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WAEC Agricultural Science 1994 Question 58

Question 58

Farm Management and Records

The table shows the profit and loss account of a private farm. In the table above the amount N1,015 represented by X is

Diagram for this question
  1. A.credit
  2. B.loss
  3. C.depreciation
  4. D.loan
  5. E.tax
Show the answer and explanation

Answer: B (loss)

Explanation

Costs (N3,600) exceed sales and discount (N2,585) by N1,015, which balances the account as a loss.