JSS 3 First Term Agricultural Science Lesson Note – Types and Uses of Farm Records

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Topic: Records and Book keeping

 Content: Types and uses of farm records

The farm records which a good farmer should keep include: Farm diary, Farm inventory, Input records, Production records, Consumption records, Sales records, Payroll or Labour record, Profit and loss account

1. Farm Diary: A farm diary is a record of the daily activities carried out on the farm. A typical farm record shows type of work done, date, the number of workers, time spent, observations and others.

It serves as a good reference book to obtain information about the farm

2. The farm Inventory: This is the list of all the assets or materials on the farm e g farm building and structures, machinery, livestock, farm input, produce stored, growing crops, land etc. A good inventory record can assist the farmer to get bank loan. It is usually taken at the beginning and at the end of each year.
3. Production (Yield) records: These are records that show all the things produced on the farm. Such items include crops, livestock and livestock products. It helps in variety selection.
4. Input record: This is a record that shows all inputs purchased and used for production in the farm over a period of time .Such inputs are seeds, fertilizer, seedlings, chemicals, animal feeds, day old chicks, drugs etc. It shows input utilization. It can be used to determine resource productivity when combined with output record.
5. Sales record: This shows all sales made by the farmer. Farmer realizes some income when he sells his ….

Example: Prepare a Profit and Loss Account for John farms for the year which ended 31/12/2012 using the following data:

1. Cost of feed N5,000.00
2. Cost of drugs N2,000.00
3. Sales of eggs N20,000.00
4. Eggs for domestic use N2,000.00
5. Loss due to mortality N3,000.00
6. Value of stock left N10,000.00
7. Farm wages N10,000.00
8. Sales of spent layers N20,000.00
9. Transportation cost N3,000.00
10. Depreciation N2,000.00
11. Electricity bill N7,000.00
12. Net profit N24,000.00

Solution

John Farm Profit and Loss Account as at December, 2012 

S/N	Debit	N      :  K	S/N	Credit	N     :    K
1	Cost of feed	5,000:00	1	Sales of eggs	20,000:00
2	Cost of drugs	2,000:00	2	Eggs for domestic use	2,000:00
3	Loss due to mortality	3,000:00	3	Value of stock left	10,000:00
4	Farm wages	10,000:00	4	Sales of spent layers	20,000:00
5	Transportation	3,000:00
6	Depreciation	2,000:00
7	Electricity	7,000:00
	Total Expenditure	32,000:00
8	Net profit	20,000:00
	Grand Total	52,000:00		Grand Total	52,000:00

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