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A farmer bought a plough at N200000 and use it for a period of 10 years and later sold it at N10000

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A farmer bought a plough at N200000 and use it for a period of 10 years and later sold it at N10000

A farmer bought a plough at N200000 and use it for a period of 10 years and later sold it at N10000. Calculate the annual depreciation of the plough.

A farmer bought a plough at N200000 and use it for a period of 10 years and later sold it at N10000

(10a)
Cost price = ₦200,000
Salvage value = ₦10,000
Useful life = 10years

Annual depreciation = Cost price – Salvage value/Useful life in years

Annual depreciation= 200,000 – 10,000/10

Annual depreciation = ₦19,000

A farmer bought a plough at N200000 and use it for a period of 10 years and later sold it at N10000, Calculate the annual depreciation of the plough

State four problems facing a farm manager

(i) Inadequate information; He may lack information on where to buy farm inputs or acquire information on new innovations and current prices of farm inputs

(ii) Problems of Marketing: He may not know how and where to sell his produce, at what time to sell and at which price to sell to make maximum profit.

(iii) Inadequate Personnel: He may not get the right management team to work on the farm. They may be too expensive to work on the farm.

(iv) Administrative Problem: He may lack the technical know-how, good human relationship with staff, and the condition of his health may affect the performance of his duties.

Enumerate five principles of agricultural extension in nigeria

(i) Principles of adaptability in the use of teaching methods
(ii) Principle of participation
(iii) Principle of leadership
(iv) Principle of trained specialists
(v) Principle of satisfaction

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