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Record Keeping Production Records Are Important in Farm Crop Production Since Farmers Base

The document discusses the importance of farm record keeping for making informed decisions. It outlines various types of records farmers should keep such as cash records, farm sales records, stock records, production records, and cost and profit analyses. These records track expenses, sales, supplies, crop yields, and financial performance to evaluate the costs and profits of agricultural activities. Proper record keeping is essential for planning, obtaining credit, insurance, taxes, and marketing farm products.

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1K views7 pages

Record Keeping Production Records Are Important in Farm Crop Production Since Farmers Base

The document discusses the importance of farm record keeping for making informed decisions. It outlines various types of records farmers should keep such as cash records, farm sales records, stock records, production records, and cost and profit analyses. These records track expenses, sales, supplies, crop yields, and financial performance to evaluate the costs and profits of agricultural activities. Proper record keeping is essential for planning, obtaining credit, insurance, taxes, and marketing farm products.

Uploaded by

richard babas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 7

RECORD KEEPING

I. Introduction:

Production records are important in farm crop production since farmers base
many of their everyday decisions on costs of expenses of labor, materials, and
others. The lesson will allow you to learn the rudiments of record keeping in
farm management. It will teach you how to prepare cost analysis especially in
rice farming.
You will learn this within ten days

II. Objectives

1 . Discuss the importance of record keeping in crop production


2 . Enumerate the steps in record keeping
3 . Prepare a record book in rice production
4 . Explain Cost analysis in field crop production
5 . Prepare c ost analysis in producing crops

III. Pre -Test

Let us try to assess your readiness of the subject matter you are about to read
by taking the test below.

A. Direction: Choose the best answer and write the letter in your activity
notebook.

_____1. What record is kept by the farmer that shows the budget of the project?
a. Cash
b. Production
c. Sales
d. Stock
_____2. What record tells the farmer how much she/he gained in the
venture?
a. Cash
b. Cost and profit
c. Sales
d. Stock

_____3. What can be found in the production record report?


a. Expenses paid
b. Profit earned
c. Miscellaneous expenses
d. Manpower needed
_____4. Which record shows the supplies and materials needed for all
activities in the farm?
a. Cash
b. Production
c. Sales
d. Stock

_____5. Which form shows the profit or return of investment in farm


projects?
a. Cash
b. Post and profit
c. Production
d. Stock

B. What is the importance of farm record keeping?

C. What are the different forms prepared in the farm?

IV Reading Resources and Instructional Activities

What to Know

Record Keeping and Cost Analysis

Importance of Record Keeping

Record keeping is very important in any venture especially in agricultural


enterprise. It provides substantial information important in decision-making.
Data gathered from farm records also help in planning and budget
preparation. It is a source of data in obtaining credit, insurance, and in
preparing tax returns and reports required by the government. It is also useful
in marketing farm produce and in other farming activities. Farm records
determine the value of the project. Agricultural managers use them as
collaterals in obtaining loans from banks and other financing entities. Or if the
owner wants to sell the farm, this could be used as document in presenting
the performance of the farm to would be buyers.
To facilitate effective record management, the following records can be kept.
1. Cash records. This is a record of the cash accounts in a project. It can be
seen in one record or this may be a special cash record wherein the cash
received journal and cash payments journal are separately recorded
transactions.
Sample Combined Cash Record
Cash Received Cash Paid
Date Amount Receip Remarks Amount Receipt Remark
t No. No. s

Marc P8,000.00 091341 Sale of 10 P4,400.00 011231 Payment


h 2, 2 cavans of 1 for 8
2014 palay @ sacks of
P800/cava 14-14-14
n fertilizers
@
P550/ba
g (50k)

Marc Payment
h 10, P12,000.00 Sale of 12 P3,400.00 for 4
2014 cavans of liters of
087761
milled rice 088712 pesticide
1 3
@ s
P1,000.00
at 50kg/
sack
Tota P20,000.0 P7,800.0
l 0 0

2. Farm sales record. This is used to record all sales in rice production.
There are two kinds of farm sales record: general and the classified.
The general form has only one amount column where the value of farm
produce sold is recorded. The other columns are for the other pertinent
information such as date, unit, description, and unit value.
Date Description Quantity Unit Unit Total
Value Value
P P
March 2 rice 50 cavans P 800.00 P40,000.00
March 3 5 cavans 1,000.00 5,000.00
glutinous

The classified farm sales record contains special columns for the main product
of the farm stock record.

3. Stock record. This record shows the stock of supplies and materials
needed by the farm for all farming activities, especially in large-scale
production.
Aside from the date item columns, the stock record has three main columns
the received column, the issued column, and the balance column. The received
column has three sub columns: quantity, unit price, and the total amount of
the materials received. The issue column shows the quantity used while the
balance column shows the materials or supplies which are unused. The stock
record is useful in determining how much supplies and materials are needed
per cropping.

Here is an example of stock record.


Date Item Quantity Unit Total Issued/Used Balance
Value Value Quantity Unused
Quantity
Mar. Fertilizer 8 bags 2 P800/bag P6,400.00 4 4
3 Herbicide bottles P1,200/b P2,400.00 1 1
Mar.
8
5. Production record. This record determines the annual profitability of a
farm enterprise. It lists the different crops grown in the farm during the
whole year, the amount spent for the production, the total sales, the
remaining stock, and the net income. This record summarizes the
performance of the farm in each year. It can be used by the farmer in
determining which crop is performing well or which is not. It could be
the basis of the farmer in deciding what crop has to be maintained or
which one is supposed to be changed.

Cropping Description Cost of Total Sales Remaining Net Income


season of the Production stock
commodity
January Pepper P3,500.00 P10,500.00 500 grams P7,000.00
to
April
May to Rice P5,000.00 P22,000.00 250 grams P17,000.00
October
Novembe Beans P2,000.00 P8,000.00 90 grams P6,000.00
r
to
December
Total P10,500.00 P40,500.00 P30,000.00

From the sample above, it may be noted that the total annual income of the
farm for that year gained P30,000.00. However, the amount does not include
its remaining stocks.

3. Cost and Profit Analysis. This record tells the farmer how much profit
he/she will gain for the project undertaken. It contains a list of all the
farming activities that were done in a season and the expenses incurred
per farming activity. It also indicates the cost of supplies and materials
used for the cropping season. The cost and return analysis help the
farmer get the total cost of production and estimate the net return
he/she will gain depending on the crop yield or the mode of production.

The following table shows a sample cost and return analysis in rice
production for one-hectare lowland and irrigated rice.

Method of planting: Transplanting (Wet Season)


Variety: HYV
Seeds : 2 bags certified seeds at P1,200.00/sack
Soil condition : High/Medium NPK (Soil Test Results) ( RR= 68-
28-45)

Item Labor Cost of Labor Cost of No. of Days Amount


Man/Day (8 Man & Animal Req. at 8
hrs) P /Day (8hrs) hrs./day
1.Land Preparation

Seed and seedbed P200 2 P 400.00


preparation
Wetbed
P300 .5 P 150.00
Plowing
P300 10 P3,000.00
Harrowing and
Leveling
Repair and Dike P300 8 P2,400.00
Cleaning
Sub total 4 persons 800.00
P200
P6,750.00

2. Crop Management
Sowing and Care P200 2 persons P 400.00
of seedlings
Pulling and
P200 4 persons P 800.00
bundling seedlings
Transplanting
Weeding (Manual) P200
15 persons P3,000.00
Irrigation P200
5 persons P1,000.00
Application
of herbicides P200
Application 1 person 200.00
of insecticides P200 4 persons 800.00
Application of
Fertilizers (Basal and 4 persons 800.00
P200
Side dressing

Sub total P7,000.00

3. Other Major
Operations
Harvesting,
contract 4,500/ha P4,500.00
threshing,
7 cavan/ha @ P14.00/kg 4,900.00.
winnowing, and
hauling
(contractual @5/cavan 550.00
basis)
Drying and hauling @5/cavan @ 110 cavans/ha 550.00
Sub total P10,500.00

Agricultural Inputs

Herbicides Machete 1 liter @ P 680.00


P680.00
Insecticides Karate 1 liter @ P1,020.00
P1,020/liter
Cymbush 0.5 liter @
P850/liter
Fertilizers 4 bags T14 @
P1,100.00/b 425.00
87 kgs. 46-0-0
@ P1,000/bag (1
bag= 50kg.)
4,400.00
28 kgs. 0-0-60 @
P750/bag
1,740.50
420.00
Sub total P8,685.50

Assumption: Average yield per hectare = 5.5 metric tons or 110 cavans. Price of
palay is estimated at P14.00 per kilogram

Total expenses = P35,335.00


Total Income = P77,000.00
Net Income = P41,665.00
ROI (return of investment) = 117.91%
(Net income/total cost of production x 100)

B. Process

Answer the following


1. What is the importance of keeping farm records?
2. What are the different parts of the farm records?
3. How do you compute the ROI or return of investment of your
entrepreneurial activity?

C. R eflect and Understand?

Do the following activities Activity 1


Visit a nearby farm where rice is the main crop. Interview the farmer
how/he/she prepares farm records to know the cost and profit in farm crop
production.
Report the outcome of the interview in class.

Activity 2
Keep and maintain farm records of your school farm project. Follow the
sample given in this material as your guide.

D. Transfer

A. Interview a rice farmer in your locality. Prepare a cost and return


analysis of the project. Ask her/him all the necessary details on the part of the
record. Present the output in your class.
B. Visit a nearby farm and interview the farmer. Prepare a production
record of the cropping season. Follow the format below and report your
findings to the class
Cropping Description Cost of Total Remaining Net
season of the Production Sales stock Income
commodity

V Summative Assessment

A Why is record keeping important in farm crop production?


B. Enumerate the different farm records needed in farm project.
C. Visit a nearby farm project and prepare a cost and return analysis of the
project.

VI. Summary/Synthesis/Feedback

Farm record is important to the farmer since it provides valuable information


regarding the financial status of the farm enterprise. It will tell everyone the
picture of the project whether it is gaining or losing.

REFERENCES

CBLM Year 3
Technology and Home Economics III
PHILRICE, Palay Check
Crop Establishment_PhilRice-IRRI RSSP.ppsx www.pinoyrkb.com

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