Luca Pacioli

Fra Luca Bartolomeo de Pacioli (sometimes Paciolo) (14451514 or 1517) was an Italian mathematician and Franciscan friar, collaborator with Leonardo da Vinci, and seminal contributor to the field now experiencen as story. He was alike called Luca di Borgo after his birthplace, Borgo Santo Sepolcro, Tuscany. Luca Pacioli studied in Venice and Rome and became a Franciscan friar in the 1470s. He was a travelling mathematics indoctrinate until 1497, when he accepted an invitation from Lodovico Sforza (Il Moro) to work in Milan.There he collaborated with, lived with, and taught mathematics to Leonardo da Vinci. In 1499, Pacioli and Leonardo were forced to run away Milan when Louis XII of France seized the city and drove their patron out. After that, Pacioli and Leonardo oft traveled together. Upon return to his hometown, Pacioli died of old age in 1517. Pacioli published several(prenominal) works on mathematics, including Summa de arithmetica, geometria, proportioni et proportionalit a (Venice 1494), a synthesis of the mathematical knowledge of his time, is also notable for including the first published description of the method of keeping accounts that Venetian merchants used during the Italian Renaissance, known as the double-entry accounting system. Although Pacioli codified instead than invented this system, he is widely regarded as the Father of Accounting. The system he published included most of the accounting cycle as we know it today.He described the use of journals and ledgers, 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 expensesthe account categories that are inform on an organizations balance sheet and income statement, respectively. He demonstrated year-end closing curtain entries and proposed that a trial balance be used to prove a balanced ledger. Also, his treatise touches on a wide r ange of related topics from accounting ethics to cost accounting.