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(a) Define the term balance sheet. (b) The financial data of Omega Dairy Farms Ltd as ...

(a) Define the term balance sheet.
(b) The financial data of Omega Dairy Farms Ltd as at December 31st 2012 are shown below:
Cash at bank - 200,000.00
Cash in hand - 70,000.00
Dairy cattle - 5,000.000.00
Milk - 300,000.00
Loans - 3,000,000.00
Initial capital - 4,000,000,00
Interest on loan payable - 600,000.00
Account receivable - 1,000,000.00
Taxes payable - 500,000.00
Milking machine - 1,500,000.00
Animal feed - 100,000.00
Use the data to prepare a balance sheet for Omega Dairy Farms Ltd as at December 31st 2012 (c) State two ways in which the balance sheet is important (d) Is the farm credit-worthy? Give a reason for your answer



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