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The following is a farm record Mr. Onyango had kept as at 30th June 2014.Study it carefully and answer the questions that follow.

The following is a farm record Mr. Onyango had kept as at 30th June 2014.Study it carefully and answer the questions that follow.
Q291182019259.png
(i) Prepare a balance sheet from the above information for Mr. Onyango’s farm.
(ii) State any four benefits of the balance sheet to Mr. Onyango.

Answers


Maurice
(i) Q291182019302.png


(ii) State any four benefits of the balance sheet to Mr. Onyango.
a) For fair taxation.
b) For obtaining credit or loans.
c) Land value in case of sale.
d) Value of assets and liabilities.
e) Will know whether business is solvent or insolvent.
maurice.mutuku answered the question on November 8, 2019 at 12:04

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