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advisable. The firm's net income or net profit for the year
then is $9,238.20, as exhibited by the statement.

30. The question calls for a balance sheet and the partners*
accoimts, both of which are shown herewith. The interest due
Smith on his loan of $5,800 now amounts to $192, and has been
credited to his account, though it might not be wrong to credit
it to interest payable. The house accoimt of Jones amounting
to $8,240.40 has been charged against his accoimt in the exhibits,
though it would not be wrong to show it among the assets of
the balance 'Sheet; it does seem, however, that, the question
itself requires that this shall be deducted from his account in
order to show his actual interest in the firm. Of course in a
case of embarrassment the private property of the partners
will be liable for the debts of the firm.



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42



C. P. A. QUESTIONS AND ANSWERS



43



The allowance of $15 of the Swansea Church account has
been credited directly to the account, though it would not be
wrong to open a reserve for allowance or for bad debts. There
is a contingent liability of $2,000, as shown under (6) and as
noted on the balance sheet. The question states that it was
discounted at the bank, but as there is no account for discount
perhaps the amount allowed was charged to expense. The
adjustment of petty cash account is interesting, as it shows the
careless way in which the petty cash book was maintained.

TRIAL BALANCE, AFTER ADJUSTMENT
December 31, 1912



Petty cash account


$ 49.50




Bank at Hamilton


675.80/




Office fixtures


499.50


*


Jones' house account


8,240.40




Stocks account


10,050.00




Income from stocks




$ 949.60


Expense


5,888.80




Ungava Bank


150.00




Imperial Deposit Company






Swansea Church


80.00




Civic abbatoir


5.00




Masonic hall


125.00




Office Building Company


200.00




City fire hall


50.00




Manor house


550.00




X estate


1,575.00




Service earnings




14,600.00


Rent owing




100.00


Smith drawings


6,100.00


192.00


Jones drawings


4,805.00




Smith capital




10,000.00


Tones capital
Miscellaneous fees




8,000.00




1,125.00


Miscellaneous clients


175.00




Smith loan account




5,800.00


Interest


192.00




Profit and loss


1,355.50
$40,766.50






$40,766.50



And yet this is not strange, for professional men do not pre-
tend to be bookkeepers and are more concerned in the profes-
sional activities than in accoimt keeping.

The accompanying journal entries show the various adjust-
ments necessary to bring the accounts in harmony with the
findings of the accountant. There might be some other divisions



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§ 43 . C. P. A. QUESTIONS AND ANSWERS 43

made in the preparation of accounts, but the splitting of
hairs is hardly worth while. The trial balance of the ledger

ADJUSTING' JOURNAL ENTRIES
December 31. 1912
Smith drawing $ 100.00

Jones drawing 5.00

Petty cash $ 105.00

For advances made and not recorded.
Expense 996.00

Petty cash 996*00

For balance of petty-cash account
closed into general expense.
Profit and loss 40.50

. Office fixtures 40.50

For 7i-per-cent. depreciation on $540.
Profit and loss * 1,050.00

Stock account 1,050.00

Shrinkage in value of stocks both
those sold and on hand
Expense 100.00

Rent owing 100.00

Amount owing at end of year.
Profit and loss for last year 250.00

Profit and loss 15.00

Imperial Deposit Company 250.00

Swansea Church 15.00

Account of Imperial Deposit Com-
pany irrecoverable, and allowance
on chtu-ch accoimt.
Clients 14,600.00

Service earnings 14,600.00

For charges against clients to date, per
memorandum book not yet posted,
as follows:
Masonic Hall $ 625.0a

Office Building Company 1,200.00
City Fire HaU . 750.00

Manor House 900.00

X estate 11,125.00

Total $14,600.00

Miscellaneous accounts 175.00

Miscellaneous fees accounts 175.00

For miscellaneous contracts completed
and not yet entered or paid.
Interest 192.00

Smith, drawing 192.00

For 6-per-cent. interest on loan to firm
as follows:

$5,800 for 6 months, $174.00

1,200 for 3 months, 18.00

$7,000 total $192.00

after adjustment is shown herewith also. The ledger accounts
are included as well, in order to show their status after the

I LT 234— 36



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44



C. P. A. QUESTIONS AND ANSWERS



§43



various entries were posted . The accotints have not been closed,
as this could be easily done by setting up the journal entries

STATEMENT OF EARNINGS AND EXPENSES

Smith & Jones, Architects

For Year Ended December 31, 1912



Expenses


Earnings


Rent of office
Salaries

General expenses
General expenses per
petty- cash adjustment


$ 1,200.00

2,812.00

880.80

996.00


From professional ser-
vices rendered

Miscellaneous fees for
services, paid

Miscellaneous fees for-
services, outstanding

Net earnings for year

brought down
Other income

Interest and dividends
on stocks


$14,600.00
950.00


Total
Business earnings


$ 5,888.80

9,836.20

$15,725.00

$ 1,050.00

40.50

250.00

15.00

192.00

$1,547.50

9,238.20

$10,785.70


175.00


Other outlays

Loss on adjustment of

stocks to market

value
Depreciation of office

furniture
Bad debts written off
Allowance for client
Interest on loan

Total .
Net income, profit


$15,725.00

$ 9,836.20
949.50




$10,785.70



Total income for the year is $16,674.50.

Apportionment of Income. — Smith, two-fifths, $3,695.28; Jones,
three-fifths, $5,542.92.

BALANCE SHEET •
Smith & Jones, Architects
As OF December 31, 1912
Assets
Current assets
Petty cash
Balance in bank
Clients' account, due
Miscellaneous fees, due
Current accounts with clients
Total
Investments

Stock owned
Fixed assets
Office fixtures



$ 49.50

675.80

$ 235.00

175.00

2,500.00



$ 725.30

2,910.00
$ 3,635.30

10,050.00

499.50
$14,184.80



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§ 43 C. P. A. QUESTIONS AND ANSWERS 45

Liabilities and Capital
Current liabilities

Rent owing $ 100.00

Fixes liabilities

Loan from Smith 5,800.00

Total $ 5,900.00

Partners' accounts
Smith's capital $7,787.28

Jones' capital 497.52

Net worth of firm 8,284.80

$14,184:80

Note. — ^Under discount at bank a client's note lor $2,000 on which this firm is con-
tingently liable. ^

and posting them accordingly. Even in closing it might be
advisable to leave Jones' house accotmt stand separately. The
capital accotmt should be left intact and all drawings of the
profits should be placed in the drawings account.



ACCOUNTS WITH PARTNERS


December 31, 1912


Smith


's Account




Investment in the business
Share of profits, two-fifths
Interest on loan


$10,000.00

3,695.28

192.00


$13,887.28


Deduct
Cash drawings for year




6,100.00


Smith's net worth




$ 7,787.28


Jones' Account




Investment in the business
Share of profits, three-fifths
Deduct
Cash drawings for year
Cash advanced to pur-
chase house


$8,000.00
5,542.92


13,542.92


$4,805.00
8,240.40


13,045.40



$7,787.28



Jones' net worth 497.52

Net worth of firm this date $8,284.80

There would not be any serious objection to carrying Jones'
house account among the assets instead of charging same to
his account; in order to show the relative positions of the part-
ners, however, it seems necessary to enter it as a withdrawal
of funds that is chargeable to him. This indicates, of course,
that the house is to be the property of Jones and not an asset
of the partnership. This charge practically wipes out Jones*
investment; whether or not he is to replace it is not a part of
the problem.



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46



C. P. A. QUESTIONS AND ANSWERS § 43



LEDGER ACCOUNTS WITH ADJUSTMENTS
I>etty-Cash Account



Amount given


$1,160.60


Advance to Smith $ 100.00
Paid for Jones 5.00
General business expenses 996.00
Balance 49.50


Balance


$1,150.50
$ 49.60


$1,150.60



Bank of Hamilton



Balance



$675.80



Office Fixtures



Cash



$540.00



Depreciation



Jones* House Account



$40.50



Cash



$8,240.40



Stocks Account



Balance, January 1,1912 $12,500.00
Cash 5,100.00



$17,600.00



Value of stock



Cash sales
Loss, shrinkage
Market value of stock



$10,050.00
Income From Stock Investments



$ 6,500.00

1.060.00

10,050.00

$17,600.00



Cash



$949.50





Expense


Rent paid

Rent owing

Salaries

Petty cash adjustment

General expenses


$1,000.00

100.00

2,812.00

996.00

880.80





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§ 43 C. P. A. QUESTIONS AND ANSWERS 47

Ungava Bank



Balance



$250.00



Profit and loss



Swansea Church



$250.00



Balance



$95.00



Profit and loss



Civic Abbatoir



$15.00



Balance



$5.00



Masonic Hall



Services



$625.00 Cash



Office Building Company



$500.00



Services



$1,200.00 Cash



City Fire Hall



$1,000.00



Services



$750.00 Cash



Manor House



$700.00



Services



$900.00 Cash



X Estate



$350.00



Services



$11,125.00 Cash



$9,550.00



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48 C. P. A. QUESTIONS AND ANSWERS § 43

SmvicE Earnings



Cash







Sundry clients


$14,600.00




Rent Owing








Owing end of year


$100.00




Smith Drawings




Cash
Cash


$6,000.00
100.00


Interest on loan


$192.00




Jones Drawings




Cash
Cash


$4,800.00
6.00








Smith Capital








Balance


$10,000.00




Jones <


[Capital








Balance


$8,000.00




Miscellaneous


Fees Account









Cash

Not yet paid


$960.00
175.00




1
Smith Loan Account





$1,200.00



Cash



$7,000.00



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§ 43 C. P. A. QUESTIONS AND ANSWERS 49

Miscellaneous Clients



Services rendered



$175.00



Interest



On loan to Smith



$192.00



Profit and Loss



Depreciation on office

fixtures $ 40.50

Stock account 1.050.00

Bad debt^, old 250.00

Allowance 15.00



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INDEX



Note.— In this Volume, each Section is complete in itself and has a number. This
number is printed at the top of every page of the Section in the headline opposite the
page number, and to distinguish the Section number from the page number, the Section
number is preceded by a section mark (§). In order to find a reference, glance along the
inside edges of the headlines until the desired Section is found, then along the page
numbers of that Section until the desired page is found. Thus, to find the reference
"Accounting, Municipal, §39, pi," turn to the Section marked §39, then to page 1 of
that Section.

A Accounts, Handling of primary, for

roads, §34, 65
Illustrative example of mining-company,

§37, plO
Income, of steam roads, ^36, pi
Items in balance-sheet, of steam roads,

§36, p7
Items in income, of steam roads, §36, p4
Items in profit-and-loss, of steam roads,

§36, p7
Mine-operating, %37, p4
of a coal-mining company, ^37^ p3
Primary, of steam roads, §34, pp4, 7
Profit-and-loss, of steam roads, §36, pi
recording transactions of Water Depart-
ment, §39, p36
The, §39, p21
Actual report of a mining company, §37, pl6
Additions and betterments of steam roads,

§34, p6
Agency records, Life-insurance, §38, p8
Agents' cash book. Life-insurance, §38, p7
Annual reports and statements, Fire-insur-
ance, §38, p20
report to state. Life-insurance, §38, pl3
Answers, C. P. A. questions and, §42, pi;

§43. pi
Appendix (Annual Report Municipal Ac-
counting), §39, p59
Approximate method of preparing graphs,

§41, pl4
Arbitrage, §32, pU

Arrangement of straight-line graphs, Va-
riations in, §41, p4
Assessment accounts, §39, p41
Assets, Current, of steam roads, ^36, plO

Deferred, of steam roads, §36, plO
Audit of a brokerage firm's books, %33, p45



Abbreviations used in recording stock

sales, ^33, p6
Account, Income and expense, of fire in-
surance company, §38, pl9

Income and operating, of mining com-
pany, §37, pl3

Income, of mining companies, ^37, p7

Profit-and-loss, of mining companies,
^37, pl3

Revenue, of life-insurance company,
§8. pl2

Title and definition of, for steam roads,
§36, p3
Accounting methods of banks, §31, pi

methods of mining companies, %37, pi

methodg. Life-insurance, §38, p6

methods, Stock -brokerage, %33, pi

Municipal, §39, pi

plan for cities, §39, p20
Accounts and books of mining companies,
%37, p2

Coke expense, §37, p6

Construction and equipment, of steam
roads, §34, p2 -

Definition of, §39, p2

Division of, for steam roads, §34, p4

Engineering, of stea^ roads, §34, p7

Entries composing, for steam roads,
^36, p2

Fire-insurance, §38, pl7

for insurance companies, §38, pi

for mining companies, §37, pi

for operating expenses of steam roads,
§35, p3

for steam roads, §34, pi; §35, pi; §36, pi

General balance-sheet, of steam roads,
§36, pi

I L T 234—27



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INDEX



Auditing of pay rolls for steam, roads,
§35, pl2

Average clause for reduced-rate fire-insur-
ance, §38, pl6



Balance-sheet accounts, General, of steam
roads, §36, pi

-sheet accounts. Items in, of steam roads,
§36, p7

sheet. Combined, of mining company,
%37, pl9

sheet. Fire-insurance, §38, pl9

sheet, Life-insurance, §38, pl3

sheet. Receiving teller's, §31, p9

-sheet statement of steam roads, §36, p9

sheet of steam roads, ^36, p8

sheet of mining companies, %37, pp8, 14

sheet of steam roads, %36, p8

sheet, Paying teller's daily, §31, pl3

sheet. Preparation of, §33, p43
Balance, trial, Life-insurance, §38, p9
Balances in operating reserves of steam

roads, §35, p4
Bank bookkeeping, §31, pi

examination, §31, p49

statement, §31, p47
Bear, -§32, pi
Betterments and additions of steam roads,

§34, p6
Bids and offers, §32,. p8; i33, p5
Blind pool, §32, p21
Blocks as graphs, §41, p4
Blotter as a Cash Book, §33, pl3
Blotters, The, %33, pll
Bonds, §32, pl8
Bookkeeping, Bank, §31, pi

system for banks, §31, p3
Book, Life-insurance agents' cash, §38, p7

Life-insurance cash disbursements,
§38, p7

Life-insurance foreign cash, §38, p7

Life-insurance home-office cash, §38, p7
Books and accounts of mining companies,

U7, P2
Borrowed and Loaned Book, Money,
%33, p34

and Loaned Book, Stocks, §33, p32
Boston ledger, §31, p32
Bridges, trestles, and culverts of steam

roads, §34, p8
Brol^n-line graphs, §41, p7
Broker, The, §32, p22
Budget, Outline of, §39, pl7

The, §39, pl3
Bull, §32, p21

Business of a^ life-insurance company,
§38, p6



Buyer's and seller's options, §32, p8; §33, p6
Buying and selling on the New York Stock
Exchange, §32, pi



Capital and sinking fund accounts,
§39, p50

stock of steam roads. Discount and
premium on, %36, pl2
Cash book. Life-insurance agents', §38, p7

book, Life-insurance foreign, §38, p7

book. Life-insurance home-office, §38, p7

disbursements book. Life-insurance,
§38, p7

journal. Life-insurance, §38, p7
Cashier's-check register, §31, p37
Certificates of stock, §32, pl7
Certification, §32, pl3
Certified checks, §31, pll

-check register, §31, p39
Charges, Division of steam-road, §35, pl2

for property retired and replaced. Dis-
tribution of, §35, p3
Charts, Line, §41, pp7, 10
Charters of New York cities, §39, p7
Checks, Certified, §31, pll
Circle graphs, §41, pl3

graphs, Comparison by, §41, pl5
Cities, Organization of, §39, p6
Claim Register, §39, p21
Classes of sto^k, §32, pl7
Classification, New investment of steam

roads, §34, p3
Clearing House and Ex-Clearing House
stocks, §32, p5

House Blotter, §33, pI9

operations, §31, p43

House prices, §32, pl9

House, The,* §31, p42; §33, p48
Closing entries at end of the year, §39, p49
Closing the books, ^33, p41
Coal-mining company. Ledger accounts of,

§37, p3
Coinsurance clause, 80-per-cent., Fire-
insurance, §38, pl5
Coke expense accounts, §37, p6
Collateral for loans, ^32, pl5

notes, §31, p24 «
Collection department, §31, pl7

of dividends, §32, pl2

register, §31, pl8'"
Commissions charged by brokers, §32, p6
Common stock, §32, pl7
Comparative statement of operating ex-
penses of mine, ^7, p20
Comparison by circle graphs, §41, pl5
Constitutional limitations on munici-
palities, §39, p7



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INDEX



111



Construction and equipment accounts of
steam roads, §34, p2
Interest during, of steam roads, §34, pl3
of steam roads, Payment for, §34, pi

Contracts, Insurance, §38, pi

Controlling account, §39, p22

C. P. A. questions and answers, §42, pi;
§43. pi
Municipal, §39, p5

Corporations, §39, p3

Corporate surplus of steam roads, %36, pl2

Credit in the stock market, Use of, ii2, pl3

Credits, Balance-sheet, of • steam roads,
§36, p8
Income, of steam roads, %36, p4
Profit-and-loss, of steam roads, §36 p7
Unadjusted, of steam roads, §36, pU

Crossings and signs of steam roads, §34, p8

Culverts, bridges, and trestles of steam
roads, §34, p8

Cumulative dividends, %32, pl7

Curb market, §32, p25

Current accounts, §39, p23
Appropriations, §39, p26
assets of steam roads, %36, plO
liabilities of steam roads, §36, pll

Customer's Ledger, ^33, p2S
Margin Record, %33, p9
Statement, ^33, p28



Debits, Balance-sheet, of steam roads,

§36, p8
. from gross income of steam roads,
i36, p6
Income-account, of steam roads, %36, p4
in pay. Steam-roads, §35, pll
Profit-and-loss, of steam roads, §36 p7
Unadjusted, of steam roads, %36, plO
Deferred liabilities of steam roads,

§36, pll
Definition of account, §36, p3
Delayed items of steam roads, §36, p3
Delivery of stocks, Time of, §32, pll
Departments of a bank. Relation of,

§31, p4
Deposit tickets, §31, pS
Depreciation of fixed improvements of
steam roads, §35, p4
of mines, §37, pl5
register of steam roads, §35, p5
Steam roads, §35, p5
Disbursements book. Life-insurance, §38, p7
Discount, §36, pl2
and premium on capital stock of steam
roads, i36, pl2
Disposition of net income of steam roads,
§36, p6



Distribution of charges for property re-
tired and replaced of steam roads,
§35, p3
systems. Steam-roads power-, §34, plO
Dividends, Collection of, §32, pl2

Cumulative, §32, pl7
Division charges of steam roads, §35, pl2

of accounts of steam roads, §34, p4
J)ocks and wharves of steam roads,

§34, p9
Draft, Definition of, §31, p37
register, |31, p37

E

Eighty-per-cent. . coinsurance clause. Fire-
insurance, §38, pl5
Employes, Operating expenses on account
of wages paid, on steam roads, §35, p8
Endowment plan, §38, pi

policy, §38, pi
Engineering acccount of steam roads,

§34, p7
Entries composing accounts of steam roads,

§36, p2
English stock exchanges, §32, pi
Entries affecting appropriations, §39, p28
dealing with the collection and return of

state and county taxes, §39, p39
for assessment Joans to be paid, §39, p46
b for assessments collected, §39, p44

for interest on assessment loans to be

paid, §39, p46
for money borrowed in anticipation of
the collection of assessments, §39, p45
for payment to current accounts, §39^, p47
for uncollected assessments, §39, p48
for warrants issued in payment of claims,

§39, p47
illustrating treatment of uncollected

taxes, §39, p32
in capital group (Capital section),

§39, p50
in capital group (Sinking fund section),

§39, pS3
in trust group, §39, p57
recording claims audited for -payment,

§39, p43
recording payments, §39, p30
recording sundry receipts, §39, p27
recording the budget, §39, p23
recording the transactions of the Water

Rent Roll, §39, p36
on levy of an assessment, §39, p43
to record payment by city of its share

of an assessment, §39, p46
to record payment of warrants, §39, p48
Entry recording contracts entered into or
orders issued, §39, p42



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IV



INDEX



Equalization of expenses on steam roads,

§35, p4
Equipment accounts. Steam-road construc-
tion and, §34, p2
-depreciation register of steam roads,

§35, p5
Steam-roads investment in road and,

§34, pi
Steam-roads, §34, pp5, 11
Estimated Revenues account, §39, p25
Examination, Bank, §31, p49
Example illustrating mining-company ac-
counts, %37^ plO
E^ichange, Trading on the, §32, p7
Ex-Clearing House Blotter, %33, pl8

-Clearing House stocks, §32, p5
Expenditures, General, of steam roads,

§34, pp5, 12
Expense accounts. Coke, §37, p6
accounts. Fire-insurance income and,
§3S, pl9
Expenses, Accounts for operating, of steam
roads, §35, p3
Equalization of, for steam roads, §35, p4
Maintenance, of steam roads, §35, p3
of mines by months. Comparative state-
ment of operating, %37, p20
on account of . wages paid employes.

Steam-roads, §35, p8
Operating revenues and, of steam roadi^

§35, pi
Organization, of steam roads, §34, pl3

F

Fictitious sales, §32, p9
Fire-insurance, §38, pl4
80-per-cent. coinsurance clause, §38, plS
-insurance accounts, §38, pl7
-insurance annual reports and state-
ments, §38, p20
-insurance balance sheet, §38, pl9'
-insurance gross premiums, §38, pl8
insurance, premiums, reserves, and rein-
surance, §38, pl4
-insurance reduced-rate average clause,

§38, pl6 ♦
-insurance risks, §38, pl4
-insurance trial balance, §38, pl7
Fixed improvements. Depreciation of, on

steam roads, §35, p4
Floor broker, §32, p9

Foreign cash book. Life-insurance, §38, p7
French stock market, §32, pi

G

General balance-sheet accounts. Steam
roads, §36, pi
balance-sheet statement, Steam roads,
§36. p9



General expenditures of steam roads,
§34, pp5, 12
ledger accounts. Coal-mining company,

§37, p3
Ledger, ^33, p41
Ledger acounts, §39, p21
-ledger bookkeeper, §31, p37
ledger. Life-insurance, §38, p7
Gross income of steam roads. Deductions

from, §36, p6
Group A charters, §39, p7
B charters, §39, plO
C charters, §39, pll
Governmental grants to steam roads,

§36, pll
■ Grants to steam roads, Governmental
§36, pll
to steam roads. Long-term, §36, pll
Graphs, §41, pi
Approximate method of preparing, §41,

pl4
Blocks as, §41, p4
Broken-line, §41, p7
Circle, §41, pl3

Comparison by circle, §41, pl5
Straight-line, §41, p2
Use and preparation of, §41, pi
Use of percentage in preparing, §41, pl5
Variations of straight-line, §41, p4
Gro^ premiums. Fire-insurance, §38, pl8

H

Handling life-insurance companies.
Method of, §38, p6
of primary accounts of steam roads,
§34, p5

Home-ofHce cash book, Life-insurance,
§38, p7

Hypothecation of customer's securities,
§32, pl6

I

Illustrative example of mining-company
accounts, §37, plO

Improvements of steam roads, Deprecia-
tion of iixed, §35, p4
of steam roads. Fixed, §35, p3

Income accounts of mining companies,

accounts of steam roads, ^36, ppl, 4

and expense account of fire-insurance

company, §38, pl9
and operating account of mining com-
pany, ^37, pl3
Individual-ledger b6okkeeper, §33, p31
Income, Deductions from gross, of steam
roads, §36, p6
Disposition of net, of steam roads, §36, p6
Non-operating, of steam roads, i36f p6



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INDEX



Income Operating, of steam roads, ^36, p5

statement of steam roads, §36, p5
Instructions for steam roads. Special,

136, pl2
Insurable interest, §38, pi
Insurance, §38, pi

companies, Accounts for, §38, pi

contracts, §38, pi

Life, i3S, pi

peril, §38, pi

policy, §38, pi

premium, §38, pi

reserve, §38, pS

risk, §38, pi
Insured, §38, pi
Insurer, §38, pi

Interest during construction, Steam roads,
§34, pl3

Insurable, ^3S, pi
Instruments, Wall Street, ^32, pl8
Interest rates on loans, fl32, p15

Rule for payment of, §33, p29
Interlockers and signals of steam roads,

§34, plO
Investment classification of steam roads,

New, §34, p3
Investments in road and equipment, Steam
roads, §34, pi

Original, of steam roads, §34, p6

Steam-roads, i36, p9

J

Journal, cash. Life-insurance, §38, p7

L

Lamb, %32, p21

Language of the Street, ^32, p21

Laying tracks and surfacing of steam

roads, §34, p8
Ledger accounts of coal-mining company,
§37, p3
Customer's, ^33, p25
General, ^33, p41
Life-insurance general, §38, p7
Private, p40
Securities, ^33, p30
Ledgers, Life-insurance policyholders',

§38, p8
Liabilities, Current, of steam roads,



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