(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...

(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