NOTES

Each component of financial statement is to be valued at VEP amount.

1. Gross Cane Proceeds – Total income from cane farming activities. This is the amount shown

under the gross cane payments on slip issued by Fiji Sugar Corporation Ltd to all growers.

2. Expenses as per FSC - expenses paid by FSC on behalf of growers shown on the statement

issued by FSC to all growers.

3. Total Expenses As Per FSC – Add all the expenses paid by FSC on behalf of growers.

4. Mechanical Harvesting - Expenses incurred during the year in harvesting the cane by the

means of mechanical harvester.

5. Wages – Gross wages paid to workers for working in the cane field (for cutting the canes

and doing other activities on the cane field).

6. Land Rent – Amount of land rent incurred or paid during the year.

7. Tractor Hire – Amount paid for hiring the tractor for ploughing the land or for doing other

activities on the cane field.

8. Cane Seeds – Value of cane seeds bought during the year.

9. Fertilizers - Amount spent on fertilizers used in cane farming activities.

10. Weedicide – Amount spent on weedicides used in cane farming activity.

11. Harvesting Bonus – Amount of bonus paid to harvesting gang.

12. Tools – Amount spent in purchasing of minor tools like spades, knifes, files, forks etc to be

used in cane farming activities.

13. Refreshments –Labourers – Expenses incurred in providing refreshments for labourers

working in the cane fields.

14. Total Other Operating Expenses – Add all other operating expenses.

15. Total Operating Expenses – Total expenses as per FSC plus total other operating expenses.

16. Net Profit Before Tax – Gross cane proceeds minus total operating expenses.

SAMPLE PROFIT & LOSS STATEMENT

OF CANE FARMERS FOR CANE FARMING ACTIVITY

SAMPLE PROFIT & LOSS STATEMENT

OF CANE FARMER'S TRUCKS/TRACTOR BUSINESS

NOTES

Each component of financial statement is to be valued at VEP amount.

1. Truck Income – Total income earned during the year by providing truck services.

2. Tractor Income – Total income earned during the year by providing tractor services.

3. Total Operating Income – truck income plus tractor income.

4. Fuel & Oil – Total cost of fuel & oil used in truck and tractor during the year for purpose of

producing the income.

5. Repairs & Maintenance – Cost incurred during the year in repairing the truck and tractor

used in business.

6. Wages – Gross value of wages paid to truck driver and tractor operators during the year.

7. Fees paid to LTA – Total fees paid to LTA during the year such as passing fees, wheel tax etc

excluding fines.

8. Depreciation –Total amount of depreciation calculated for a year for trucks and tractors

used in the business. (It is the total depreciation figure for the current year in Fixed Assets

and Deprecation Register )

9. Total Operating Expenses – Add all operating expenses.

10. Net profit before tax – Total operating income minus total operating expenses.

SAMPLE BALANCE SHEET

OF CANE FARMER

NOTES

A. It’s optional for a cane farmer to disclose a balance sheet showing his financial position if

he is only engaged in cane farming activity.

B. Each component of financial statement is to be valued at VEP amount.

1. Cash at Bank - This is a closing bank balance of a year from the bank reconciliation or bank

statement which is ending balance as at 31st December.

2. Cash on Hands - Ending balance, as at 31 December of cash held on hand.

3. Total Current Assets - Add all current assets.

4. Bullocks - Valued at fair value (market value) less estimated cost to sell (cost incurred in

selling the biological asset.)

5. Land - Historical of land owned by you or your business at the end of the financial year.

6. Trucks –Value of all trucks owned by you valued at historical cost.

7. Accumulated Depreciation - Total depreciation on trucks from date of acquisition till year

end date.

8. Cost of trucks less accumulated depreciation on trucks (Written down Value).

9. Tractor –Value of all tractors owned by you valued at historical cost.

10. Accumulated Depreciation - Total depreciation on tractors from date of acquisition till year

end date.

11. Cost of tractors less accumulated depreciation on tractors (Written down Value).

12. Total Fixed Assets – Total of written down value of all fixed assets.

13. Total Assets – Current assets plus fixed assets.

14. Creditors – Total amount of money owed by you or your business to individuals and

organization which can be paid within 12 months period either payable to financial

institution or any other party (including friends and relatives).

15. Total Current Liabilities - Total amount of all current liabilities.

16. Loan Payable – Amount of loan is to be paid as at the end of the year either payable to

financial institution or any other party (including friends and relatives).

17. Total Long Term Liabilities – Add all long term liabilities.

18. Total Liabilities – Total current liabilities plus total long term liabilities.

19. Net Assets – Total assets minus total liabilities.

20. Beginning Capital – Amount of capital at the start of this financial year (closing capital of last

financial year).

21. Net Profit after Income Tax – Net profit of the current year after income tax has been

subjected to it.

22. Beginning capital plus net profit after income tax.

23. Drawings – Total value of cash taken by owner from the business for personal use during the

year.

24. Closing Equity – Beginning capital plus net profit after income tax minus drawings.