empty, or it contains the receipt or disposal of the goods by the factor, or perhaps returns made for them. There are therefore here two cases. If, if the Cr side be empty, the ship is still at sea, or, at least, there has been as yet no advice of her arrival; and the accompt is closed, by giving it credit by Balance. 2dly, If the Cr side be filled up, the difference of the sides is the gain or loss made upon the voyage; and accordingly the accompt is closed by being made Dr or Cr to or by Profit and Loss. If the sums of the sides happen to be equal, there is neither gain nor loss on the voyage; and the accompt closes of itself.
2. A. B. my Accompt of Goods. Contains, upon the Dr side, the goods consigned to, and received by the factor; and on the Cr side, the disposal of the said goods. This accompt balances exactly as an Accompt of goods in proper domestic trade.
3. A. B. my Accompt on Time. Contains, upon the Dr side, the debts due to the factor, for my goods sold by him on time. The Cr side contains the payments made by debtors to the factors. So that, if there be any difference of the sides, it is the debts yet outstanding; And the accompt is closed, by giving it credit by Balance.
4. A. B. my accompt-current, No 41. 53. Contains, upon the Dr side, the money in the factor's hands, received by him of the sales of my goods, with the remittances I had sent him, or payments I have made him upon any other account. The Cr side contains the payments or remittances he has sent me, with the debts I owe him upon any other score. In closing this accompt, there are two cases. If, if the inner columns, which contain the foreign money, be equal; then, if there be any difference between the outer columns, it is the gain or loss made by exchange; which flows from the different rates of exchange at which these debts have been charged and discharged: And the accompt in this case is closed, by being made Dr to or Cr by Profit and Loss, for the difference of the outer columns. 2dly, If the inner columns are unequal, they must first be brought to an equality, by making the accompt Dr to, or Cr by Balance, for their difference, valuing the foreign money at the current rate of exchange; which difference is a debt due by the factor if the Dr side be heaviest, but due to the factor if the Cr side be heaviest. If after this the outer columns are unequal, their difference is, the gain or loss made by exchange; and the accompt must be closed, by making it Dr to or Cr by Profit and Loss, for the said difference.
PROB. II.
What the Balances in Factory-accompts are.
1. A. B. his Accompt of Goods, No 48. This accompt contains, upon the Dr side, the charges paid by the factor. The Cr side contains the sale or disposal of the goods. In closing this accompt, there are five varieties. If, if the goods are all sold, and all the money received, this accompt is balanced, by being charged Dr, first to Profit and Loss, for the factor's commission, at so much per cent. after which, the difference of the sides is, the money due to the employer; and is closed, by being again charged Dr to A. B. his Accompt-current, for the said difference. 2dly, If the goods are all sold, but no money yet received, it is closed, by being made Dr to Profit and Loss, for the factor's commission, and to A. B. his Accompt on Time, for the out-standing debts due to him. 3dly, If the goods are all sold, and only part of the money received, it is closed, by being made Dr to Profit and Loss, for the factor's commission; to A. B. his Accompt on Time, for the out-standing debts; and to A. B. his Accompt-current, for the employer's money in factor's hands. 4thly, If none of the goods be yet sold, it is closed, by giving it credit by Balance, for the sum of the charges on the Dr side. 5thly, If only part of the goods are sold, and so the accompt unfinished, the best way to close it is, by a double balance; that is, first charge it Dr to Balance, for the sum upon the Cr side; and then give it credit by Balance, for the charges on the Dr side. Thus the accompt will appear in the new books in the same state that it did in the old.
2. A. B. his Accompt on Time, No 49. Contains, upon the Cr side, the debts due by those who bought the employer's goods; and as these debts are paid in to the factor, it is charged Dr to A. B. his Accompt-current, for the said payments; and therefore, if, at closing of the Ledger, there be any difference of its sides, it is the debts yet outstanding; and is closed, by being charged Dr to Balance, for the said difference.
3. A. B. his Accompt-current, No 36. 50. Contains, upon the Dr side, the money laid out by the factor for the employer's use, as in answering his bills, or remitting bills to him, or otherwise. The Cr side contains the money in the factor's hands belonging to the employer. So that the difference of its sides is, the debts due by the factor to A. B. or by A. B. to him; and the accompt is closed, by being made Dr or Cr to or by Balance.
Note, If the factor dispose of the employer's good on trust, to persons with whom he has private dealings of his own, it will be proper, in closing their accompts, to divide the balance into two parts, viz., one due for the employer's goods, and the other due to or by himself. PROB. III.
What the Balances in Company-accounts are.
§ 1. What the Balances in the Accounts kept by a Partner are.
1. A.B. my Account in Company, No 54: Contains, upon the Dr side, the partner's inputs, and share of charges; upon the Cr side, the returns made; and the difference is the gain or loss. In balancing this account, there are two cases. 1st, If the account be finished, i.e., if the goods be sold, and returns made, it is closed, by being made Dr or Cr to or by Profit and Loss. 2ndly, If the account be yet unfinished, the best way is, to close it with a double balance; that is, to make it Dr to Balance, for the sum of the Cr side, and give it credit by Balance, for the sum of the Dr side.
2. A.B. my Account-proper, No 55. This account is merely personal, and closed with Balance, for the difference of its sides; which is the debt due to, or by the company.
§ 2. What the Balances of the Accounts kept by a Trustee in his own Books are.
Before the trustee close the company's accounts, he ought to make the double Journal entry following, if it be not done already; namely, 1st, Goods in Company, or Voyage, &c. Dr to Sundries, viz., to Cash, for all charges not yet stated to account, such as cellar rent, &c., and to Profit and Loss, for his own commission, at so much per cent. 2ndly, Each partner's Account-proper Dr to his Account in Company, for their respective shares of the above charges and commission. These entries being made, the balances of the accounts are as follows.
1. Goods in Company, No 58, 62, 71, 74. Contains, upon the Dr side, the prime cost of the goods stocked in, with all charges, and the trustee's commission. The Cr side contains the disposal of them. The difference of the sides is gain or loss, to be divided amongst the partners. Here there are three cases. 1st, If the goods be all sold, the account is closed, by being debited or credited to or by Sundries, viz., to, or by each partner's Account in company, for their shares of the gain or loss; and to, or by Profit and Loss, for the trustee's own share. 2ndly, If none of the goods are sold, then the account is closed, by being credited by Sundries; viz., by each partner's Account in Company, for their shares of the goods unsold; and by Balance, for the trustee's share. 3rdly, If part of the goods are sold, and part of them yet remain not disposed of, this case is a compound of the two former; and accordingly the account is closed, by making the entry mentioned in the first case, for the gain or loss on those sold; and then, by making the entry mentioned in the second case, for those not disposed of.
2. Voyage in Company, No 66. Contains, upon the Dr side, the value and charges of the goods sent to sea. The Cr side contains the receipt or disposal of them by the factor. The difference of the sides is gain or loss. Here there are three cases. 1st, If the Dr and Cr sides be equal, then the account closes of itself. 2ndly, If one of the sides exceed the other, then the account is closed, by being made Dr or Cr to or by Sundries; viz., to, or by each partner's Account in Company, for their shares of the gain or loss; and to, or by Profit and Loss, for the trustee's share. 3rdly, If nothing be yet written upon the Cr side, then the account is closed, by being credited by Sundries, viz., by each partner's Account in Company, for their shares of the goods at sea; and by Balance, for the trustee's share.
3. Factor our Account of Goods. Contains, upon the Dr side, the company's goods consigned to, and received by the factor. The Cr side contains the disposal of them. The difference of the sides is gain or loss made upon the sale of them. This account has the same varieties, and is balanced the same way with Goods in company.
4. Factor our Account-current. Contains, upon the Dr side, what money belonging to the company is in the factor's hand. The Cr side contains the returns he has made in goods or bills. The difference is the debt due to or by the factor. This account is closed, by being made Dr or Cr to or by Balance, for the said difference.
5. Partner his Account in Company, No 59, 69, 70. Contains, upon the Cr side, the partner's inputs, with his share of charges, and of gain at close. The Dr side contains returns for inputs disposed of, or goods remaining unsold, with the partner's share of losses, if any. This account, after the preceding accounts are balanced, will always close of itself; as is evident by considering what goes to the two sides of it: so that if the balance of this account fail, the accountant may conclude, for certain, that something in the company's accounts is wrong, or at least some mistake has happened in closing them.
6. Partner his Account-proper, No 60, 67, 68. Is a personal account, the difference of whole sides is the debt due to or by the partner, and is closed with Balance.
Note. If the design of balancing the company-accounts be, not in order to know the state of the company's affairs, but only that the old Ledger may be finished, and the accounts carried to new books; the accountant, in this case, may either balance them as above directed; or he may, if he pleases, close all of them by a double balance; which is the easiest and shortest way, and will have the same effect in the issue.
§ 3. What the Balances of the Accounts kept by a Trustee in separate Books are.
1. Goods in Company, and Voyage in Company, Have the same things upon their Dr and Cr sides, as when when kept in books along with other business; but are closed with Profit and Loss in Company, for the gain or loss; and with partners Accompts in company, for their respective shares of goods remaining unfold, or at sea.
2. Cash in Company, Contains, upon the Dr side, the sums of money given in by partners, and received from dealers for goods sold; the Cr side contains the sums laid out; so that the difference of its sides is the money on hand; and is closed with Balance in company.
3. Partner his Accompt in Company, Contains the same thing upon its Dr and Cr sides respectively, as when kept in books along with other business; and, after the accompts of goods and voyages are balanced, will always close of itself.
4. Partner his Accompt proper. This and all personal accompts, as they contain the same things upon their Dr and Cr sides, as their parallels, in proper trade, so they are all closed with Balance in company.
5. Profit and Loss in Company. The difference of its sides is the gain or loss made upon company-trade, and must be charged Dr to the trustee his Accompt-proper, for his commission; after which, it is closed, (if no Stock-accompt is kept), by being made Dr or Cr to or by Sundries, viz. Each partner his accompt in company, for the respective shares of gain or loss. But if you keep a Stock-accompt in company, then this accompt is closed with it; and the Stock-accompt is again closed with the partners Accompts in company.
6. Balance in Company, Contains, upon the Dr side, the company's ready money in the trustee's hand, with the debts to the company, whether by partners or dealers; the Cr side contains the debts due by the company, and that whether to partners or to dealers: And if the books have been rightly kept, and duly balanced, the two sides of this accompt will always equal one another to a farthing.
Note. If you incline the goods remaining unfold, or at sea, should appear upon the Balance-accompt, you must close the Accompt of goods and Voyages with Balance in company, for the value of the quantity not disposed of, or at sea; and you may close the partners Accompts in company (which in this case will not close of themselves), either with their Accompts proper, or with Balance in company, as you please.
How the Balances are collected, the Ledger closed, and a new Inventory formed.
When you design to balance your Ledger, in order to begin a new set of books, proceed in the manner following.
Take two sheets or folios of loose paper, rule them like the Ledger, and write on the heads or tops of them, the titles of the two following Accompts, viz. on the head of the one, Profit and Loss Dr, and Contra Cr; on the other, Balance Dr, and Contra Cr. Then, beginning with the Accompt of cash, go over every accompt in the Ledger, (omitting only the Accompts of Profit and Loss and Stock, which must be left open to the last), and carry the articles of gain or loss found on any of them, to the Profit and Loss sheet; and the articles of debt, or goods remaining, to the Balance sheet, without touching the accompts themselves: e.g. Taking from the Trial-balance the sums of the Dr and Cr sides of the Cash-accompt, subtract the one sum from the other, and, on the Balance sheet, make Balance Dr to Cash, for their difference, being the ready money in your hands. Again, in an Accompt of goods that are all sold, taking the sums of the Dr and Cr sides, subtract the one from the other, and, on the other sheet, make Profit and Loss Dr or Cr to or by the said Accompt of Goods, for the difference of its sides. And in this manner proceed with every other accompt in the Ledger, according to their nature, as explained in the last section.
Having advanced thus far, your next step is, to add up the Dr sides of the Profit and Loss sheet, and the Profit and Loss accompt in the Ledger, into one sum, and their Cr sides into another; and, on the said sheet, make Profit and Loss Dr or Cr to or by Stock, for their difference: Which difference being carried to the Stock-accompt, add up its Dr and Cr sides, and carry their difference to the Balance sheet. Which being done, the total sums of the Dr and Cr sides of the Balance sheet will be equal to a farthing, if the books be right, and the balancing work truly performed: As may be thus demonstrated.
It is obvious, that the Balance sheet, before the balance of the Stock-accompt is brought to it, contains, upon the Dr side, the money and goods you have on hand, or at sea, or in the hands of factors, with the debts due to you; the articles on the Cr side are the debts due by you to others: So that the difference of its sides is your present worth, or neat stock. Now, if the balance of the Stock-accompt be also equal to your present neat stock, it is plain, that it will even the sides of the Balance-accompt. But that it is so, appears thus.
Your present neat stock is equal to your neat stock when the books were begun, with the addition of the gain, or diminution of the loss, made since that time: but the difference of the sides of Stock accompt, before the balance of Profit and Loss accompt be brought to it, is your neat stock when the books were begun; and the balance of Profit and Loss accompt, is the gain or loss made since that time; which, consequently, being brought to Stock-accompt, makes the balance of Stock-accompt equal to your present neat stock; and therefore the balance of Stock-accompt evens the sides of Balance-accompt.
If, after the balance of Stock-accompt is brought to Balance-accompt, the sides happen to be still unequal, there has unquestionably some error been committed; which you must find out by a careful review of the balancing work: for here the error must lie, since the books are supposed to have been examined, and found right, or made so, before the balancing was begun. On the other hand, if the sides of Balance-accompt be equal, all may be presumed right. There is not, indeed, an absolute certainty in the case; for, if you imagine two mistakes committed, either both in the articles of Profit and Loss, or both in the articles of Balance, or one in the former, and the other in the latter, both excesses, or both defects, equal, and on opposite sides, it is plain this would not impede the equality of the Dr. and Cr sides of the Balance-account. But then this is so great a chance, that it is more than probable such a thing can never happen, and pass too, without being discovered.
Having brought the two sides of the Balance-account to an equality, which is the test of every thing being right, proceed to close the Ledger-accounts, thus. First, to the Profit and Loss account, transfer the articles on the Profit and Loss sheet. Next, at the end of the Ledger, erect an Account of Balance, into which transcribe the Balance sheet. After which, return to the beginning of the Ledger, and giving the Cash-account credit by Balance, for your ready money, draw a line across the money-columns on each side, at the foot of the account; below which set down the total sums, which will be now equal. Proceed in like manner with all the following accounts, transferring to each the respective articles that belong to them, from the two sheets of loose paper, inserting the referring figures in the folio-column, and writing the total sums on the foot of the account; by which means all the accounts in the Ledger will come to be balanced and closed; that is, evened and finished.
But here it will be proper to observe, that merchants, in balancing their Ledger, do not all go the same way to work. For some, instead of proceeding according to the above directions, close their Ledger-accounts, and post the closing entries to the Accounts of Profit and Loss, and Balance, all at the same time. And it must be owned, that this way, practised with care, will well enough answer the purpose; but to post the closing entries in the first place, and then to close the accounts, seems to be the surer and better method.
The Ledger being now closed, the next thing to be done is, to begin a new set of books; in order to which, a new inventory must be fetched from your old books, as the foundation of your future trade in the new. Now, it is plain, at first view, that the several articles on the Dr side of the Balance-account, being the particular items of your effects, and debts due to you, make up the first part of the Inventory; and the several articles on the Cr side, except the last, being the debts due by you to others, make up the second part of it: and accordingly in your new Journal, the several particulars on the Dr side must all of them be made Drs to Stock, and Stock Dr to the several particulars on the Cr side; and Stock-account in your New Ledger will stand thus:
Stock Dr, To Jacob Russell, To H. V. Beck, &c.
Contra Cr, By Cash, By Indian chints, &c. WASTE-BOOK.
Edinburgh, the 1st of January 1769.
An Inventory of the money, goods, and debts belonging to me A. B. as also of the debts due by me to others, viz.—
I have in ready money 12000 00 00
Also 2000 yards fine linen, at 21. 6 d. 250 00 00
15 pieces Indian chints, at 24l. 10 s. 367 10 0
¼ of the ship Britannia (freighted by Mr Steel and comp. for a voyage to Barbados) with repairs, cost 348 10 0
John Harris owes me per note, on demand, 45 00 0
Thomas Freeman owes me per bill, due 2d February next, 96 00 0
George Evans owes me per bond, dated the 11th Nov. last, and payable Mart. next, with interest at 5 per cent. 300 00 0
13407 00 00
I owe as follows.
To Joseph Martin, on demand, 36 00 0
To Sir Isaac Crisp, due 1st of June next, 120 00 0
156 00 00
A.
Bought for ready money, 40 pieces cambrics, at 2l. 16s. 112 00 00
B. I. F. I.
Bought of John Vernon 100 pieces duroys, at 26s. to pay at two months, 130 00 00
B. 3.
Paid Joseph Martin in full, 36 00 00
F. 4.
Bought of Jacob Russel 26 pieces druggets, at 7l. 10s. 195 00 00
Paid half down, 97 10 0
Reft due on demand, 97 10 0
B. 5.
W.B. —— January 21st.
N° 1. Sent as an adventure to Jamaica, in the ship Hopewell, Captain Gordon master, consigned to William Boyd, the following goods, marked and numbered as per margin, viz.—
70 pieces of my own duroys, at 26s. 91 00 0
6 pieces holland, presently bought of Jacob Green, at 18l. to pay at 2 months, 108 00 0
Paid charges, till on board, 14 11 4
Paid also premium to Simon Smith and company, for insuring 200l. 10 00 0
223 11 04
G. 4.
30th.
Paid Jacob Russel, in full for druggets, 97 10 00
F. 4.
February 2d.
Bought of Edward Harley 1000 yards broad cloth, at 13s. 6d. 675 00 00
Paid him part in money, 330 00 0
Given him a bill on John Har ris for 45 00 0
Rest due at 3 months, 300 00 0
B. 7.
5th.
Received of Thomas Freeman in full, 96 00 00
E. 4.
16th.
Bought for present money the goods following, viz.—
90 pieces kerseys, at 6l. 540 00 0
120 pieces suftians, at 37s. 6d. 225 00 0
765 00 00
B. n. i.
25th.
Sold 10 pieces druggets, at 8l. 3s. for ready money, 8 10 00
C. I. E. I.
March 1st.
Sold George Young 400 yards broad cloth, at 14s. to pay at 1 month, 280 00 00
C. 3.
4th.
Sold John Keil my 90 pieces kerseys, at 6l. 7s. 571 10 00
Received in part, 300 00 0
Rest due at 20 days, 271 10 0
C. 5.
10th.
Paid John Vernon, in full for duroys, 130 00 00
F. 4.
Lent Jacob Spencer, upon bond, for 6 months, at 5 per cent. 1000 00 00
F. 2.
March March 17th.
Sold Jacob Preston 200 yards broad cloth, at 14s. 2d., for payment whereof he has given me a bill on Henry Sidney, payable at sight; the sum is
C. 2. F. n. 4.
141 13 04
Sold Richard Stone 400 yards broad cloth, at 14s. 3½d., which he has paid, as follows, viz.
Given me 26 moidores, at 27s. 35 02 0 Given me in British coin, 150 14 8 And for the rest, an assignment on G. Digby,
C. 4. F. n. 8.
285 16 03
Paid Jacob Green in full for holland, as follows, viz.
Given him my 26 moidores at 26s. 6d. 34 09 And the rest in British coin, 73 11
F. 4. & n. 8.
Received of Henry Sidney, in full of Jacob Preston's bill,
E. 4. F. n. 4. & 9.
April 1st.
Received of John Keil, in full for kerseys, the sum of
Abated him, on account he complains two of the pieces proved not so good as the rest,
E. 6.
Received of George Young, in full for broad cloth.
E. 4.
10th.
Bartered 2 pieces Indian chints, at 25l. for 40 pieces lockrams, of the same value, viz. at 25s.
D. 1.
16th.
Bartered 1000 yards linen, at 2s. 8d. for the following goods of the same value, viz.
1 C. cochineal, valued at 108 16 0 64 lb. cinnamon, at 7s. 8d. 24 10 8
D. 3.
22d.
Bartered 6 pieces Indian chints, at 24l. 15s. for
8 bales muslin, at 12l. 16s. 102 8 The balance I have received in money 46 2
D. n. 2.
April 30th.
Bartered with George Dennis
1000 yards linen, at 2s. 9d. 137 10 0 And 2 pieces Indian chints, at 25l. 50 00
For 17 bags cotton, containing
42 C. 2 Q. neat, at 3l. 15s. per C. 159 07 6 And 12 lb. cloves, at 9s. 1d. 5 09 0
May 3d.
Paid Edward Harley, in full for broad cloth
F. 4.
Sent Nathaniel Napier, in the country, 10 pieces druggets, desiring him to take them at 7l. 15s.; if not, to return them on my charges.
C. n. 4.
13th.
Paid Simon Smart, as a penalty for refusing a bargain of Norwich stuffs,
B. n. 2.
J. J.
Shipped on board the Swan, Robert Scoi master, by order and for account of John Jeffop merchant in Genoa, the following goods marked and numbered as per margin, viz.
8 tun lead, bought of George Dennis, at 13l. 10s. to pay 108 0c at 1 month, 7535 lb. tanned leather, presently bought for ready money, at 7d.
Paid custom and other charges 10 19 Due to George Aiton for packing, 1 05 My commission at 2½ per cent. 8 10 Paid Simon Smith and company, for inferring 350l. on the whole, 10 10 My commission on ditto, at ½ per cent. 1 15
O. n. 1. 2. 3.
Paid George Aiton, in full for packing John Jeffop's leather,
O. n. 3.
Drawn my bill on John Jeffop in Genoa, for 960 dollars, payable to George Stapleton, on order, for value here received, at 50d.
June 3d.
Dr George Friend is deceased, and has left me a legacy, payable by his executor John Vernon, the sum is
E. n. 5.
Paid Sir Isaac Crisp in part,
F. 4. ### June 16th
Nathaniel Napier writes me, that he designs to keep the 16 pieces of druggets sent him the 7th of May last, and promises payment, viz., the one half against the 1st of August next, and the other half at Martinmas, the whole being
| l. s. d. | |----------| | 240 00 0 |
C. n. 4.
Received advice from William Boyd in Jamaica, That he hath received and sold my adventure, the neat proceeds, as per accompt of sales, amounting to 304l. 7s. In return for which, he hath put on board the same ship the following goods, desiring me to draw for the rest, viz.
| l. s. d. | |----------| | 6 barrels indigo, containing 126 lb. per barrel, at 2s. 81 18 00 | | 2 d. per lb. | | 5 hogheads pimento, containing in all 1535 lb. and 6d. 38 07 06 per lb. | | 5 hogheads sugar, containing 63 C. at 19s. per C. 59 17 00 | | Charges as per his invoice, 15 04 11 | | Balance in his hands, 108 19 07 |
3040700
H. 5.
Settled accompts with George Dennis, and paid him in full,
F. 4.
### June 25th
Paid Sir Isaac Grif in full,
F. 4.
### July 2d
Paid shop-rent for half a year, viz. from January 1. to July 1.
F. 12.
Paid my shopkeeper his bill of postage, and other petty charges,
F. 12.
Ship Hopewell is arrived safe with my goods from Jamaica; freight, duty, and other charges paid here, amount to
K. n. 2.
Sold John Dyer my six barrels indigo upon the key, at 4s. 3d. per lb.
Received in part,
Refi due at 6 months,
K. n. 2.
### July 15th
Drawn my bill on William Boyd in Jamaica, payable to Edward Dupper, or order, for value due by ditto Dupper, at 10 days,
L. 2.
Shipped on board the Dolphin, configured to No. 1. John Perkins merchant in Hamburg, to sell for my account, the goods following, marked and numbered as per margin, viz.
| l. s. d. | |----------| | My 5 hhd's sugar, valued at 59 17 0 | | 18 pieces calicoes, bought of Jacob Rusel, at 2l. 15s. 49 10 0 | | to pay at 6 months, | | 8 further lead, presently bought for ready money, at 12l. 18s. 103 04 0 | | Paid custom and other charges, 14 06 8 |
G. n. 1.
Received of Edward Dupper, in full for my bill on William Boyd,
E. 4.
Received of Nathaniel Napier, in part for druggets,
E. 4.
Lent Edward Harley upon bond, for three months, at 5 per cent.
F. 2.
Received from on board the Griffin, John Temple matter, the following goods, to sell for account of Herman Van Beek, merchant in Amsterdam, viz. 18 C. flax, and 14 butts madder, each butt containing 12 C.
Paid custom, freight, wharfage, porterage, &c.
M.
Sold Herman Van Beek's 14 butts madder, containing 168 C. at 2l. 10s. per C. for ready money,
N. 1.
Sold to Thomas Freeman, for account of Herman Van Beek, 18 C. flax at 3l. to pay at six M°.
N. 2.
Paid storage, brokerage, and other charges on Herman Van Beek's goods,
N. 4.
My commission on 490l. at 2½ per cent. comes to
N. 4.
August BOOK-KEEPING.
WASTE-BOOK.
August 30th.
N°1. By order of Herman Van Beek, I have shipped on board the Weasle sloop, Thomas Dyke master, bound for Amsterdam, the goods following, marked and numbered as per margin, viz.
My 5 hhdps pymento, containing 1535 lb. which I value at 10d. per lb. 63 19 2
12 hhdps tobacco, presently bought for ready money, containing 60 C. at 2½ d. per lb. 62 10 0
Paid custom and other charges, 7 18 2
Due to James Wright for cooperage 0 12 8
My commission on the whole, at 2½ per cent. 3 07 6
O. n. r. 3.
31st.
Paid James Wright in full for cooperage, 0 12 0
The abatement allowed by him is, 0 00 8
N. n. 2. O. n. 3.
September 1st.
Our ship the Britannia is arrived from Barbados, and Mr Steel has paid the owners in full for freight. My ¼ part, which I have received, is E. 10.
3rd.
Accepted Herman Van Beek's bill on me, payable to William Sabin at six days sight; the sum is P. 2. F. n. 4. & 9.
8th.
Remitted Herman Van Beek a bill of 584 guilders, drawn by Joseph Buchan on Ralph Roger merchant in Amsterdam, value paid here; exchange at 36s. 6d. is P. 4.
10th.
Paid William Sabin in full for Van Beek's bill P. n. r. F. n. 4. & 9.
Received of Jacob Spence 6 months interest of 1000l., lent him, the principal being continued in his hands for another half-year; the sum received is E. 7.
22d.
Received advice from John Perkins of Hamburg, That he hath received and disposed of my goods, the neat proceeds, as per account of sales, amounting to 403l. 5s. 1½d. Flemish, exchange at 34s. 5d. makes Sterling H. 2.
28th.
Received from the commissioners of the customs the drawback on my 5 hhdps sugar exported to Hamburg, G. n. 3.
September 30th.
John Perkins hath remitted me in full, exchange at 34s. in bills on the following persons, viz.
One, on John Alston, for 80 00 0
One, on Jacob Finch, for 120 00 0
One, on Stephen Morden, for 38 07 8½
L. 5. 238 07 8½
October 4th.
Edward Hopkins and myself have agreed to go equal halves in 10 hhdps tobacco, he to be manager; my half share, which I have paid him down, comes to Q. 1.
Edward Hopkins having disposed of our tobacco, has paid me my proportion of neat proceeds, as follows, viz.
Paid me in money 27 07 4
Given me a bill on Richard Adison for the rest 45 00 0
R. i. n. i. 72 07 4
Delivered to Edward Hopkins, 40 pieces cambrics, to sell for our account, each ½, valued at 3l. per piece, 120 00 0
Received of Edward Hopkins, in full for his half-share of 40 pieces cambrics, Q. 2.
Edward Hopkins has sold our cambrics for present money, and paid me my part of neat proceeds, as follows, viz.
Given me 72lb. cloves, at 9s. 32 08 00
The rest in money, 30 00 00
R. i. n. i. 62 08 00
Bought of James Ward 90 pieces fluffs, at 2l. 8½. to pay at 3 months, B. 3.
Paid loss of a wager on a horse-race, F. 14.
Bought in company with George Kent, each one half, the ship Phoenix, for which we have paid down our respective shares to the owners, amounting to S. 2. n. 2. 640 00 00
The carpenter has brought in his bill of repairs on the Phoenix, which I have paid, S. 3.
Mr Jones and company have freighted the Phoenix, for tear and wear of a voyage to Cadiz, at 22l. per month, and have thereupon advanced 1 month's freight, which I have received, T. i. n. i. 22 00 00 October 25th.
The Royal Exchange insurance-office has insured to us £600l. on the Phoenix, outward and inward at 3 per cent. the premium, which I have paid, comes to,
S. 3.
Bought of Richard Owen, for account of George Kent and myself in company, each
4 pipes sherry, at 26l. - 104 00 5 pipes ditto, at 26l. 10s. 132 10 Due on demand, 236 1000
27th.
Adjusted accounts with George Kent, and received
His half-share of my disbursements on the Phoenix, 6 5 0 Received also his half-share of the price of 9 pipes sherry, 118 5 0 U. 1.
Paid Richard Owen, in full for sherry 236 1000
29th.
Sold Edward Turner our 5 best pipes sherry, at 29l.
Received in part, 120 00 Rest due on demand, 25 00 T. 1.
November 1st.
Sold our other 4 pipes sherry, for ready money, at 27l. 12s.
Received of Edward Turner, in full for our sherry, 25 0000
Paid carriage, cellar-rent, and other charges on our sherry, S. 3. T. 3. n. 2.
My commission on the whole, at 1½ per cent., amounts to 7 08 06
4th.
Paid George Kent, in full for his half-share of neat proceeds on sherry, U. 4.
8th.
Received from Edward Harley, in full of his bond dated 6th August last, with 3 months interest at 5 per cent.
The principal is 400 00 The interest comes to 5 00 E. 8.
November 11th.
Paid one year's rent of my dwelling-house, viz. from Mart. 1764 to Mart. 1765, £13.
George Evans is broke, and I have compounded his debt of 300l. at 12s. per pound.
The composition received is 180 00 The discount is 120 00 E. 5.
Received of Nathaniel Napier, in full for druggets, 620 00
P. J.
Simon King, John Oker, and myself, resolving to make an equal joint adventure, we have put into company what goods each of us have proper for the intended voyage, without regard to our due proportions, purposing to adjust that matter with money.
Simon King, 80 pieces serge, at 5l. 10s. 440 00 John Oker, 70 pieces frize, at 4l. 280 00 I have put in my 90 pieces stuffs, which I value at 2l. 10s. 225 00 I have paid charges till on board, 27 10 I have also paid Simon Smith and comp. for insuring 900l. on our paid adventure, 22 10
Shipped the whole on board the Thistle, Capt. Benity master, consigned to Philip Jenkins merchant in Lisbon, to sell for our account, being marked and numbered as per margin.
V. 2. n. 2.
Upon adjusting accounts with Simon King and John Oker, there appears due to the former,
From John Oker, 51 13 4 And from me 56 13 4 Which we have paid, the total being 108 06 08
22d.
Simon King, John Oker, and myself, resolving further to trade in company, have bought of George Wood 18 tuns oil of Gallipoli, at 29l. 10s. due on demand, S. 1.
25th.
Simon King, John Oker, and myself, have paid George Wood, in full for oil, as follows, viz.
S. King has given him goods to the value of 120 0 John Oker has counted with him for 200 0 I have paid him the rest in money, 211 0 U. 8. S. 1. n. November 21st.
Simon King has evened our accounts, by paying
To John Oker, 23 0 And to me, 34 0
U. 7. & I.
57 00 00
30th.
Sold James Fuller, 1 tun of our oil, to pay at 14 days.
T. I.
December 2d.
Sold George Young, 7 tuns of our oil, at 30 l. 10 s.
Received in part, 113 10 Rest due in 10 days, 100 00
213 10 00
7th.
Bartered 10 tuns of our oil, at 32 l. for 12 pipes Canary wine, of the same value, viz.
6 pipes at 28 l. 6 s. 8 d. 170 0 And 6 pipes at 25 l. 150 0
320 00 00
13th.
Received of George Young, in full for oil,
T. I. n. 2
100 00 00
December 18th.
Sold our 6 pipes best Canary, for present money, at 29 l. 12 s.
T. I.
20th.
James Fuller is broke, and we have compounded his debt of 30 l. at 8 s. per pound.
The composition which I have received is
The discount amounts to
T. I. n. 2
24th.
Simon King, John Oker, and myself, have parted the remaining 6 pipes Canary equally among ourselves; which, valued at 25 l. per pipe, comes to
27th.
The Phoenix is arrived from Cadiz, and Mr Jones has paid me, in full for freight,
T. I. n. 1
28th.
Sold our Phoenix to Mr Jones and company, to pay at 3 months,
T. I.
30th.
Laid out for the use of my family, since the 1st of January last,
F. 13. ## JOURNAL
**Edinburgh, the 1st of January 1769**
### Sundries Drs to Stock, 13407 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | Cash, for ready money | 12000 00 | | Linen, for 2000 yards, at 2s. 6d. | 250 00 | | Indian chints, for 15 pieces, at 24l. 10s. | 367 10 | | Ship Britannia, for 1/4 coft, John Harris, per note on demand | 348 10 | | Thomas Freeman, per bill due Feb. 2 | 45 00 | | George Evans, per bond at 5 per cent | 96 00 | | | 13407 00 |
### Stock Dr to Sundries, 156 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | To Joseph Martin, on demand | 36 00 | | To Sir Isaac Crisp, due 1st of June | 120 00 | | | 156 00 |
### Druggets Dr to Sundries, 195 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | To Cash, in part for 26 pieces, at 7l. 10s. | 97 10 | | To Jacob Russel, for the rest, on demand | 97 10 | | | 195 00 |
### Voyage to Jamaica Dr to Sundries, 223 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | To Duroys, for 70 pieces, at 26s. | 91 00 | | To Jacob Green, for 6 pieces holland, at 18l. to pay at 2 months | 108 00 | | To Cash, paid charges and premium | 24 11 4 | | | 223 11 04|
### Broad Cloth Dr to Sundries, 675 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | To Cash, in part, for 1000 yards, at 13s. 6d. | 330 00 | | To John Harris, for my bill on him | 45 00 | | To Edward Harley, for the rest at 3 months | 300 00 | | | 675 00 |
### Sundries Drs to Cash, 765 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | Kerseys, for 90 pieces, at 6l. | 54 00 | | Fustians, for 120 pieces, at 37s. 6d. | 225 00 | | | 765 00 |
### Sundries Drs to Kerseys, 571 l. 10s.
| Description | l. s. d. | |--------------------------------------------------|----------| | Cash, in part for 90 pieces, at 6l. 7s. | 300 00 | | John Keil, for the rest, at 20 days | 271 10 | | | 571 10 |
### Sundries Drs to Broad Cloth, 280 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | Sold him 400 yards, at 14s. to pay at 1 M° | 280 00 |
### Sundries Drs to Cash, 1000 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | Lent him upon bond for 6 months, at 5 per cent. per ann. | 1000 00 |
### Bills receivable Dr to Broad Cloth, 141 l. 13s. 4d.
| Description | l. s. d. | |--------------------------------------------------|----------| | Sold Jacob Preston 200 yards, at 14s. 2d. | 141 13 04|
### Sundries Drs to Broad Cloth, 285 l. 16s. 8d.
| Description | l. s. d. | |--------------------------------------------------|----------| | Foreign Coin, for 26 moidores, at 27s. in part for 400 yds | 35 02 0 | | Cash, in British money | 150 14 8 | | Bills receivable, for Richard Stone's assignment on George Digby, for the rest | 100 00 0 | | | 285 16 08|
### Jacob Green Dr to Sundries, 108 l.
| Description | l. s. d. | |--------------------------------------------------|----------| | To Foreign Coin, for 26 moidores, at 26s. 6d. | 34 09 | | To Cash, for British money | 73 11 | | Paid him in full for holland | 108 00 |
March ### BOOK-KEEPING JOURNAL
#### March 23rd
1. Cash Dr to Bills receivable, £141 l. 13 s. 4 d. - Received of Henry Sidney, in full of Jacob Preston's bill,
2. Sundries Drs to John Keil, £271 l. 10 s.
3. Cash, in full for kerseys, £270 00
4. Kerseys, abated him, £1 10
5. Sundries Drs to Linen, £133 l. 6 s. 8 d.
6. Cochineal, for 1 C. valued at £108 16 0
7. Cinnamon, for 64 lb. at 7 s. 8 d. £24 10 8
8. Received in barter for 1000 yards, at 2 s. 8 d.
9. Sundries Drs to Indian Chints, £143 l. 10 s.
10. Muslin, for 8 bales, at £12 l. 16 s. £102 8
11. Cash, for the balance paid me, £46 2
12. Received in barter for 6 pieces, at £24 l. 15 s.
13. George Dennis Dr to Sundries, £187 l. 10 s.
14. To Linen, for 100 yards, at 2 s. 9 d. £137 10
15. To Indian Chints, for 2 pieces, at £25 l. £50 0
16. Delivered him in barter.
17. Sundries Drs to George Dennis, £164 l. 16 s. 6 d.
18. Cotton, for 17 bags, containing 42 C. 2 Q. neat, at £3 l. 15 s. £159 07 6 per C.
19. Cloves, for 12 lb. at 9 s. 1 d. £5 09 0
20. Received of him in barter.
#### April 1st
1. Cash Dr to George Young, £280 l.
2. Received of him in full for broad cloth,
3. Lockrams Dr to Indian Chints, £50 l.
4. Received 4 pieces, at 25 s. in barter, for 2 pieces, at £25 l.
5. Sundries Drs to Linen, £133 l. 6 s. 8 d.
6. Cochineal, for 1 C. valued at £108 16 0
7. Cinnamon, for 64 lb. at 7 s. 8 d. £24 10 8
8. Received in barter for 1000 yards, at 2 s. 8 d.
9. Sundries Drs to Indian Chints, £143 l. 10 s.
10. Muslin, for 8 bales, at £12 l. 16 s. £102 8
11. Cash, for the balance paid me, £46 2
12. Received in barter for 6 pieces, at £24 l. 15 s.
13. George Dennis Dr to Sundries, £187 l. 10 s.
14. To Linen, for 100 yards, at 2 s. 9 d. £137 10
15. To Indian Chints, for 2 pieces, at £25 l. £50 0
16. Delivered him in barter.
17. Sundries Drs to George Dennis, £164 l. 16 s. 6 d.
18. Cotton, for 17 bags, containing 42 C. 2 Q. neat, at £3 l. 15 s. £159 07 6 per C.
19. Cloves, for 12 lb. at 9 s. 1 d. £5 09 0
20. Received of him in barter.
#### May 18th
1. John Jeffop his accompt-current Dr to Sundries, £360 l. 15 s.
2. To George Dennis, for 8 tuns lead, at £13 l. 10 s. to pay at 1 month, £108 0
3. To Cash, for 7536 lb. tanned leather, at 7 d. with custom, insurance, etc., £241 5
4. To George Aiton, for packing, £1 5
5. To Profit and Loss, for my commission, £10 5
6. George Aiton Dr to Cash, £11 l. 5 s.
7. Paid him in full for packing John Jeffop's leather, £105 00
8. Cash Dr to John Jeffop his accompt current, £200 l.
9. Drawn my bill on him, for 960 dollars, at £50 d. payable to George Stapleton, or order, value received, £200 00
10. John Vernon Dr to Profit and Loss, £200 l.
11. Left me in legacy by Dr George Friend, and payable by ditto Vernon, his executor, £200 00
12. Sir Isaac Crisp Dr to Cash, £80 l.
13. Paid him in part, £80 00
14. Nathaniel Napier Dr to Suspense accompt, £124 l.
15. Writes me, that he keeps the 16 pieces druggets sent him the 7th of May last, promising to pay one half against the 1st of August, and the other half at Martinmas, the whole being, £124 00 00
16. Sandries Drs to Voyage to Jamaica, £304 l. 7 s.
17. Voyage from Jamaica, for goods returned, and charges, £195 07 5
18. William Boyd my accompt current, for balance in his hands, £108 19 7
19. George Dennis Dr to Cash, £85 l. 6 s. 6 d.
20. Paid him in full, £85 06 06
21. Sir Isaac Crisp Dr to Cash, £40 l.
22. Paid him in full, £40 00 00
23. July 2d
24. Charges of merchandize Dr to Cash, £12 l.
25. Paid shop-rent for ½ year, viz. from January 1st to July 1st, £12 00 00
26. Charges of merchandize Dr to Cash, £2 l. 12 s. 8 d.
27. Paid my shop keeper his bill of postage, and other charges, £2 12 08
28. Voyage from Jamaica Dr to Cash, £97 l. 12 s.
29. Paid freight, duty, and other charges here, £97 12 00
30. Sundries Drs to Voyage from Jamaica, £160 l. 13 s.
31. Cash in part for 6 barrels indigo, containing 756 lb. at 4 s. 3 d. per lb., £80 13
32. John Dyer, for the rest at six months, £80 00
33. July ### July 10th
- **Sundries Dr** to Voyage from Jamaica, 98 l. 4 s. 6 d.
- **Payment**, for 5 hogheads containing 1535 lb. at 6 d. per lb., 38 07 6
- **Sugar**, for 5 hogheads containing 63 C. at 19 s. per C., 59 17 0
Brought into my warehouse.
### August 30th
- **Herman Van Beek** his accompt current Dr Sundries, 138 l. 7 s. 6 d.
To **Payment**, for 5 hogheads containing 1535 lb. which I value at 10 d. per lb., 63 19 2
To **Café**, for 12 hogheads tobacco containing 60 C. at 2½ d. per lb. and charges, 70 08 2
To **James Wright**, for cooperage, 0 12 8
To **Profit and Loss**, for my commission at 2½ per cent., 3 07 6
### August 15th
- **Edward Dupper** Dr to William Boyd my accompt current, 108 l. 19 s. 7 d.
Drawn my bill on him, payable to ditto Dupper, value due by him, at 10 days, 22d.
- **Voyage to Hamburg** Dr to Sundries, 226 l. 17 s. 8 d.
To **Sugar**, for 5 hogheads, valued at 59 17 0
To **Jacob Russel**, for 18 pieces calicoes, at 2 l. 15 s. to pay at 6 months, 49 10 0
To **Café**, for 8 fother lead, at 12 l. 18 s. and charges at shipping, 117 10 8
### September 1st
- **Café Dr** to Ship Britannia, 72 l. 10 s.
Received my ¼ of freight from Mr Steel, 3d.
- **Herman Van Beek** his accompt-current Dr to Bills payable, 200 l.
Accepted his bill on me payable to William Sabin at 6 days, 200 00 00
### August 3rd
- **Café Dr** to Nathaniel Napier, 62 l.
Received his first moiety for druggets, 62 00 00
### August 6th
- **Edward Harley** Dr to Café, 400 l.
Lent him upon bond, for 3 months, at 5 per cent., 400 00 00
### August 10th
- **Herman Van Beek** his accompt of goods, Dr to Café, 14 l. 12 s. 6 d.
Paid custom, freight, and other charges on them, 14 12 06
### August 17th
- **Café Dr** to Herman Van Beek his accompt of goods, 420 l.
Received for his 14 butts madder containing 168 C. at 2 l. 10 s. per C., 420 00 00
- **Thomas Freeman** Dr to Herman Van Beek his accompt of goods, 54 l.
For his 18 C. flax, at 3 l. to pay at 6 months, 54 00 00
- **Herman Van Beek** his accompt of goods Dr to Café, 1 l. 7 s. 6 d.
Paid storage, brokerage, &c., 1 07 06
- **Herman Van Beek** his accompt of goods Dr to Profit and Loss, 12 l. 5 s.
For my commission at 2½ per cent., 12 05 00
### August 28th
- **Café Dr** to Voyage to Hamburg, 8 l. 5 s. 4½ d.
Received drawback on my 5 hogheads sugar exported, 8 05 4½
### August 30th
- **Bills receivable** Dr to John Perkins my accompt current, 238 l. 7 s. 8½ d.
Remitted to me in full of 405 l. 5 s. 1½ d. exchange at 34½ in bills, viz:
One, on John Alston, for 80 00 00
One, on Jacob Finch, for 120 00 00
One, on Stephen Morden, for 38 07 8½
### October October 4th.
Edward Hopkins my accoant in company Dr to Cash, 60 l. Paid him my half share of 10 hogsheads tobacco in his hands, 60 00
Sundries Drs to Edward Hopkins my accoant in company, 72 l. 7 s. 4 d.
Cash, received in money, 27 07 4 Bills receivable, for one on R. Adison, 45 00 0
Sundries Drs to Cambriics, 120 l.
Edward Hopkins my accoant in company, for my half share of 40 60 co pieces, at 3 l., 60 00 Edward Hopkins my accoant proper, for his half share, 120 00
Cash Dr to Edward Hopkins my accoant proper, 60 l. Received for his half share of cambrics, 60 00
Sundries Drs to Edward Hopkins my accoant in company, 62 l. 8 s.
Clover, for 72 lb. at 9 s., 32 8 Cash, received in money, 30 0
Stuffs Dr to James Ward, 216 l. Bought 90 pieces, at 2 l. 8 s. to pay at 3 months, 216 00
Profit and Loss Dr to Cash, 2 l. 2 s. Paid loss of a wager on a horse-race, 20 20
Ship Phoenix in company with George Kent Dr to Cash, 640 l. Sundries, 640 l. To cash, for my half share, 320 0 To George Kent his accoant in company, for his half share, 320 0
Ship Phoenix in company with George Kent Dr to Cash, 161 l. 10 s. Paid the carpenter his bill of repairs, 161 10
George Kent his accoant proper Dr to ditto Kent his accoant in company, 8 l. 5 s. For his half share of repairs, 8 0
Cash Dr to Ship Phoenix in Company with George Kent, 22 l. Received 1 month's freight, 22 00
George Kent his accoant in company Dr to ditto his accoant proper, 11 l. For his half share of 1 month's freight received, 11 00
October 25th.
Ship Phoenix in company with George Kent Dr to Cash, 18 l. Paid premium for insuring 600 l. to and from Cadiz, 18 00
George Kent his accoant proper Dr to ditto his accoant in company, 9 l. For his half share of premium, 9 00
Sherry in company with George Kent Dr to Richard Owen, 236 l. 10 s. For 9 pipes, viz. 4 at 26 l. and 5 at 26 l. 10 s. due on demand, 236 10
George Kent his accoant proper Dr to ditto his accoant in company, 118 l. 5 s. For his half share of 9 pipes sherry, 118 05
Cash Dr to George Kent his accoant proper, 124 l. 10 s. Received of him his half share of my disbursements on the Phoenix, and also his half share of the price of 9 pipes sherry, 124 10
Richard Owen Dr to Cash, 236 l. 10 s. Paid him in full for sherry, 236 10
Sundries Drs to Sherry in Company with George Kent, 145 l.
Cash, in part for our 5 best pipes, at 29 l., 120 00 Edward Turner, for the rest, on demand, 25 00
George Kent his accoant in company Dr to ditto his accoant proper, 72 l. 10 s. For his half share of 5 pipes sherry sold Edward Turner, at 29 l., 72 10
Cash Dr to Sherry in company with George Kent, 110 l. 8 s. Received for 4 pipes, at 27 l. 12 s., 110 8
George Kent his accoant in company Dr to ditto his accoant proper, 55 l. 4 s. For his half share of 110 l. 8 s. received for 4 pipes sherry, 55 4
Cash, Dr to Edward Turner, 25 l. Received of him in full for sherry, 25 00
Sherry in company with George Kent Dr to Cash, 3 l. 2 s. Paid carriage, cellar-rent, &c., 3 02
George Kent his accoant proper Dr to ditto his accoant in company, 11 l. For his half share of carriage, cellar-rent, &c., 1 1 ### November 1st
- **Sherry in company with George Kent Dr to Profit and Loss**, 7 l. 8 s. 6 d. - For my commission, at 1½ per cent.
### November 2nd
- **Oil in company with Simon King and John Oker Dr to George Wood**, 53 l. - Bought 18 tuns, at 29 l. 10 s. due on demand.
### November 4th
- **Simon King his accompt proper Dr to ditto his accompt in company**, 177 l. - For his ¼ share of 18 tuns oil.
### November 8th
- **George Kent his accompt proper Dr to Cash**, 122 l. - Paid him in full for his half share of neat proceeds on sherry.
### November 8th
- **Cash Dr to Sundries**, 405 l.
### November 11th
- **House expenses Dr to Cash**, 40 l. - Paid one year's rent of my dwelling-house.
### November 12th
- **Sundries Drs to George Evans**, 300 l.
### November 15th
- **Voyage to Lisbon in company with Simon King and John Oker Dr to Sundries**, 995 l. - To Simon King his accompt proper, for 80 pieces serge, at 5 l. 10 s., 440 l. - To John Oker his accompt proper, for 70 pieces frize, at 4 l., 280 l. - To Stuff, for 90 pieces, at 2 l. 10 s., 225 l. - To Cash, for charges and premium, 50 l.
### November 17th
- **Simon King his accompt proper Dr to ditto his accompt in company**, 331 l. 13 s. 4 d. - For his ¼ share of the voyage to Lisbon.
### November 17th
- **Simon King his accompt proper Dr to Sundries**, 108 l. 6 l. 8 d. - To J. Oker his accompt proper paid by him, 5 l. 13 s. 4 d. - To Cash, paid by me, 56 l. 13 s. 4 d.
### November 25th
- **George Wood Dr to Sundries**, 53 l. - To Simon King his accompt proper, paid by him, 120 l. - To John Oker his accompt proper, paid by him, 200 l. - To Cash, paid by me, 211 l.
### November 30th
- **James Fuller Dr to Oil in company with S. King and J. Oker**, 30 l. - Sold him 1 tun, to pay at 14 days, 30 l. - **Simon King his accompt in company Dr. to ditto his accompt proper**, 10 l. - For his ¼ share, 10 l. - **John Oker, ditto**, 10 l.
### December 2d
- **Sundries Drs to Oil in company with S. King and J. Oker**, 213 l. 10 s. - Cash, in part for 7 tuns, at 30 l. 10 s., 113 l. 10 s. - George Young, for the rest, at 10 days, 100 l.
### December 7th
- **Canary in company with S. King and J. Oker Dr to Oil in company with ditto**, 320 l. - Received 12 pipes, viz., 6 pipes at 28 l. 6 s. 3 d. and 6 pipes at 25 l. in barter for 10 tuns, at 32 l.
### December
- **Cash Dr to George Young**, 100 l. - Received of him, in full for oil in company. December 18th.
Cash Dr to Canary in company with Simon King and John Oker, 177 l. 12 s. Received for 6 pipes, at 29 l. 12 s. 177 l. 12 s.
Simon King his accompt in company Dr to ditto his accompt proper, 59 l. 4 s. For his \( \frac{1}{3} \) share of 177 l. 12 s. received for Canary, 59 l. 4 s.
John Oker, ditto, 59 l. 4 s.
Sundries Drs to James Fuller, 30 l.
Cash, received in composition of his debt, 12 00 Oil in company with S. King and John Oker, abated him, 18 00
Simon King his accompt proper Dr to ditto his accompt in company, 6 l. For his \( \frac{1}{3} \) share of 18 l. abated, 6 00
John Oker, ditto, 6 00
Sundries Drs to Canary in company with S. King and J. Oker, 150 l.
S. King his accompt in company, for 2 pipes taken to himself, as his share of what remains, 50 00 J. Oker his accompt in company, for ditto, 50 00 Canary, for 2 pipes retained, as my share, 50 00
December 27th.
Cash Dr to Ship Phoenix in company with George Kent, 22 l. Received in full for freight, 22 00
George Kent his accompt in company Dr to ditto his accompt proper, 11 l. For his half share of 22 l. received as freight, 11 00
Mr Jones and company Dr to Ship Phoenix in company with George Kent, 700 l. Sold ditto ship, to pay at 3 months, 700 00
George Kent his accompt in company Dr to ditto his accompt proper, 350 l. For his half share, 350 00
House expenses Dr to Cash, 200 l. Expended since the 1st of January last, 200 00 ## BOOK-KEEPING
### LEDGER, 1769.
#### THE INDEX, OR ALPHABET.
| A. | B. | C. | D. | E. | F. | |----|----|----|----|----|----| | Aiton (George) | Broad cloth | Cash | Duroys | Evans (George) | Freeman (Thom.) | | Bills receivable | Chints (Indian) | Druggets | Dennis (George) | Faltings | Foreign coin | | Boyd (William) | Crisp (Sir Isaac) | Dennis (George) | Dyer (John) | Fuller (James) | | my acct-curt | Cambrics | Dyer (John) | Dupper (Edward) | | | Bills payable | Cochineal | Dupper (Edward) | | | Balance | Cinnamon | | | | Cotton | | | | Cloves | | | | Charges of mer-chandize | | | | Canary in comp. | | | | Canary | |
| G. | H. | I. | K. | L. | M. | |----|----|----|----|----|----| | Green (Jacob) | Harris (John) | Jeffop (John) his acct current | Kerseys | Linen | Martin (Joseph) | | Harley (Edward) | Hopkins (Edw.) | Jones (Mr) and company | Keil (John) | Lockrams | Muslin | | my accpt in comp. | Hopkins (Edw.) | Kent (George) | Kent (Geo.) | Kent (Geo.) | | | my acct proper | Houfe-expences | Kent (Geo.) | King (Simon) | King (Simon) | | | | | Kent (Geo.) | King (Simon) | King (Simon) | |
| N. | O. | P. | Q. | R. | S. | |----|----|----|----|----|----| | Napier (Nath.) | Owen (Richard) | Profit and Losf | Russel (Jacob) | Ship Britannia | Stock | | Oker (John) | Oker (John) | Pymento | Refusal of bargains | Spencer (Jacob) | Suspense-acct | | act proper | act in comp. | Peckins (John) | Sugar | Stuff's | Ship Phoenix in company | | Oil in company | my acct-curt | | | | Sherry in comp. |
| T. | V. | W. | X. | Y. | Z. | |----|----|----|----|----|----| | Turner (Edward) | Vernon (John) | Wright (James) | Young (George) | | | Voyage to Jam. | Ward (James) | | | | Voy. from Jam. | Wood (George) | | | | Voy. to Hamburg | Van Beek (H.) | | | | Van Beek (H.) | act of goods | | | | Van Beek his ac-compt on time | | | | | Van Beek his ac-compt-current | | | | | Voy. to Lisbon-in company | | | | | ### Bookkeeping Ledger
#### Ledger (1)
| No. | Date | Description | Dr. | Yards | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|-------|--------|-----| | 1769 Jan. | To Stock, for ready money, | | | | | | | Feb. | To Thomas Freeman, received in full, | | | | | | | Mar. | To Druggets, for 10 pieces, at 8l. 3s. | | | | | | | Apr. | To Kerseys, in part for 90 pieces, at 6l. 7s. | | | | | | | May | To Broadcloth, in part for 400 yds, | | | | | | | July | To Bills receivable of Henry Sidney in full, | | | | | | | Aug. | To John Keil, in full for kerseys, | | | | | | | Sept.| To Indian chints, a balance in barter, | | | | | | | Oct. | To Edward Hopkins my accompt in company, | | | | | | | Nov. | To Ship Britannia, for freight, | | | | | | | Dec. | To Profit and Loss, for 6 months interest of 1000l. | | | | |
#### Linen
| No. | Date | Description | Dr. | Yards | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|-------|--------|-----| | 1769 Jan. | To Stock, at 2s. 6d. for Profit and Loss, gained, | | | | | | | | | | | | |
#### Indian Chints
| No. | Date | Description | Dr. | Pieces | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|--------|--------|-----| | 1769 Jan. | To Stock, at 24l. 10s. for Profit and Loss, gained, | | | | | | | | | | | | |
#### Ship Britannia
| No. | Date | Description | Dr. | | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|-------|--------|-----| | 1769 Jan. | To Stock, for ½ part, | | | | | | | | To Profit and Loss, gained, | | | | |
#### Contra
| No. | Date | Description | Dr. | Yards | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|-------|--------|-----| | 1769 Jan. | By Cambriks, for 40 pieces, at 2l. 16s. | | | | | | | | By Joseph Martin, in full, | | | | | | | | By Druggets, in part for 26 pieces, at 7l. 10s. | | | | | | | | By Vay, to Jamaica, paid charges and prem. | | | | | | | | By J. Ruffel, in full for druggets, | | | | | | | | By Broadcloth, in part for 1000 yds, at 13s. 6d. | | | | | | | | By Sundries, as per Journal, | | | | | | | | By John Vernon, in full for duroys, | | | | | | | | By J. Spencer, lent him for 6 M°, at 5 per c. | | | | | | | | By Jacob Green, in part for holland, | | | | | | | | By Edward Harley, in full, | | | | | | | | By Refusal of bargains, | | | | | | | | By J. Jeff's his acct.-curt. for leather, &c. | | | | | | | | By George Aiton, in full, | | | | | | | | By Sir Isaac Cripps, in part, | | | | | | | | By George Dennis, in full, | | | | | | | | By Sir Isaac Cripps, in full, | | | | | | | | By Charges of mer. paid ½ year's shop-rent, | | | | | | | | By Charges of mer. paid postage, | | | | | | | | By Voyage from Jamaica, for charges paid, | | | | | | | | By Vay, to Hamburg, for lead and charges, | | | | | | | | By Edward Harley, lent him at 5 per cent., | | | | | | | | By H.V. Beek his acct. of goods, for charges, | | | | | | | | By H.V. Beek his acct. of goods, | | | | | | | | By H.V. Beek his acct.-current, for tobacco, | | | | | | | | By James Wright, in full, | | | | | | | | By H.V. Beek his acct.-curt., remitted him, | | | | | | | | By Bills Payable, | | | | | | | | By Edward Hopkins my acct in company, | | | | | | | | By Profit and Loss, paid lots of a wager, | | | | | | | | By Ship Phoenix in company, for my ½ share, | | | | | | | | By Ship Phoenix in company, paid repairs, | | | | | | | | By New accompt. | | | | |
#### Contra
| No. | Date | Description | Dr. | Pieces | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|--------|--------|-----| | 1769 Apr. | By Lockrams, in barter, at 25l. for Sundries, in barter, at 24l. 15s for George Dennis, at 2s. 9d. for Balance, remaining at 24l. 10s. | | | | | | | | By Balance, remaining at 24l. 10s. | | | | |
#### Contra
| No. | Date | Description | Dr. | | Contra | Cr. | |-----|------|-----------------------------------------------------------------------------|-----|-------|--------|-----| | 1769 Sept. | By Cash, for my ½ of freight, | | | | | | | | By Balance, for my ¼ remaining, | | | | | | Date | Description | Amount | |------|-----------------------------------------------------------------------------|--------| | Jan 1769 | John Harris, Dr To Stock, per note on demand | £450.00 | | Feb 1769 | Contra, By Broad Cloth, for my bill on him | £450.00 | | Jan 1769 | Thomas Freeman, Dr To Stock, per bill due February 2. | £960.00 | | Aug 1769 | To H. Van Beek his account of goods at 6 months | £540.00 | | Nov 1769 | George Evans, Dr To Stock, per bond at 5 per cent | £300.00 | | Jan 1769 | Stock, Dr To Joseph Martin, on demand | £360.00 | | Jan 1769 | To Sir Isaac Crisp, due June 1. | £120.00 | | Jan 1769 | To Balance, the neat of my estate | £1347.45 | | Jan 1769 | Joseph Martin, Dr To Cash, paid him in full | £360.00 | | June 1769 | Sir Isaac Crisp, Dr To Cash, paid him in part | £80.00 | | June 1769 | To Cash, paid him in full | £40.00 | | Jan 1769 | Cambriks, Dr To Cash, at 2l. 16s. for | £112.00 | | Jan 1769 | To Profit and Loss, gained | £8.00 | | Jan 1769 | Duroys, Dr To John Vernon, at 26s. for | £130.00 | | Jan 1769 | Contra, By Sundries, at 3l. for | £120.00 | | Jan 1769 | Contra, By Voyage to Jamaica, at 26l. for | £70.00 | | Jan 1769 | By Balance, remaining, at 26l. | £30.00 | | Jan 1769 | Contra, By Cash, for ready money | £1200.00 | | Jan 1769 | By Linen, 2000 yards, at 2s. 6d. | £250.00 | | Jan 1769 | By Indian Chints, 15 pieces, at 24l. | £367.00 | | Jan 1769 | By Ship Britannia, for ¼ part | £348.00 | | Jan 1769 | By John Harris, per note on demand | £45.00 | | Jan 1769 | By Thomas Freeman, per bill due Feb. 2. | £96.00 | | Jan 1769 | By George Evans, per bond at 5 per cent | £300.00 | | Jan 1769 | By Profit and Loss, gained since the 1st of January last | £223.15 | | Jan 1769 | Contra, By Stock, on demand | £360.00 | | Jan 1769 | Contra, By Stock, dated June 1. | £120.00 | | Oct 1769 | Contra, By Sundries, at 3l. for | £120.00 | | Jan 1769 | Contra, By Voyage to Jamaica, at 26l. for | £70.00 | | Jan 1769 | By Balance, remaining, at 26l. | £30.00 | | Date | Description | Amount | |--------|-----------------------------------------------------------------------------|--------| | Jan. 10 | John Vernon, paid him in full, To Profit and Loss, for Dr Friend's legacy. | £1300.00 | | Jan. 26 | Druggets, paid him in full, To Sundries, at 7l. 10s. for Profit and Loss, gained. | £6195.00 | | Jan. 30 | Jacob Russel, paid him in full, To Balance, due to him. | £9710.04 | | Jan. 21 | Voyage to Jamaica, paid him in full, To Sundries, as per Journal, To Profit and Loss, gained. | £22312.00 | | Mar. 23 | Jacob Green, paid him in full, To Sundries, paid him in full. | £1080.00 | | Feb. 2 | Broad Cloth, paid him in full, To Sundries, at 13s. 6d. for Profit and Loss, gained. | £6750.00 | | May | Edward Harley, paid him in full, To Cash, lent him at 5 per cent. | £1300.00 | | Feb. 16 | Kerseys, paid him in full, To Cash, at 6l. for John Keil, abated. | £1540.00 | | Feb. 16 | Fustians, paid him in full, To Cash, at 37s. 6d. for Balance, remain at 37s. 6d. | £1225.00 |
| Date | Description | Amount | |--------|-----------------------------------------------------------------------------|--------| | Jan. 10 | By Duroys, to pay at 2 months, By Balance, due by him. | £3130.00 | | Feb. 25 | By Cash, at 8l. 3s. for Suspensa-accompt, at 7l. 15s. for. | £10181.00 | | July | By Druggets, on demand, By Voyage to Hamburg, due at six M°. | £39710.00 | | June | By Sandries, as per Journal, | £30807.00 | | Jan. 21 | By Voyage to Jamaica, to pay at 2 M°. | £31080.00 | | Mar. 17 | By George Young, at 14s. for Bills receivable, at 14s. 2d. for Sandries, at 14s. 3½d. for. | £4280.00 | | Feb. 28 | By Broad Cloth, due at 3 months, By Cash, for principal. | £3300.00 | | Mar. 17 | By Sundries, at 6l. 7s. for Balance, remain at 37s. 6d. | £57110.00 | | No. | Date | Description | Dr/Cr | Amount | |-----|------|-------------|-------|--------| | 22 | Mar 1769 | George Young, Dr | | | | | Dec. | To Broad Cloth, to pay at 1 month, | 3 | 2800000 | | | | To Oil in company, due at 10 days, | 10 | 1000000 | | | | | | 3800000 | | 23 | Mar 1769 | John Keil, Dr | | | | | Apr. | To Kerseys, to pay at 20 days, | 3 | 2711000 | | 24 | Mar 1769 | Jacob Spencer, Dr | | | | | Oct. | To Cash, lent him at 5 per cent. | 1 | 1000000 | | 25 | Mar 1769 | Bills receivable, Dr | | | | | Sept. | To Broad Cloth, for 1 on Henry Sidney. | 3 | 1411304 | | | | To Bread Cloth, for 1 on George Digby. | 3 | 1000000 | | | | To J. Perkins my accompt-current, for 1 on John Alison, L. 80 00 00 | 1 | 80000 | | | | 1 on Jacob Finch, 120 00 00 | 1 | 120000 | | | | 1 on Stephen Morden, 38 07 08½ | 1 | 380708½ | | | | 9 To Ed. Hopkins my accompt in comp., for 1 on Rich. Addison, | 8 | 450000 | | | | | | 5250100½ | | 26 | Mar 1769 | Foreign coin, Dr | | | | | May | To Broad Cloth at 27s. for | 3 | 350200 | | 27 | Apr. 1769 | Lockrams, Dr | | | | | | To Indian Chints, in barter at 25s. | 40 | 500000 | | 28 | Apr. 1769 | Cochinca, Dr | | | | | | To Linen, in barter, | 1 | 1081600 | | 29 | Apr. 1769 | Cinnamon, Dr | | | | | | To Linen, in barter at 7s. 8d. | 64 | 241008 |
| Contra, Cr | | | | By Cash, received in full, | 1 | 800000 | | By Cash, received in full, | 9 | 1000000 | | By Sundries, as per Journal, | | 2711000 | | By Balance, due by him, | | 111000000 | | By Cash, received of Henry Sidney in full, | | 1411304 | | By Balance remaining, | | | | 1 on George Digby, L. 100 00 00 | 1 | 100000 | | 1 on J. Alison, 80 00 00 | 1 | 80000 | | 1 on J. Finch, 120 00 00 | 1 | 120000 | | 1 on Stephen Morden, 38 07 08½ | 1 | 380708½ | | 1 on Rich. Addison, 45 00 00 | 1 | 450000 | | By Jacob Green, at 26s. 6d. for Profit and Loss, lost, | 3 | 340900 | | By Balance remaining, at 25s. | 40 | 500000 | | By Balance remaining, | 1 | 1081600 | | By Balance, remain. at 7s. 8d. | 64 | 241008 | | No. | Date | Description | Dr/Cr | Amount | |-----|------|-------------|-------|--------| | 1769 Apr. 22 | To Indian Chintz, at 12l. 16s. for | Dr | Bales | 8 102 38 00 | | 1769 Apr. 30 | George Dennis, To Sundries, as per Journal, | Dr | | 187 10 00 | | June 22 | To Cash, paid him in full, | | | 85 06 06 | | 1769 Apr. 30 | Cotton, To G. Dennis, at 3l. 15s. per C. | Dr | C.Q. | 42 2 5 159 07 06 | | 1769 Apr. 20 | Cloves, To George Dennis, at 9s. 1d. for | Dr | lb | 12 5 5 09 00 | | Oct. 30 | To E. Hopkins, my accourt in company, at 9s. for | | | 72 8 3 20 00 | | 1769 May 7 | Suspense-accourt, To Druggets, sent Nathaniel Napier, 16 pieces, | Dr | | 3 124 00 00 | | 1769 May 13 | Refusal of Bargains, To Cash, paid penalty for refusing Norwich stuffs, | Dr | | 2 02 00 | | 1769 May 18 | John Jeffop his acc't-curt. To Sundries, as per Journal, | Dr | | 3 60 15 00 | | 1769 May 22 | George Aiton, To Cash, paid him in full, | Dr | | 1 50 00 | | 1769 May 30 | Contra, By Balance, remaining, at 12l. 16s. | Cr | Bales | 8 11 102 08 00 | | 1769 Apr. 30 | Contra, By Sundries, as per Journal, | Cr | | 164 16 06 | | May 18 | By J. Jeffop his acc't-curt, at 1 month, | | | 5 108 00 00 | | 1769 Apr. 30 | Contra, By Balance, remaining, at 3l. 15s. | Cr | C.Q. | 42 2 11 159 07 06 | | 1769 May 16 | Contra, By Nathaniel Napier, | Cr | | 6 124 00 00 | | 1769 May 31 | Contra, By Profit and Loss, lost, | Cr | | 6 20 00 | | 1769 May 18 | Contra, By Cash, for my bill, value received, By Balance, due by him, | Cr | | 1 200 00 00 | | 1769 May 18 | Contra, By J. Jeffop his acc't-curt, for packing, | Cr | | 5 105 00 | | No. | Description | Dr | Contra, Cr | |-----|-----------------------------------------------------------------------------|------|------------| | 1766| To Cash, paid loss of wager, | 1 | By J. Jeffop his account current, for my commission, 5 10 0 0 0 0 | | | To George Evans, abated, | 2 | By John Vernon, for a legacy, 3 2 0 0 0 0 0 0 | | | To Foreign Coin, lost, | 4 | By H. V. Beek his account of goods, for my commission, 7 1 2 0 5 0 0 | | | To Refusal of Bargains, | 5 | By H. V. Beek his account current, for commission, at 2 1/2, 7 3 0 7 0 6 | | | To Voyage from Jamaica, | 6 | By Cash, for 6 months interest of 1000 l., 1 2 5 0 0 0 0 | | | To Charges of merchandise, | 7 | By Sherry in company, for my commission, 9 7 0 8 0 6 | | | To House expenses, | 9 | By Cash, for 3 months interest of 400l., 9 5 0 0 0 0 | | | To Stock, neat gain since 1st Jan. last | 10 | By Linen, gained, 1 2 0 1 6 0 8 | | | | | By Indian Chintz, gained, 1 3 1 0 0 0 | | | | | By Ship Britannia, gained, 1 7 2 1 0 0 0 | | | | | By Cambries, gained, 2 8 0 0 0 0 | | | | | By Druggets, gained, 3 1 0 1 0 0 0 | | | | | By Voyage to Jamaica, gained, 3 8 0 1 5 0 8 | | | | | By Broad Cloth, gained, 3 3 2 1 0 0 0 | | | | | By Kerseys, gained, 3 3 0 0 0 0 | | | | | By Pimento, gained, 7 2 5 1 1 0 8 | | | | | By Voyage to Hamburg, gained, 7 1 6 1 7 0 8 | | | | | By John Perkins my account current, 8 2 1 7 0 8 1 | | | | | By Ed. Hopkins my account in company, gained, 8 1 4 1 5 0 4 | | | | | By Stuffs, gained, 8 9 0 0 0 0 | | | | | By Ship Phoenix in company, gained, 8 3 4 1 3 0 0 | | | | | By Sherry in company, gained, 9 4 0 2 0 9 | | | | | By Oil in company, gained, 10 4 1 6 0 8 | | | | | By Canary in company, gained, 11 2 1 0 3 8 | | | | | 6 3 7 0 6 1 0 | | 1769| Nathaniel Napier, | | | | | To Suspense-account, 1st August and Martinmasi, | | | | | | | By Cash, in part, 1 6 2 0 0 0 0 | | | | | By Cash, in full, 9 6 2 0 0 0 0 | | | | | 1 2 4 0 0 0 0 | | 1769| Voyage from Jamaica, | | | | | To Voyage to Jamaica, for returns, | | | | | To Cash, for charges here, | | | | | | | By Sundries, as per Journal, 1 6 0 1 3 0 0 | | | | | By Sundries, as per Journal, 1 9 8 0 4 0 6 | | | | | By Profit and Loss, 6 3 4 0 1 1 1 | | | | | 2 9 2 1 9 0 5 | | 1769| William Boyd my acct-current, | | | | | To Voyage to Jamaica, balance in his hands, | | | | | | | By Edward Dupper, due at 10 days, 7 1 0 8 1 9 0 7 | | No. | Date | Description | Dr/Cr | Amount | |-----|--------|-----------------------------------------------------------------------------|-------|--------| | 42 | July | Charges of Merchandize, Dr | | | | | | To Cash, for 1/2 year's shop-rent | | | | | | To Cash, paid postage, etc. | | | | | | | | | | 43 | July | John Dyer, Dr | | | | | | To Voyage from Jamaica, due at 6 Mo. | | | | 44 | July | Pymiento, Dr | | | | | | To Voy. from Jamaica, at 6d. for | | | | | | To Profit and Loss, gained | | | | 45 | July | Sugar, Dr | | | | | | To Voy. from Jamaica, at 19s. for | | | | 46 | July | Edward Dupper, Dr | | | | | | To Wil. Boyd, my acc. curt. at 10 days | | | | 47 | July | Voyage to Hamburg, Dr | | | | | | To Sundries, as per Journal | | | | | | To Profit and Loss, gained | | | | 48 | Aug | Herman Van Beek his accompt of goods | | | | | | To Cash, paid charges | | | | | | To Cash, for storage, brokerage, etc. | | | | | | To Profit and Loss, for my commit. at 2½ | | | | | | To H. Van Beek his accompt on time | | | | | | due by T. Freeman | | | | | | To ditto his accompt-current, in my hands | | | | 49 | Aug | Herman Van Beek his accompt on time | | | | | | To Balance, outstanding | | | | 50 | Aug | Herman Van Beek his accompt current | | | | | | To Sundries, as per Journal | | | | | | To Bills payable, for 1 to W. Sabin, at 6 days | | | | | | To Cash, remitted him | | | | | | To Balance, due to him | | |
| Contra, Cr | By Profit and Loss | | | | | By Balance due by him | | | | | By H. V. Beek his accompt-current, at 10d. | | | | | By Voy. to Hamburg, at 19s. for | | | | | By Cash, received in full | | | | | By John Perkins my accompt-current | | | | | By Cash, for drawback on sugar | | | | | By Cash, for 14 butts madder | | | | | By Tho. Freeman, for 18 C. flax, due at months | | | | | By H. V. Beek his accompt of goods, due by T. Freeman | | | | | By H. Van Beek his accompt of goods, abated | | | | No. | Date | Description | Dr/Cr | Amount | |-----|------|-----------------------------------------------------------------------------|-------|--------| | 1769 | Aug. 31 | James Wright, To Sundries, as per Journal | Dr | 0 12 08 | | 1769 | Sept. 10 | Bills payable, To Cash, paid Wil. Sabin Van Beck's bill | Dr | 200 00 00 | | 1769 | Sept. 22 | John Perkins my Flemish acct-current, To Voy. to Haumb at 34s. 5d. | Dr | 235 10 00 | | | | To Profit and Loss | | | | 1769 | Oct. | Edward Hopkins my ac-compt in company, To Cash, paid ½ share of 10 hds tobacco | Dr | 60 00 00 | | | | To Cambriics, for my ½ share of 40 ps. at 3l. | | | | | | To Profit and Loss, gained | | | | 1769 | Oct. | Edward Hopkins my ac-compt proper, To Cambriics, for his ½ share of 40 ps. at 3l. | De | 60 00 00 | | 1769 | Oct. | Stuff, To James Ward, at 2l. 8s. for Profit and Loss, gained | Dr | 216 00 00 | | 1769 | Oct. | Ship Phoenix in company with George Kent, To Sundries, as per Journal | Dr | 640 00 00 | | | | To Cash, paid repairs | | | | | | To Cash, paid premium on 600 l. | | | | | | To G. Kent his acct in Co., for his ½ gained, To Profit and Loss, for my half gained | | | | 1769 | Oct. | George Kent his accompt in company, To ditto his accompt proper for his ½ of 1 month's freight | Dr | 11 00 00 | | | Nov. | To ditto his accompt proper, for ¼ of 5 pipes of sherry | | | | | Dec. | To ditto his acct prop. for ¼ of 4 pip. sherry | | | | | Nov. | To ditto his acct prop. for ¼ of freight | | | | | Dec. | To ditto his accompt proper for ½ of Phoenix, sold | | | | | | Contra, By H.V. Beek his acct cur. for cooperage | Cr | 0 12 08 | | | | By H.V. Beek his acct cur. for 1 at 6 days | | | | | | By Bills receivable, exch. at 34s. for | | | | | | By Sundries, as per Journal | | | | | | By Sundries, as per Journal | | | | | | By Voyage to Lisbon in company, at 2l. 10s. for | | | | | | By Cash, received in full | | | | | | By Cash, for 1 month's freight | | | | | | By Cash, for 1 month's freight | | | | | | By Mr Jones and company, sold | | | | | | By Ship Phoenix in Co. for his ½ share | | | | | | By ditto his acct proper, for half repairs | | | | | | By ditto his acct prop. for his ½ of prem. | | | | | | By ditto his acct proper, for his half of 9 pipes sherry | | | | | | By ditto his acct proper, for his half carriage, etc. | | | | | | By ditto his acct prop. for his ½ of commiss. | | | | | | By Sh. Phoenix in Co. for his ½ share gained | | | | | | By Sherry in camp, for his half gained | | | | No. | Date | Description | Dr/Cr | Amount | |-----|------|-------------|-------|--------| | | | George Kent his acct prop. | Dr | | | | Oct. | To dit. his acct in com. for hi half repairs | 8 | 805.00 | | | | To dit. his ac. in com. for his half premium | 8 | 900.00 | | | | To dit. his ac. in com. for ½ of 9 pipes sherry | 8 | 1180.00 | | | Nov. | To dit. his acct in comp. for ¼ of com. | 8 | 111.00 | | | | To dit. his acct in comp. for his ½ of com. | 9 | 314.03 | | | | To Cash paid him | 9 | 1220.80 | | | | To Balance, due to him | 11 | 361.00 | | | | Cash | Dr | | | | Oct. | To old accompt. | 1 | 9608.00 | | | | To George Kent his accompt proper | 9 | 1241.00 | | | | To Sherry in co. in part for 5 pipes, at 29l. | 9 | 1200.00 | | | | To Sherry in com. for 4 pipes, at 27l. 12s. | 9 | 1108.00 | | | | To Ed. Turner, in full for sherry | 9 | 250.00 | | | | To Sundries, as per Journal | 8 | 405.00 | | | | To George Evans, received in composition | 2 | 1800.00 | | | | To N. Napier, in full for druggets | 6 | 620.00 | | | Dec. | To S. King his acct prop. received of him | 10 | 340.00 | | | | To Oil in co. in part for 7 tuns, at 30l. 10s. | 10 | 1130.00 | | | | To George Young, in full | 4 | 1000.00 | | | | To Canary in co. for 6 pipes, at 29l. 12s. | 11 | 1772.00 | | | | To J. Fuller, rec'd in compof'th of his debt | 10 | 1200.00 | | | | To Ship Phoenix in co. for 1 M° freight | 8 | 220.00 | | | | Sherry in company with George Kent | Dr | | | | Oct. | To Richard Owen, at 26l. for | 4 | 1040.00 | | | | at 26l. 10s. for | 5 | 1320.00 | | | | To Cash, paid carriage, &c. | 9 | 302.00 | | | | To Profit and Loss, for my commis. at ½ per cent. | 6 | 708.06 | | | | To Geo. Kent his accompt in company for his ½ gained | 8 | 403.09 | | | | To Profit and Loss, for my half gained | 6 | 403.09 | | | | Richard Owen | Dr | | | | Oct. | To Cash, paid him in full | 9 | 2361.00 | | | | Edward Turner | Dr | | | | Oct. | To Sherry on company, on demand | 9 | 2500.00 | | | | House-expences | Dr | | | | Nov. | To Cash, paid 1 year's rent of my dwelling-house | 9 | 400.00 | | | | To Cash, laid out since the 1st of Jan. last | 9 | 2000.00 | | | | Voyage to Lisbon in com. with Simon King and John Oker | Dr | | | | Nov. | To Sundries as per Journal | 9 | 995.00 |
| No. | Date | Description | Dr/Cr | Amount | |-----|------|-------------|-------|--------| | | | Contra, By dit. his acct in comp. for his ½ freight | Cr | 1100.00 | | | | By Cash, for his half of disbursements and sherry | 9 | 1241.00 | | | Oct. | By dit. his acct in co. for ¼ of 5 pipes sherry | 8 | 721.00 | | | | By dit. his acct in co. for ¼ of 4 pipes sherry | 8 | 552.00 | | | | By ditto his acct in comp. for ¼ of freight | 8 | 110.00 | | | | By dit., his acct in co. for ¼ of Phoenix sold | 8 | 350.00 | | | | Contra, By Ship Phoenix in company, for premium | Cr | 1800.00 | | | | By Richard Owen, in full for sherry | 9 | 2361.00 | | | | By Sherry in company, paid carriage, &c. | 3 | 200.00 | | | | By Geo. Kent his accompt proper, paid him | 9 | 1228.09 | | | | By House-expenses, paid one year's rent | 9 | 4000.00 | | | | By Voyage to Lisbon in company | 9 | 5000.00 | | | | By Simon King his accompt proper | 9 | 5613.04 | | | | By George Wood, paid him | 10 | 2110.00 | | | | By House-expenses, since the 1st Jan. last | 9 | 2000.00 | | | | By Balance, remaining in my hands | 11 | 10246.02 | | | | Sherry in company, on demand | Cr | 2361.00 | | | | By Cash, received in full | 9 | 2500.00 | | | | By Profit and Loss | Cr | 2400.00 | | | | By Simon King his acct in comp., ½ remaining | 10 | 33113.04 | | | | By J. Oker his acct in comp., ½ remaining | 10 | 33113.04 | | | | By Balance, for my ½ remaining | 11 | 33113.04 | | | | Pipes | Cr | | | | Oct. | By Sundries, at 29l. for | 5 | 1450.00 | | | | By Cash, at 27l. 12s. for | 4 | 9 | 1108.00 | | | | By Sundries, at 29l. for | 5 | 1450.00 | | | | By Cash, at 27l. 12s. for | 4 | 9 | 1108.00 | | | | Pipes | Cr | | | | | By Sundries, at 29l. for | 5 | 1450.00 | | | | By Cash, at 27l. 12s. for | 4 | 9 | 1108.00 | | No. | Date | Description | Amount | |-----|------|-------------|--------| | 67 | Nov. 15 | Simon King, his acct prop., Dr | - | | | | To ditto his accompt in comp. for his 1/4 of voyage to Lisbon | 10 331 13 04 | | | | To Sundries, as per Journal | 10 806 08 | | | Dec. 20 | To ditto his ac. in co. for his 1/4 of 18 tuns oil | 10 177 00 00 | | | | To Balance, due to him | 11 134 07 04 | | | | Total | 757 07 04 | | 68 | Nov. 15 | John Oker his accompt-proper, Dr | - | | | | To ditto his accompt in comp. for his 1/4 of voyage to Lisbon | 10 331 13 04 | | | | To ditto his ac. in co. for his 1/4 of 18 tuns oil | 10 177 00 00 | | | | To Simon King his acct-prop. paid to him | 10 230 00 00 | | | | To ditto his ac. in co. for his 1/4 of 18l. abated | 10 600 00 00 | | | | To Balance, due to him | 11 134 07 04 | | | | Total | 672 00 08 | | 69 | Nov. 30 | Simon King his acct in co., Dr | - | | | | To ditto his ac. pr. for his 1/4 of 1 tun oil sold | 10 100 00 00 | | | | To ditto his ac. pr. for his 1/4 of 7 tuns oil sold | 10 710 30 04 | | | | To ditto his accompt-proper, for his 1/4 of 6 pipes canary sold | 10 590 40 00 | | | | To Canary in co. for 2 pipes taken to himself | 11 500 00 00 | | | | To Voy. to Lisbon in co. for his 1/4 remaining | 9 331 13 04 | | | | Total | 522 00 08 | | 70 | Nov. 30 | John Oker his acct in comp., Dr | - | | | | To ditto his ac. pr. for his 1/4 of 1 tun oil sold | 10 100 00 00 | | | | To ditto his ac. pr. for his 1/4 of 7 tuns oil sold | 10 710 30 04 | | | | To ditto his accompt-proper, for his 1/4 of 6 pipes canary sold | 10 590 40 00 | | | | To Canary in co. for 2 pipes taken to himself | 11 500 00 00 | | | | To Voy. to Lisbon in co. for his 1/4 remaining | 9 331 13 04 | | | | Total | 522 00 08 | | 71 | Nov. 22 | Oil in co. with Simon King and J. Oker, Dr | - | | | | To George Wood, at 29l. 10s. for 18 tuns | 10 531 00 00 | | | | To James Fuller, abated him | 10 180 00 00 | | | | To S. K. his ac. in co. for his 1/4 gained | 10 416 08 00 | | | | To J. O. his ac. in co. for his 1/4 gained | 10 416 08 00 | | | | To Profit and Loss, for my 1/4 gained | 6 416 08 00 | | | | Total | 563 10 00 | | 72 | Nov. 25 | George Wood, Dr | - | | | | To Sundries, as per Journal | 531 00 00 | | 73 | Nov. 30 | James Fuller, Dr | - | | | | To Oil in company, to pay at 14 days | 10 300 00 00 |
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| No. | Date | Description | Amount | |-----|------|-------------|--------| | 1769 | Nov. 15 | Contra, Cr | - | | | | By Voy. to Lisbon in co. for 80 pieces serge | 9 440 00 00 | | | | By George Wood, paid to him | 10 120 00 00 | | | | By Sundries, as per Journal | 57 00 00 | | | Dec. 20 | By ditto his ac. in co. for his 1/4 of 1 tun oil sold | 10 100 00 00 | | | | By ditto his ac. in co. for his 1/4 of 7 tuns oil sold | 10 710 30 04 | | | | By ditto his accompt in company, for his 1/4 of 6 pipes canary sold | 10 590 40 00 | | 1769 | Nov. 15 | Contra, Cr | - | | | | By Voy. to Lisbon in co. for 70 pieces frieze | 9 280 00 00 | | | | By S. King his accompt-proper | 10 513 04 00 | | | | By George Wood, paid to him | 10 100 00 00 | | | | By ditto his ac. in co. for his 1/4 of 1 tun oil sold | 10 100 00 00 | | | | By ditto his ac. inco. for his 1/4 of 7 tuns oil sold | 10 710 30 04 | | | | By ditto his accompt in comp. for his 1/4 of 6 pipes canary sold | 10 590 40 00 | | 1769 | Nov. 15 | Contra, Cr | - | | | | By ditto his ac. pr. for his 1/4 of voy. to Lisbon | 10 331 13 04 | | | | By ditto his acct prop. for his 1/4 of 18 tuns oil bought | 10 177 00 00 | | | | By ditto his ac. prop. for his 1/4 of 18l. abated | 10 600 00 00 | | | | By Oil in company, for his 1/4 gained | 10 416 08 00 | | | | By Canary in company, for his 1/4 gained | 11 210 08 00 | | 1769 | Nov. 15 | Contra, Cr | - | | | | By ditto his ac. pr. for his 1/4 of voy. to Lisbon | 10 331 13 04 | | | | By ditto his acct prop. for his 1/4 of 18 tuns oil bought | 10 177 00 00 | | | | By ditto his ac. prop. for his 1/4 of 18l. abated | 10 600 00 00 | | | | By Oil in company, for his 1/4 gained | 10 416 08 00 | | | | By Canary in comp. for his 1/4 gained | 11 210 08 00 | | 1769 | Nov. 30 | Contra, Cr | - | | | | By James Fuller | 10 300 00 00 | | | | By Sundries, as per Journal | 7 213 10 00 | | | | By Canary in co. in barter at 52l. for | 10 11 320 00 00 | | | | Total | 18 563 10 00 | | 1769 | Nov. 22 | Contra, Cr | - | | | | By Oil in company, on demand | 10 531 00 00 | | 1769 | Dec. 20 | Contra, Cr | - | | | | By Sundries, as per Journal | 6 300 00 00 | | No. | Description | Dr/Pipes | £ | s. d. | |-----|-----------------------------------------------------------------------------|----------|---|-------| | 74 | Canary in co. with S. King and J. Oker, Dr | Pipes | | | | | To Oil in company, in barter | | 12| 10 | | | To S. King his acct in co. for his ½ gained, | | 10| | | | To J. Oker his acct in comp. for his ½ gained, | | 10| | | | To Profit and Loss, for my ¼ gained, | | 6 | | | | | | | 327 12 00 | | 75 | Canary, Dr | Pipes | | | | | To Canary in co. retained at 25l. | | 2 | 11 | | | | | | 50 00 00 | | 75 | Mr Jones and Company, Dr | Pipes | | | | | To Ship Phoenix in co. to pay at 3 M°. | | 8 | | | | | | | 700 00 00 | | 77 | Balance, Dr | Pipes | | | | | To Cash, remaining in my hands | | 9 | 10246 06 02 ½ | | | To Indian Chints, remaining 5 pieces, at 24l. 10s. | | 1 | 122 10 00 | | | To Ship Britannia, for ¾ remaining | | 1 | 348 10 00 | | | To Tho Freeman, due for V. Beek's flax | | 2 | 54 00 00 | | | To Duroys, rem. 30 pieces, at 26l. | | 2 | 39 00 00 | | | To John Vernon, due by him | | 3 | 200 00 00 | | | To Rustians, rem. 120 pieces, at 37s. 6d. | | 3 | 225 00 00 | | | To Jacob Spencer, lent him | | 4 | 100 00 00 | | | To Bills receivable, as per accompt. | | 4 | 383 07 03 ½ | | | To Lockrams, rem. 40 pieces, at 25s. | | 4 | 50 00 00 | | | To Cochineal, remaining 1 C. | | 4 | 108 16 00 | | | To Cinnamon, rem. 64 lb. at 7s. 8d. | | 4 | 24 10 08 | | | To Muslin, rem. 8 bales, at 12l. 16s. | | 5 | 102 08 00 | | | To Cotton, rem. 42 C. 2 Q. at 3l. 15s. | | 5 | 159 07 06 | | | To Cloves, remaining 12 lb. at 9s. 1d. and 72 lb. at 9s. | | 5 | 37 17 00 | | | To John Jessop, his ac. curt, due by him | | 5 | 160 15 00 | | | To John Dyer, due by him | | 7 | 80 00 00 | | | To Voy. to Lijbon in co. for my ½ rem. | | 9 | 331 13 04 | | | To Canary, remaining 2 pipes, at 25l. | | 11| 50 00 00 | | | To Mr Jones and Company, outstanding | | 11| 700 00 00 | | | | | | 1442 40 01 05 |
| No. | Description | Cr/Pipes | £ | s. d. | |-----|-----------------------------------------------------------------------------|----------|---|-------| | 1769| Dec. 18 By Cash, at 29l. 12s. for | | 6 | 177 12 00 | | | 24 By Sandries, at 25l. for | | 6 | 156 00 00 | | | | | | 327 12 00 | | | Contra, | Pipes | | | | | By Balance, remaining at 25l. | | 2 | 11 | | | | | | 50 00 00 | | | Contra, | Pipes | | | | | By Balance, outstanding | | 11| | | | | | | 700 00 00 | | | Contra, | Pipes | | | | | By Jacob Russel, due to him | | 3 | 49 10 00 | | | By H. Van Beek, his acct on time | | 7 | 54 00 00 | | | By H. Van Beek, his acct-current | | 7 | 00 00 06 | | | By James Ward, due to him | | 8 | 210 00 00 | | | By George Kent his acct-proper | | 9 | 36 00 00 | | | By Simon King his acct-proper | | 10| 134 07 04 | | | By John Oker his acct proper | | 10| 134 07 04 | | | By Stock, the neat of my estate | | 2 | 1347 45 03 | | | | | | 1442 40 01 05 | Of the SUBSIDIARY BOOKS used by Merchants.
Though all merchant-accounts may be kept by the Waste-book, Journal, and Ledger, alone; yet men of great business find it convenient, either for abridging these, or for other ends, to use some others, generally called subsidiary or sub-servient Books; the most common of which are these nine following, viz.
1. The Cash-book.
This book is kept in a folio form, like the Ledger, and serves to abridge the Cash-account there. On the left-hand page, or Dr side, Cash is charged Dr for all the sums received; and on the right-hand page, Cash is made Cr for all the sums paid. Once a week, or, which is more ordinary, once a month, this book is posted to the Ledger; or, if you please, first to the Journal, by two entries, viz. Cash Dr to Sundries, for all the receipts, and Sundries Drs to Cash, for all the payments. By this means the Cash-account in the Ledger will be so far contracted as to consist of 12 lines, viz. one for each month in the year. A specimen of this book follows.
| 1769. | l. s. d. | |-------|---------| | July | | | Cash, Dr. | | | 1 To George Hill, received in full for lead, | 900000 | | 5 To John Scot, in part for sugar, | 1001000 | | 12 To Robert Hunter, for A. B.'s bill on him, | 300000 | | 18 To Port wine, received for 1 pipe, | 201000 | | 31 To James Neil and comp. in full for tobacco, | 100000 | | | 3560000 |
| 1769. | l. s. d. | |-------|---------| | July | | | Contra, Cr. | | | 3 By George Duncan, paid in full for canary, | 100000 | | 11 By R. Richmond and Co., in part for dowlas, | 60000 | | 20 By Samuel Smith, paid him R. Blair's bill, | 100000 | | 23 By Holland, for 2 pieces, at 18l. | 30000 | | 31 By Charges of merchandize, | 56202 | | | 360000 | | | 2980202 |
Note, Merchants that have cash-keepers must beware to write any thing in the Cash-book themselves; for if they do, the cash-keeper is no more accountable for what is stated in the book; and therefore the master, in case of money delivered to him, in the cash-keeper's absence, must keep it till he come home; and then deliver it to him, and see him enter it in the book himself.
2. The Book of Charges of Merchandize.
This book is only paged, and designed to abbreviate the Cash-book. It contains particular charges on goods and voyages; such as, carriage, custom, freight, craneage, wharfage, &c.: As also other expenses that affect trade in general; such as, warehouse-rent, shop-rent, accountant's wages, postage of letters, and the like. At the end of each month the money-columns of this book are added up, and the sum carried to the credit-side of the Cash-book.
N. B. At the same time you post the monthly sums of this book to the Cash book, you must debit the several accounts of goods and voyages for their particular shares of charges; which is done by posting the following entry in the Journal, namely, Sundries (viz. the several accounts of goods and voyages for their respective shares) Drs to Charges of merchandize. The remaining part of these charges will be such as relate to trade in general, being chargeable to no particular account, and will of course fall into the general account of Profit and Loss, when the account of Charges of merchandize in the Ledger is closed, at balancing the books. The form of this book follows.
| 1769. | l. s. d. | |-------|---------| | July | | | Charges of Merchandize, Dr. | | | 1 To Cash, paid for freight of 10 tons of iron, | 180000 | | 2 To ditto, paid custom of ditto, | 201502 | | 3 To ditto, paid other petty charges on ditto, | 01800 | | 4 To ditto, paid porterage of goods bought of A.B., | 00206 | | 5 To ditto, paid the stationers for paper, | 21400 | | 6 To ditto, paid postage of letters, | 01006 | | 7 To ditto, paid rent of 2 cellars, | 31800 | | 8 To ditto, paid charges on 12 bales of skins, | 00400 | | | 560202 |
The Book of House-expences.
This book is also paged, and designed likewise to ease the Cash-book. It contains all disbursements for family-provisions, servants wages, house-rent, apparel, utensils, &c. The money-columns of this book are also added up at the end of each month, and the sum transferred to the credit side of the Cash-book.
N. B. If goods are brought from the shop for the use of the family, this more properly belongs to the Waste book, and is not to be inserted here. A specimen of this book follows.
| 1769. | l. s. d. | |-------|---------| | July | | | House-expences, Dr. | | | 1 To Cash, paid for new cloaths, hat, and shoes, | 100006 | | 10 To ditto, paid for six drinking-glasses, | 00009 | | 17 To ditto, paid for earthen-ware, | 00300 | | 25 To ditto, paid for 12 dozen bottles, | 10000 | | 31 To ditto, paid pocket-expences, | 90000 | | | 150609 | | | 360000 |
4. The Invoice-book.
This book, which is used chiefly by factors, is paged, and contains doubles or copies of the invoices of goods sent to sea, or of goods received from abroad. The form of an invoice is as follows.
London. London, 1st July 1769.
Invoice of 8 boxes indigo, and 4 boxes spiceries, shipped per the Bonadventure, Robert Hay master, for Leith, by order, and for account of A. B. merchant there.
A. B. INDIGO 8 boxes.
| Gross | Tare | |-------|------| | No 1 | 70 | | 2 | 65 | | 3 | 80 | | 4 | 67 | | 5 | 75 | | 6 | 57 | | 7 | 64 | | 8 | 85 |
| | 1 s.d. | |-------|--------| | 1 | 14 1/2| | 2 | 13 1/2| | 3 | 15 | | 4 | 13 | | 5 | 24 | | 6 | 12 1/2| | 7 | 13 1/2| | 8 | 16 |
| | 1 s.d. | |-------|--------| | 1 | 11 1/4| | 2 | 11 1/4|
| | 1 s.d. | |-------|--------| | 1 | 4 1/2 lb. neat, at 4s. 3d. | | 2 | 96 4 1/2| | 3 | 0 9 4|
SPICERIES 4 boxes.
| lb. | 1 s.d. | |-----|-------| | No 1 | 12 cinnamon, at 7s. 9d. | | 2 | 4 nutmegs, at 8s. 8d. | | 3 | 57 pimento, at 8d. | | 4 | 1 mace, |
| | 1 s.d. | |-------|--------| | 1 | 4 13 0| | 2 | 1 14 8'| | 3 | 0 15 6| | 4 | 0 15 6|
| | 1 s.d. | |-------|--------| | 1 | 0 0 0 8| | 2 | 0 0 0 9|
Bill of lading, cocket, and other charges,
| | 1 s.d. | |-------|--------| | 1 | 106 0 8|
Commission at 2 1/2 per cent.
| | 1 s.d. | |-------|--------| | 1 | 2 1/2 0|
Insurance on the above 100l. 1 1/2 per cent. and policy, 4s. 6d. is
| | 1 s.d. | |-------|--------| | 1 | 1 1/2 0|
Commission on ditto at 1 1/2 per cent.
| | 1 s.d. | |-------|--------| | 1 | 0 1/2 0|
Errors excepted, per M. S.
N. B. When a merchant in Britain ships off imported goods, such as tobacco, to Holland, or other places, for sale, the invoice sent to the factor usually contains only the marks, numbers, and quantity shipped, but nothing of the prime cost or charges; which in this case could not be easily ascertained; and the want thereof is pretty well supplied by instructing the factor not to sell under such a price. But invoices of all kinds of manufactures and goods consigned from Britain to North America or the West Indies, generally exhibit prime cost and all charges; which is necessary, not only as it serves for a sort of directory to the factor, but still more so, in regard to British goods are frequently sold in those places at so much advance on the invoice prices.
5. The Sales-book.
This book too is chiefly used by factors; and into it is posted, from the Waste-book, the particular sales of every consigned cargo; by which means the several articles of a sale, that lie scattered in the Waste-book, are brought together, and represented under one view, and thus in a manner more full and minute than they are collected in the Ledger account. This book exhibits the sales of every consignment separately and by themselves; to which are subjoined the respective charges, such as freight, custom, the factor's commission, as also abatements allowed to buyers, &c. whose sum subtracted from the gross amount of sales, gives the neat proceeds. From this book, when a cargo is sold off, an account of sales is drawn out, in order to be transmitted to the employer. If the consignment consist but of one kind of goods, the Sales-book may be ruled and written up as in the following example.
Rotterdam, 1st June 1765.
Sales of 6 packs sugar, containing 4380 yards, received per the Friendship, Samuel Sharp master, for account of A. B. merchant in Glasgow, North Britain.
| | Guil. St. D. | |-------|--------------| | June 2 | Sold Frederick Gordon, at 1 month, Packs, Pieces, Yards. | | No 1 | 19 743 | | 4 | 20 643 | | | 1386 at 7 stivers. 48 2 0 0 0 |
28 Sold for ready money,
| | Guil. St. D. | |-------|--------------| | No 2 | 17 717 | | 3 | 18 730 | | 5 | 14 830 | | 6 | 16 717 | | | 2994 at 6 stivers. 86 8 0 4 0 0 |
Total 4380 130 0 6 0 0
CHARGES.
| | G. St. D. | |-------|-----------| | Freight and average, | 25 10 0 0 | | Custom and waiters dues, | 31 0 0 0 0 | | Scout-freight, and other small charges, | 3 0 0 0 0 | | Measuring, at 4 stivers per 100 yards, | 8 14 0 0 | | Charges in selling, and pack-house-rent, | 4 0 4 0 0 | | Commission, at 2 per cent. | 27 13 0 0 | | Neat proceeds, (errors and bad debts excepted,) carried to the credit of his Accomp-current, | 128 3 0 5 0 0 |
If the consigned cargo consists of two or more kinds of goods, the Sales-book must be ruled with columns for the different sorts of goods; and the heads of these columns must be titled with the names and quantities of the goods from the invoice.
6. The Bill-book.
The design of this Bill-book, or Month-book, is to furnish a merchant with a ready way of knowing the time when bills or other debts become payable to or by him. It consists of 12 folios, one for each month in the year. The left-hand page contains the debts that fall due to the merchant in the month on the top, and the right-hand page contains the debts payable by him to others in the same month; as in the annexed specimen.
| | 1 s.d. | |-------|--------| | Days | January, to receive. | | 1 | Of Edward Finch, 600 crowns, at 54d. bill, 135 0 0 0 0 | | 10 | Of Robert Banks, for linseed, 86 1 0 0 0 | | 23 | Of George Hally, for Norwich stuffs, 35 0 0 0 0 | | 31 | Of John Short, 2539 guilders, 19 stivers, at 34 s. 5 d. Flemish per L. Sterling, 246 0 0 0 0 |
Days BOOK-KEEPING.
1769.
Days January, to pay.
3 To Simon Smith, 3000 crowns, at 56 d. bill of G. F. 700000
12 To James Jeffery, for sundry goods, 681304
25 To James Martin and company, 1250000
30 To James Halley, for oil, 760910
N. B. Upon the payment of any sum, merchants either cancel the line, or, which is better, they write the word Received or Paid upon the margin, or use some mark of their own, to signify that the sum to which it is affixed is paid.
7. The Receipt-book.
In this book a merchant takes receipts of the payments he makes. The receipt should contain the date; the sum received, expressed in words at large, and also in figures in the money-columns; the reason why; and whether in full or in part; and must be signed by the person receiving. But there is no occasion to mention the merchant's name; for the book being his own, sufficiently implies that. This book is paged, and the form of it is as follows.
Received, July 1. 1769, in part for sugar, per John Stewart. 136000
Received, this 4th of July 1769, in full for indigo, the sum of forty-eight pounds ten shillings, per Tho. Green. 481000
Received, July 6. 1769, in part for lead, twenty pounds, for my master David Douglas, per Sam. Sprat. 200000
Received, July 10. 1769, in full for coperas, thirty-five pounds twelve shillings, for self and company, Per David Duff. 361200
Received, July 11. 1769, forty-five pounds twelve shillings and nine pence, in full for tobacco sold the 10th of January last, for self and partner, Per Simon Trusby. 451209
Received, July 12. 1769, the sum of fifty pounds, by order, and for the account of George Grant, Per Nath. Smith. 500000
8. The Copy-Book of Letters.
It is very imprudent in any person to send away a letter of business, without keeping a double of it to himself; and therefore, to prevent the bad consequences of such a careless practice, merchants are provided with a large book, in folio, into which is copied verbatim every letter of business before it be sent off. So that this book, together with the letters received (which must also be carefully kept in files or boxes,) makes a complete history of all the dealings that pass betwixt a merchant and his correspondents; which may be very useful and necessary on many occasions.
9. The Pocket-book.
This is a small book, of a portable size, which a merchant carries in his pocket when business calls him abroad to a tavern, a fair, the country, or other places. In this he sets down the bargains he makes, the expenses he is at, the debts he pays, or sums he receives, with every other part of business he transacts while abroad; as also any occurrence or piece of news he thinks worth while to record. And when he comes home to his counting-house or shop, he transfers the things contained in this book, each to their proper places in the Waste-book, or Books Subsidiary.
Factors of great business sometimes keep another small book, called the Memorandum book. Into this book is copied, from letters as they come to hand, short notes of the several commissions for buying goods contained in them; and as the commissions are effected, the notes are crossed, or have some mark affixed to them. This is more convenient in doing business, than to be continually running to the letters themselves. Suppose a merchant of Lisbon, by his letter, give a commission for buying goods, a note of it in the Memorandum book will stand thus.
Lisbon, 15th June 1769.
Out of Carlos Pophain's letter an order for 4000 yards of serges, at 8 d. or 8½ d. per yard, 20 dozen stockings, not above 36 s. per dozen, &c.
All which to be packed and shipped for Lisbon, consigned to himself, and marked C. P.
In like manner factors may, and those much employed generally do, take a note, from the letters of advice, of all the goods consigned to them, either in a separate place of this book, or in another book of the same nature. By this means a factor has daily under his eye, both the time when such a ship may be expected, and the goods she brings: And so is in a readier way of minding to look out for a merchant for them beforehand, than if he had only the letter as his remembrance. An example follows.
Naples, 18th June 1769.
In the Prosperity, Robert Wilson master, bills for account of Anthony Carew, marked A. C. No 122 to 140.
The above are the subsidiary books most in use: But a merchant is not tied down or restricted to them; he may keep some, and neglect others, or invent more, as the nature of his business requires, and he finds convenient.
Addendum Addendum to the article Book.
All foreign bound books pay duty on importation 14s. for every 12 lb. As to unbound books, they are commonly entered by the hundred weight, and pay, if French, 13s. 6½d. but if from any other country, only 7s. 7½d. It is also to be observed, that all popish books are prohibited to be imported; as are all English books printed abroad, unless with the consent of the proprietor of the copy.
Common-place-Book. See Common-place-book.
Text-Book. See Text.
Book binding. The art of gathering and sewing together the sheets of a book, and covering it with a back, &c. It is performed thus: The leaves are first folded with a folding-thick, and laid over each other in the order of the signature; then beaten on a stone with a hammer, to make them smooth and open well, and afterwards pressed. They are sewed upon bands, which are pieces of cord or packthread; six bands to a folio book, five to a quarto, octavo, &c., which is done by drawing a thread through the middle of each sheet, and giving it a turn round each band, beginning with the first, and proceeding to the last. After this the books are glued, and the bands opened and scraped, for the better fixing the pasteboards; the back is turned with a hammer, and the book fixed in a press between two boards, in order to make a groove for fixing the pasteboards; these being applied, holes are made for fixing them to the book, which is pressed a third time. Then the book is at last put to the cutting press, betwixt two boards, the one lying even with the press, for the knife to run upon, the other above it, for the knife to run against: After which the paste-boards are squared.
The next operation is the sprinkling the leaves of the book, which is done by dipping a brush into vermilion and sap-green, holding the brush in one hand, and spreading the hair with the other; by which motion the edges of the leaves are sprinkled in a regular manner, without any spots being bigger than the others.
Then remains the covers, which are either of calf-skin, or of sheep-skin; these being moistened in water, are cut out to the size of the book, then smeared over with paste made of wheat flour, and afterwards stretched over the pasteboard on the outside, and doubled over the edges withinside; after having first taken off the four angles, and indented and platted the cover at the head-band: which done, the book is covered, and bound firmly between two bands, and then set to dry. Afterwards it is washed over with a little paste and water, and then sprinkled fine with a brush, unless it should be marbled; when the spots are to be made larger, by mixing the ink with vitriol. After this the book is glazed twice with the white of an egg beaten, and at last polished with a polishing-iron paffed hot over the glazed cover.
Bookseller, one who trades in books, whether he prints them himself, or gives them to be printed by others.
Bookellers are in many places ranked among the members of universities, and entitled to the privilege of students, as at Tubingen, Salzburg, and Paris, where they have always been distinguished from the vulgar and mechanical traders, and exempted from divers taxes and impositions laid upon other companies.
The traffic of books was anciently very inconsiderable, in so much, that the book-mERCHANTS of England, France, and Spain, and other countries, were distinguished by the appellation of Stationers, as having no shops, but only stalls and stands in the streets. During this state, the civil magistrates took little notice of the bookellers, leaving the government of them to the universities, to whom they were supposed more immediate retainers; who accordingly gave them laws and regulations, fixed prices on their books, examined their correctness, and punished them at discretion.
But when, by the invention of printing, books and booksellers began to multiply, it became a matter of more consequence, and the sovereigns took the direction of them into their own hands; giving them new statutes, appointing officers to fix prices, and granting licences, privileges, &c.