Account Second Term Scheme of Work and Lesson Note for Senior Secondary School One( SSS 1)
Second term scheme of work SSS1 Account
WEEK 1 Three column cash book, Discounts, Reason, Calculation
2 Three column cash book (preparation)
3 Petty cash book
4 Posting subsidiary to ledger
5 Trail balance
6 Trading Account
7 Profit and Loss account
8 Balance sheets
9 Bank Reconciliation
10 Revisions
LESSON NOTE FOR THE FIRST WEEK ENDING 12-01-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – Three column cash book
BEHAVIOURIAL OBJECTIVES – The students are expected to:
State the differences between three column and two column cash book
State and explain the specific features of three column cash book
State and explain the various forms of discounts
PREVIOUS KNOWLEDGE:- The students are familiar with the two column cash book.
INSTRUCTIONAL MATERIAL – White board and marker
REFERENCE MATERIALS – Essential financial Accounting for SS 1 – 3 by O.A Longe, Simplified and Amplified Book keeping and Accounting for SS 1-3 BY Femi Longe.
CONTENT
The three column cash Account is a form of cash book that has a total of twelve (12) columns divided into two equal parts i.e six (6) columns to the left hand known as the “debit” side and six (6) columns to the right hand side known as the “credit” side. The three column cash book has the same features with the two column cash book except with the additional of discount columns.
The discount column on the left hand side is known as the discount allowed while the discount column on the right hand side is known as the discount received.
FORMS OF DISCOUNT
Discount can be defined as the reduction in the price of goods in order to encourage bulk purchases and prompt payment.
Trade discount:- This is an allowance made by manufacturer or wholesaler to retailer in form of deduction from catalogue prices of goods supplied. It is an encouragement or inducement to the customers to buy goods in large quantity, it may also be referred to as quantity discount.
Cash discount: This is a percentage allowance on the price (selling price) of goods in order to encourage prompt payment of an account or for payment within a specified period of time cash discount is dived into two i.e cash discount allowed which is granted to the customer by the seller while discount received as granted by the supplier of goods.
Working Examples
Trade discount:
A shop offers to give two extra oranges for every 10 oranges bought if a customer decides to buy 500 oranges, how many extra oranges will be given.
Solution
Total oranges = 500
Discounts 2 for every 10 extra oranges
x 2 = 100 oranges
Cash discounts:
Mr. James bought 20 Television at N2000 each. If 5% cash discount was granted, how much did Mr. James actually paid for the television.
Solution
Original selling price
20 x 2000 = N40,000
Less 5% discount 2000
Actual payment N38,000
Presentation:
Step 1: Revision of the term books
Step 2: Introduction of the new lesson
Step 3: Explanation of the salient power
Step 4: General class discussion
Evaluation
With the knowledge of the three column cash book name and organization that will make use of a three column cash book and why?
Assignment:
Differentiate between discount received and discount allowed
Define and give example of cash discount and a trade discount
Conclusion: The teacher summarizes the lesson and give the students note on the topic taught.
LESSON NOTE F OR THE SECOND WEEK ENDING 19-01-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – PETTY CASH BOOK
OBJECTIVES – The students should be able to:
Define the term petty cash book
List and explain the terms associated with petty cash book
Prepare a petty cash book.
PREVIOUS KNOWLEDGE: The STUDENTS are familiar with other form of cash book e.g single column, tow column.
INSTRUCTIONAL MATERIAL – White board & Marker
REFERENCE MATERIAL – Essential financial accounting for senior secondary school 1,2,3, by O.A. Longe et al and Simplified and Amplified book keeping and Accounting by Femi Longe.
CONTENT
The petty cash book is a cash book use in recording small disbursement or expenses e.g postage, stationary, fuelling etc.
TERMINOLOGY
Imprest system
Float
Petty cashier
Re-imbursement
ADVANTAGES
The risk of fraud will be eliminated
It reduces the burden on the main cash book
Ensures accountability.
ACCOUNTING ENTRIES
Credit cash book with the cheque drawn or amount given on the main cash book.
Debit petty cash book with the amount of the float.
Credit petty cash book with payment made and analyze them.
Debit nominal ledgers with the amount spent respectively
FORMAT
| Receipt | F | Date | Details | Voucher No | Total | Postage | Transport | Ledger |
| N | N | N | N | N | ||||
| xx | CB | 1.1.xy | Float | |||||
| 3.1.xy | Postage | x | x | |||||
| 5.1.xy | Bus fare | x | x | |||||
| 21.1.xy | Bayo | X | X | |||||
| x | CB | 31-1-xy | Reimbursement | |||||
| 31-1-xy | Bal c/d | xx | ||||||
| xx | xx | |||||||
| xx | 1-2-xy | Bal b/d |
Presentation
Step i: Teacher revises the previous lesson
Step ii: Introduces the new topic
Step iii: He explained the various terms and other concept of relating to petty cash book.
Step iv: General class discussion
Step v: Illustration
Why is it necessary for an organization to keep a petty cash account
What is imprest system?
Write short note on the following
Float (ii) reimbursement (iii) petty expenses assignment
Simplified and Amplified Book keeping and account page 67 and 71 EX 1X and 6X respectively.
CONCLUSION
The teacher summarizes the lesson and give the students note on the subject matter.
LESSON NOTE FOR THE 3RD WEEK ENDING 26-01-2020
CLASS – SS1
DURATION – 40 M/P
NUMBER OF PERIOD – 4
TOPIC – POSTING SUBSIDIARY BOOK TO LEDGER
SUB TOPIC – – Purchases journal and sales journal
OBJECTIVES – The students should be able to:
Transfer the balance of the sales journal and the purchases to the ledger following the double entry principles.
Post correctly the transaction of the debtors and creditors in their individual account.
PREVIOUS KNOWLEDGE: The students are familiar to posting transaction using the double entry principles as well as the journal.
INSTRUCTIONAL MATERIALS: White board and marker
REFERENCE MATERIALS: Essential financial Accounting for SS1 – 3 BY O.A. Longe et al and simplified and amplified Book keeping and Accounting by Femi Longe.
CONTENT
SUMMARY OF POSTING FROM JOURNAL TO THE LEDGER ACCOUNT.
The total in the purchases journal
Debited to purchases ledger
Credited to individual/suppliers account
The total in the sales journal is:
Debited to individual debtors account
Credited to the sales ledger account
The total in the Return inward Journal is
Debited to return inward account
Credit to individual debtor’s account
The total in the Return outward journal
Credited to the return outward account
Debited to individual creditor’s account
ILLUSTRATION (FORMAT)
Purchases Journal
| Description | N | |
| Abiola | X | |
| Uche | X | |
| Transfer to purchases ledger | XX | |
| Or Purchases Account cr | ||
| Purchases journal x |
| Or Abiola Account cr | |
| Purchases journal x |
| Sales Journal | ||
| Buhari | X | |
| Good luck | X | |
| Transfer to sales ledger | XX |
| Sales ledger account | |
| Sales journal XX |
| Buhari Account | |
| Sales journal x |
| Goodluck Account | |
| Sales journal x |
Presentation:
Step 1: The teacher introduces the lesson
Step 2: He revises the previous lesson
Step 3: Explanation of salient points.
Step 4: General class discussion
Evaluation
What are the differences between the subsidiary books and the ledger account
Differentiate between return inward and return outward account.
Assignment
Amplified and Simplified book keeping and Accounting page 57 OX 7x and 8x.
LESSON NOTE FOR THE FOURTH WEEK ENDING 02-02-2020
CLASS – SS1
DURATION – 40 M/P
NUMBER OF PERIOD – 4
TOPIC – TRIAL BALANCE
OBJECTIVE – The students should be able to:
State the meaning of the trial balance
State the rules of posting to the trial balance
Post entries from the ledger to the trial balance.
PREVIOUS KNOWLEDGE – The students are familiar to posting from the journal (subsidiary books) tot eh ledger account.
INSTRUCTIONAL MATERIAL – White board and marker
REFERENCE MATERIAL – Essential financial Accounting for SS 1 – 3 by O.A. Longe et al Simplified and Amplified Book keeping and Accounting by Femi Longe.
CONTENT:
A trial balance is a statement used in testing the arithmetical accuracy of the ledger account. It does not form part of the double entry system.
USES
Helps in testing the accuracy of the double entry system
Helps in the preparation of the final accounts (financial statement)
RULES
Debit all assets
Credit all liabilities
Debit all expanses
Credit all incomes/gains
Debit drawing
Credit capital
Credit all provisions
FORMAT
| Capital Cash Motor van Bank loan Insurance Rent and rate Discount allowed Discount received Drawing | DR | CR |
| x x x x x x xx | x x x xx |
Presentation :
Step 1: The teacher revises the previous lesson
Step 2: Introduces the new lesson
Step 3: Explanation of cogent points
Step 4: General class discussion
Evaluation:
What is trial balance?
State the basic rules of entering information in the trail balance.
Assignment
What are the uses of trial balance?
Simplified and Amplified page 102(103 Ex 5Xa and EX 6.
CLASS – SS2
DURATION – 40 M/P
NUMBER OF PERIOD – 4
TOPIC – Single entry and incomplete records.
OBJECTIVES – The students are expected to:
Explain single entry and incomplete record
State the limitation of single entry
Determine the opening and closing capital
Compute profit from the incomplete record.
PREVIOUS KNOWLEDGE – The students are familiar to the preparation of profit and loss account.
INSTRUCTIONAL MATERIAL – white board & marker
REFERENCE MATERIAL – Simplified and Amplified booking keeping and Accounting for SS 1 – 3 by Femi Longe: Essential financial accounting for SS1 – 3 by O.A. Longe et al.
CONTENT
Single entry is a system of book keeping which does not conform with the basic principles of double entry. Incomplete records is often applied to books of account kept on a single entry system.
FEATURES OF SINGLE ENTRY
The profit and loss could be ascertain by comparing the closing and opening capital.
Only personal account of debtors and creditors are kept
Real and nominal accounts are not kept.
LIMITATION
It is not acceptable for tax purpose
Double entry principle is ignored
It does allow for fraud
It does not reveal the trial profit/loss of the organization
COMPUTATION OF PROFIT/LOSS FROM INCOMPLETE RECORDS FORMAT.
Statement of Affairs
Opening capital x fixed assets
Liabilities x current Assets
xx
Opening capital = opening Asset,
Less opening liabilities
PROFIT/LOSS STATEMENT
N N
Closing capital x
Add drawing x
X
X
Less: opening capital x
Additional capital x (x)
Net profit xx
Presentation
Step i: Revision of the previous topic
Step ii: Introduction of the new topic
Step iii: Explanation of the new topic
Step iv: General class discussion
Evaluation
What is statement of Affairs?
Mention the limitation of incomplete record
What is single entry?
Assignment
Differentiate between balance sheet and statement of Affairs
Simplified and amplified page 231/232 EX 1X and 2.
Conclusion
Teacher summarizes the lesson and gives the students on the subject matter.
LESSON NOTE FOR THE FIFTH WEEK ENDING 09-02-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – TRIAL BALANCE
OBJECTIVES – The students should be able to:
State the meaning of trial balance
Draw a format of a trial balance
Draft a trial balance from the ledger accounts.
PREVIOUS KNOWLEDGE – The students are familiar with posting at entries from the journal to the ledger accounts.
INSTRUCTIONAL MATERIALS:- Marker and white board
REFERENCE MATERIALS – Simplified and Amplified Book keeping and accounting for SS1-3 by Femi Longe.
CONTENT
A trial balance is defined as a statement testing the arithmetical accuracy of the ledger account.
FORMAT
| Dr | Cr | |
| Assets Liabilities Provisions Expenses Incomes Capital Drawing | xx xx x | xx xx xx x |
| xx | xx |
Presentation:
Step 1: The teacher revises the previous lesson
Step 2: Introduces then new topic
Step 3: Explanation of salient points
Step 4: General class discussion
Evaluation
Differentiate between the trial balance and ledger account
State the basic rules for posting entries in the trial balance.
Assignment:
Amplified and Simplified page 102 Ex 5 x 6 and 7.
LESSON NOTE FOR THE SIXTH WEEK ENDING 16-02-2020
CLASS – SS1
DURATION – 40 M/P
NUMBER OF PERIOD – 4
TOPIC – TRADING ACCOUNT
OBJECTIVES – The students are expected to:
State the meaning of trading account
State the basic content of the trading account
Draw a format of a trading account
Prepare a trading account from a giving information or trial balance.
PREVIOUS KNOWLEDGE – The student had been taught trial balance and are familiar to buying and selling.
INSTRUCTIONAL MATERIAL – White board and marker
REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting by Femi Longe: Essential financial Accounting by O.A. Longe et al.
CONTENT:
A Trading Account is an account prepared by a profit oriented organization or any other organization that embarks on buying and selling in order to determine the Gross profit.
BASIC CONTENT OF A TRADING ACCOUNT
Stock of goods
Opening stock
Closing stock
Purchases
Cost of goods available for sales
Cost of goods sold
Goods stolen
Goods withdrawn by owner
Carriage inward
Returns
FORMAT OF A TRADING ACCOUNT XYZ
TRADING ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 20XY
Dr. Cr.
|
|
|
|
| ||
| Opening stock Add purchases Add carriage inward Less return outward Cost of goods available Less closing stock Cost of goods sold Gross | x x x (x) x x x x | X x x x x x x | Sales Less return inward | x | x |
| xx | xx | xx | xx |
Presentation
Step 1: The teacher revises the previous topic
Step 2: Introduces the new topic
Step 3: Explanation of cogent points
Step 4: General class discussion
Evaluation
What is a trading account
List and explain at least five content of the Trading Account
Assignment: Simplified and Amplified page.
Conclusion – The teacher summarizes the lesson and gives the students note on the topic taught.
LESSON NOTE FOR THE SEVENTH WEEK ENDING 23-02-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – Profit and loss Account
OBJECTIVES – The students are expected to:
State the meaning of profit and loss account
Prepare the profit and loss account without adjustment
State the difference between the Gross profit and net profit.
PREVIOUS KNOWLEDGE – The students had been taught trading account in the previous class.
INSTRUCTIONAL MATERIAL – White board and Marker
REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting for SS1 -3 by Femi Longe.
CONTENT
Profit and loss account is prepared by a profit making organization in order to determine the new profit or loss of the organization. Net profit is the profit of the organization after deducting all expenditure (trading, selling and distribution expenses).
FORMAT
ABC
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 20XY
Dr Cr
| N | N | ||
| Rent & rate Insurance Discount allowed Bank charges Electricity Salaries & wages Carriage outward Transport expenses Interest on loan Sundry expenses General expenses Net profit | x x x x x x x x x x xx | Gross profit b/d Commission received Discount received | x x x |
| xx | xx |
Presentation:
Step i: The teacher revises the last topic
Step ii: Introduction of the new topic
Step iii: Explanation of the salient point
Step iv: General class discussion
Evaluation
What is the manor reason for the preparation of profit and loss account?
Differentiate between on Gross profit and the net profit
Assignment
Simplified and Amplified page 20202 EXC 1 and 2.
LESSON NOTE FOR THE EIGHT ENDING 02-03-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – Balance sheet
OBJECTIVE S – The students are expected to:
Define balance sheet
State the classification of the balance sheet
Prepare the balance sheet of a trading concern
PREVIOUS KNOWLEDGE – The student are familiar to accounting equation.
INSTRUCTIONAL MATERIALS – White board and Marker
REFERENCE MATERIALS – Amplified and Simplified Book keeping and Accounting by Femi Longe.
CONTENT
The balance sheet is a statement showing the asset and liabilities of an organization. It is a statement showing the financial position of an organization at a point.
FORMAT SHOWING THE DIVISION OF A BALANCE SHEET
|
| Fixed Asset |
| |
| Capital Add rent profit Less drawing Long term liabilities Loan Current liabilities Creditors Bank overdraft | x x x x x x x x | Land and Building Machinery Equipment Current Asset Stock x Debtors x Cash in hand x Cash at bank x | x x x xx x |
| xx | xx |
Presentation:
Step 1: Teacher introduces the lesson
Step 2: Reviews the previous topic
Step 3: Explanation of cogent points
Step 4: General Class discussion
Evaluation
What is a balance sheet?
List and explain the various heading of a balance sheet items
Assignment:
Simplified and Amplified Book keeping and Accounting page 198 EXC 4.
LESSON NOTE FOR THE NINETH WEEK ENDING 09-03-2020
CLASS – SS1
DURATION – 40 M/P
NO OF PERIOD – 4
TOPIC – BANK RECONCILIATION
OBJECTIVES – The students should be able to:
State the meaning of bank statement
Differentiate between the bank statement and the cash book
State the major causes of different between the cash book and the bank statement.
PREVIOUS KNOWLEDGE – The student have been taught about the cash book.
INSTRUCTIONAL MATERIAL – Bank statement of account
REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting by Femi Longe.
CONTENT
Bank statement is a statement prepared periodically by the bank on behalf of an account holder showing the transactions between the customer and the bank
Within a period of time.
PURPOSE OF BANK STATEMENT
To reduce the incidence of fraud
Helps the customer to know his financial position with the bank
To provide the customers with a continuous and permanent record of his transactions.
To inform the customers of transactions that took place without his notification.
Bank reconciliation statement is a statement prepared by an account holder for the purpose of finding out the differences between the cash book and the bank statement balance in order to reconcile and harmonize the balances.
IMPORTANT OF BANK RECONCILIATION
It acts as a check on the accuracy of entries made in the books.
It verities the accuracy of balances of the cash book and cheque book
It helps to detect and rectify and Error
It helps to update the cash book by discovery some entries not yet recorded
Presentation:
Step i. The teacher introduces the lesson
Step ii. Revision the previous lesson
Step iii. Explains some cogent points
Step iv. General class discussion
Evaluation
What is the difference between the cash book and the bank statement
What are the major reason for the preparation of bank reconciliation statement
Period 3 and 4
CONTENT:
CAUSES OF DISAGREEMENT BETWEEN THE CASH BOOK AND THE BANK STATEMENT
Unpresented cheuque
Uncredited cheque
Dishonoured cheque
Bank charges/ interest
Standing order
Credit transfer
Under cast/ over cast of the cash book balance
Dividend
Errors by the bank
Direct debit
Bank Reconciliation can be prepared using two well known method namely
Preparation of bank reconciliation using the cash book balance or the bank statement balance.
Preparation of bank reconciliation using the adjusted cash book
FORMAT
Starting with the cash book balance. Bank Reconciliation statement as at list decoder 2010
|
|
| |
| Balance as per cash book | X | |
|
|
| |
| Add in presented cheque | X | |
| Credit transfer | X | |
| Dividend | X | |
| Undercast of receipt of CB | X | X |
Leas: uncredited charge X
Bank charges X
Bank commission X
Standing order X
Dishonoured cheque X (X)
Over cost of receipt of CB X
Balance as per bank statement
(2) using the adjusted cash book
Adjusted cash book
| Balance X Credit transfer X Dividend X Receipt undercast X XX | Standing order X Dishonoured cheque X Bank charge X Bank commission X Undercast of payment X Balance X XX |
BANK RECONCILIATION STATEMENT
Balance as per adjusted X
Add in presented cheque X
Less uncredited cheque (X)
Balances as per bank statement X
Presentation:
Step i. The teacher introduces the lesson
Step ii. Revises the previous lesson
Step iii. Explanation of salient point
Step iv. General class discussion
Evaluation:
State and explain the major causes of discrepancy between the bank statement and the cash book
Assignment:
Draw a comprehensive format of a bank reconciliation starting with the cash book balance
Conclusion:
The teacher summarizes the lesson and give the student note
