Encyclopaedia Britannica [4, 5 ed.]

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Cntpclopartita Brttanmca: OR, A

DICTIONARY ARTS, SCIENCES, AND MISCELLANEOUS LITERATURE; ENLARGED AND IMPROVED. THE FIFTH EDITION. 3!lluieitrateti toitl) nearly sir ijunateti (JEngratiinga. VOL. IV.

1NDOCTI DISCANT; AMENT MEMINISSE PERITI.

EDINBURGH: Printed at the Encyclopedia Press, FOR ARCHIBALD CONSTABLE AND COMPANY, AND THOMSON BONAR, EDINBURGH: GALE, CURTIS, AND FENNER, LONDON ; AND THOMAS WILSON AND SONS, YORK.

ENCYCLOPEDIA BRITANNICA.

BOO Book-

Binding,

T) OOK-BINDING is the art of gathering together

an£j fewjng the fheets of a book, and covering it with a back, &c. It is performed thus : The leaves are firft folded with a folding-flick, and laid over each other in the order of the fignaiure $ then beaten on a lione with a hammer, to make them fmooth and open well ; and afterwards prelfed. They are fewed upon . bands, which are pieces of cord or packthread ; fix bands to a folio book ; five to a quarto, odfavo, &c. ; which is done by drawing a thread through the middle of each flreet, and giving it a turn round each band, beginning with the firft and proceeding to the laft. After this the books are glued, and the bands opened and fcraped, for the better fixing the pafteboards ; the back is turned with a hammer, and the book fixed in a prefs between two boards, in order to make a groove ' for fixing the pafteboards; thefe being applied, holes are made for fixing them to the book, which is preffed a third time. Then the book is at laft put to the cutting prefs, between two boards ; the one lying even with the prefs, for the knife to run upon ; the other above it, for the knife to run againft j after which the pafteboards are fquared.

BOO

The next operation is the fprinkling the leaves of ®0°kthe book j which is done by dipping a brufti into . ^nt^ing» vermilion and fap-green, holding the brufti in one hand, and fpreading the hair with the other ; by which motion the edges of the leaves are fprinkled in a regular manner, without any fpots being bigger than the other. ' ; . Then remain the covers, which are either of calffkin or of fheep-fkin : thefe being moiftened in water, are cut out to the fize of the book $ then fmeared over with pafte made of wheat flour ; and afterwards ftretched over the pafteboard on the outfide, and doubled over the edges withinfide 5 after having firft 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 fet to dry,, Afterwards it is waflied over with a little pafte and water, and then fprinkled with a fine brufti, unlefs it ftiould be marbled $ when the fpots 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 laft poliftied with a poliftiing iron paffed hot over the glazed cover.

BOOK-KEEPING TS the art of recording mercantile tranfa&ions in a regular and fyftematic manner. 1. A merchant’s books ftiould contain every particular which relates to the affairs of the owner. They fhould exhibit the ftate of all the branches of his bufinefs, the connexion of the different parts, the amount and fuccefs of the whole. They ftiould be fo full and fo well arranged, as to afford a ready information in every point for which they may be confulted. The matter which the books ftiould contain is comprehended under the three following heads : Firft, The debts which are owing to the owner, and the debts which he owes to others. Secondly, The goods and other articles of property which belonged to him ; the quantity and value fold, or otherwife difpofed on j and the quantity and value which ftill remain in his poffeflion. Thirdly, The amount of his flock when the books were opened ; the profits he has obtained, and VOL. IV. Part I.

the Ioffes he has fuffered, fince j and the mount of hi* ftock at prefent. That method of book-keeping which anfwers thefe purpofes moft clearly and concifely, is the beft. The Italian method, by double entry, is generally preferred ; at leaft, it is founded upon the moft univerfal principles, and is the moft convenient in extenfive and complicated bufinefs; and the accountant who underftands it, will find little difficulty in following, or even in inventing, other methods that are better accommodated to any particular purpofe. The Italian method requires three principal books $ the Wafte-Book, Journal, and Leger. SECT.

I.

Of the WASTE-BOOK.

2. TUP: wafte-book, or day-book, contains an exaiff regifter of all occurrences in bufinefs in the fame order

A

as

BOOK-KEEPING. Wafte- as they take place. It begins with an Inventory of Book. every thing belonging to the owner, a lift of the debts v due to him, and of the debts he owes to others : It is carried on with a full relation of all the money he receives or pays; of all the goods he buys or fells •, and of every other occurrence in his bufinefs. Each article ftiould be entered as fuon as the tranfadlion takes place, and ftiould be clearly expreffed in the plaineft language. It ftiould require no fupply from the accountant’s memory, but ftiould be fully intelligible to any perfon, however unacquainted with the buiinefs ; at the fame time, it ftiould be written with all convenient brevity •, and, therefore, fometimes refers to invoices and other accounts, for particulars. The accountant’s fir ft care ftiould be to have nothing defective or ambiguous ; his fecond, to have nothing fuperfluous. 3. The date is written in text on the top of each page. The articles are feparated from each other by a line : and the tranfatfiions of one day are feparated from thoft of another by a double line, in the middle of which there is left a blank fpace for inferting the. day of the month. This book muft be kept with the greater care, as it contains the materials from which the other books are compofed ; and any error or defeft will oecafion a like one in the others. Befides, it is the book whofe authority is trufted to, and which muft be exhibited to judges, or arbiters, when an account is difputed. As the journal is filled up from the waftebook, the authority of the former is efteemed more authentic, unlefs there be an obvious miftake through hurry 5 and either of thefe books is depended on rather than the leger, which, from its form, is more liable to error, and may be more eafily vitiated by a fraudulent defign. 4. As the wafte-bnok contains the whole fubftance of the bufinefs, it may be applied fo as to afford any information that can be wanted : but the labour of eonfulting it would be very great. For inftance, if it were required to know how much any perfon owes us, we muft look over the book from the beginning, and mark down every article in which we have dealt with him; or, if it were required to know what quantity of goods we ftiould have on hand, we muft look over the whole book, and mark down every article bought or fold. This operation would not only be found very tedious, but much expofed to the rilk of omiffions. To prevent thefe inconveniences, another book is ufed, in which the articles are arranged in a methodical order. This book is called the Leger, and we lhall confider it next ; becaufe the journal, though it comes before it in the order of writing, cannot be well underftood, till the nature of the leger be explained. SECT.

II

Of the LEGER.

5. IN the leger, articles of the fame kind are collefted together • and, for that purpofe, it is divided into many accounts, under which the different branches of bufinefs are arranged. Each account is introduced by a proper title, to explain the nature of the articles it contains; and articles of oppofite kinds, which belong

to the fame account, are placed on the oppofite pages of the fame folio : for infiance, money received on the one fide, and money paid on the other; or goods bought on the one fide, and goods fold on the other. The lefthand page is called the Debtor or Dr. fide of the account, and the right-hand page the Creditor or Cr. fide. The difference between the fums of the Dr. and Cr. fides is called the Balance. Accounts in the leger are of three kinds, which anfwer to the three purpofes of book-keeping mentioned § I. 6. Fir ft, Perfonal Accounts. It is neceffary to open an account for every perfon or company with whom there are any dealings on credit. At opening the books, if they be indebted to the owner, the debt is entered on the Dr. ; but if he be indebted to them, it is entered on the Cr. During the courfe of the bufinefs, goods fold on truft, money paid, and every thing for wh ith they are accountable to him, is entered on the Dr. ; but goods bought on truft, money received, and every thing for which he is accountable to them, is entered on the Cr. The balance ftiows how much they owe him, when the Dr. fide is greateft : and how much he owes them, when the Cr. fide is greater. 7. Secondly, Real Accounts. By this we underftand accounts of property, of whatever kind, fuch as ready money, goods, houfes, lands, ftiips, (hares in public companies, and the like. The account of ready money is entitled Cajh. On the Dr. fide, the money on hand at opening the books is entered, and afterwards every article of money received. On the Cr. fide there is entered every article of money paid out ; and the balance ftiows how much ought to be on hand. Fhe fum of the Dr. fide of this account is ahvays greater than that of the Cr. fide. . ' 8. Accounts of goods are generally ruled with inner columns for entering the quantities. When the books are opened, the goods on hand are entered on the Dr. fide of the refpeftive accounts; the quantities being placed in the inner, and the values in the outer column. Goods bought are entered in the fame manner, and goods fold are entered on the Cr. fide ; the quantities and values being placed in the proper columns. Charges laid out on goods are entered on the Dr. fide ; and, when an incidental advantage arifes from them, fuch as public bounty, it is entered on the Cr. „ If the fums of the inner columns on the oppofite fides be equal, it (hows that the goods are all fulL and then the balance of the money-column ftiows the gain or lofs. If the Cr. fide be greater, it is gain : if the Dr. fide be greater, it is lofs. If the fum of the inner column be greater on the Dr. fide, it (hows that part of the. goods are on hand ; and their value muft be added to the fum of the Cr. fide, in order to determine the gain or lofs. 6. If there be two or more kinds of the fame fort of goods, they may be entered in the fame account, allowing as many inner columns as there are kinds, and entering the quantities of each kind in the inner column referved for it. This method exhibits the gain or lofs on the whole goods ; but does not (how how much of it arifes from each kind.

Or,

BOOK-KEEPING. Or, a feparate account may be opened for each kind, diftinguifhing the titles by the qualities, or by feme other mark. Thus, one account may be kept for fine linen, another for coarfe linen one for port-wine crop 1787, another for port-wine crop 1788; one for rum from Jamaica, another for rum from Barbadoes. This method (hows the gain or lofs on each kind. When there are more kinds than can be conveniently introduced in the fame account, they may be divided into feveral claffes, each clafs being placed in a feparate account; and the particular kinds diftinguilhed in inner columns. Thus the account of fine linen may be divided into feveral columns, for different kinds, diflinguilhed by the number of threads in the breadth, or by any other convenient character. 10. Accounts of (hips contain on the Dr. the value of the (hip when the books are opened, and all expences laid out thereon ; on the Cr. all freights received. In like manner, accounts of houfes or lands have the value of the fubjeft, and all repairs or other charges, entered on the Dr. and all rents or other profits received on the Cr. If the fubjeft be fold in whole or in part, the fale is entered on the C. And the balance after valuing the fubjeft (if any) on hand, (hows the gain or lofs. Accounts of property in the public funds, or (hares in companies, public or private, contain the value, or money paid in, on the Dr. and the dividends received on the Cr. and are balanced as other real accounts. Some perfons open accounts for houfehold furniture, plate, jewels, books, or the like. The entries on thefe accounts are made in the fame manner. In general, real accounts contain the value of the property, and all charges, on the Dr. and the fales and other returns on the Cr. When the account is to be balanced, if any property remains, the value thereof is placed on the Cr. ; and then the balance (hows the lofs or gain, according as the Dr. or Cr. fide is greateff. 11. Thirdly, Accounts of STOCK, PROFIT and Loss, and its fubfidiary accounts, which are fometimes called JiBitious accounts. The Jiock account contains on the Dr. the amount «f the debts which the owner owes when the books are opened ; and on the Cr. the amount of ready money, goods, debts, and property of every kind belonging to him : therefore the balance (hows what his nett (lock is; or, in cafe of bankruptcy, how much his debts exceed his effefts. There is nothing further entered on this account till the books are balanced : and then, if the bufinefs has yielded profit, the nett gain is entered on the Cr.; if it has been unfuccefsful, the nett lofs is entered on the Dr. : after which, the balance (hows the nett (lock at the time the books are clofed. 12. The Profit and Lofs account contains every article of gain on the Cr. and every article of lofs on the Dr. The balance (hows the nett gain or lofs, and is transferred to the proper fide of the dock-account, as mentioned above. I his account i« partly compofed of articles that occur while the books are running. For example, legacies received are entered on the Cr. goods deflroyed on the Dr. The reft of the articles are thofe

of gain and lofs, arifing from the real accounts, which are collected when the books are balanced. 13. fubfidiary accounts, in order to fhorten and methodize that of profit and lofs. Thefe contain certain articles of gain or lofi, which may be reduced under diltindl heads. They are in effedt fo many parts of the profit and lofs account, and their balances are entered on the proper fide of that account when the books are clofed. The chief of thefe accounts are the following. Interef account, Which contains on the Dr. fums paid or incurred for interell ; and on the Cr. fums received, or become due for the fame. Commiffon account. Which contains on the Cr. artides of gain received or owing us for our trouble in tranfattihg bufinefs for others. There are feldom any entries on the Dr. Charges mcrchandife, Which contains on the Dr. all charges paid or incurred on the bufinefs, which do not belong to any particular account, as (hop-rent, public burdens for trade, clerks wages, poflages, and the like. If any of thefe (hould afterwards be charged to fome other account, the fum fo charged is entered on the Cr. Proper expences, Which contains on the Dr. money or any thing elfe, withdrawn from the trade for our private ufe. There are feldom any entries on the Cr. The amount of this account, as well as the former, is not properly lofs ; but as it has the fame effedt in diminifhing the (lock, it is placed in the fame manner to the Dr. of profit and lofs. Lofs by bad debts, Which contains on the Dr. fuch debts as we reckon defperate ; and on the Cr. any of thefe which may happen to be unexoediedly recovered. Account of abatements. Which contains on the Dr. difeounts allowed by us on payments received ; on the Cr. difeounts (if any) allow'ed to us on payments made. It is particularly ufeful in retail bufinefs, where difeounts are often given, to (how how much they amount to. Infurance account. Which contains on the Cr. premiums received for making infurances ; and, on the Dr. Ioffes fuftained on the fame. There may be feveral accounts of this kind, fuch as infurance againft fea-hazard, which is the mod common ; infurance againfi: fire ; infurance of lives ; and infurance of debts. The balance (hows the gain or lofs which arifes from being concerned in infurance. More or fewer of thefe accounts may be ufed, according as the articles are frequent; and others may be invented to fuit the purpofes of the bufinefs which the books are kept for. 14. two accounts, and muft be entered on the Dr. of the one and on the Cr. of the other. Thus, when a perfon becomes indebted to us, the article he owes muft be entered on the Dr. of his account ; and, if it be for money paid him, it is alfo entered on the Cr. of cadi; if for goods fold, it is entered on the Cr. of the account of goods ; if for any thing delivered him by another perfon at our defire, it is entered on the Cr. of the deliverer’s account; if for any wager or bargain, by which we are gainers, it is entered on the Cr. of profit and A 2

lefs.

4

BGOK-K: Leger. lols. Thus, in whatever way the debt arifes, it is en~ tered on the Cr. of fome other account, as well as on the Dr. of the perfon’s account who owes it. In like manner, when we become indebted to any perfon, the article we owe mutt be entered on the Cr. of his account. If it be for money received, it is alfo entered on the Dr. of cafh y if for goods bought, it is entered on the Dr. of the account of goods ; it for any thing delivered to another perfon at our defire, it is entered on the Dr. of the receiver’s account; and if it be in confequence of a lofing bargain, it is entered on the Dr. of profit and lofs. Again, when goods are received, the tranfa£lion is entered on the Dr. of the account of goods. If they be bought for ready money, it is alfo entered on the Cr. of cafh j if on truft, it is entered on the Cr. of the feller *, if they be exchanged for other goods, it is entered on the Cr. of the goods delivered j if they be obtained by fome profitable bufinefs, without any return, it is entered on the Cr. of profit and lofs. When goods are delivered, the tranfaflion is entered on the Cr. of the account of goods y and, if they be fold for ready money, it is alfo entered on the Dr. of cafh j if on credit, it is entered on the Dr. of the purchafer •, if exchanged for other goods, it is entered on the Dr. of the goods received ; and, if they be given gratis, or deflroyed, it is entered on the Dr. of profit and lofs. Laflly, When any article of lofs occurs, the tranfaffion is entered on the Dr. of profit and lofs j and as we muff either pay it in money or goods, or remain indebted to fome perfon for it, it mult be entered on the Cr. of cafh,.or of goods delivered, or of the perfon entitled to receive it. And, when an article of gain occurs, it is entered on the Cr. of profit and lofs, and alfo on the Dr of cafh or goods, if money or goods be received j and on the Dr of the perfon accountable for it, if not immediately paid. Thus, every article in any account, whether perfonal or real, or belonging to profit and lofs, correfponds to fome other article on the oppofite of a different account. The fame fum is entered on the Dr. of one account and on the Cr. of the other ; and it follows from thn, that, If all the accounts in the leger be added, the amount of the fums of the Dr. will be equal to thofe of the Cr. SECT. III. Of the JOURNAL.

15.. THE journal is a fair record of afl the tranfactions compiled from the wafle-book, in the fame order as they ftand there ; but expreffed in a technical ftyle, that it may be transferred to the leger with more eafe. When we are to enter any article in the journal, we muft confider which accounts in the leger it will require to be placed to, both on the Dr. and Cr. and write \_the former account~\ Dr. to [the latter accounf\ ; then we annex an explanation of the article, and place the fum in the money-column. EXAMPLE.

Wafle-book). nen, at 3s.

./ f

Sold for ready money, 30 yards liL. 4 10 — T

: E P I N G. Journal.) 3s.

Cajh Dr. to Linen,

Sold 30 yards, at Journal. L. 4 *io H

Here we confider, that the article muff be entered on the Dr. of cafh, becaufe money is received $ and on the Cr. of linen, becaufe linen is delivered : Therefore we write Cafh Dr. to Linen, to which we annex the nature of the tranfaflion. The article thus entered is called a journal pof; Caflo is called the Dr. ; Linen the Cr. ; the words “ Cafli Dr. to Linen,” the Entry, and the following words the Narration. The purpofe of expreffing the article in this form, is to point out the accounts in the leger, to which it will require to be polled, and thereby enable the accountant to write the leger with more eafe than he could do if it were filled up immediately from the wafte-book. The learner will be able, from this example, to enter any Ample article in the journal, providing he knows the accounts to which it fhould be ported on the Dr. and Cr. of the leger. This muft be collefted from the defcription of the leger accounts already given J 6—13. and the nature and tendency of the article. 16. GENERAL RULES

ybr///e JOURNAL-ENTRIES..

I. Every thing received, or perfon accountable to us, Dr. II. Every thing delivered, or perfon to whom we are accountable, is Cr. 17. As the whole art of writing the journal depends on a proper choice of the Drs. and Crs. we fhall give fome particular rules for the moft common cafes, and a few examples for the illuftration and practice of each. is

Rule I. The perfon to whom any thing is delivered is Dr. to the thing delivered, when nothing is received in return. Therefore when money is paid, the receiver is Dr. to cafh. . When goods or other property is fold on credit, the purchafer is Dr. to the thing fold. Thus, Wafte-book.) Paid Jehn Bell in full L. 52—- Journal.) John Bell, Dr. to Cafh, paid him in full 52 — *"“* Wafte-book.) Sold 50 yards cloth to J. Hill, at 1 2s 30 — •“"* Journal.) J. Hill Dr. to Cloth, fold him 50 yards, at 12s. 30 — 18. Rule II. A thing received is Dr. to\the perfon from whom it is received, when nothing is delivered in return. Therefore, when money is received, Cafh is Dr. to the payer : when goods are bought, the goods are Dr. to the feller. Thus, Wafte-book.) Received from Thomas Gay in full L. 72 " Journal.) Cafh Dr. to Thomas Gay, received in full 72 Wafte-book.)

BOOK-KEEPING. Journal. Wafte-book.) Bought from J. Hawley ;

6olb. wool, at Qd. Journal.) Woo/ bought 6olb. at

L. 2 5 ”—

Dr. to J. Hawley, gd.

19. Rule III. yf thing received is Dr.

2

5 —

to the thing gi-

ven for it.

Therefore goods bought for ready money are Dr. to cafh. When goods are fold for ready money, Calh is Dr. to the goods. When goods are bartered, the goods received are Dr. to the goods delivered. Thus, Wafte-book.) Bought for ready money 10 lids, wine, at 15I. L. Journal.) Wine Dr. to Cajh, bought 10 hds. at 15I. Wafte-book.) Sold for ready money IOO gallons rum, at 9s. Journal.) Cafh Dr. to Rum, fold 100 gallons, at 9s. Wafte-book.) Bartered 3 hds. wine, at 15I. for IOO gallons rum at 9s. Journal.) Rum Dr. to Wine, received roo gallons at 9s. in barter for 3hds. at 15I.

150 150 45 — — 45 — — 45 — — 45 — —

20. Rule IV.

Goods and other real accounts are Dr. for all charges laid out on them. If money be laid out, they are Dr. to Cafh ; if any thing elfe be delivered, they are Dr. to the thing delivered: if the charge be taken in truf, they are Dr. to the perfon to whom it is due.

Thus, Wafte-book.) Paid for repairs to ftiip Traffick L. 18 Journal.) Ship Trojfck Dr. to Cafh, paid for repairs 18 Wafte-book.) Delivered wood from my timber yard for repairing the Angeltavern j5 Journal.) Angel Tavern Dr. to Wood, delivered for repairing the fame 13 — — Wafte-book.) Due to William Carpenter for repairs to the Angel-tavern 12 — — Journal.) Angel-tavern Dr. to William Carpenter, due him for repairs 12 — — 21. Rule V.

When rents ofhoufes or lands, freights of flips, bounties on goods, or any other prof ts from real accounts, are received, Cafh is Dr. to the account from which the profit arifes: if any thing befides money be received, the article received is Dr. : if they remain unpaid, the perfon who owes them is Dr. Thus,

Wafte-book.) Received freight of the fhip Traffick for a voyage to London L. 35 — — Journal.) Ship Trajfck Dr. to Cafh, received freight to-London 3J “ Wafte-book.) Received roo barrels falmon, being the rent of Inver fiftiery, at 52s. 260 — — Journal.) Salmon Dr. to Inver ffbery, received the rent, being 100 barrels, at 32s. 260

Wafte-book.) John Public owes me a year’s rent of the Angel-tavern L. 32 Journal.) John Public Dr. to Angel tavern, for a year’s rent due by him 32

'

22. Rule VI. When an article of lofs occurs, Proft and Lofs, or fame fubfdiary account, is Dr. If the lofs be paid in ready mottey, it is Dr. to Cafo: if it be paid in any thing elfe, it ts Dr. to the thing delivered. If it remain unpaid, it is Dr. to the perfon to whom it is owing. Thus, Wafte-book.) Given my daughter at her marriage L. Journal.) Proft and Lofs Dr. to Cafh, given my daughter at her marriage Wafte-book.) Taken for family ufe from my granary 3 bolls meal, at 13s. 4d. Journal.) Profit and Lofs [or Proper expences~\ Dr, to Meal, taken for family ufe, 3 bolls, at 13s. 4d. Wafte-book.) Due James Rich for a year’s intereft on 1000I. at 4 per cent. Journal.) Proft and Lofs [or Interef account] Dr. to James Rich, due him a year’s intereft on 1000I. at 4 per cent.

300 — — 300 — ~~ 2 2 40

-

40

—

23. Rule VII, When an article of gain occurs, that is not immediately conne&ed with any real account, Cajh, the article received, or the perfon accountable for it, is Dr. to Proft and Lofs, or to Jome fubf diary account. Thusj Wafte-book.) Received in a gift from my father L. Journal.) Cafl Dr. to Proft and Lofs, received from my father Wafte-book.) Received in like manner at opening (hop, too yards cloth at 12s. Journal.) Cloth Dr. to Prof t and Lofs, received from my father at opening ffiop 100 yards, at 12s. Wafte-book.) James Barbour owes me a year’s intereft of 1000I. Journal.) James Barbour Dr. to Proft and Lofs [or Interef account] due by him for a year’s intereft of 1000I.

100 — 100 60 — 60 — — 5° jo

24. Rule VIII. When one perfon pays money, or delivers any thing elfe to another on our account, the perfon who receives it is Dr. to the perfon who pays it. Thus, Wafte-book,) James Goldfmith has paid the bank of Scotland on my account, L.100 “*** Journal.) Bank of Scotland Dr. to James Goldfmith, paid them by him 100 — — Wafte-book.) Arthur Young has deli* vered James Baker 100 qrs. wheat for which I am to account to him, at 30s. 130 — — Journal.) James Baker, Dr. to Arthur Young, for 100 qrs. of wheat delivered him on my account, at 30s. 130 _ Payments of this kind are often tranfa&ed by bills of exchange. 25. Thefa

Journal.

6

BOOK-KEEPING. Journal.

25. Thefe examples will make the learner acquainted with the form of the journal, and the rules extend .to the greateft part of the fimple tranfadtions that occur in domeftic trade. We may obferve, that the technical fenfe of the words Dr. and Cr. has an analogy to their meaning in common language, but is not precifely the fame. Thus in Ex. i. Rule VIII. the journal entry is, Bank of Scotland Dr. to James Goldfmith ; by which we are not to underftand that the bank is indebted to James Goldfmith •, for a debt between them has no connedlion with our bufinefs, and therefore ought not to be entered in our books : the meaning of the entry is, that the bank becomes indebted to us by the tranfadlions narrated ; and that we become indebted to James Goldfmith by the fame. 26. An article which contains more Drs. or more Crs. than one, is called a joo/?. The form of thefe will appear from the following examples. Ex. I.] Sold William Drapier, 25 pieces cloth, at 15I. L per piece -375 530 Hones wool, at 5s 6d per Hone 35 15 —

J. Mercer,

22

3.] Bought from H. Hood, 5 puncheons rum, at 42I. L.210 3 hds. claret, at 33, 99 2 pipes tnadeira, at 56, 1x2

L.421 This example falls under Rule II. The articles received, rum, claret, and madeira, are Drs. j and the perfon from whom they are received is the only Cr. Sundries Dr. to Henri/ Hood, Rum, for 5 puncheons, at 42I. L.2XO at Claret,, for 3 hds, 33> 99 Madeira, for 2 pipes, at 56, 112

L.410 15 —

William Drapier Dr. to Cloth,

25 pieces, at 15I. William Drapier Dr. to Wool,

fold him _ fold him

And if thefe were pofled to the leger, there would be two articles placed to the Dr. of William Drapier, one to the Cr. of Cloth, and one to the Cr. of Wool. But the fales may be entered in the form of one complex journal pofl, as follows. William Drapier, Dr. to Sundries, To-Cloth, for 2 C pieces,

at 15I.

L.37J

for 130 Hones at 5s 6d

35 15 — L.410 15 —

And then there is only one article on the Dr. of William Drapier in the leger.

12 ditto to J. Mercer, at do. —

22

In like manner, examples might be given of complex pofls under every rule, which contained either feveral Drs. or feveral Crs. ; but as it is unneceffary to enlarge fo far, we fliall only add a few examples of cafes, in which the different parts of the complex article fall under different rules.

L.l 50

180 L

33°

-

5.] Sold 130 qrs. beans to A. Arnot, at 13s. 4d. L.100 75 ditto to S. Berry, at 13s. 4d. 50 18 ditto for ready money, 13s. 2d. ir 1 7 243

2.3 Sold 10 pieces of cloth to W. Drapier, at 15I.

To J. Tull, for 50 qrs. at 35s. L.87 10 — To E. Ellis, for 12 qrs. at 36s 21 12 —

Ex.

To Wool,

Ex.

Bt. 50 qrs. wheat from J. Tull, at 35s. L.87 10 — 12 from S. Ellis, 36s. 21 12 — — I..IC9 2 — 62

Wheat Dr. to Sundries,

35 I5 —

130 Hones, at 5s 6d

L.421 — —

This example alfo falls under Rule II. There is only one Dr. wheat being the only thing received j and tW9 Crs. becaufe it is received from different perfons.

L

-375

L.150 — — for 12 ditto at 15I. 180— — '— * L.330

Ex.

Ex. 4.]

If the two articles fold to William Drapier were entered feparately in the Wafte-book, and transferred to the Journal by Rule I. they would Hand thus :

Journal.

Sundries Drs. to Cloth, W. Drapier, for 10 pieces, at 15I.

- “

This example alfo falls under Rule I. But whereas there was one Dr. and two Crs. in tire former example 4 there are two Drs. and one Cr. in this; William Drapier and John Mercer, the purchafers, are Drs. for their refpeftive quantities j and cloth, which is the only thing delivered, is Cr. for the whole quantity. The journal poff is,

~

L.161 17 —

Here beans are delivered, feme to different purchafers on trufl, and feme for ready money. The purchafers are Drs. for the quantity fold to each, by Rule I. ; Cafli is Cr. for the quantity fold for ready money, by Rule III. j and beans are Cr. for the whole. Sundries Dr. to Beans, A. Hr not, for 130 qrs. at i3s.4d.L.ico S. Berry, [ov 7; I2s.4d. CO Cajh, for 18 I3s.2d. II 17 —

■

L.i6i 17 Ex»

B O O K -K E E P I N G. Journal.

6.] Bought from David Young 8 cwt. 3 qrs. copper, at 12l. per cwt. L.105 — Paid in part; L.50 Balance 55 — — L.105 Here the article received, copper, is the only Dr. *, but as it is bought partly for ready money, and partly on credit, it is Dr. to cafh for the value of the former, by Rule III. and to the feller for the value of the latter, by Rule II. Ex.

Copper Dr. to Sundries.

For 8 cwt. 3 qrs. at 12I. per cwt. B.105 To Cafh in part, To D. Young, for balance due

L.50 him, 55

L.105 Ex. 7.] James Wilfon being bankrupt, I have accepted a compofition on the debt due by him to me of 150I. and difcharged the fame. The compofition received, at 15s. per L. is, L.II2 10 — And the balance loft 37 10 — L.150 Here the whole debt of 150I. due by James Wilfon, is cancelled ; and he muft therefore be ftated as Cr. for that fum. Cafii is Dr. for the fum received, by Rule II. ; and Profit and Lofs, or Lofs by bad debts, for the reft, by Rule VI. Sundries Dr. to James Wilfon,

for compt, on 150I. at 15s. per L. L. 112 10 — Profit and Zo/}, for balance loft 37 10 — L.150 Ex. 8.] Shipped for William Smith, per the Bonadventure, Forbes, from Leith to London, 1000 yds linen, at is 2d L.58 6 8 6oalb. leather, bought from J. Currier, at is. 30 Paid charges at ftiipping — 13 4 L.89 Here William Smith is Dr. for the amount of the cargo; he is debtor to linen for the quantity delivered, as by Rule I. and to J. Currier for the leather delivered by him, by Rule VIII. and to cafh for the charges paid by us, by Rule I. Cafh,

William Smith Dr. to Sundries, To Linen, for 1000 yards

at is. 2d.

L.58

6

8

for 6oolb. leather at is. 30 __ __ To Cafil), for charg es at fhipTo J. Currier,

ing

1

Shipped per the Bonadventure, Forbes, from Leith to London.

__ 13

4

.L.89 27. The learner may be affifted in underftanding thefe and other complex pofts, by refolving them into jrfinple ones. Moll of them might have been ftated in

that manner; and the complex form is only preferred for abridging the leger. In fome articles the different daffes are fo connected, that they cannot be feparated with propriety. The narration is fometimes equally diffufed through the poll, after the Dr. and Cr. as in the five firft examples. Sometimes the chief circutnftances are narrated before the Drs. or Crs. be fpecified. as in Ex. 6.; fometimes after the firft, as in Ex. 7.; and fometimes at the end, as in Ex. 8. 28. In fome articles, there are both more Drs. and more Crs. than one. Thefe may be entered in one journal-poft, Sundries Dr. to Sundries, fpecifying firft the Drs. and then the Crs. But, as this method is fome what confufed, we would recommend it as a better way to divide the tranfa&ion into two journal-pofts; fo that the firft may contain only one Dr. and the fecond : only one Cr. Bartered with James Fotheringal IOQ pieces ofnaburgs, at 12s. L.60 — — loolb. thread, at 3s. 6d, 17 10 — L.77 10 —■ For 10 hds. lintfeed, at 50s. L.25 50ayds. linen, at is. 6d. 37 Io — And received the balance in money 15 L.77 10 —* Ex.

JOURNAL. Sundries Dr. to Sundries. Lintfeed, for 10 hds. at 50s. L. 25 Linen, for 500 yds. at is 6d 37 10

Received in barter from J. Fotheringal Cajh, for balance

15 L.77

To Ofnaburgs,

10

—

for 100 pieces,

at 12s.

L.60 for loolb. at 3s 6d 17 10 Delivered him in barter — Or rather,

To Thread,

L.77 10

Sundries Dr. to James Fotheringal. Lintfeed, for 10 hds. at 50s. L.25 Linen, for 500 yds. at is 6d 37 10

Received in barter received balance

Cajh,

15

James Fotheringal Dr. to Sundries. To Ofnaburgs, for 100 pieces,

L.77

10

—

at 12 s.

L.60 for 100 lb. at 3s 6d 1710 — Delivered in barter — B.77 10

To Thread,

26. It is neither prafHcable nor neceffary to enumerate all kinds of complex pofts that may occur in bufinefs. We lhall here only mention the entries which occur at opening the books. The firft journal poll contains the fubftance of the inventory. The entry is Sundries Drs. to Stock ; the particular Drs. are Calh, the different kinds of goods and other property belonging to us, and the perfons indebted to us.

The

Journal,

v—

8

BOOK-K E E P I N G. Journal.?? v

The fecond journal-poft contains the debts due by us. in the index, under the proper letter, and this dire&s | p0fHn°The entry is, Stock Dr. to Sundries ; the particular Crs. you to the folio of the leger where the account is, if and Balanare the perfons to whom we are indebted. it be already opened ; if not, you muft allot a fpace cing tlie The form of thefe entries is more fully exhibited at for it, write the title, and enter it in the index. Then Legen . the beginning of the following fets. enter the article on the left-hand page of the account 'r‘w 30. The journal (houldofbethewritten one perfon, in under the title formerbyarticle, by writing the a fair hand and at leifure hours. The articles are fe- date on the margin, and the name of the creditor on parated, and the titles and dates marked in the fame the line, with the word To prefixed, and a ftiort narramanner as in the wafte-book, § 3. The entries are tion of the tranfaftion annexed, and inferting the fum written in half-text for ornament and diftinftion. In in the money column, and the quantity, if it be an acthe inventory, the defignation (or the bufinefs, ftation, count of goods, in the inner column. Then turn to and the place of refidence) of every perfon is mentioned j the account of the Cr. of the journal-poft, and enter and the fame is done the firft time that any name oc- the article in the right-hand page, prefixing the word curs in journal-entry. At other times it is fufficient By to the name of the Dr. to enter the name without the defignation, unlefs we 34. This being done, turn to the journal, and mark have dealings with two perfons of the fame name *, in on the margin the number of the folios tq, which the which cafe, it is always necelfary to annex the defigna- article is polled. The figures which point out the retion, in order to diftinguifh them. The narration fhould ference to the Dr. and Cr. folios {hould be feparated be complete, without referring to the wafte-book 5 and by a line : for example, if the Dr. entry be on the fo clear, that every perfon, acquainted with the ftyle third folio, and the Cr. entry on the fifth, the refeof the journal, may underftand it with eafe. When the rence is marked j-. Thefe figures Ihow how far the poft is written, we mark a dafli / againft the article, pofting is advanced, and are ufeful in comparing the on the margin of the wafte-book, to ftiow how far the books. writing of the journal is advanced. The figures for dates or references Ihould be written in a lighter hand than the figures in the columns for SECT. IV. Of POSTING and BALANCING the money or quantity. 35. There is often a reference-column ruled in the LEGER. leger, for pointing out the other ejjtry, correfponding 31. THE firft thing to be done in the leger, is to to any article. In this column, the folio of the Cr. allot a proper fpace for each account. The accounts entry is marked againft the Dr. article, and the folio may be either opened in the fame order that they oc- of the Dr. entry againft the Cr. article. cur in the journal j or accounts of the fame, kind may Sometimes the accounts are numbered according to be placed together, the perfonal accounts in one part their order in the leger ; and the references, both in of the leger, and the real accounts in another. The the journal and leger, point out the number of the acaccounts of Stock and Profit and Lofs are generally count inftead of the folio. \ placed at the beginning. The room which each will 36. In complex polls turn to the feveral Drs. or require cannot be exactly known, but it muft be con- Crs. in their order, and enter the articles according to jeflured from the number of tranfaflions that are likely the foregoing dire£lions ; placing the fums belonging to follow. to each in the money-column againft their refpeftive The number of the folio is marked in ftrong text entries. at each corner of the top-line; and the titles of the ac37. An article in the leger is generally comprehendcounts are written in fair text through both folios, if ed in one line. The narration Ihould be as full as can necefiary. The defignations of the perfonal accounts be contained in that bounds. If it cannot be narrated may be written in half text, or Italian hand : and fome completely, the journal is referred to for further partiwrite the titles in Saxon hand for ornament. The culars, by writing per Journal, (or p. Jl), either afword Dr. is prefixed to the title on the left-hand page : ter an incomplete narration, or immediately after the and Contra Cr. annexed to it on the right-hand page. Dr. or Cr. when there is no room for a proper nar32. Next, An Index muft be provided for pointing ration. In complex polls there can feldom be any narout the folios where the accounts are opened. The ration annexed to the fingle Df. or the fingle Cr. The titles of the accounts are entered alphabetically in the entry is generally To Sundries per J. or, By Sundries index, and the number of the folio annexed. Perfonal per J. If the fenfe of the whole article can be naraccounts are entered by the firft letter of the furname ; rated, it Ihould be done j but it is improper to narrate companies, by the firft letter of the furname of the firft the firft or any other part of the article, and omit the partner •, arid all other accounts by the firft letter of others. the firft word. The moft convenient kind of index is 38. When the fpace allotted for an account in the a long narrow book, of 24 leaves, one for each letter leger is filled up, the account muft be tranfported to of the alphabet. A is marked on the top of the firft another folio. For this purpofe add the columns on leaf, and the paper pared away below it 5 B is mark- both fides, and write againft the fum, Tranfported to ed on the fecond leaf under A ; and the other let- folio , inferting the number of the folio where the ters on the following leaves, in the fame manner j by new account is opened, in the reference column, or on means of which we can turn at once to any letter re- the hne, if no reference-column be ufed. Then, after quired. titling the new account, and entering the number of 33. In pofting the leger, proceed by the following the folio in the index, write on the Dr. To amount ftlre&ions. Firft, look for the Dr. of the journal-poft brought from folio , inferting the number of the folio
When we poll; any common article from the jour- the difference in the proper fide of the profit and lofs nal, we enter the fum on the Dr. of one account, and ffieet. If part be fold, and part on hand, place the value of on the Cr. of another : when we balance an account, we place the balance fum on the Dr. of the old ac- the quantity on hand under the fum of the Cr. and add count, and on the Cr. of the new one, or contrarywife : them. The fum is the whole return that will be oband when we replace an article, as above direfled, to tained, if the reft of the goods be fold at the eftimated the Dr. or Cr. of the old account, we place it after ba- value ; and this, being compared with the fum of the lancing to the Cr. or Dr. of the new one. Thus, in Dr. which is the whole expence, (hows the gain or lofs. thefe entries, as well as in common polls, there are like Enter the fame in the proper fide of the profit and lofs fums entered on the Dr. and Cr. of the leger, and the ffieet, and enter the quantity and value on hand on the Dr. of the balance-fheet. general equality of the fides is Hill preferved. Obferve if the quantities in the inner columns be equal 48. Merchants generally balance their books once a-year. The defign of this operation is, to colledl the on both fides, when the goods are all fold ; or, if the various branches of their bufinefs, diffufed through the difference, when only part is fold, be equal to the quanbooks, into a concife abftraft ; to afcertain their gain tity on hand. If they correfpond, you have a juft acor lofs fince the laft balance ; and exhibit the prefent count of the goods. If the Dr. be greater, there is ftate of their funds. If the bufinefs be of fuch a kind, fomething amiffing, which you muft enter on the Dr. that moll of the branches naturally come to an iflue at of the balanee-ffieet, and mark the eaufe of the deficia certain time of year, that time is the proper one for ency, as inlake, wafte, or the like. If the Cr. be greatmaking the balance.. Otherwife the end of the year, er, there is an excefs, which you muft enter on the Cr. of the balance-flteet, together with the occafion of it, as or the leaft bufy time, may be chofen. 49. It is proper, before balancing, to fettle as many difference of meafure, or the like. In accounts fubfidiary to profit and lofs, enter the perfonal accounts as polfible ; to clear all arrears and fmall charges; to take an exaft inventory of the goods difference on the proper fide of the profit and lofs on hand, as far as can be done ; and affix a moderate ffieet. When there is nothing written on one fide of an acvalue to each article, according to the current prices at the time; fuch a value as you would be willing at pre- count, enter the fum of the article or articles on that fent to buy for. It is more proper to value the goods ffieet which the kind of the account points out. 51. When you have colledled all the balances, fum on hand in conformity to the current prices, than at prime coll ; for the defign of affixing any value is to up both ffieets, and add to the profit and lofs ffieet point out the gain or lofs, and the gain is in reality ob- the fums of the profit and lofs account in the leger : tained fo foon as the prices rife, or the lofs fuffered fo then fubtraft the leffer fum of each ffieet from the foon as they fall; therefore it is impoffible to make up greater. This being done, mark the fums of the flock-account a juti Hate of the affairs, unlefs the prefent prices be aton your computation paper, and add thereto the batended to. lance ofthings the profit lofs proceed ffieet on to themake fide which 50. Thefe beingand done, the corbalance as follows : Prepare two Iheets of paper, ruled refponds with the greater fum of that account : then with money-columns, in the form of Dr. and Cr. ; fubtraft the leffer fum from the greater. The remainwrite Profit and Lofs as the title of the firlt, and Balance der will be equal to the difference of the fides of the balance-fheet, if the books be right, and the balances as the title of the fecond. Prepare alfo fome paper for computing the balances, exa£lly coilefled. 52. We ffiall prove that this equality muft always and mark down the folios, titles, and fums of each hold, Polling and Balancing the

BOOK-KEEPING, Poftinnand Balanung the ■ ,

hold, from the nature of the articles collected. The Dr. of the balance-flreet contains every kind of property belonging to you, and every debt owing to you 5 and the Cr. contains every debt owing by you : therefore the difference of the fides (hows what your nett eftate amounts to. The profit and lofs iheets, when the articles from the leger are included, contain every thing you have gained on the Cr. and every thing you have loit on the Dr. ; and the difference of the fides is your nett gain or lofs. The flock-account contained your effedls and debts at the time the books were opened ; and therefore, when the gain or lofs is added to the proper fide, it mull fliow the extent of your nett eflate at prefent. Thus the flock-account and the balance-fheet both point out how much you are worth at prefent ; the one from your former flock, allowance being made for your gains or Ioffes j the other from a view of your prefent eifefts and debts j and they will correfpond, becaufe both mull be agreeable to the truth, if the books be corredl. 53. Though the books mufl balance, if free from error, yet it is fometimes difficult to adjufl them exactly, efpecially when the bufinefs is extenfive, and the errors trifling. If there be flill a difference, which we de not think it worth while to make further fearch for, we may clofe the books, by making Profit and Lofs Dr. or Cr. for the fame. This introduces an article on one fide of the leger, which has none correfponding to it on the other, but is balanced by fome undifcovered error. 54. The balance being flruck, your next work is to clofe the books. Every article in the leger fhould be pofted from the journal ; therefore, the mofl regular way of finifhing both is by inferting the following articles in the journal, and polling them in the common manner to the leger. 1 ft, Profit and Lofs Dr. to Sundries, for lofs, on the following accounts. The particulars are taken from the Dr. of the Profit and Lofs fheet. 2d, Sundries Dr. to Profit and Lofs, for gain, on the following accounts. The particulars are taken from the Cr. of the Profit and Lofs fheet. 3d, Balance-account Dr. to Sundries, for debts and property belonging to me. 4th, Sundries Dr. to balance-account, for debts due by me. The particulars of this and the former are taken

from the refpedlive fides of the balance-fheet. 5th, Profit and Lofs Dr. to Stock for nett

gain ; Stock Dr. to Profit and Lofs, for nett lofs. 6th, Balance-account Dr. to Stock for nett flock.

or

55. When the four firft of thefe articles are pofted

11

in the leger, all the perfonal, real, and fubfidiary ac- p0^fIlg counts will balance, and you may add them as you go and Baianalong. In accounts of goods, if there be any deficiency, cing you mufl enter it on the Cr. in the inner column ; LeSer‘ . and, if there be any outcome, you muft enter it on the ' v Dr. before you add the account. Then the fums of every account and every column on the oppofite fide will be equal. The only accounts that remain open are, Profit and Lofs, Stock and Balance. The fifth poll balances the profit and lofs account, and the fixth balances the flock-account. It was noticed, § 14. that the whole fums of Dr. and Cr. of the leger are equal; and therefore, if the. fides of every account, except one, be balanced, that one will balance of its own accord. The balance-account alone remains open, and, upon trial, you will find that the fides are equal. This affords an additional proof, or, at leaft, a different view of what wTas demonftrated, with relpeft to the balance of the books, in § 52. The lines above and under the fums, at a general balance, may be drawn with red ink 5 and, at the balancing of particular accounts, with black ink, for diflindlion. 56. Some choofe to infert the particulars of the profit and lofs and balance flieets in the refpedlive accounts of the leger. If this be done, it is unneceffary to enumerate them alfo in the journal.—Some choofe to balance the accounts of goods, whenever the quantity is fold off j and we approve of this method, as it leffens the work at the general balance, which is always fufficiently laborious. 57. Thus is the ftate of a perfon’s affairs brought together, in a fhort compafs, under his view } and the articles of the balance-fheet fupply materials for a new inventory. It is convenient, however, tof alter the order, and arrange the real accounts together, and the perfonal ones together. 58. It is not neceffary to begin new books, nor open the accounts anew, unlefs the old folios be full. The accounts may be continued in the former folios $ but it is beft to begin a new leger, if the old one be not likely to hold all the bufinefs of the next year. When one comes to have feveral fets of books, it is common to diftinguifh them by the letters of the alphabet. The firft wafte-book, journal, and leger, are marked A, the fecond B j and fo on. In the following fpecimen, the wafte-book and journal are placed on oppofite pages, that the learner may ' eafily compare them 5 and the rules are referred to by their numbers.

B 2

WASTE-BOOK.

12

BOOK-KEEPING. (0

WASTE-BOOK. Edinburgh,

JANUARY I.

JOURNAL.

1789.

Edinburgh,

JANUARY I.

INVEN TORY of ready money, goods, and debts, belonging to James Olwald merchant in Edinburgh

Sundries Dr. to Stock

Ready money _ 200 bolls meal, at 13s L.130 6 hds Port-wine, at 15I 90 70 reams paper, at 10s 6d 36 120 fp. five-hank yarn, at 2s 3d 13

Cajl) on hand Meal. For 200 bolls at 13s L. 130 Port-wine. For 6hds at 15I 90 Paper. For 70 rms. at ios6d 36 Yarn. For 120 fp. five-hank,

for articles belonging to James Ofvvald merchant Edinburgh.

-k-75 10 — — — — — 15 — 10 —

at 2s 3d

270 A houfe in Lawn-market Edin. value 300 James Bofwell merch. Edin. owes per account L.73 4 — Thomas Price writer Edin. owes per do. 12 3 8 Henry Hardy merch. Glasgow per bill 75 — — David Miller manufacturer Haddington, per receipt 18 — —178 § 29

CO

1789.

■^'•75 JO —

— 15 —

13 10 —

5 value /«..B0/W//mer.Ed7perac. L.73 4 Tho. Pirie writer Ed. per do. 12 3 Henry Hardie merchant Glafgow per bill 75 — David Miller manufacturer Haddington, per receipt 18 — Houfe in Lawn-market Edin.

— 8

27° 300

5

178

7

— — 8 824

7

8

824

LIST of debts by the faid James Ofwald.

Stock Dr. to Sundries.

L.230 — — / To the Royal bank per account To Tho. Smith merchant London perdo. 54 — — I'o Will. Nifbet carpenter Leith per do. 28 7 3

To Royal Bank per account To Tho. Smith merch. London

— — 54 — — 28 7 3

E.230

per ac. To/Tz7/.IVjyZ'^carpenter Leith per do. 312

§

312

2

9

•3Bought for ready money 105 yards calicoe, at 3s 2d 16 Rule III.

12

Calicoe Dr. to Cafh.

Sold to James Cuthbert merchant Leith, 50 boll: meal, at 13s 3d 33 Rule I.

James Cuthbert

Bartered 60 fpindles five-hank yarn, at 2s 4d for 8c yards diaper, at is 9d Rule III.

Diaper Dr. to Yarn.

•10.. Paid William Nilbet in full Rule I. I 3Bought from Will. Bruce merchant Leith, 200 bufliels fait, at is 8d 300 ftone iron, at 3s 4d

Bought 100 yards, at 3s 2d

merchant Leith, 50 bolls, at 13s-3d

33

7

■10. William Nifbet Dr. to Cafh.

Paid him in full

28

I

3-

L.16 13 33 6

S ndries Dr. to William Bruce Salt. For 200 bufliels, at is 8d Iron. For 320 Hones, at 3s 4d

4

merchant Leith L.16 13 4 53 6 8 7°

7°

-I5-

—15.

/ Sold 30 rms paper to Ja. Bofwell,at I2s L.18 —

47

fold

Delivered 60 fp. five-bank, in barter of 80 yards, at is 9d

28

Rule II. 12 to John Henderfon ftationer Edinburgh, at I2s 5 for ready money, at 11s

Dr. to Meal,

16 12

7

2

Sun ries Drs. to Paper. James Bofwell for 30 rms, John Henderfon flationer

4 — I 3 —

Rule I. III.

27

Edinburgh, for For

Cajh,

12 5

at 12s L.18 — — 12S ns

7 4 — 2 15 —

27 l9 47

-19,

/ Sold Will. Hunter merchant Dunbar, 150 bulb, fait, at is 9d L.13 2 6 Received in part L.io — And he owes the balance 326 Rules I. III.

Sundries Drs. to Salt, for 15 2 bfh. at 1 s 93 L. 13 Cafh. Received in part William Hunter merchant 13

balance due by him

2

6

L.io — — Dunbar, for 326 I

3,

Edinburgh

BOOK-KEEPING. (2)

JOURNAL. JANUARY 22. 1789.

WASTE-BOOK. Edinburgh, JANUARY 22. 1789

/ Received from Henry Hardy in payment of his bill L.75 And for intereft on do. 210 —

Cajh Dr. to Sundries.

ToHevzry Har^Rec. paym. of his bill L.75 — — To Profit and Lofs. Rec. intereft on do. 2 10 — 77 10

Rules II. VII. Paid the Royal Bank

(2)

77 Royal Bank Dr. to Cajh.

IOC

Rule I. -26.— Bought from Alex. Sharp, merch. Dundee 500 fp. four-hank yarn, at is lid L.47 184 Paid him in part L.15 —- — And the balance due him is 32184

Paid them

100

-26.for 500 fpindles four-hank, at is nd ^-47 4 To Cajh. Paid in part L.i 5 — — To Alex. Sharp, merch. Dundee for bal. 23 18 4

TTarn Dr. to Sundries,

47

Rules II. III. -30. / Received 150 bolls nieal,at 13s 2d L.98:15s, in bar ter for 6 hds. Port wine, at 16I. L.96 — 2 I Paid the balance 5

47 Meal. Dr. to Sund.

-30 for 150 bolls, at 13s 2d L.98: 15s

For 6 hds. delivered in barter, L.16. L.962 — I To Cajh. Paid balance 5 To Port-wine.

98 Rule III.

98 2d

Edinburgh,

FEBRUARY

1789.

Edinburgh,

/ Sold James Bofwell 48 bulb, fait, being the rem. at is 8^d L.4 2 — 60 fp. five-hank yarn, at 2s 3^d 6 17 100 ftone iron, at 3s. 4^-d 16 17

2d

1789.

James Bofwell Dr. to Sundries.

for 48 bufli. being the rem. at is 8|d L.4 2 — .2 To Tarn, for 60 fp. five-hank, at 2s 3'4d 617 6 To Iron, for 100 ftones, at 3s. 4^d 16 17 3°

—

.1

Cajh Dr. to James Cuthbert.

—

L.13 20

FEBRUARY

*5

To Salt,

Rule I. -3Received from James Cuthbert in part Rule II. Bartered 22 reams paper, at 12s 30 bolls meal, at 13s 6d

10

4 — 5

Tarn Dr. to Sundries.

Received in part

-10.For 3344 fp. four-hank yarn

at 2s.

L.33 : 9s For 22 reams delivered in barter, at 12s L.13 To Meal. For 30 bolls, at 13s 6d 20 To Paper.

For 334^- fp. four-hank yarn, at 23 Rule III.

^•33

9 '33

33

taken for the ufe of my (hop the remaining ream paper, value Rule VI. 16 Received from William Hunter in full L.3 2 6 from James Bofwell in part 70 — —

Charges Merchandife Dr. to Paper .2

ic

Cafh Dr. to Sundries. To William Hunter. Received in full To James Bofwell. in part

L.3 70

2

6 73

Paid the Royal Bank Rule I. .19.— Bartered 100 yards calicoes, at 3s 6d L.17 : 10

100

Royal Bank Dr. to Cajh.

Paid them

100

For 100 yards delivered in barter at 3s 6d L.17 : 10s Port-wine. For I hd. L.14 10 Cajh. Received balance 3 Sundries Drs to Calicoes.

L.14 10 — J

Rule III.

taken for the

ufe of Ihop, 1 ream, value —16.--

73

Rule II.

For one hd. Port wine Received the balance

4 5

7

7 ic

J

Edinburgh^

BO O K - K E E P I N G. ;

14-

(3)

WASTE-BOOK. Edinburgh, 19th FEBRUARY, 1789.

/ Sold 30 bolls meal for ready money,

at 13s 8d L. 45 to Henry Hardy, 13s lod 27 to William Hunter, at 13s lod 52 to Baillie and Bell, Borrowilownnefs, at 135 lod

-

Sundries Drs. to Meal. Cafh. For 30 bolls, Henry Hardy. For 45 WilliamHunter. For 27 Baillie and Bell, Br.r-

20 10 — 31 2 6 18 13 6 35 19

5

rowftownnefs. For 52

Rules I. III. •23* Drawn on the Ro^al Bank Rule II.

2

Cajh Dr. to Royal Bank.

l8

Edinburgh,

L. 1

26

3

3 —

— 3

— — *8 4 — —

1789. L. 1 3

2

6

3 —

L. 12 — — — 3-8

James Dalton, Manchefter, Dr. to Tarn. For 60 fp. four-hank, at 2s |d L. 6 1 at is 11% 29 13 .2 And 300 do.

3 35

—12.

■12.-

clover feed, qt. 200 lb. each, amount per invoice 212, at 22d peryi L. 28 12 — Paid freight anS charges 1 5 29 r7

200 lb. each, is 1200 lb. amount per invoice, f. 312, at 22d L. 28 12 — To Cafh. Paid freight and charges 1 5 — 29 !7

-17, For 2 bags, at L. 12 t\Lint feed, for 2 hds. reed, in bart. 55s S 10 — Cei/h. In part 3 —• .1 James Bofwell, for balance 1 10 — Sundries Drs. to Clover feed.

61.

12

Rules III. I.

35 15

Clover-feed, Drs. to Sundries. To Jan Jonkheer, for 6 bags, qt.

f.

Rules II. IV. .17. / Bartered with James Bofwell 2 bags clover-feed, at 61. L.12 for 2 hds. lintf. at 55s L. 5 10 Received in money 5 — And he owes the balance 1 10 ■—

3 9

360

/ Received from Jan. Jonkheer Rotterdam, 6 bags

12 L. 19 1 10 — 20

Rules I. IV.

10

Sundries Drs. to Cajh. Thomas Smith, Paid him in full Proft and Lofs. Paid him intereft.

21.——

L. 19 — — 1 10 20 10

■21.

/ Sold 140 lb. clover-feed to John Scott farmer at

Sundries Drs. to Clover-feed. John Scott, farmer at Haugh-head,

Haugh-head, at 7^d L. 4 7 70 to James, Cuthbert at 7^d 239 *120 for ready money, at 312 6 10

Rules I. II.

MARCH,

Sundries Drs. to Thomas Pirie. Cajh. Received in full Proft and Lofs. Difcounted him

8 12

Rule I.

33°

120

12

60 fpindles four-hank yarn, at 2s £d L.6 I 300 do do at is nj: 29 13

Paid Tho. Smith in full And for intereft

2d

Sundries Drs. to Caffj. Salt. Received in full Meal. Paid charges and loft-rent

Rule II. VI.

360

Drawn on them

Sundries Drs. to Cafh. William Bruce. Paid him in part L. 50 Alex. Sharp. Paid him in full 32 Tho. Smith. Paid his bill on me at fight 35

1789.

/ Received from Thomas Pirie in full L. 12

/ Sold James Dalton, Manchefter

3-

18

Rule IV. Difcounted him

35 19 4 106

120

Rule I.

/ Paid charges and cellar-rent of fait Charges and loft-rent of meal

13s lod

54

Paid William Bruce in part L. 50 — -— Alexander Sharp in full 32 18 4 And Tho.Smith’s bill on me at fight 35 — —

MARCH,

at 3s 8JL.20 10 ■ 13s lod 31 2 6 13s lod 18 13 6

I

54

2d

(3)

106

J

Edinburgh,

JOURNAL.

Edinburgh, 19th FEBRUARY, 1789.

James Cafh

140 lb. at 7-|d Cuthbert, for 70 7-Jd for 120 7^d

for L. 4 7 6 2 3 3 12 10

33° Edinburgh,

BOOK-KEEPING. (4)

WASTE-BOOK. Edinburgh^ 24th MARCH,

15

JOURNAL. Edinburgh, 24th MARCH, 1789.

17^9*

/'James Bofwell has paid the Royal Bank on my acct 4C Rule VIII. .25Bought from William Ainllie merchant Alloa y fliare / of the Ihip Hazard, for 3° Rule II.

(4)

Paid by him

Royal Bank Dr. to James Bofwell.

40

.25. mer-

Share of fhip Hazard Dr. to William Ainfie

chant Alloa, bought -j- lhare for

150

-28. / Sold Baillie and Bell, 150 ftone Iron, at 3s yd 1 hd. Port-wine

Baillie and Bell Drs. to Sundries.

L.26 17 r

5

To Iron. For To Port-wine.

6

5 •

150 ftone, at 3s yd For 1 hd.

2d

APRIL,

/ Sold for ready money 50 30 1 160 30

yards diaper, at is lid bolls meal, at 13s yd hd. lint-feed lb. clover-feed, at y^d ftone iron, at 3s 6^d

15

42

Rule I. Edinburgh,

L. 26 17 5

—

42

*

1789.

Edinburgh,

L.4 15 10 20 7 6 3 3° 5

3

To To To To To

4

563

2d

APRIL,

1789.

Cafh Dr. to Sundries. Diaper. For 50 yards, at is lid Meal. For 30 bolls, at 13s yd Lint feed. For 1 hd. Cloverfeed.Yox 160 lb. at y^d Iron. For 30 ftone, at 3s 6|d

L.4 15 10 20 7 3 3 5 3 5 6

5 11

1

Rule III. 6 Drawn on the Royal Bank for Rule II.

r

5

.6.Cafh Dr. to Royal Bank. Drawn

Bought for ready money 30 calks train oil, at 22s. ^’33 — — 30 bolls meal, at 13s. L. 19 10 — 40 do. at 13s 2d 26 6 8 45 16 8 70 78 16 Rule III.

—

8.

L> 41 Received in part and he owes the balance

3

.1

3

William Ainfie Dr. to Sundries. To Diaper. For 30 yards, at 2s To Cafh. Paid him

L. 3 30

33 —

8

- .-

—

Paid him by them on my account, being balance of lhare of Ihip Hazard 11. James Bofwell Dr. to Train-oil. Sold him 20 Calk at 27s

-5 William Ainfie Dr. to Baillie and Bell.

ri

7

27

r

4

George Gordon Dr. to Sundries. To Train oil. For 10 calks, at 28s To Lint feed. For 1 hd. To Meal. For 35 bolls at 13s 8d.

L. 14 — — 3 5 — 23 18

4 Cafh Dr. to George Gordon.

L-35 — 6

78 16

70

33

/ Baillie and Bell have paid Will. Ainllie, at my de 1 fire, balance of my fhare of the Ihip Hazard 1? Rule VIII. 11 /Sold James Bofwell 20 calks train-oil, at 27s 27 Rule I. I 4Sold George Gordon merch. Stirling / 10 calks train-oil, at 28s L. 14 I hd. lint-feed 3 5 — 35 bolls meal, at 13s 8d 23 18 4

U. 33 — — 10 — 26 6 8 45 16

And 40 at 13s 2d

30 — —

Rule I.

on them for

Sundries Drs. to Cajh. Train-oil. For 30 calks, at 22s Meal. For 30 bolls, at 13s L. 19

/ Sold Will. Ainllie 30 yds. diaper, at 2s L. 3 — And paid him

11

Received in part

4

Rule I. II. 16. / Paid Baillie & Bell’s bill on me to C. Cowan, at fight Rule I.

-16.Baillie and Bell D>. to Cafh.

to C. Cowan, at fight.

Paid their bill on me 38 iS

Edinburgh,

16 (5)

BOOK-KEEPING,

WASTE-BOOK.

JOURNAL. 18th APRIL, 1789.

Edinburgh, 18th APRIL, 1789.

Edinburgh,

/ taken for the ule of my family, the remaining five 10

/ The Royal Bank have paid Jan Jonkheer’s bill 01 me, 1 mdt. at my defire. 28 'Rule VIII. -25/ Received my proportion of profits on a voyage t< Rotterdam by the Hazard. 33 Rule V. -30. / Paid for fmall charges on my bufinefs fince firft January 5 3 Perfonal and family expences 32 — Rule VI. / Due Thomas Sharp, my clerk, for wages Rule VI. /

For 5 yards taken

Proper expences Dr. to Calicoes.

yards calicoe, at 3s 2d ' Rule VI.

for family ufe, at 3s 2d --22. .

12

me 1 mdt. paid by them “25-

Received m\ proportion of profits on a voyage to Rotterdam

lafh Dr. to Jhare of Ship Hazard.

-30. Sundries Drs. to Cap). Charges Merchandife. Paid

fmall char ges fince Jan. 1. L. 5 3 Proper Exp. Paid perf. and family charges 32 —

clerk.

Due him for wages

Profit andLofs Dr. to Royal Bank.

Previous to the balancing of my books, I have ta ken an inventory of the goods in my (hop and / warehoufe, 124 bolls meal, at 13s 6d. L.83 14 — 474 fp. four-hank yarn, at 2s 47 8 — 40 ftone iron, at 3s ^d 6 13 4 7 10 — / 300 lb. clover feed, at 6d - 45

I value my houfe at And my fhare of fliip Hazard

300 140

L

- 585

my

.'iiarges of Merchandife Dr. to Thomas Sharp,

Due to the Royal Bank for intereft Rule VI.

l i

For his bill on

Jan Jonkheer Dr. to Royal Bank.

5

5

4

4

Due the m for int

^rofit and Lofs Dr. to Sundries, for / 0 Salt To Charges Merchandife To Proper Ex peaces -

articles of lofs. L.— 11 4 13 14 2 32 15 10

See § 54. Sundries Drs to Profit and Lofs, Meal Port-wine Paper Tarn Calicoes Diaper Iron Clover feed Lint-feed