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.

  N N   N N
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

  N Fixed Asset N
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

  N N
Balance as per cash book                                           X
  N N
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

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