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BOOKKEEPING   39

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Remarks :

  1. In all red ink entries, enter the page to which transferred ; and in the corresponding black ink entries, enter the page from which transferred. In the case of an inventory or balance brought down on the same page, the paging may be omitted.

  2. Make the pin-head figures neatly with a hard lead pencil and leave them for future reference.

57 (a). Closing the Ledger—Illustration Set.

  1. Open-Loss and Gain Account.

  2. Close the loss and gain accounts.

Merchandise Account :

  1. Enter the Inventory (an Asset Inventory) on the Cr. side in red ink, thus, "Mar. 30, Inventory, $2180."

  2. Find the difference between the sides. This is a gain ; enter it on the smaller (Dr.) side in red ink, thus, "Mar. 30, Gain, $85," to balance the account.

  3. Rule and foot the account.

  4. Transfer the gain to the opposite (Cr.) side of the Loss and Gain Account in black ink, thus, " Mar. 30, Mdse. (page of Mdse. Acct.), $85."

Picture

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