SS3 Lesson Note on Farm Records

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TOPIC: FARM RECORDS

CONTENTS: –

• Meaning and the Importance of Farm records.
• Types of farm records
• Design farm records
• Farm accounts

MEANING AND IMPORTANCE OF FARM RECORDS:  farm records refer to the documentation of all the various activities on the farm. It shows the major activities and transactions that take place in a farm enterprise over a period of time

IMPORTANCE OF FARM RECORDS: Farm record keeping is advantageous in the following ways:

1. Farm records give the history of what has happened on the farm for the periods during which they are kept
2. It allows the manager to carry out performance evaluation of the farm business
3. It helps in determining the profitability of the business
4. It is an indispensable tool for the farm manager during planning and budgeting
5. It allows the manager to determine the efficiency levels of inputs used in the production
6. It is a vital requirement when seeking loans from banks
7. It enables both the government and managers to determine the amount of money payable by the farm business
8. It enables the manager to make or take sound management decisions about the farm
9. It is useful for insurance purposes
10. It gives room for comparison with the same farm enterprises in the same areas
11. Proper farm records assist the government at various levels when planning National Agricultural and Economic Development programmes
12. It determines the farmer’s management skills
13. It gives an actual value of the farm in case of winding up
14. It also gives the actual farm yields

TYPES OF FARM RECORDS

A good farm or farm manager keeps many important records which include:

1. Inventory records
2. Farm dairy
3. Production/yield record
4. Income and Expenditure record
5. Inputs records
6. Labour records
7. Sales records
8. Purchases records
9. Supplementary records
10. Consumption record

1 . INVENTORY RECORD: farm inventory record is a written document containing the list of all items in the farm at a particular time. It is the complete account and evaluation of all assets and liabilities on the

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