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what is recorded when money from an off farm job is used in the farm business

what is recorded when money from an off farm job is used in the farm business

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Answer #1

When money is received outsidse of the farm business it is recorded in private receipts.

Private receipts are amount that farmers put into the farm business but which are not obtained from activities related to farm eg dividends from shares, wages or salary from off farm business etc.

Any Private receipts from off business are considered as savings so they must be used to deduct private expenditure.

The Private receipts and private expenditure are omitted while calculating profit and loss.

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