Farm Accounts II - SS2 Agriculture Past Questions and Answers - page 1

The following entries are sales and purchases made by Johnson and Son's farm:

Sales Farm Account:

1. Date: June 10, 2023 Description: Sale of 200 bags of rice Amount: ₦150,000
2. Date: July 5, 2023 Description: Sale of 50 crates of eggs Amount: ₦20,000
3. Date: August 15, 2023 Description: Sale of 300kg of tomatoes Amount: ₦45,000
4. Date: September 20, 2023 Description: Sale of 15 heads of cattle Amount: ₦300,000
5. Date: October 2, 2023 Description: Sale of 400 baskets of oranges Amount: ₦80,000
6. Date: November 10, 2023 Description: Sale of 30 liters of honey Amount: ₦25,000
7. Date: December 15, 2023 Description: Sale of 1000kg of yam Amount: ₦60,000

Purchases Farm Account:

1. Date: June 12, 2023 Description: Purchase of 800kg of fertilizer Amount: ₦60,000
2. Date: July 8, 2023 Description: Purchase of 1500kg of chicken feed Amount: ₦30,000
3. Date: August 18, 2023 Description: Purchase of 75 liters of pesticides Amount: ₦12,000
4. Date: September 25, 2023 Description: Purchase of 4 plowing machines Amount: ₦200,000
5. Date: October 5, 2023 Description: Purchase of 1200 seedlings of tomatoes Amount: ₦40,000
6. Date: November 15, 2023 Description: Purchase of 20 bags of poultry feed Amount: ₦10,000
7. Date: December 20, 2023 Description: Purchase of 500kg of yam seeds Amount: ₦35,000

These entries reflect a range of sales and purchases transactions for Johnson and Son's Farms, taking into account various agricultural products and inputs.

Use the entries to prepare a sales and purchases account for the farm.

The following entries entered into the books of Johnson and Son's farm:

1. Revenue from Crop Sales
• Amount: ₦2,000,000
2. Revenue from Livestock Sales
• Amount: ₦1,500,000
3. Revenue from Dairy Products
• Amount: ₦600,000
4. Revenue from Poultry Sales
• Amount: ₦800,000
5. Other Agricultural Income
• Amount: ₦200,000
6. Cost of Goods Sold (Crop Production)
• Amount: ₦800,000
7. Cost of Goods Sold (Livestock)
• Amount: ₦450,000
8. Cost of Goods Sold (Dairy Products)
• Amount: ₦180,000
9. Cost of Goods Sold (Poultry)
• Amount: ₦300,000
10. Operating Expenses (Labor, Utilities, and Maintenance)
• Amount: ₦550,000
11. Marketing and Advertising Expenses
• Amount: ₦100,000
12. Depreciation of Farm Equipment
• Amount: ₦90,000

These entries represent a simplified Profit and Loss Account for Johnson and Son's Farms, outlining revenue, costs of goods sold, and various operating expenses.

Use the entries to prepare a Profit and Loss Account for Johnson and Son's Farms.