The "profit and loss" account, into which all subordinate profit, loss and expense accounts should be covered at the end of each dividend period, should be kept by periods so as to show the balance on hand at end of the previous period on the credit side with the profits from various sources on the same side, and on the debit side, the losses charged off (if any), expenses, taxes, dividends paid (if any), and the balance remaining on hand carried down to the beginning of the next period on the credit side, after the following form:

General Statement

In order to prove the correctness of the general ledger, and at the same time make an exhibit of the condition of the bank's affairs, a trial balance of each and every account on this ledger should be frequently made.

If these accounts are kept in a daily balance ledger, already described, then this balance will be made every day; but if kept in the "three-column" or "balance column" ledger, then a "general statement" book should be provided for showing these balances.

This book should show the resources and liabilities in printed form, like that given on page 131, and in addition the balance due to or from each correspondent bank or banker with whom business is done, the sum of which balances will represent the amount due from other banks or bankers, or due to them, as the case may be. With the name of each general account, and of each bank and banker, printed in such a book, the figures representing the balance of each account on the general ledger can be written in opposite the printed title, and much labor is thereby saved.