Benedikt Kotruljevic (Benedetto Cotrugli Raguseo) of the Republic of Dubrovnik wrote in 1458, ”The Book on the Art of Trading” in which, among other things, he presented the the principles and methods of double-entry bookkeeping as a necessary attribute of trade activity.  Benedikt Kotruljevic, born in Dubrovnik, Croatia 1416; Died  Aquila 1469. was a merchant by profession, a humanist by education, a scientist by vocation and a diplomat by invitation (in the service of Aragon kings).

He traveled all over the Mediterranean, of keen observing and lucid conclusions, who polished his conclusions in the discussions with humanists of the Court of Naples in which he lived for some fifteen years. In his book, Kotruljevic was writing ”On Orderly Keeping the Business Records.

The authors analyze that chapter on the basis of newly found manuscripts of his ”Book on the Art of Trade” finding there considerably more extensively and in detail an elaborate system of double entry book-keeping, than presented in the contents of the book printed in 1573.

Kotruljevic set forth theoretical postulations and rules for keeping business records according to the double entry principle to be valid also nowadays. He applied then the procedures giving suggestions for the organization of business records keeping by a merchant.