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Agriculture for Secondary Schools

Payroll records are important for income tax assessment and other funds for the
workers. These records help the farmer to allocate the cost of labour to his/her
enterprises. They also enhance transparency and proper profits computation of
respective farm enterprises.

Assets records
These records show the value of the farm assets and how long each asset has been
used. The value and physical condition of each asset should be recorded. Asset
records can be categorised into two: durable and consumable assets. For durable
assets, the value of a particular asset should consider annual depreciation charges.
These charges are normally deducted annually from the value of an asset at the time
of purchase or from the replacement value. These assets include farm machinery,
equipment, tools and buildings. The consumable assets include farm inputs such as
fertilisers, livestock feeds, seeds and pesticides which may be purchased in small
or large quantities. Asset records are important in preparation of inventory. Details
related to depreciation, inventory and valuation in farming business are presented in
the subsequent chapter. Figures 13.13 (a) and (b) show sample templates of durable
assets record and consumable assets record, respectively.

Durable assets record
Annual
Remaining
Cost
Date
Item Quantity purchased (TZS) depreciation value (TZS) Date Remarks
(TZS)

Figure 13.13 (a): Sample template of durable assets record

Consumable assets record
Receipts Issues
Date Item Quantity Date Issued to: Quantity Balance
……… enterprise

Figure 13.13 (b): Sample template of consumable assets record

Student’
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