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The table below shows a farm record for Mwamuzi Farm.

 Receipts     Issues 
 Date Commodity/ item Quantity DateIssued to  Quantity Balance 
in stock
       
       
       
       
       


 

  1. Identify the farm record.
  2. The farm received 20 bags of DAP fertilizer from Milimani Agrovet on 07/07/2018 and another 20 bags on 21/07/2018. On 28/07/2018, a gardener took eight bags of DAP and used it to plant potatoes on the farm. Enter this information in the farm record illustrated above.
  3. Give one reason for keeping the farm record illustrated above in farm accounting.

1 Answer

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  1. Consumable goods inventory
  2.   
     Receipts     Issues 
     Date Commodity/ item Quantity DateIssued to  Quantity Balance 
    in stock
     7/7/18 DAP fertilizer 20 bags    20
     21/7/18 DAP fertilizer 20 bags    40
        28/7/18 Gardener 8 bags DAP 32
     
  3. It provides information used for drawing Profit and Loss account and balance sheet
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