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1999 WAEC Agricultural Science Theory (a) Explain briefly the term farm valuation. (b) Prepare a Profit and Loss Account for...

Agricultural Science
WAEC 1999

(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

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Explanation

(a) Farm valuation Involves the determination of the financial / monetary worth of all items of production e. livestock and crops, machinery, buildings and stored products e.t.c on the farm within an accounting period. - There are opening and closing valuations. Usually, opening valuation is the value at the beginning of the accounting period while the closing valuations is the value at the end of the accounting period. Change in the value of the farm should be included to get the true value of the farm profit or loss

(b) Profit and loss Account for National Farms

Purchases and Expenses (Debit) Sales and Receipts (Credit)
                                                N        K                               N       K
Maize seeds                            25,000.00 Maize cobs       250,000.00
Fertlizers used                          14,800.00 Yam tubers        200,000.00
Seed yams                              50,000.00 Closing valuation 200,000.00
Tractor hire                               60,000.00                            650,000.00
Transport cost                           10,000.00 Net loss               9,800.00
Workers wages                         40,000.00                             659,800.00
              Sub-total                   219,800.00  
Opening valuation                   440,000.00  
                                                 659,800.00  

 


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