42. COMMISSION. When we convey goods by land to our agent in Baltimore to be sold on our account and risk, we must open an account called "Consignment to Baltimore;" but if the same goods are conveyed by sea, the account would be opened" Shipment to Baltimore." On the Debit side we enter the cost of the goods, including the insurance, cartage, labor, etc., and on the Credit side the net proceeds arising from the sales. The balance will show our gain or loss upon the adventure (Art. 20.) Moreover, when goods are consigned to us to sell on the account and risk of the person who [consignor] sends them, we open an account after the form, "H. B. Johnson's Sales," the name of the consignor being given. On the Debit side we enter the usual charges for freight, duties, labor, postages, etc., together with our commission; and on the Credit side we enter all returns from the sales. The balance will be the net proceeds due to the consignor (Art. 9.) 43. PARTNERSHIP. In a partnership concern, instead of a stock account, we open accounts with the names of the partners respectively. The amounts furnished, and also the sums gained by each are carried to the Credit side of their respective amounts; hence the reason why stock was classed among the Personal in Estate Accounts; and also for its being sometimes called "our representative in trade" Howard Bronson, William Milman, and Franklin Murdock, have entered into partnership, and the firm is to be known as 66 Bronson, Milman & Co." The Articles of Agreement provide— 1. That Howard Bronson shall manage the whole business, and for his services receive a salary of $2000, payable quarterly. 2. That William Milman shall devote his time to the interests of the concern, and receive a salary of $1600, payable quarterly. 3. That each partner shall share in the Gain or Loss according to the amount of capital which he invests. Each partner takes a receipt from the firm for the amount which he invests in the co-partnership, and the firm open business with a joint capital of $150,000. Articles. 41&43 July 1, 1851. Howard Bronson advances his share of the joint capital as follows: 4 Cash.. --$20,693.45 36 Cash in the Mechanics' Bank 4,528.65 7 J. L. Jackson's Note ...... 100.00 7 Draft on Williams & Co..... 197.65 200.00 25,719 75 7. Acker's Acceptance. 43 William Milman advances his part of the capital in the following: 4 Cash.. $47,000.00 36 Cash in the Mechanics' Bank 12,000.00 7 Samuel Brown's Note. 6,000.00 3 Merchandise as per Inventory 15,000.00 43 Franklin Murdock's portion of the ori ginal stock consisted of the following: 4 Cash. 3 Mdso. as per Inventory. 50,000 $25,000.00 10,280.25 9 Ship Princeton valued at 39,000.00 74,280 25 3 Shipped per brig Washington, Captain/ 3&42 amounting to.... Paid cash for labor, drayage, and 4, 42 insurance " 190.40 3,670 58 Shipped per brig Creole, Thomas, and Articles. 3, 42 to be sold on our account, a quantity of Mer chandise, as per Invoice. $6,000 4, 42 Paid cash for insurance and charges. 150 6,150 Shipped per brig Plymouth, Shumway, and consigned to Geo. Davidson, Liver= pool, to be sold 3, 42 of Flour at $5 on our account, 800 barrels 4, 42 Cash paid for sundry charges. 5 -$4,000 250 4,250 Received per brig Boxer, Lake, consigned 42, 4 Paid cash for freight and duties...$511.40 sundry charges...... Received from James Tappen, Cincin- 7,42 Note, amounting to to... 4, 42 Paid cash for freight. Received from the East India Co., per J. W. Frisbee, Havana. Signed bonds at 4 mos. to the Cus 9, 42 tom-house for duties.. Check on Mechanics' Bank for Articles. 42 & 8 6 con= We have freighted and fitted out the ship 600 barrels Flour, bought on our Note, at 42, 4 Mdse., cash purchase Goods bought of Wilkes & Co., on 42, 8 Note at 4 months. 42, 7 our Mdse. bought 42, 36 check on Mechanics' Bank.. 42, 8 42, 4 3,000 35,000 12,000 6,000 a 12,000 Gave our own Note at 3 months, Wil- cargo, as per policy, cash.... 42, 4 Cash paid for sundry charges. 16 We have entered into an agreement with Shipped per brig Ranger, Davis, on ac42 count of Co. A, and consigned to J. Bar= Havana, 400 barrels of Pork at num, 1,900 240 Articles. 9 J. Barnum Dr. for his third ..$1,319.20 42 our third... 7, 42 9, 42 24 for 1,319.20 goods to J. L. Sold of George Black's goods account on $600 1,600 985 1,585 4, 42 To sundry other persons for cash ...... 42, 4 To sundry persons for cash......--$1,250 9 7 4 months 29 400 800 2,450 Received per Victoria, Sherwood, from J. 8, 42 months, for duties 4, 42 Paid cash for sundry charges- We have entered into a Fish speculation ment. They have, as per advice received this day, |