A J Carnes Manual On Opening And Closing the Books of Joint Stock Companies

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. 10, 000. 00 (History. ) The actual cost of the Engine was $10, 000. 00 ; but it is entered up at the nominal value of $30, 000. 00. To this there is no objection, as it is not a speculative resource. Or charge the Engine at $10, - 000. 00, and give the balance, $20, 000, 00 to Franchise.
BOOKS OF JOINT STOCK COMPANIES. 27 PROPOSITION V.
A gentleman with no money has a Patent Bake. He finds several capitalists, who incorporate a Joint Stock Company for the purpose of manufacturing- the Rake. T
...hey agree to pay the patentee "Smith" $5, OOO. OO in Stock for his pat- ent. Capital Stock, $1OO, OOO. OO. 1, OOO shares, $1OO par value. Each of the incorporators subscribe for as many shares as they wish.
JOURNAL ENTRY. EXAMPLE 25.
SMITH PATENT, $5, 000. 00 To CAPITAL STOCK, . . . $5, 000, 00 For amount of 50 shares of Stock of the nom- inal par value of $100 of the Capital Stock of the Cincinnati Patent Hake Manufactur- ing Company, incorporated upon the basis of $100, 000. 00 Capital, said 50 shares issued to John Smith in payment for all his right, title, claim, and interest in and to his Patent Rake, transferred to the Company by him, by Deed dated March 2, 1884, recorded in this Journal, page 2(>.


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