(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...

Assessment: WAEC SSCE - Agricultural Science - 1999 Subject: Agricultural Science

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

Answer

Expenditure (Dr)	Amount (N)	Income (Cr)	Amount (N)
Opening valuation	440,000.00	Sale of maize cobs	250,000.00
Maize seeds for planting	25,000.00	Yam tubers sold	200,000.00
Fertilizers used	14,800.00	Closing valuation	200,000.00
Pesticides	20,000.00	Net loss (c/d)	9,800.00
Purchase of seed yams	50,000.00
Tractor hire	60,000.00
Transport cost	10,000.00
Workers' wages	40,000.00
Total	659,800.00	Total	659,800.00

Expenditure (Dr)	Amount (N)	Income (Cr)	Amount (N)
Opening valuation	440,000.00	Sale of maize cobs	250,000.00
Maize seeds for planting	25,000.00	Yam tubers sold	200,000.00
Fertilizers used	14,800.00	Closing valuation	200,000.00
Pesticides	20,000.00	Net loss (c/d)	9,800.00
Purchase of seed yams	50,000.00
Tractor hire	60,000.00
Transport cost	10,000.00
Workers' wages	40,000.00
Total	659,800.00	Total	659,800.00

Related Questions

Everything you need to excel in JAMB, WAEC & NECO