Write in brief about the evolution of book-keeping?
Answers
Answer:
Origin and Evolution of Book-Keeping
The exact date of origin of book-keeping is not yet known. Book-keeping in accounting sense is thought to have begun about 4000 BC.( It is that the practice of book-keeping begun with the invention of money in Lydia, Greece during 700 BC.) . The modern system of book keeping evolved in Italy during the 13th and 14th centuries. It is become well known to the world, when Luca De Piccioli published his book “SUMMA DE ATRIHMETICA, GEOMETRIC PROPORTION ET PROPOTIONALITE” in Venice Italy in 1494 AD. This book was the primary book of mathematics. The book contained a chapter titled ‘PARTICULARIS DE COMPUTIS ET SCRIPTURIS’, on which the principle of double entry system of book keeping was stated. In this book he introduced the following provision about the book-keeping:
a. Memorials i.e. the Memorandum Book.
b. Geornal i.e. The Journal Book
c. Quardimo i.e. Ledger Account
The first English translation of this book was published by Hugh Old Castle in 1543 AD, which popularized double entry book keeping system all over the word. Many improvements were made thereafter from time to time to the original form of double entry system as described by Luca Pacioli. A decade later, James Pule published his work how to keep a perfect account of debtor and creditor. Edward Jones, introduced the format of Journal with two column in 1795.
Today, the double entry system of book keeping has been established as the most scientific and systematic system of book-keeping and universally applied in all forms of entities. Therefore, Luca De Pacioli is regarded as the father of modern book keeping.
Explanation: