PARTNERSHIP The work for August is a continuation of the work in July. You are desirous of extending your business, and not having sufficient capital to do so, you have decided to enter into a partnership agreement with Harvey L. Manning. For the resources enumerated below you admit Harvey L. Manning as an equal partner in your business. Draw up articles of copartnership between yourself and Manning, embodying the following conditions. (See Form V, Appendix F.) 1. The firm name shall be Student & Co. 2. Student shall contribute the net resources shown by his July statement of resources and liabilities. 4. Each partner shall devote his entire time to the business. 5. Neither partner shall engage in any other business. 6. The gains and the losses shall be divided equally. 7. The partnership shall continue for two years unless sooner dissolved by mutual consent. Hand the articles of copartnership to the instructor for criticism. If they are correct, he will sign for Harvey L. Manning. Model for Briefing ARTICLES OF COPARTNERSHIP between Student and HARVEY L. MANNING AUG. 1, 19— Make a copy of the July statement of resources and liabilities, attach it to the articles of copartnership, fold the sheets together, and in the outer right-hand corner at the top brief as shown in the Model for Briefing on this page. NOTE. Some business men prefer to make the reference to investments in the articles of copartnership cover merely the net amounts invested in the business by each partner, and then transfer all rights and interests in goods and personal property by means of a bill of sale. However, if the articles of copartnership are drawn up in accordance with the above directions, the bill of sale is wholly unnecessary. Each partner should receive a copy of the articles of copartnership. Real property cannot be transferred by the ordinary bill of sale nor by articles of copartnership; a deed is necessary. In order not to multiply complicated forms at this point of the work, it is assumed that the student's real estate has been transferred by a warranty deed drawn this day by his attorney, Fred V. Smith, and placed on file in the office of the new firm. Ordinarily, a business man does not draw up his own warranty deeds, articles of copartnership, etc., but employs an attorney. When any change in the personnel of a business occurs, all who have had dealings with the house should be notified promptly, by means of circular letters or otherwise. In this case it is assumed that these letters have been written and mailed. INCOMING BUSINESS FORMS FOR AUGUST In this connection the student is referred to the instructions given for the business forms in the month of July, page 35. Remember that the business is now conducted under the firm name of Student & Co. Form 29. Check of Harvey L. Manning, dated City, Aug. 1, drawn on Traders National Bank, in favor of your firm, for $7000. Form 30. Invoice of J. K. Levy & Co., New York City, dated July 31. Terms: cash, less 2%. 15 #693 Antique Wardrobes Deduct the discount from the amount of the invoice; receipt it, per your initials. Form 31. New York draft, dated Olean, Aug. 1, drawn by The Union Bank of Olean, on Chemical National Bank of New York, in favor of M. L. Covey & Co., for $283.72, W. D. Byron, Cashier. Transferred to Student & Co. by full indorsement. Form 32. Draft on your firm by Stoddard & Co., in favor of Curry, Browning & Co., dated City, Aug. 3, payable at 10 days' sight for $1500. Form 33. Invoice of Cobb, Bates & Co., City, dated Aug. 3. Terms: 3/10, net 30 da. Items as follows: 25 #5932 Empire Toilet Tables 18 #1008 Oak Sideboards 25 #76 A Oak Chamber Sets Remember that all goods bought are now billed to your firm. Form 34. Invoice of Derby Mfg. Co., City, dated Aug. 3. Terms: draft at 10 da. for the amount, less 2%. Items as follows: 5 #16 A Comp. Dining-room Sets 5 #693 Antique Wardrobes 10 # 89 Mahogany Chamber Sets Deduct the 2% discount, but do not receipt the bill. Form 35. Draft of Derby Mfg. Co., City, on your firm, in favor of themselves, for the net amount of the above invoice, dated Aug. 3, payable at 10 days' sight. Form 36. Invoice of C. W. Allen & Terms: 2/30, net 60 da. 20 pr. Blue Chenille Curtains Co., Trenton, N.J., dated Aug. 3. Items as follows: 20 pr. #91 Lace Curtains Form 37. Check of David E. Teeter, City, dated Aug. 6, drawn on Traders National Bank, in favor of Student & Co., for $589.30. Form 38. Bill of Ward, Macey & Co., dated City, Aug. 6, for 1 letter file and cabinet, $65. Terms: cash. Receipt the bill. Form 39. Bill of Tracy Coal Co. to Harvey L. Manning, dated Aug. 6, for 3 T. coal at $5. Terms: cash. Receipt the bill. Form 40. C.O.D. envelope. Data as follows: Cash inclosed, $22. Goods were shipped by your firm to J. W. Clark, Waltham, Aug. 5. NOTE. Refer to the note under Form 21, page 37. Form 41. Check of David E. Teeter, City, dated Aug. 9, drawn on Traders National Bank, in favor of your firm, for $1248.87. Form 42. New York draft, dated City, Aug. 11, drawn by The Union Bank, in favor of your firm, on Chemical National Bank, New York, for $438.55, Chas. H. Palmer, Cashier. Form 43. Sight draft of S. T. Udell & Co. on your firm for $479.50, dated Chicago, Ill., Aug. 10; drawn payable to W. D. Lapham. Form 44. Check of J. E. Bender, dated Troy, Aug. 11, drawn on Traders National Bank, in favor of your firm, for $920.95. Form 45. Draft of J. O. Moran, drawn on your firm, in favor of Geo. L. 'Jones, dated City, Aug. 13, payable in 60 da. from date, for $1900. Form 46. Check of Walker, Brown & Co., dated Albany, Aug. 12, drawn on Traders National Bank, in favor of your firm, for $712.95. Form 47. Check of H. B. Claflin & Co., dated City, Aug. 13, drawn on Traders National Bank, in favor of your firm, for $400. Form 48. Invoice of C. W. Allen & Terms: 2/30, net 60 da. 50 #176 c Piano Chairs Co., Trenton, N.J., dated Aug. 14. 20 # 6387 Hall Settles 25 #835 Music Cabinets 50 # 170 English Clothes Poles Form 49. Invoice of Cobb, Bates & Co., City, dated Aug. 22. Terms: 3/10, net 30 da. Items as follows: 25 #16 L. Dressing Cabinets 25 #36 в Gentleman's Chiffoniers 25 #5932 Empire Toilet Tables Form 50. Invoice of Fowler Furniture Co., Rochester, dated Aug. 22. Terms: cash, less 2%. Items as follows: 10 #245 Cedar Chests 10 #687 Ornamental Tables Deduct the discount and receipt the bill. 10 # 2229 Oak Dining Tables 15 #17 A Roman Chairs Form 51. New York draft, dated Springfield, Aug. 24, drawn by The Union Bank of Springfield, on Chemical National Bank, New York, in favor of G. H. Ingalls & Co., for $732.35, A. R. Sheffield, Cashier. Transferred to your firm by full indorsement. Form 52. Check of Samuel W. Bradley, Bedford, dated Aug. 26, drawn on Traders National Bank, in favor of your firm, for $1587.60. Form 53. Note of Chas. B. Sherman, Rochester, dated Aug. 25, at 30 da., with interest at 6%, in favor of your firm, for $352.69. Form 54. Draft of Traders National Bank, Bangor, dated Aug. 26, drawn on Chemical National Bank, New York, in favor of your firm, for $454.06, W. H. Gould, Cashier. Form 55. Invoice of William Leavens & Co., New York, dated Aug. 27. Terms: sight draft in 10 da., for the amount of the bill, less 2%. Items as follows: 25 #5926 Secretary Book Cabinets 40 #68 Oak Bookcases 50 #396 Mahogany Hall Stands Form 56. Bill of the Metropolitan Carting Co., City, dated Aug. 31. MEMORANDA OF TRANSACTIONS FOR AUGUST AUGUST 1 Draw a check in favor of Student & Co., on The Union Bank, for the amount of the balance on deposit. Have the check approved, and place it in the Business Cash envelope. This check is drawn in order that the bank account with the student may be closed. Presently this check will be deposited to the credit of the new firm. Receive Harvey L. Manning's check on Traders National Bank, for the amount of his cash investment, Form 29. Carry the July balance to a new page in the cashbook. On the first line below the balance, credit Manning for his cash investment, $7000. Indorse the two checks on hand and deposit them in The Union Bank in the name of the new firm. Above the student's name on the pass book write the firm name. Make a memorandum in the journal, setting forth the change in the personnel of the business. Make a journal entry for the merchandise and the personal account invested by Manning. Remember to check every cash item that is entered in both the journal and the cashbook. Your bank reports that the draft on P. R. Brown, attached to a bill of lading, has been collected. Collection, $1. Have the amount entered in the pass book, and record it in the check book. The entry in the cashbook is the same as the entry of the C.O.D. shipment to Lyman, July 22. Debit Collection and Exchange for the $1 collection. The Metropolitan Carting Co. has delivered to you the goods ordered of J. K. Levy & Co. on July 24, Form 30. Draw a cash check for office expenses, $25. Ask for $5 in change. Enter in the check book only. Telegraph C. W. Allen & Co., Trenton, N.J., ordering: 20 pr. Blue Chenille Curtains 20 pr. #91 Lace Curtains Limit the message to fifteen words. Pay the charges in cash, 60¢. The draft drawn on Walker, Brown & Co., July 2, and left with the bank for collection, has been paid. Collection, 75¢. The bank teller will make the proper record in your pass book. Enter the amount in the check book and the cashbook. Make the proper record in the bill book. |