The Romance of Double-Entry Bookkeeping

5. Harvest time and navigation

Alvise Valloresso owns several properties out of town, as well as a granary and a mill. Some of of the land is rented to farmers who pay part of their rent in crops. In July and August, 1540, the Journal records several of these transactions.

On July 16, his tenant Ser Morando Zotto delivers 32 stara of wheat, grown on Alvise's land in Fossalta. The wheat is deposited in the granary, and its value credited to the Granary account:

142. P Granary // A Revenue from land l.4 s.2 g.7 p.-

Ser Morando owes Alvise an additional 8 stara for rent:

143. P Ser Morando Zotta // A Revenue from land l.1 s.- g.8 p.-

On that same date Ser Batista Maiolin delivers crops from Alvise's land in Campo San Piero: 50 stara, of which 36 of spelt, 6 of beans and 8 of rye.

146. P Granary // A Revenue from land l.2 s.19 g.9 p.-

The Vallaressa has returned from its trip to Cyprus. On July 30 Alvise records some $94000 of income produced by renting space on the ship to various merchants.

154. P Cash // A Rental income from ship l.78 s.- g.- p.-

He also records on August 1 expenses associated with the trip: some $50000 wages for the crew.

155. P Rental income from ship // A Cash l.42 s.- g.- p.-

But that same day he decides to sell the ship to Ser Andrea Cangadi dal Zante, along with all its equipment. The price is roughly $264000.

156. P Cash // A Ship Vallaressa l.220 s.- g.- p.-

He credits the excess of the rental income over expenses to the ship account:

157. P Rental income from ship // A Ship Vallaressa l.36 s.- g.- p.-

Then to balance out the ship's account he credits a profit of 60 ducati to Profit & Loss

158. P Ship Vallaressa // A Profit & Loss l.6 s.- g.- p.-

The Vallaressa account in the ledger:

                                    SHIP Vallaressa
18.  to Capital      l.250 s.-  g.-  p.-  | 156. Cash              l.220 s.-  g.-  p.
158. to Profit & Loss  l.6 s.-  g.-  p.-  | 157. from rental income l.36 s.-  g.-  p.