What Is Farm Records _ What Is Farm Accounts | J S 3: Lesion Note

1. Farm Records

Farm records are the written information kept about all farm activities and operations over a period of time.

Examples of Farm Records:

• Farm diary (daily activities)

• Labour records (workers and wages)

• Production records (quantity of crops or livestock produced)

• Sales records

• Purchase records

• Inventory records (tools, equipment, animals)

Importance of Farm Records:

• Helps the farmer remember past activities

• Aids in planning future farm operations

• Helps to know which enterprise is profitable

• Useful for getting loans from banks

• Helps in decision-making and farm evaluation

2. Farm Accounts

Farm accounts are the financial records that show the income, expenses, profit, or loss of the farm.

Examples of Farm Accounts:

• Cash book

• Profit and Loss Account

• Balance Sheet

• Trading Account

Importance of Farm Accounts:

• Shows whether the farm is making a profit or a loss

• Helps in financial planning and budgeting

• Assists in tax assessment

• Helps farmers control costs

• Attracts investors and credit facilities

Difference Between Farm Records and Farm Accounts

Simple Summary for Students:

• Farm Records = What happens on the farm

• Farm Accounts = Money matters of the farm

Get Your Complet Lession Note On Agric Science  J s 3