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BOOKKEEPIN(g   59

86. Drafts—Transactions Journalized.

(1). Hamilton, April 1, 19—.   Drew a draft at   10 days on

M. Ford   -

100

 

 

 

R. Spence, Stratford, in favour of M. Ford for $100.

R. Spence

 

 

100

 

(2). Hamilton, April 1, 19—.   Drew a draft at 10 days on

R. Spence, Stratford, in favour of ourselves for $100.   (Ac-

Bills Rec.   -   -

,   100

 

 

 

cepted Apr. 3.)

R. Spence -

 

 

100

 

(3). Hamilton, April 1, 19—.   Received from R. Spence, Stratford,

on acct., a 10-days' sight draft on K. Marshall, Dundas,

in our favour, for $100.   (Accepted Apr. 3, payable at the

Bills Rec.

100

 

 

 

Dominion Bank. )

R. Spence -

 

 

100

 

(4). Hamilton, April 1, 19—.   Received from R. Spence on acct.,

Cash   -

100

 

 

 

a sight draft on K. Marshall, in our favour, for $100.

R. Spence -

 

 

100

 

(5). Toronto, April 1, 19—.   Accepted E. Morrison & Co's draft

at 20 days' sight, in favour of M. Carter, city, for $200,

E. Morrison & Co. -

200

 

 

 

payable at the Imperial Bank.   (Draft is dated March 29.)

Bills Pay.   -

 

 

200

 

(8). Toronto, April 1, 19—.   Bought from E. Morrison & Co.,

Montreal, Mdse. $200, on our acceptance at 20 days, in

their favour.   (Draft is dated April 10, being dated for-

Mdse.   -   -   -

200

 

 

 

ward.)

Bills Pay.   I

 

 

200

 

(7). Toronto, April 1, 19—.   Remitted to E. Morrison & Co., on

 

 

 

 

 

acct., a draft at 1 mo. on D. Sparks, Montreal, in their

E. Morrison & Co. -

200

 

 

 

favour, for $200.

D. Sparks   -

 

 

200

 

(8). Toronto, April 1, 19—.   Paid E. Morrison   & Co's sight

E. Morrison & Co.   -

200

 

 

 

draft on us, in favour of D. Millar, city, for $200.

Cash   -

 

 

200

 

Remarks.—1. In actual business, Example 6 would be put through the personal account, as follows : Mdse. Dr. $200, and E. Morrison & Co. Cr. $200 ; E. Morrison it Co. Dr. $200, and Bills Pay. Cr. $200.

2. The Pupil should have all inward and outward notes, drafts, and cheques properly endorsed. Notes and time drafts should be endorsed on their due dates, or at the time of settlement or transfer ; sight drafts and cheques may be endorsed when first written out, since they are not again mentioned in the sets. He should endorse only those outward papers which will be returned to him.

RECEI VA BLE.

 

WHEN DUE.

Rate %

 

DISPOSED OF.

TIME TO RUN.

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct

Nov.

Dec.

Int.

AMOUNT.

When.

IIow.

10 dys.

19

 

 

 

14

 

 

 

 

 

 

 

 

 

100

 

Apr.

.14

Cash

10 dys' sight

.19

 

 

 

1 16

 

 

 

 

 

 

 

 

 

100

 

Apr.

16

Cash

30 dys.

19

 

 

 

 

 

 

 

 

 

 

 

 

 

270

 

May

11

Settled

PAYABLE.

 

WHEN Dos

Rate

 

R 1.1 DE t' MED.

TIME TO RUN.

Year

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sep.

Oct.

Nov.

i Dec.

Int.

AMOUNT

When.

How.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr.

24

Cheque

20 dys' sight

19

 

 

 

24

 

 

 

 

 

 

 

 

 

200

 

May

3

Bank draft

SO dys.

19

 

 

 

 

S

 

 

 

 

 

 

 

 

200

 

 

 

 

60 dyer.

19

 

 

 

23

 

 

 

 

 

 

 

 

 

100

 

Apr.

Apr.

22

95

C,u<h $60

Cheque IMO


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