This section is from the book "Real Estate Accounts", by Walter Mucklow. Also available from Amazon: Real Estate Accounts.
The method of treating this account has been fully described in Chapter XIII (Profits From Real Estate Sales. Section 77. Definition Of Profits). On completing the calculations as there indicated, it is found that of this total, $17,857.32 has been earned since the last balance sheet, and is therefore to be credited to Profit and Loss.
 
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