'Luca Pacioli\r'

'Fra Luca Bartolomeo de Pacioli (sometimes Paciolo) (1445â€1514 or 1517) was an Italian mathematician and Franciscan beggar, collaborator with da Vinci da Vinci, and seminal contributor to the field now know as accounting. He was also called Luca di Borgo after his birthplace, Borgo Santo Sepolcro, Tuscany. Luca Pacioli study in Venice and Rome and became a Franciscan friar in the 1470s. He was a travelling maths tutor until 1497, when he accepted an invitation from Lodovico Sforza (â€Å"Il Moro”) to transaction in Milan.\r\nThere he collaborated with, lived with, and taught mathematics to Leonardo da Vinci. In 1499, Pacioli and Leonardo were forced to turn tail Milan when Louis XII of France seized the city and drove their patron out. after that, Pacioli and Leonardo frequently traveled together. Upon return to his hometown, Pacioli died of nonagenarian age in 1517. Pacioli published several whole caboodle on mathematics, including: Summa de arithmetica, geometria, proportioni et proportionalita (Venice 1494), a synthesis of the mathematical familiarity of his time, is also nonable for including the first published definition of the method of keeping accounts that Venetian merchants apply during the Italian Renaissance, known as the double-entry accounting system. Although Pacioli codified alternatively than invented this system, he is widely regarded as the â€Å"Father of be”. The system he published included well-nigh of the accounting cycle as we know it today.\r\nHe described the use of journals and playscripts, and warned that a person should not go to sleep at night until the debits equalled the credits. His ledger had accounts for assets (including receivables and inventories), liabilities, capital, income, and expensesâ€the account categories that are reported on an organizations correspondence sheet and income statement, respectively. He demonstrated year-end shutdown entries and proposed that a trial balance be u sed to prove a balanced ledger. Also, his treatise touches on a wide range of related topics from accounting ethics to cost accounting.\r\n'