Balance

The amount which remains due by one of two persons, who have been dealing together, to the other, after the settlement of their accounts. "There is a broad distinction between an account and the mere balance of an account, resembling the distinction in logic between the premises of an argument and debit and credit sides of an account. It implies mutual dealings and the existence of debit and credit, without which there could be no balance." 45 Mo. 573. The word is sometimes used in the sense of "residue."

The amount which remains due by one of two persons, who have been dealing together, to the other, after the settlement of their accounts. In the case of mutual debts, the balance only can be recovered by the assignee of an insolvent or the executor of a deceased perat the time of the assignment by the insolvent, or at the death of the testator. It is often used in the sense of residue or remainder; Lopez v. Lopez. 23 S. C. 269; Skinner v. Lamb, 25 N. C. 155. The term general balance is sometimes used to signify the difference which is due to a party claiming a lien on goods in his hands for work or labor done, or money expended in relation to those and other goods of the debtor; 3 B. & P. 48£ Mc Williams v. Allan, 45 Mo. 573. The phrase "net balance" as applied to the proceeds of the sale of stock means in commercial usage the balance of the proceeds after deducting the expenses incident to the sale; Evans v. Wain, 71 Pa. 74.

The amount remaining due from one person to another on a settlement of the accounts involving their mutual dealings; the difference between the two sides (debit and credit) of an account. A balance is the conclusion or result of the debit and credit sides of an account. It implies mutual dealings, and the existence of debt and credit, without which there could be no balance. Loeb v. Keyes, 156 N. Y. 529, 51 N. E. 285; McWilliams v. Allan, 45 Mo. 574; Thillman v. Shadrick, 69 Md. 528, 16 Atl. 138. The term is also frequently used in the sense of residue or remainder; as when a wlll speaks of "the balance of my estate." Lopez v. Lopez, 23 S. C. 269; Brooks v. Brooks, 65 III. App. 331; Lynch v. Spicer, 53 W. Va. 426, 44 S. E. 255.

— Balance-sheet. When it is desired to ascertain the exact state of a merchant's business, or other commercial enterprise, at a given time, nil the ledger accounts are closed up to date and balances struck ; and these balances, when exhibited together on a single page, and so grouped and arranged as to close into each other and be summed up in one general result, constitute the "balance-sheet." Eyre v.' Harmon, 92 Cal. 580, 28 Pac. 779.

A sum remaining due on an account; a sum expressing the difference between the debit and credit sides of an account

Theamount remaining due from one person ta another on a settlement of the accounts involving their mutual dealings; the difference between the two sides (debit and eredit) of an account. A balance is the conclusion or result of the debit and credit sides of an account. It implies mutual dealings, and the existence of debt and credit, without which there could be no balance. 45 Mo. 574. See, alo, 7i Pa. St. 69. The term is also frequently used in the sense of residue or remainder; as when 4 will speaks of “the balance of my estate.” 3 Ired. 155; 23 8. C. 269.

2 1. Excess on one side of an account. The conclusion or result of the debit and credit sides of an account. 3 Implies mutual dealings, and the extension of debit and credit.' 3. Residue or remainder; as, the balance of an estate. 4 General balance. Such sum of money as is due for services rendered by a person to whom two or more articles have been bailed for purposes of transportation, for the bestowal of work and labor, or on account of which money has been expended. See Ll EiN, Particular. Net balance. Applied to the proceeds of a sale of stock, means, in commercial usage, the balance of the proceeds after deducting the expenses incident to the sale.s In some States a balance found to be due from an executor, administrator, or guardian, may be entered of record as a judgment. In suits arising out of mutual accounts the jiuy may find a balance due to the defendant which, by certificate of the court, becomes a judgment against the plaintiff. Partial balance. A balance found upon a partial settlement of accounts, as between partners. Pinal balance. The balance at final settlement of a portion of the items of an account, or of all the items, and for a limited period of time or for the whole period covered by dealings or transactions. An express promise by a partner to pay a partial balance is the most satisfactory evidence of an intention to separate the items included in the settlement from the rest of the joint affairs. To constitute such an agreed final balance as will support an action by one partner against his copartner, the balance must have received the assent of both partners, binding them to an admission of its correctness.' See Account, 1.