The following entries entered into the books of... - SS2 Agriculture Farm Accounts II Question

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.