| From | Henry Karl & Co. | $460.00 |
| " | White & Black | 320.50 |
| Purchases for cash | 129.00 | |
| Sales | for cash | 87.50 |
| " | on account | 274.80 |
| Paid on account to Karl & Co. | 300.00 | |
| Collected on account | 124.80 | |
| Paid for sundry expenses | 63.70 | |
| Inventory at close of business | 655.50 | |
Open the books, enter the transactions in journal, cash book, and sales book, and make all postings to the ledger. Prepare a trial balance,
At the close of business, prepare a trading account, close into profit and loss, and close net profits into proprietor's account, Prepare a balance sheet,
13. What is a sales ticket, and for what purpose is it used?
14. What benefit is derived from keeping departmental purchase and sales records.
15. Prepare suitable forms for departmental purchase and sales records for a business divided into three departments.
16. What is a partnership?
17. What is the purpose of a partnership agreement?
18. By what names are the different classes of partners known?