Williard E. Stone
PROFESSOR UNIVERSITY OF FLORIDA

GRAMMATEUS REAPPEARS IN 1911

Abstract: There seems to have been little change in financial statements from Grammateus to 1911. This article contains a 1911 practice set which was used to teach transaction accounting as well as trial balance and statement prepara¬tion along the lines described in the previous article.

Just after editing the lnoue manuscript translating the 1521 ac-counting text of Grammateus, a practice set from 1911 was given to me for Christmas. It had been purchased in Miller Falls, Massla¬chusetts and was titled Modern Illustrative Bookkeeping (Introduc¬tory Course). The student, Mary R. McGlynn, had completed sam¬ple transactions for two different business organizations for the years 1911 and 1912. The instructor, F. W. Morrill, stamped his ap¬proval and its date on each assignment. The text used is not known but all the vendors and customers which the practice set businesses dealt with were located in small towns in central Massachusetts: Each practice set ended with a balanced trial balance and a “busi¬ness statement.”

The “business statements” differed from those of today and by an amazing coincidence were very similar to the ones translated from Grammateus and illustrated in the flow chart (Fig. 1) of Profes¬sor Inoue’s article.

						Business Statement, May 31, 1912
		
Mdse. on hand at close of last month Mdse. 						   0
purchased during month Gain carried down					9,362.10	 9,362.10
																		 1,921.21
Expense cost during month Less inventory 							    11,283.31	
for unexpired													347.75		
insurance & stationary 											 98.75		249.00	

Discount Depreciation as under furniture			
& fixtures	23.10															114.16
 

Net gain																   1,552.24
																		   1,938.50
Mdse. sales during the month								   7,910.76	
Mdse. on hand now											   3,372.55	  11,283.31
																		  11,283.31
Gain brought down														   1,921.21
Mdse. discount																  17.29
																		   1,938.50
																		   
					  Financial Statement, May 31, 1912

Clash in safe		
Cash in bank																 272.54
Property as under real estate,		
ledger valuation													      12,125.00
Furniture & fixtures											231 .00	
Less depreciation												  23.10	     207.90
Mdse. on hand valued by H.F. Adams										   3,372.55
Expense inventory															  98.75
Sundry trade debtors as under		
bills receivable															 700.00
Open book accts. considered good										   3,622.75 on -*qq 4q
Sundry trade creditors as under		
bills payable															   6,505.00
Open book accts.														   3,654.25
																		  10,159.25
H. F. Adams Invested										 8,800.00	
H. F. Adams Withdrew										   112.00	
															 8,688.00	
Net Gain													 1,552.24	
Present worth of business												  10,240.24
																		  20,399.49

The business statement above agrees with Grammateus’ “Profit on Sale” calculation and the balance of the business statement and the financial statement are contained in Grammateus’ “Proof of Bookkeeping”. Only a clearer concept of the balance sheet has emerged in 450 years.