AEC306 - Farm Records and Account

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NATIONAL OPEN UNIVERSITY OF NIGERIA

FACULTY OF AGRICULTURAL SCIENCES

DEPARTMENT OF AGRICULTURAL ECONOMICS AND EXTENSION

PoP EXAMINATION SEPTEMBER/OCTOBER, 2019

Programme: Agricultural Extension and Management

Course Code: AEC 306

Course Title: Farm Records and Account

Credit Unit: 2

Total Score: 70 Marks

Time Allowed: 2 Hours

Instruction: Answer compulsory question one (1) (25 marks) and any other three (3)

Questions (15marks each)

AEC306 - Farm Records and Account - Past Questions Forum

1a. A machine cost N100,000 and the rate of Depreciation for its use is 20% per annum.

Calculate the Depreciation charge on the machine for 4years using the reducing balance

method (10marks)

b. The accounting year of Ajewole and Sons Enterprises runs from January to December

every year. During the three years ended 31st December 2004, 2005 and 2006, the

following debt were found to be irrecoverable and were subsequently written off to bad

debt account on the stated dates below:

₦

28th February 2004 T.Taiwo 10,000

31st May, 2004 K. Kehinde 25,000

30th November, 2004 I. Idowu 15.000

31st January, 2005 A. Alaba 30,000

31st July, 2005 O.Ojo 5,000

31st August, 2006 Y.Yemisi 8,000

1st December, 2006 K. Kokumo 9,000

On 31st December, 2004, 2005 and 2006, the outstanding figure for total debtors from sales

ledger account was ₦600,000, ₦800,000 and ₦500,000 respectively. It is the company’s policy

to make 5% provision for doubtful debts at the end of the years.

You are required to prepare for the years 2004 to 2006.

i. Bad debt accounts with provision inclusive (4marks)

ii. Profit and loss account (extracts) (11marks)

2. Farm record keeping is more than just keeping track of what crop was planted in what field, it is

a concept applicable to the entire farm operation. Therefore;

a. Describe eight (8) characteristics of Resource Inventory Record (8 mks)

b. Describe seven (7) Production Account as a type of Farm Record (7 mks).

3. You have been appointed as an extension personnel in your area; state ten (10) ways you can use

your position to ensure that farm record keeping by farmers in the area is improved? (15marks)

4. The decision to accept a computer program (system) as the best for a farm business is a

function of the farm specific program and the cash – based or generic program.

Analyse the factors of consideration in where these two basic decision making factors are

concerned with respect to best program (system) to use in a farm business (15marks). 5a. To prepare the profit and Loss Account and a balance sheet from single entry book-keeping,

there are certain recommended procedure. Advance five (5) of these procedures. (71/2 marks).

b. The double entry system of bookkeeping is one whereby two (2) entries are made for every

transaction. In preparing the double entry system of book keeping certain specified objectives

are to be considered. State five (5) of these objectives. (71/2 marks).

6. Subsidiary books are the records of transactions entered in separate books, mainly for the

purpose of listing and classifying the various transactions as they occur and to avoid the risk of

errors and omissions of direct entries in the ledger. Discuss any five (5) of the subsidiary books

required in any farm business (15marks).

					
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