Description
Download AEC306 – Farm Records and Account (october-2019)
University Village, Nnamdi Azikiwe Expressway, Plot 91, Cadastral Zone, Jabi, Abuja
Faculty of Agricultural Sciences, Dept. of Agricultural Economics and Extension
PoP Exam Question October/November 2019
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)
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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