The Bankruptcy Act and Book-keeping.

Feilding Star, Volume XVIII, Issue 208, 6 March 1897, Page 2

The Bankruptcy Act and Book-keeping.

In the District Court in Bankruptcy on Tuesday Mr District Judge Kettle informed a bankrupt, who said he did not know how to keep a cash book' that &a ordinary trader's cash book, properly kept, should in his opinion, contain a full, true, and particular account of the trader's receipts and expenditure entered up regularly. All moneys received, from whatever source, should be paid into the trader's bank account, and all disbursements should be made by cheque. If money was required for payment of petty matters such as postage stamps, &c, a cheque for "petty disbursements" should be drawn, and a " petty cash book " also kept to show how the money was paid away. The principal cash book should show on tbe one side the moneys received, amount, from whom received, on what account and the date of receipt ; and on the other side of the book should be entered the amounts paid away, to whom, on what account and the date of payment. This book if properly kept should agree with the trader's bank pass book, and would, in the event of bankruptcy, enable the official assignee and the trader's creditors (assuming that the book had been faithfully kept) to see what money the trader had received and how he had disposed of it. — Chronicle.