The recently discovered Gaeseong merchant’s bookkeeping book(Park"s record), Korean Listed Cultural Heritage No. 587, was confirmed to be an example of double-entry bookkeeping by Jun, Lewis, and Huh(2013) and Huh(2015). This result settled the dispute of whether or not the traditional Korean accounting of the Sagae Songdo Chibubeob is double-entry bookkeeping. This paper, an extension of Huh(2015), examines the evolution of accounting methods of Park"s record from accounting year 1894 to 1899 with complete data. The format of its basic journal entries, as analyzed in Huh(2015), did not change during the investigation period. Although there were no cash payments or receipts indicated, the expressions sang(上) and ha(下) were used in journal entries to carry forward balances or to close accounts. Extension of maturity in financing was journalized explicitly. These entries were made only in connection with transactions of large amount, and appears to be utilized as a step to check the progress of major transactions Compared to Huh(2015), there was no significant change in the procedure for preparing financial statements during the period. Specific rearrangements of accounts were observed. The balances of asset accounts without transactions for several accounting periods were closed and treated as if they were bad debt expenses. Advance payments to the owner were separated into owner’s withdrawal and general administrative expense to be adjusted at the end of the accounting year. The hoegae jimjagcho, a combined report of income and retained earnings in 1894, evolved into the statement of retained earnings for the financial and ginseng field businesses in 1899. Meanwhile, net incomes from merchandising were reported directly on the juhoegae, the balance sheet. There was no indication that Park"s record had been influenced by western double-entry bookkeeping. It is a form of double-entry bookkeeping that had been used consistently by the Gaeseong merchant without western influence, and can be easily translated into modern financial statements. In accounting for the management of ginseng fields which were the major business of the Park family from 1897, payments for the ginseng fields were recognized as investments and reported on the juhoegae as assets until the fields were disposed of. For the investments in and revenues from the ginseng fields, cost of capital was computed and added to the debit and credit of each field account, respectively. Market price was used as the internal transfer price when nursery ginseng was transplanted within the proprietorship. Ginseng fields were managed by partnerships and net incomes from fields were distributed equally to partners. These practices of ginseng field management have important implications for the Korean history of management and economics although further research is required.