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 (*C) B O O K - K E £ P I N G. and carried on by a truftee, in the name, and for 6. When your employer remits a bill to you, enter nagedaccount of the partners ; that is, when a joint flock, Cash, if you receive prefent payment ; or, if not, Bills the made bp by two or more merchants, is depolued in the receivable. Dr to A. B. his acccmpt-current, for value hands of one perfon, to be employed by him in a way of of the bill. according to inftrudtions. Note i. When you pay the bill mentioned in cafe 2. commerce, Merchants, upon entering iopartnership. generally tnter" Bills pajab/e Dr u> Cash. Sept. 10. chufe one of their own number, to w orn they commit Note 2 Charge A. B. his accompt current Dr to the management of their company-eoncerns ; whb, oh Cash, for all charges you pay in making returns, fuch account of his being partner, as wtll as manager or doer as poffage. the company, is called partner-tr-ajlee ; and (hares Note 3. Having now (hewn how to .keep/ivt?(jry-<rc- offorgains happen, according to his (hare of compts in your own books, along with your other bufi- the (lockand; andIoffesmuftthatallow proportion of all charges, nefs, it will not be improper to obferve, that thefe ac even of his own comm:(lion,hisiince, in quality of truftee, compts may alfo be kept, by help of the Sales book, he ferves himfelf as partner equally with without bringing any thing to your Ledger, or other The accompts of the company’s affairstiremayreft.be kept by books, except the accotupt current, thus: Turn the SaleS'look into a folio-form ; and when you receive the the truftee in his own books, along with the accompts of eonfigned goods, enter them on the Dr fide, mentioning his own private bufinefs ; or they may be kept in fepatheir quantity, mark, and number, with the charges you rate books allotted for that purpofe. The former is pay ; to which fide alfo carry all after charges, abate- common pradtice, in matters of fmall concern, or (hort ments m-ide to buyers, and your own coramiflion On adventures ; the latter is ufed by fixed companies, whofe the Cr fide, enter rhe fales, mentioning the names of trade is confiderable, or who have the profpedt of dealthe buyers on time; and, as they pay, mark the article ing long that way. as paid.on the margin; or, which will do juft as well, Hence it is obvious, that each partner will have occanever draw out the fums to the money columns, till you fion to keep an accompt in his own books, of every thing receive payment. In your Ledger, give A. B. his ac he gives in and receives from the company, and alfo of cotnpt cur-ent credit for all the mon: y you receive for hts what he owes to the company, or they to him : and, ofi gpods, asid make the fame accompt Dr fot all the char- the other hand, it will be the bufinefs of the truftee, not ges pakl by you, abatements made to buyers, your own only to keep rlear accoropts with the perfons he deals comraiflion, and returns made to your employer. But with, in buying up and difpofing of goods feff the comthough this method may now and then be ufed with pany ; but he muft alfo keep diftindt accowtpts, with ren-fpedt to fmall confignments ; yet the conducing of large fpeft to the partners, (hewing what (hire each of them concerns in fadtory requires the ufe of all the five books gives in, and what part of neat proceeds is due to them, mentioned at the beginning of this chapter. and likewife what every one of them owes to the comNote 4. When you cannot difpofe of your employer’s pany, or the company ro them. Thefe things premifed, goods to advantage, and thereupon by his order Chip 1. We (hall (hew how a partner keeps the accompts them off to a fadlor of your own, in expedfation of a which he has occafton for. better market, the regular method in this cafe is, 1. 2. The way how a truftee keeps the accompts of the When you (hip off the goods, Voyage to forac company’s affairs in his own books. count of your Employer, Dr to Cash, for charges paid 3. The manner of keeping company-accompts in books, at (hipping 2. When you have adyice from yourfaiftor, apart, that contain nothing elfe. that he has received them, enter your Employer his ac- I. How a partner keeps the accompts he has occajion for. compt of goods in the hands of fattor, or rather your The Ledger.accompts deferibed. Employer his accompt ofgoods at fuch a place, Dr to Voyage thither, for charges of the faid voyage. 3. When concerned as partner in a company, muft you have advice that he has fold them, e. g. for ready keepA merchant the two Ledger-accompts following ; in which obmoney, enter your Employer his accompt current at ferve, that A. B. reprefents the truftee’s name. Dr to ditto his accompt of goods at, for neat proB. my accompt in company. This accompt is ceeds. The entry in any other cafe will be obvious to Dr1.forA.your inputs, and proportion of all charges, and o»e who underftands proper trade <srA faflorage, as ex- Cr for your (hare of neat proceeds. plained above But though this be the regular method, 2. A. B. my accompt proper. This is a perfonal acyet in real pradfice, the beft way, in our opinion, is, when compt, being charged and difcharged exadtly as fuch, you (hip the goods, to charge the employer’s atcompt of for the mutual debts and payments betwixt you and the goods (as they (land in your Ledger) Dr to Cash, for char- truftee ges at (hipping, making no more entries, till you receive Note 1. A. B. my accompt in company, is a general the Accompt offates, and then charge A B. his accmpt title, that may reprefent one or more kinds of goods ; ofgoods, for the neat proceeds ; and difcharge A. B. his that whether in the truftee’s cuftody, or by him feat accompt current at, as returns are made to you by and to fea. But different authors title this accompr diffe-your fadlor. rently. Some chufe to exprefs it thus: Goods in the hands of A. B. or particularly, Broad cloth in the hands of 3. In PARTNERSHIP. A. be a fea-adventure, you may ufe the title, Partnership is that branch of trade which is ma- A. B,B. myIf aeit count of Voyage to —. If the company