(a) State five reasons why farm accounts are kept. (b) Using the following information, prepare a profit and loss account for UNITY FARM, for the year endin...

(a) State five reasons why farm accounts are kept. (b) Using the following information, prepare a profit and loss account for UNITY FARM, for the year ending December, 2005.

 (i) Cost of maize seeds  - -D1,400.00

 (ii) Cost of fertilizers - D1,200.00

(iii) Cost of insecticides - D1,900.00

(iv) Tractor hiring - D2,000.00

(v) Cost of herbicides - D1,100.00

(vi) Cost of cassava stems - D1,200.00

(vii) Sales of maize - D29,000.00

(viii) Sales of yam - D7,000.00

(ix) Sales of cassava tubers - D5,500.00

(x) Cost of processing cassava tubers - D1,500.00

(xi) Wages of workers - D6,000.00

(xii) Miscellaneous expenses - D4,400.00

(xiii) Maize consumed - D300.00

(xiv) Potato gift to visitors - D1,000.00 )