Profit and loss farm accounts - SS2 Agriculture Lesson Note

Below are entries for Bernie's Farms to be entered in a  Profit and Loss Ac

1. Revenue from Crop Sales
• Amount: ₦1,500,000
2. Revenue from Livestock Sales
• Amount: ₦800,000
3. Revenue from Dairy Products
• Amount: ₦300,000
4. Revenue from Poultry Sales
• Amount: ₦600,000
5. Other Agricultural Income
• Amount: ₦200,000
6. Cost of Goods Sold (Crop Production)
• Amount: ₦600,000
7. Cost of Goods Sold (Livestock)
• Amount: ₦350,000
8. Cost of Goods Sold (Dairy Products)
• Amount: ₦120,000
9. Cost of Goods Sold (Poultry)
• Amount: ₦250,000
10. Operating Expenses (Labor, Utilities, and Maintenance)
• Amount: ₦450,000
11. Marketing and Advertising Expenses
• Amount: ₦80,000
12. Depreciation of Farm Equipment
• Amount: ₦75,000

These entries represent a simplified example of Bernie's Farms' Profit and Loss Account, illustrating revenue, costs of goods sold, and various operating expenses count.

 

Profit and Loss Account for Bernie's Farms

Description	Amount (₦)
Revenue:
Revenue from Crop Sales	1,500,000
Revenue from Livestock Sales	800,000
Revenue from Dairy Products	300,000
Revenue from Poultry Sales	600,000
Other Agricultural Income	200,000
Total Revenue	3,400,000
Cost of Goods Sold:
Cost of Goods Sold (Crop Production)	600,000
Cost of Goods Sold (Livestock)	350,000
Cost of Goods Sold (Dairy Products)	120,000
Cost of Goods Sold (Poultry)	250,000
Total Cost of Goods Sold	1,320,000
Gross Profit	2,080,000
Operating Expenses:
Labor, Utilities, and Maintenance	450,000
Marketing and Advertising Expenses	80,000
Depreciation of Farm Equipment	75,000
Total Operating Expenses	605,000
Net Profit Before Tax	1,475,000
Income Tax Expense (Assuming 30%)	442,500
Net Profit After Tax	1,032,500