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
- Revenue from Crop Sales
- Amount: ₦1,500,000
- Amount: ₦800,000
- Amount: ₦300,000
- Amount: ₦600,000
- Amount: ₦200,000
- Amount: ₦600,000
- Amount: ₦350,000
- Amount: ₦120,000
- Amount: ₦250,000
- Amount: ₦450,000
- Amount: ₦80,000
- 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