ACCOUTANT STUDENTS' SOCIETY.

Nelson Evening Mail, Volume XLVI, Issue XLVI, 29 June 1911, Page 4

ACCOUTANT STUDENTS' SOCIETY.

FORTNIGHTLY MEETING. | The fortnightly meeting of th© Nelson Accountant Students' Society was held | at the Chamber of Commerce last ©ven- : ing. There was a good: attendance of. •members. Mr. H. S. Tunnicliffe was 1 voted to the chair. The first half-hour was devoted to general business. - 1 Letters were received 'from the Auckland and Wellington Societies, conveying their greetings and best wishes for a prosperous season. The papers by members were then, commenced. Mr. E. H. Thomson A.1.A.N.Z., iga,ve a very interesting and instructive paper on Trustees and Executors. Mil - . Thomson stated that this subject was the stumbling block to most accountancy students at the annual examinations. He treated' the subject in an able manner, and was closely followed by members. He gave an outline of the duties of an executor and trustee and explained the system of keeping their accounts. He showed how necessary were strict and correct accounts clearly defining between capital ' and income. He dealt with the responsibilities and legal position of a trustee, defining him as "one on whom is imposed an equitable obligation to deal with trust property for the benefit of .beneficiaries or the cestui que trust." . Mr. B. Nealo followed with a very carefully prepared paper on depreciation and reserves. He clearly snowed how necessary it was in all accounts to provide for depreciation of assets. He explained the difference between fluctuation and depreciation; and pointed out that depreciation was just as fair and legitimate a charge against revenue as wages or any other cost of production no extent of repairs and renewals can make plant as #i"od as new, therefore, a charge miusi be made for depreciation so that the true value of the asset may be ascertained. Mr. J. Griffin, junr., road an excellent paper on "Cash Book Systems." He igave three .systems under wnich cash maj' be kept : (1) No bankiiig account kept, and all payments' made by cash; (2) Banking account kept, '_'. and some payments made- by cash and some by cheque ; (3) Banking 'accounts kept. All receipts banked and -all payments made by cheque. The third method he strongly recommended as being tho most "up-to-date and correct system. He pointed out the advantages of tabulated cash books showing how this system could be utilised for keeping separate records of various departments.

Mr. G. Richmond then followed with a. paper on *'S*.if Balancing Ledgers," fvliowjinig the advantag-its of .•fldaptinig this system in accounts. By tabulating the various subsidiary books he showed how each ledger could' be made selfbalancing. The great advantage in a .system of self-balaneing ledgers was the ready means by which an error coul<J. be discovered and traced to its own ledger. The secretary anncunced that at next meeting a lecture on "Bankruptcy" will be delivered by Mr W. Vernon Rout. On this evening questions arc to- 'handed in to the secretary in order that answors may be nrepared for them on the .next members' night. The meeting terminated with a vote of thanks to the chair.