A Simple Method of Keeping Books by Double-entry: Without the Formula Or Trouble of the Journal ... To which is Added a Number of the Most Rapid and Accurate Methods of Making Commercial Calculations

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Ticknor, 1846 - Bookkeeping - 104 pages
 

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Page 96 - Compute the interest on the principal sum, from the time when the interest commenced, to the first time when a payment was made, which exceeds, either alone, or in conjunction with the preceding payments, if any, the interest at that time due ; add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments, if any, and the remainder forms a new principal; on which compute and subtract the interest, as upon the first principal, and...
Page 96 - COMPUTE the interest on the principal sum, from the time when the interest commenced to the first time when a payment was made, which exceeds either alone or in conjunction with the preceding payments (if any) the interest at that time due: add that interest to the principal, and from the sum subtract the payment made at that time, together with the preceding payments (if any) and the remainder forms a new principal ; on which, compute and subtract the interest, as upon the first principal: and proceed...
Page 66 - Bank is creditor for $500, and Interest for $5.25. 30th. Upon examining the accounts on the Ledger of B. & P. Railroad Stock, NE Bank Stock, and House in Williams Street, it appears that there has been a gain upon each of them, and as this property is merely held in trust, the gain or loss is transferred to th'e debit or credit, as the case may be, of the parties for whose account it is held. It is usual in such cases to charge a Commission for transacting the business, but in this instance no Commission...
Page 96 - ... from the sum subtract the payment made at that time, together with the preceding payments, if any, and the remainder forms a new principal. on which compute and subtract the interest as upon the first principal, and proceed in this manner to the time of the judgment. DISCOUNT Is an allowance paid on account of the immediate advance of a sum of money not due till some future period. The true discount of any sum> for any given time is such a sum as will in that time amount to the interest of the...
Page 7 - ... credit. The Origin of the science of keeping books by Double Entry has been a matter of much speculation by different writers on the subject, but nothing definite can be ascertained respecting it. McCulloch, in his Commercial Dictionary, says "it was first practised in Venice, Genoa, and other towns of Italy, where trade was conducted on an extensive scale at a much earlier date than in England, France, or other parts of Europe.
Page 98 - ... federal money. IT 79* To reduce federal money to any of the before named currencies, reverse the process in the foregoing operations ; that is, — Multiply the given sum in federal money by such fractional part as 1 dollar, in that currency to which you would reduce it, is of 1 pound. The product will be the answer in pounds and decimals of a pound, which must be reduced to shillings, pence and farthings, by inspection, as already taught, IT 77. EXAMPLES FOR PRACTICE. 1. Reduce $118'25 to the...
Page 102 - ... amount. Balance, 200 )24800 124 days, counted lack from 1st July, gives the averaged time 27th February last. I have introduced this method because it is very generally adopted in Mercantile Houses. For myself, I always calculate these questions by Interest, which is the most correct. 101 RULE. — To find each person's proportion of the gain or loss, multiply the whole gain or loss by each person's capital, and divide each product by the total investment. The quotients will be the gain or loss...
Page 103 - Feet 37, in. 6. Ans. To find the area of a square, multiply the length by the breadth. Required the number of square feet in a parcel of land which measures 20 by 69 feet. 20X69 = Ans. 1380 square feet. Feet multiplied by feet produce feet ; feet multiplied by inches produce inches ; inches multiplied by inches produce twelfths of inches.
Page 100 - When several sums of money, due at different times, are owing from one person to another, it is sometimes required to find the time when they' may be all discharged in one payment without injury to either party: this is called equating the payments; and the principle of the rule consists in finding the time when the interest of the sums which are deferred till after they are due is equal to the discount of those which are paid before they are due.
Page 100 - Dayi. 300 : 350 X 16 = 5600 525 X 46 = 24150 1.175 . . )29.750(25 days from March 2d, or March 27th, nearly. The distance of time is calculated from the 2d March, because the first sum becoming due on that day, there is no discount to calculate upon it.

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