Assume that £400 of sterling currency is bought at the rate of $4.45, making a cost of $1,780. A similar auxiliary record would be kept for foreign currency excepting that there would be no value date. Purchases would be entered on the left, and sales on the right, or credit, side. If £200 of the £400 sterling is sold at the rate of $4.50, there is a profit of five cents per £, and that indicates very generally the way in which foreign currency is dealt in. Of course, the auxiliary sterling currency account would be charged at the time of purchase as an offset to the cashier's check or cash paid, and there would be a control entry on the general ledger of the bank to the debit of the foreign currency control account. The student should not assume that there are two debits for one credit because that is not the case. On the general ledger of the bank the debits offset the credits in foreign transactions as well as others, and proofs of auxiliary foreign department accounts are made by comparing their total balance with the several foreign department general ledger accounts - in dollars.