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FARM ACCOUNTS (Why do farmers keep accounts? (Calculate the net value of…
FARM ACCOUNTS
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GRANTS :smiley:
Grants or payments from the Government/EU can be classified as sources of current/long-term finance.
Annual payments received such as those from REPS(Rural Environment Protection Scheme) are treated as current income & would be included in the Income & expenditure account.
Once-off payments received to aid on-farm investment such as the IAFWM(Investment Aid for Farm Waste Management) scheme are treated as long-term sources of finance & would not be included in the Income & expenditure account.
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