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Dairy feed dairy Cattle feed, hay cost of Sale of milk, milk cultivation of crop.products, calves, insecticides, salaries and wages, cattle and slaughtered cost of maintaining milk cattle processing facilities Cost of seed and water, fish feed, Sale of fish cost of tanks, catching expenses depreciation on assets, salaries Fisheries and wages 7 Preparation of Final Accounts: Farm final accounts can be prepared according to any of the two methods i.e. Single entry method and Double entry method. Single Entry Method : Under this method two statements are prepared one in the beginning of the year and another at the end of the accounting year. The excess of assets over liabilities considered as a net worth of the business and the profit or loss made by business during a period can be ascertained by comparing the net worth of the business on two dates after making the adjusting entries of drawings, introduction of additional capital etc. Double Entry method : Under this method farm account is prepared by following the principles of double entry system. This accounts is debited with opening stock and the relevant expenses incurred and credited with the sale proceeds and closing stock. The difference between debit and credit is show profit or loss. For every farm activity a separate columns are provided. The profit or loss of each activity transferred to Balance Sheet Illustration 1 : From the information given below prepare a Crop Account to ascertain the gross profit made by this section of the farm : Opening Stocks: Rs. Grains 8.000 Seeds 600 Fertilizers 3,000 Purchases Seeds 8.200 32,000 Fertilizers Sale of grain Grain distributed as wages Wages paid in cash Grains used by the proprietor Grains consumed by the live stock section 3,000 3,700 4,300 2.700