Korean Double-Entry Merchant Accounts from Kaesong City (1786-1892)

Until recently we have had no direct evidence of double-entry accounting in Korea before the opening of the country in 1876 and little information on commercial history. However, using heretofore inaccessible accounts for the period 1786 to 1892 preserved in North and South Korea, we can now demonstrate the existence of a double-entry method in the pre-open ports period. The accounts were kept by the merchants of Kaesong, who traded cotton and rice, provided banking services, and invested in ginseng production.