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Account First Term Scheme of Work and Lesson Notes for Senior Secondary School Two( SSS 2)

First Term Scheme of Work Account for SSS 2

Week 1. Revision of SS1 work.

2. Account error.

3. Correction of error.

4.  Control Accounts: scales ledger.

5. Purchases ledger control Account.

6. Manufacturing Account.

7. Manufacturing Account (market value).

8. Manufacturing Account.

9. Introduction to partnership Account.

10. Partnership Account

11. Revision

12. Examination

LESSON NOTE FOR THE FIRST WEEK ENDING 15TH OF SEPTEMBER 2020

SUBJECT -ACCOUNTING

CLASS – SS2

DURATION– 40 MIP

NO OF PERIOD- 4

TOPIC– ACCOUNTING. Revisions of SS1 work.

PREVIOUS KNOWLEDGE: The student had been examined on the various topics taught in the SS1 scheme

BEHAVIOURS OBJECTIVES- The students should be able to:

Recall all the topics taught in SS1

Appreciate Accounting as a subject

INSTRUCTIONAL MATERIAL- White board

REFERENCE MATERIAL – SS1 scheme of wok

CONTENT:

Revision of first term, 2ND term and third term Ss1 scheme.

Presentation.

Step i. He asks the students to list the various topics taught in SS1 first term to third term.

Step ii. General discussion on the topics

Evaluation:

State you like and your dislike in Accounting.

Assignment

Do a thorough review of your knowledge of Accounting with the knowledge of Accounting in the SS1 class.

LESSON NOTE FOR THE SECOND WEEK ENDING 22ND SEPTEMBER2020.

CLASS- SS2

SUBJECT- ACCOUNTING

DURATION- 40 MIP

NOS OF PERIOD- 4

TOPIC- Accounting Errors

Behavioral objectives: The students should be able to:

State the meaning of error

List the various type of accounting Errors and their classification.

Previous knowledge- the students have been taught out to prepare the ledger accounts and how to extract the trial balance from the ledger accounts.

Instructional material: marker and white board.

Reference material: simplified and Amplified book-keeping and Accounting for SS1-3 by Femi Longe Essential Financial Accounting for SS1-3 by O.A Longe and R.A. Kazeem.

Content:

Errors are mistakes made while positing or recording transactions in the book of accounts. Accounting Errors are classified into two namely.

Errors that do not affect the trial balance

Errors that effect the agreement of the trial balance.

ERRORS NOT AFFECTING OR NOT DISCLOSED BY THE TRIAL BALANCE

These are errors when occurred will not prevent the trial balance from balancing i.e the debit side and the credit side of the trial balance will be equal even at the occurrence of these errors.

These Errors include:

Error of Principles

Error of original Entry

Compensating Error

Error of Omission

Error of Commission

Complete reversal of Entry

Duplicating Error.

ERRORS AFFECTING OR DISCLOSED OF THE TRIAL BALANCE

These are Errors when occurred will not allow the debit side of the trial balance to be Equal to the credit sides i.e it will prevent the agreement of the balance of the trial balance. These Errors includes:

One sides/ partial omission

Misposting of figures

Errors of transfer of totals at the subsidiary books

Dual record on the same side 

Trial balance total Errors

Presentation:

Step 1. Revision of the previous topic

Step 2. Introduction of new topic

Step 3. Explanation of the topic

Step 4. General class discussion

Evaluation:

Define the term Accounting Error

List the two classification of Accounting Error

List and explain at least three Error affecting the trial balance

Assignment:

What are the reasons for the occurrence of Errors in accounting

List and explain all Error affecting accounting Error

Conclusion:

The teacher summarizes the lesson and give the students note on the topic.

LESSON NOTE FOR THE THIRD WEEK ENDING 29-09-2020

CLASS- SS2

DURATION- 40 MIP

NOD OF PERIOD- 4

TOPIC- CORRECTION ERRORS

OBJECTIVE: The student should be able to:

Use the journal proper to correct Errors affecting the trial balance and Errors not affecting the trial balance.

(ii)   State the meaning and application of journal and suspense Account

PREVIOUS KNOWLEDGE: The students have been taught about the classification and meaning of Error in the previous lesson

INSTRUCTIONAL MATERIALS: simplified and Amplified Book-keeping and Accounting for SS1-3 by Femi Longe, Essential Financial Accounting for SS1-3 by O.A Longe & R.A kazeem

CONTENT:

In correcting Accounting Errors we need to understand the following

Errors not affecting the trial balance will be corrected through the use of the journal strictly following the double entry principles

Errors affecting the trial balance also will be corrected following the double entry principle through the use of the suspense Account.

Suspense Account can be defined as the account used to record the difference on a trial balance temporarily until the error are corrected

ILLUSTRATION ONE

Show the journal entries to correct the following errors.

The purchase of furniture N60 had been entered in the furniture expenses account

Sales of goods N20 to Ayo had been completely Omitted from the books

The payment of cash to Ogundele N100 had been debited to the cash book.

Purchase of goods N300 from Ayoola had been entered in Ayodele’s account.

The sales account had been undercast  by N600 so also the wages account.

Cash payment of N95 to Ronaldo entered in the two accounts as N59.

SOLUTION

    Dr Cr
(a) Furniture account Furniture expenses account Being  furniture account wrongly Debited now corrected 60   60
(b) Ayo Sales Being sales omitted non corrected 20   20
(c) Ogundele Cash Being payment of cash to Ogundele Mistakenly reversed now corrected 200   200
(d) Ayodele Ayoola Purchase of goods from Ayodele Wrongly entered in Ayodele  account now corrected 300   300
(e) Wages Sales Undercast in sales and purchase now corrected 600   600
(f) Ronaldo Cash Correction of undercast of payment to Ronaldo 36   36

(2)       The totals of the trial balance of Adeola did not agree. The difference was posted to a suspense account pending investigations.

(a)       A receipt from Dolapo of N560 was entered in the cash book but not credited to any other account. 

(b)       Purchases from Marwa   of N120 were entered in his account but omitted from the purchase account.

(c)       The purchase day book was under cast by N1000

(d)       Commission received N3,000 had been correctly entered in the account book, but was posted as N1,300 to the cash book.

(e)       The Sales day book was over casting N150

(f)        Discount received of N280 was entered in the debit side of discount allowed.

(g)       Purchase of motor van N350 had been entered in error, in motor expenses account.

(h)       Sales to MacDonald of N1,236 were omitted from the books altogether.

            Solution

  JOURNAL Dr Cr
(a) Suspense Dolapo Being cash received from Dolapo omitted from her account now corrected. 500   500
(b) Purchase Suspense Amount omitted from purchases account now corrected. 120   120
(c)  Purchases Suspense Undercast of purchases day book  now corrected 1000   1000
(d) Cash Suspense Under cast in the   cash book now corrected 202000   202000
(e) Sales Suspense Over cast in the sales day  book now corrected 150   150
(f) Discount allowed Discount received Suspense Discount received wrongly debited to discount allowed now corrected.     560   280 280

Dr Suspense Account                                                                              Cr

                                        N Dolapo                                                560 Disc allowed                                    280 Disc received                                  280 Bal. c/d                                              1,850                                                              2970                                      N Purchases                               120    Purchases                               100 Commission received          202000 Sales                                          150                                                           2970 Bal. b/d                                      1,850

Presentation:

Step 1: The teacher revises the previous lesson

Step 2: Introduction to the new topic

Step 3: Explanation  of difficult words

Step 4: General class discussion

  Evaluation

What  is a journal

Write out the uses, advantages and disadvantages of a journal

What is a suspense account?

State the uses and nature of a suspense account.

Assignment:  Simplified and Amplified

Book – keeping and accounting by Femi Lunge page 140 ex 4 and page 150 Ex 5x

Conclusion

The teacher summarizes the lesson and give students note on the topic.

LESSON NOTE FOR THE FOURTH WEEK ENDING 6TH OCTOBER 2020

CLASS                                              –           SS2

DURATION                                      –           40 M/P

NO OF PERIOD                              –           4

TOPIC                                               –           CONTROL ACCOUNT

SUB-TOPIC                                     –           SALES LEDGER CONTROL ACCOUNT

PREVIOUS KNOWLEDGE        –        The students had been taught errors and correction of errors in the previous lesson.

OBJECTIVES – The students are expected to:

Define control account

Identify the classification of control account

Explain the purpose of total debtors control accounts

Prepare the sales ledger control accounts.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting for SSS1-3 by Femi Lounge. Essential  financial Accounting for SS 1-3 by R.A. Kazeem and O.A. Longe .

CONTENT

Control accounts can be defined as a memorandum account, the balance of which reflects the aggregate balances of the totals in related ledgers which are prepared following the double entry principles. It is used to monitor debt due from the debtors and debt due to the creditors.

Control account helps in error location

It provide check on the accuracy of balances of ledger

It prevent fraud

It help in ascertaining the balances of the debtors and creditors ledger

It is used to detect missing figure.

Classification

Total debtors control account

Total creditors control account

Sales ledger control account

This is the control accounts for saler ledger. It can also be referred to as total debtors control  account. It shows the total debt that from the debtors.

FORMAT

Dr               TOTAL DEBTORS CONTROL ACCOUNT                Cr

                                                                    N Dr Balance b/d                                        x Credit sales                                              x Debit note issued                                   x Int. charge on our due account           x Dishonoured cheque                              x Discount disallowed                               x                                                                                                                                               x Bal b/d                                                         x                                                              N Cr balance b/d                                       x Cash from debtors                                x Return inwards                                      x Bad debts                                                   x Discount allowed                                     x Credit  note issued                                  x Bills receivable                                         x Contra/set off                                            x Bal c/d                                                         x                                                                        x

Presentation

Step i:         Revision of previous topic

Step ii:        Introduction of new topic

Step iii:       Explanation of new topic

Step iv:       General class discussion

Evaluation

(i)        What is control account?

(ii)       Mention the division of control account

Assignment

Simplified and Amplified Book keeping and accounting page 280 Ex 1x

Conclusion – The teacher give students note.

LESSON NOTE FOR THE FIFTH WEEK ENDING 13TH OCTOBER 2020

CLASS                      –           SS2

DURATION              –           40 M/P

NO OF PERIOD      –           4

TOPIC                        –           PURCHASES LEDGER CONTROL ACCOUNT

OBJECTIVES          –           The students should be able to:

Define  the total creditors control Account

Explain the purpose of creditors ledger control account

Prepare the total creditors control Account.

PREVIOUS KNOWLEDGE:-  The students have been taught the meaning and preparation of sales ledger control  Account.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIALS:- Simplified and Amplified Book keeping and Accounting   by Femi Longe .

Essential Financial Accounting for SS 1-3 by R.A. Kazeem and A.O. Longe .

CONTENT:

Total creditor ledger control is the control account for the purchases ledger. It can be refers to as purchases ledger control account. It shows the total debt due to the creditors.

Format. Total creditor control or

Purchases ledger control Account

                                                                     N Cash to supplier                                      x Cheque to supplier                                 x Return outward                                       x Credit not receivable                             x Discount received                                  x Bills payable                                             x Contra/set off                                           x Balance c/d                                              x                                                                      xx                                                                    N Balance b/d                                             x Credit purchases                                  x Discount received withdrawn           x Cash refunds                                         x        
                                                                   xx Balance b/d                                            xx

Contra entries  occur when a supplier is also a customer.

Presentation:

Step 1:        Revision of previous topic

Step 2:        Introduction of new topic

Step 3:        Explanation of the new topic

Step 4:        General class discussion.

Evaluation:

What is creditors’ ledger?

Mention the items found in the  creditors ledger

Assignment:

Simplified and amplified Bookkeeping and accounting page 233 Ex 9x.

LESSON NOTE FOR THE SIXTH WEEK ENDING 20TH OCTOBER 2020

CLASS                      –                       SS2

DURATION              –                       40 M/P

NO OF PERIOD      –                       4

TOPIC                        –                       MANUFACTURING ACCOUNT

OBJECTIVE             –                       The students should be able to:

(i)        Define manufacturing account

(ii)       Identify and explain the terms associated with the manufacturing account.

(iii)      Differentiate between a manufacturing set up and a trading set up.

INSTRUCTIONAL MATERIAL – Charts, white board and marker.

REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting for SS1 – 3 by Femi Longe . Essential financial accounting for SS1 – 3 by O.A. Longe  and R.A. Kazeem

CONTENT:

Manufacturing account is an account prepared by organizations associated with production or manufacturing and selling of goods.

The main purpose of preparing a manufacturing account is to ascertain the cost of production.

In manufacturing account: there are three main elements of cost namely, materials, labour and expenses. Each of these element are divided into:

(i)        Direct cost and

(ii)       Indirect cost elements

Direct cost: These are cost that can be traced to the production per unit of an output. They are:

Direction materials: These are physical things which will actually form part of the finished products.

Direct labour:-This refers to the cost of labour services that can be traced  directly to the production of a product e.g wages for workers etc.

Direct Expenses: These are cost that are incurred specifically on a particular product and on every unit produced e.g Royalties, Excise duty etc.

The combination of the three cost elements discussed above make up the “PRIME COST”

INDIRECT COST/FACTORY OVERHEAD EXPENSES:- These are cost incurred  in the production of goods and services that are not traceable  to a particular product. They are indirect labour and indirect expenses cost e.g depreciation, fuel and undirect wages.

NON MANUFACTURING COST:

These are period cost which are treated as expenses and deducted from the revenue of the period in which they are incurred. They are not part of production cost. They are:

(i)        selling expenses

(ii)       Distribution expenses

(iii)      Administrative expenses

Work-in-progress: This consists of unfinished or partly finished goods.

Presentation

Step i:         The teacher revises the previous topic

Step ii:        Introduction of the new topic

Step iii:       Explanation of salient point

Step iv:       General class discussion

Evaluation

(i)        What is manufacturing account?

(ii)       List and explain the basic division of a manufacturing account.

Assignment:

List and explain the basic terminologies used in manufacturing account

List all necessary and relevant materials and labour involved in a bread production and classify them under the headings (i) Direct materials (ii) Direct labour (iii) Direct expenses (iv) Factory overhead cost.

LESSON NOTE FOR THE SEVENTH WEEK ENDING 27TH OF OCTOBER 2020

CLASS                           –                  SS2

DURATION                    –                  40 M/P

NO OF PERIOD              –                  4

TOPIC                            –                    MANUFACTURING ACCOUNT

PREVIOUS KNOWLEDGE – The student  have been  given details definition of terms used in manufacturing account in the previous lesson.

BEHAVIOURAL OBJECTIVE – The students are expected to:

(i)        Draw a comprehensive format of a manufacturing account.

(ii)       Applied the format to solve question on manufacturing account

INSTRUCTIONAL MATERIALS – White board and marker

REFERENCE MATERIAL – Financial accounting made simple by Robert O. Igben, Simplified and Amplified financial Accounting for SSS by Femi Longe .

CONTENT

LEARNING FIELD NIGERIA LTD MANUFACTURING AND TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2016.

  Opening  stock of R.M Add purchase of R.M Carriage inward  on R.M   Less return on R.M   Less closing stock of R.M.   Direct labour Direct expenses Prime cost N   x x x x N x       x xx x x x x x   N N
  Add factory overhead Factory Rent & Rates Factory insurance Lubricants Depr. at plant & machine General factory Exp.   Add opening stock W.I.P   Less closing stock W.I.P Production cost Opening stock of F.G Add production cost C. O. G. A. S Less closing stock C. O. S. Gross profit   Carriage outward Admin. Expenses Selling expenses Distributive expenses Net profit N   x x x x x `N           X xx x xx (x) Xx x x x x x x x x x x x x               Production cost           Sales           Gross profit b/d N N                     xx   x         x x

Presentation:

Step i:         Revision of the previous lesson

Step ii:        Introduction of the new topic

Step iii:       Detail explanation and demonstration of the new topic.

Step iv:       General class discussion

Evaluation

List and explain five (5) items in the manufacturing account

What are the special features of the manufacturing account?

Assignment

Simplified and Amplified Book keeping and Accounting for SSS page 267 Ex 6x

Conclusion

The teacher summarizes the lesson and give the students note on the topic taught.

LESSON NOTE FOR THE EIGHT WEEK ENDING 03-11-2020

CLASS                           –        SS2

DURATION                    –        40 M/P

NO OF PERIOD              –        4

TOPIC                            –        MANUFACTURING ACCOUNT

SUB-TOPIC                    –        TRANSFER PRICING MARKET VALUE OF GOODS                                               MANUFACTURED.

PREVIOUS KNOWLEDGE – The students had been taught how to prepare ordinary manufacturing account.

BEHAVIOURAL OBJECTIVE – The students are expected to:

State the meaning of transfer pricing

Give the effect of transfer pricing on manufactured goods

Prepare a manufacturing account involving transfer pricing/market value.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIAL – Essential financial Account Ex SSS 1 – 3 by O.A. Longe   et al, financial accounting made simple by Robert O. Igben and simplified  and Amplified Book – keeping  and Accounting  by Femi Longe .

CONTENT

It is usual for manufacturing firm to transfer the cost of production to trading account but in some cases, the market value of such product is put into consideration and transferred to the trading account. The different between the cost of production and the market value of such goods will result to “Gross profit” on manufacturing which will be credit to the profit and loss account.

The market value may also be the cost of production plus a fixed percentage on the production cost. It may also be referred to as transfer cost of production.

Format

LEARNING FIELD NIGERIA LTD MANUFACTURING AND TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2016.

  Opening  stock of R.M Add purchase of R.M Carriage  on R.M   Less return on R.M C. R. A. P. Less closing stock of R.M. C. R. C. Manufacturing wages Royalties Prime cost Add factory overhead Depr. Plant & machine Lubricants Factory rent & rates General factory expenses   Add opening W.I.P   Less closing W.I.P Production cost Gross profit N   x x x (x)               x x x x    
N x       x x x x x x x         x xx x x x x x xx     Market value N N   x                                        
xx

Presentation:

Step 1:        Revision of the previous lesson

Step 2:        Introduction of the new topic

Step 3:        Explanation of salient points

Step 4:        General class discussion.

Evaluation

What is market value of goods?

Differentiate between production cost and transfer cost of production.

Assignment:

Simplified and Amplified Book keeping and Accounting by Femi Longe  page 267/269 to Ex 6x and 8x.

LESSON NOTE FOR THE NINETH WEEK ENDING 10-11-2020

CLASS                           –        SS2

DURATION                    –        40 M/P

NO OF PERIOD               –        4

TOPIC                            –        INTRODUCTION TO PARTNERSHIP ACCOUNT

BEHAVIOURAL OBJECTIVES:-  The students should be able to:

Define partnership business

State the types of partnership business and partners in a partnership business.

Write out the content of a partnership agreement (deed)

State the condition necessary where there is no partnership deed

Draw the necessary format applicable to a partnership account.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIAL – Financial accounting made easy by Robert O. Igben; simplified and Amplified Book keeping and accounting for SSS 1-3 by Femi Longe .

CONTENT

What is partnership:- In accordance to section 1 of the partnership Act 202090, partnership can be defined as the relationship which exist between persons carrying on a common business with a view of making profit”. It can be formed by two to twenty (20) (ordinary partnership) or two to ten (banking partnership).

PARTNERSHIP DEED (AGREEMENT)

These are rules contained in a written agreement known as “partnership deed”. The agreement must be signed by the partners in the presence of a lawyer.

CONTENT:

The capital to be contributed by each partnership

The rate of interest on capital

The rate of interest on drawing

The profit sharing rate

The partners salaries, commission and other remuneration

Valuation of good will

Dissolution of partnership

The names of the partners

Right duties of partners

Duration of the partnership

Signatories                                                                                                         to the account

The business (partnership) name.  Where there is not agreement if no specific agreement is made by the partners, the following provisions of section 24 of the partnership Act of 202090 must be applied.                                                                                                                           

No interest on the capital

No salary for partners

Profit and losses are shared equally

No interest on drawing

5% interest on loan and extra capital account of partners

No partners may introduce a new partner without the consent of all existing partners.  

In a partnership Account the following book are to be opened.

Partners capital account

Partners current account

Partnership appropriation account

Presentation

Step 1:        Review of the last lesson

Step 2:        Introduction of the new topic

Step 3:        Detail explanation of some salient point

Step 4:        General class discussion.

Evaluation:

What is a partnership?

List and explain the various type of partnership business and partners

What is a “deed” of partnership?

Assignment

Write out the content of a partnership business

With an agreement

Without an agreement as stipulated  by the partnership  Act of  202090.

Assignment

Simplified and Amplified Book keeping and Accounting by Femi Longe  (Revised Edition) page 309 Ex 1 and 2x.

Lesson Note For The Tenth Week Ending 2020-11-2020

CLASS                  –        SS2

DURATION           –        40 MP

NO OF PERIOD     –        4

TOPIC                  –        PARTNERSHIP  ACCOUNT

SUB-TOPIC          –        PARTNERS FINAL ACCOUNT.

BEHAVIOUR OBJECTIVE        – The Students should  be able to:

State the differences between the profit and loss account and then appropriation account

Identify each item in the appropriation account and their treatment.

INSTRUCTIONAL MATERIAL – White board and Marker

PREVIOUS KNOWLEDGE – The students are familiar with the profit and loss account

REFERENCE MATERIAL – Essential financial accounting by Femi Longe

CONTENT

ABC

PARTNERS PROFIT AND LOSS AND APPROPRIATION ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 19XY

Dr.                                                                                                                    Cr.

  N N   N N
Carriage outward Rent & rate Add accrual Salaries & wages Less prepaid Depreciation Bad debt Discount allowed Provision for bad debt Net profit     Salary:  A Interest on Capital                               A                               B Share of profit                               A                               B     X X X (x)                   X X   X x x   x   x x x x x x xx   x     x     x xx Gross profit Discount received                     Net profit b/d Int. on drawing   xx xx                 xx xx x             xx

Presentation:

Step 1:        Revision of the previous lesson

Step 2:        Introduction of the new lesson

Step 3:        Explanation of the lesson

Step 4:        General class discussion

Evaluation

What is the major difference between the profit and loss account and the partners’ appropriation account?

What is the usefulness of the appropriation account of a partnership.

Assignment:

Simplified and Amplified Book keeping and Accounting for SS 1-3 BY Femi Longe page 313 Ex 9x.

Conclusion:-  Summarizes the lesson and give students note on the topic.

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