Question 1 Report
(a) Explain briefly the term farm valuation. (b) Prepare a Profit and Loss Account for a farm from the following information:
maize seeds for planting - N25,000.00
fertilizers used - N14,800.00
pesticides - N20,000.00
purchase of seed yams - N50,000.00
tractor hire - N60,000.00
transport cost - N10,000.00
workers' wages - N40,000.00
sale of maize cobs - N250,000.00
yam tubers sold - N200,000.00
opening valuation - N440,000.00
closing valuation - N200,000.00