Previous Ontario School Bookkeeping (1909) Next

 

=i

72   BOOKKEEPING

 

Took for private use, Dry Goods $20 ; Boots and Shoes $15.

  1. Accepted E. Denton S; Co.'s draft on us, dated June 24 at 30 days, for $300.

  2. Sold J. Munro for cash, 1 bbl. Currants, 250# @ 4c. ; 10 bxs. Raisins @ $1.50.

Put this through the personal account. See Section 99.

  1. Rain damaged Dry Goods worth $60 ; sold them for $20 cash.

27. J. Munro prepaid his note of the 14th with cheque ; discount at 6%. (Is the discount 35e. or 36c. i Fractions under c. are dropped.)

  1. F. Simpson returned 5 gr. Thread sold him on the 14th.

29. Place the amount of E. Denton Si Co.'s acceptance on the 21st, which is due to-day, to the debit of their a/c, against what we owe them.

Petty cash sales for two weeks, Dry Goods $140 ; Boots and Shoes $104 ; Groceries $345. Paid L. Martin the balance of his salary in cash.

Make Expense Dr. $50; L. Martin Cr. $10; and Cash Cr. $10.

Deposited 30 x $1, 50 x $2, 20 x $5, 15 x $10, 1 x $50, 1 x $100 ; coin $43.75 ; cheque on 27th.

INVENTORIES taken June $9, 19-. Asset Inventories :

Dry Goods    $1438.22

Boots and Shoes    435.55

Groceries    1354.40

Office Furniture   140.00

Rent—2 months prepaid    120.00

Insurance—11 months unexpired    13.75

Discount—6% for unexpired time on B. P. 3    1.38

Liability Inventory :

Discount—6% for unexpired time on B. R. 3    2.12

Results.—Jet Gain, $172.64 ; Net Capital, P7211.59.

101. Business Papers—Bank Draft, Bill of Exchange, and Requisition Form.

Inland or Domestic Bills of Exchange are commonly called Drafts ; they aro drawn and payable in the same country. Foreign Bills of Exchange are commonly called, simply Bills of Exchange ; they are drawn in one country and are payable in another. Bills of Exchange on the United States of America are, however, called drafts because of the similarity of currency and the proximity of the country. These names apply whether drawn by persons on persons, or by banks on banks.

When a bank in Canada draws upon another bank in Canada, the paper is called a Bank Draft; but when the second bank is an English or other European bank, the paper is called a Bill of Exchange.


Previous Ontario School Bookkeeping (1909) Next