Double Entry Elucidated

Author : B. F. Foster
Publisher : Forgotten Books
ISBN 13 : 9781330149676
Total Pages : 178 pages
Book Rating : 4.1/5 (496 download)

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Download or read book Double Entry Elucidated written by B. F. Foster and published by Forgotten Books. This book was released on 2015-06-24 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Double Entry Elucidated The design of this work is three-fold : - I. To elucidate the immutable principles of double entry, and to disentangle them from forms with which they have too long been confounded. II. To point out radical defects in the prevalent modes of Teaching bookkeeping, and to suggest the means whereby those defects may be removed. III. To exemplify the modem improvements in the arrangement of accounts, and to exhibit the art as it is actually practised by the most intelligent merchants at home and abroad. In 1732, John Clark published in London a work, entitled "Lectures on Accompts," &c., which contains the following novel exposition of the theory of double entry: - "Let it be supposed," says Clark, "that the account of Stock is a real person employed to take care of my estate, and to render an account of the improvement he has made of it. In a like manner. Cash, and all other accounts which I may have occasion to keep, may be considered as persons employed by Stock to take care of that part of my estate with which they are entrusted, and to render an account thereof to Stock. Then Cash, or the person entrusted with the care of my money, owes to Stock so much as he is entrusted with. Upon this hypothesis every transaction must be considered as though it had been transacted between persons who managed my affairs; for there can be no business transacted but between two or more persons; and as there is no such thing as a person being debtor, but that he must owe some other person, and for that reason the person whom he oweth is called creditor: hence, if the ledger is to contain an exact register of all my transactions, they must be doubly or twice entered; that is, the sum that any person oweth must be entered in his account that oweth, and also in the person's account he oweth it to. "From the supposition that all the accounts are to be considered as persons, and from the nature of debtor and creditor, the following general rules may be deduced: - 1. He that receives and is accountable for what he receives, is...Debtor. 2. He that delivers, or to whom any person is accountable, is...Creditor. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.