From the fact that real property is usually sold with some form of guaranty on the part of the vendor, thereby creating a contingent liability, it is. fully as necessary that the records should show exactly the disposition of each property as it is that they show the method of its acquirement and the cost of holding it. The manner of disposition is twofold, viz.: (1) time sales; (2) final sales.

The particulars for time sales are taken from the report of sale (Form 17, Section 25) and entered on the books, such entries closing the Real Estate account for the property involved. This, however, does not entirely relieve the accountant of responsibility, for he should see that the abstracts are retained until the final payment is made, and that insurance policies and similar papers are, properly indorsed and delivered to the owner or mortgagee, as the case may demand.