Accounts: Their Construction and Interpretation for Business Men and Students of Affairs

By William Morse Cole | Go to book overview

APPENDIX A
ADDITIONAL FORMS OF BOOKS, TO SUPPLEMENT PART I

CERTAIN interesting forms not heretofore described are found in common use, and a study of some of them will help any one who wishes to master the principles connected with them. These are given less for their own sake than for illustration of the wide adaptability of the principles of labor-saving devices already explained.


I. Certain Special Forms (for Books Described)

Suppose a firm's entire business consists in selling goods on commission, as agent for two or three principals. If, in such a case, the agents guarantee payment for their sales, they make bona fide purchase of the goods which they sell, and the entry must show that fact. Credits on the purchase book will go to but two or three firms; and the credits to commission, naturally entered on the journal, will be as numerous as the purchases and will pertain to the same items. All sales, moreover, will pertain to the same items. A simple labor-saving device is to combine purchase and sales books, to give a special column in the combined book to each principal, and to allow in the same book a column for commission. Such a book might look as shown on page 288.

It is notable in this case that the abbreviation is extreme. One writing of items provides entry for a purchase, for a sale, and for the commission on that sale: if all purchases are made from two firms, fifty purchases, fifty sales, and fifty commissions can be covered in fifty entries and fifty-three postings--fifty postings for sales, two for purchases, and one for commission.

Another interesting device is one of those adopted often to enter merchandise discounts allowed for the early payment of bills. The simplest method, saving only the changing of books, was explained on page 66. Instead of writing each discount on the page of the cash book opposite the principal entry, as in the method just mentioned, the discount may be written in a special column on the same side--where it distinctly does not belong,--but with some indication that it is a counter entry; and at the end of the month, or other convenient period, the total may be transferred to the other side. That is to say, instead of making counter entries one by one, as by the method formerly described, by this method the counter entries are kept bunched in a special column on the wrong side and are at convenient seasons transferred to the side where they belong. By this method, too, one writing of the entry and one posting do the work done by two under the other method.

Such a cash book might look as shown on page 289.

-287-

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