CHRONICLE OF FRAY LUCA PACIOLI

He character i chose for my chronicle for is contribution to accounting was the fray lucca
pacioli know as te father of modern accounting.

He was born in san sepulcro, province of arezzo in the italian region of tuscany in 1945 and
died on 19 june in 1517 san sepulcro italy.

Luca pacioli at the summa shows us how mathematics can be used in commerce, in daily life
and in the distribution of goods. In the divine proportione proves that mathematics is closely
linked to the beauty and symetric.

Although Pacioli's geometry draws little attention, the business aspects of the book became
so popular that the author is considered the father of modern double-entry bookkeeping by
him.

The law of double entry was explained for the first time by Fray Luca Pacioli. This law speaks
to us of the parity between financial operations in order to be able to maintain an order
between the accounts to know if there is utility or not.

Although Luca Pacioli did not invent this law, he was the first to explain it through writings for
merchants in Venice more than 500 years ago.
In it, Pacioli devoted thirty-six chapters to the description of the accounting methods used by
the main Venetian merchants. The author also devoted part of his work to the description of
other commercial uses, such as partnership contracts, the collection of interest and the use of
bills of exchange.

According to Pacioli, the entries in the daily book consist of two clearly differentiated parts:
one beginning with the word (Debit of the accounting entry) and the other with the word is (the
Credit of the accounting entry), antecedent of the traditional accounting entry model. Based
on the need to transmit economic information for later times.

He was the first person to publish detailed material on the accounting system. Most of the
accounting principles and cycles described by Pacioli are still used to this day. His
documentation includes journals, ledgers, year-end closing dates, trial balances, cost
accounting, accounting ethics.

Pacioli in his books gives advice and recalls some obvious facts. To do business, he writes,
capital is needed, but the most important thing is that others have confidence in your word; to
be successful, a trader must know how to calculate and keep track of it, be orderly and
meticulous.

Fray Luca Pacioli was a producer of great contributions to the organization and
systematization of accounting, but, above all, for having formalized and established the
double entry system, which right now is the basis of modern accounting.

He established foundations and principles including the following:

• There is no debtor without a creditor

• All loss is debit and all gain is credit
• All value that enters is debit and all value that leaves is creditor
• The amount owed to one or several accounts must be equal to what is paid
• Everyone who receives owes the person who gives or delivers
• The balance represents the value of the account and is obtained from the difference
between the debit and the credit, which may result in a debit or credit balance.

PRESENTED BY LEONEL BETANCOURT GAMARRA / SHEET NUMBER: 2404985 ACCOUNTING