The Modern Balance Sheet An Analysis of Company Finance
The Modern Balance Sheet An Analysis of Company Finance
V St Clair Vivian St Clair Mackenzie
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The British Bank of South America ([1892], 2 Ch. 128) as indicated in his example of the financial principle of profit and loss. " A man's business, " he said, " is to make boots and shoes. He has 10, 000 which he takes into the business as capital. He makes boots and shoes and spends the whole . 10, 000 in doing it, and he sells and gets back from his customers a certain sum on the sale. He compares then assuming he has sold all what he has got back with his expenditure in producing the boots ...and shoes and putting them on the market and he finds that he has 10, 000, his DIVIDENDS AND CAPITAL. 73 capital intact, and the rest if there is a rest remain- ing in his hands is profit. On the other hand, if he has only 9, 000, his capital is not intact and he has lost. It is exactly the same principle that has to be applied to a trading company under the Companies Acts. " The loss to capital must be made good or it must be cancelled, and cancellation can only be done with the sanction of the Court.
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