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

Second Term Scheme of Work Account for SSS 2

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 

CLASS                  –                  SS2

WEEK 1  Revaluation  Account

Admission of a new partner

            2  Dissolution account

            3 Accounting Ratio

            4 Single entry/incomplete record

            5 Single entry/incomplete record

            6 Accounting of nonprofit making organization.

            7 Receipt and payment account

            8 Treatment of subscription and other nominal ledgers

            9 Preparation of income and expenditure account and balance sheet

            10 Revisions

LESSON NOTE FOR THE FIRST  WEEK ENDING 12-01-2020

CLASS                  –                  SS2

DURATION           –                  40 M/P

NO OF PERIOD     –                  4

TOPIC                  –                  Revaluation account

BEHAVIOURIAL OBJECTIVES –  The students are expected to

Give the meaning of Revaluation account

State the reasons for the preparation of a revaluation account

Prepare a revaluation account from a given question

PREVIOUS KNOWLEDGE – The students are familiar with the preparation of partnership account.

INSTRUCTIONAL MATERIALS –   Simplified and Amplified financial Accounting for SSS1 – 3 BY Femi Longe.

CONTENT:

Revaluation of assets is the upward of downward review of assets. It occurs in any of the following circumstances.

Introduction/Admission of a new partner

At the retirement of a partner

Changes in the profit sharing ratio.

The asset of an organization is revalued in respect to the current market value of such assets. It is possible that the value of an asset may be lesser or higher than the market value as at the time in which a new partner is being admitted or old partner returns from the business.    

Accounting Entries

Open a Revaluation Account

On increase in the value of assets

Dr: Asset Account

Cr: Revaluation account

On decrease in the value of Assets

Dr: Revaluation Account

Cr: Asset Account

On Decrease in a value of liabilities

Dr: Revaluation account

Cr: Assets Account

(iv)      On decrease in value of liabilities

Dr: Liability Account

Cr: Revaluation Account 

Introduction of goodwill

Dr: Goodwill Account

Cr: Revaluation account

Profit  on Revaluation

Dr: Revaluation Account                                                             in old profit sharing ratio

Cr: capital  Account

Loss on Revaluation

Dr: Capital  Account                                                                                                                                 in old profit  sharing ratio

Cr: Revaluation account

Goodwill written off:

Dr: Capital  Account                                                                                                                                 in old profit  sharing ratio

Cr: Goodwill Account

The above Accounting entries may be summarized as follows:

Dr               Revaluation Account                                                     Cr

–  Assets                                         x + Liabilities                                               x Sharing of profit     A                                                            x     B                                                            x                                                                                                                                      xx                                     –  Assets                                         x + Liabilities                                               x                                                                                     xx

NB: In revaluation of Assets the following accounting will x prepared

Revaluation account

Capital account

Balance sheet

Presentation:
Step i:        
Teacher introduces the lesson

Step ii:        He revises the previous lesson

Step iii:       Gives detail explanation on the terms Involved in revaluation of                                   assets.

Step iv:       Preparation of revaluation account

Evaluation:

What is the significance of revaluing an asset  at the admission or retirement of a partner.

Assignment

Simplified and Amplified Book Keeping and Accounting page 336/337 Ex 3 and 5x

Conclusion: Teacher summarizes the lesson and give detail note.

LESSON NOTE F OR THE SECOND WEEK ENDING 19-01-2020

CLASS                           –                  SS2

DURATION                    –                  40 M/P

NO OF PERIOD               –                  DISSOLUTION FO PARTNERSHIP

SUB-TOPIC                    –                  REALIZATION ACCOUNT

OBJECTIVES                 –                  The students are expected to:

State the meaning and reason for dissolving a partnership account.

Prepare a realization account

PREVIOUS KNOWLEDGE –  The student are familiar with the admission of a partner and revaluation  account.

INSTRUCTIONAL MATERIAL – white board and marker

REFERENCE MATERIAL – Essential financial accounting for SS1-3 by O.A. Longe et al; and simplified and Amplified book keeping and Accounting for SSS1 – 3 by Femi Longe.

CONTENT

Dissolution is the loving to an end of a partnership agreement. It is the breakup of a partnership business. If partnership may be dissolved as a result of one or more of the following factors:

Bankruptcy of partners

Death of a partner

Expiration of agreed close

Insolvency

Joint agreement among  the partners

Retirement of  one or more partner

Whenever the partnership business is dissolved, the asset are realized (sold off or converted into cash) or distributed in the following order:

Losses must be paid out of capital

Payments of debts and liabilities to outside creditors

Payment of partnership loan

Settlement of partners capital

FORMAT OF BOOKS OT BE OPEN ON DISSOLUTION OF A PARTNERSHIP

Dr.              REALIZATION ACCOUNT                                                        Cr

Book value of Assets: Debtors                                                       x Plant & machine                                        x Furniture & fittings                                    x Stock                                                           x Cost of liquidation                             Share of profit                        A                 x                        B                 x                         x                                                                      xx   Cash Realized from sales: Debtors                                                          x Plant & machine                                           x Furniture & fittings                                      x Stock                                                             x Creditors discount                                      x Goodwill                                                        x                                                                           Xx

CASH BOOK

Balance b/f                                                x Realization: Debtors                                                     x Plant & machine                                      x Furniture & fittings                                  x Stock                                                                     xx Liquidation   cost                                   x Creditors                                                 x Loan                                                         x Capital:                  A                       x                  B                      x                     x                                                                   xx

CAPITAL  ACCOUNT

  A B   A B
Cash xx xx Balance b/f Share of profit x x x x
xx xx xx xx

Presentation:

Step 1:        Revision of the last topic

Step 2:        Introduction of the new topic

Step 3:        Explanation of salient points

Step 4:        General class discussion

Evaluation

Some factors are responsible for the discontinuation of a partnership business, state such factors with a practical example.

Assignment

Simplified and Amplified Book keeping and Accounting page 344 Ex 1 Xa, 2 and 4x.

Conclusion:

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

LESSON NOTE FOR THE 3RD WEEK ENDING 26-01-2020

CLASS – SS2

DURATION – 40 M/P

NUMBER OF PERIOD – 4

TOPIC – ACCOUNTING RATIO

OBJECTIVES –  The students are expected:

Define accounting ratio

Calculate mark up and margin

Convert mark up to margin and vice versa

PREVIOUS KNOWLEDGE –  The students are familiar with the final account.

INSTRUCTIONAL MATERIAL – white board and marker

REFERENCE MATERIAL –  Amplified and simplified book keeping and accounting by Femi Longe

Essential financial accounting for SS1 – 3 by O.A. Longe et al

CONTENT

 An Accounting ratio is a proportion or fraction or percentage expressing the relationship between one item in a set of financial statement and another item in the same financial statement.

The main ratio under discussion here are:

Mark up

Margin

Rate of stock turnover

Net profit margin

Gross profit margin

RELATIONSHIP BETWEEN MARK UP AND MARGIN/CONVERSION OF MARGIN TO MARK UP.

MARGIN                                                                                  MARK UP

¼                 ————-à ¼  – 1                                        

        ——-à                                                            

MARK UP TO MARGIN

MARK UP                                                                             MARGIN

          ———à                                                               

          ———à                                                               

Presentation:

Step 1:        The teacher revises the previous lesson

Step 2:        Introduces the new topic

Step 3:        List and Explain the ratios under consideration

Step 4:        Application of the ratio in final   account

Evaluation

Give the meaning of the following

Mark up                                                                                                                        (b) margin            (c) date of stock turn over

Assignment                                                                            

Amplified and simplified page 221/223 EX 4, 5X and 6X

Conclusion

The teacher summarizes the lesson and give students note on the subject matter.

LESSON NOTE FOR THE FOURTH WEEK ENDING 02-02-2020

CLASS                           –                  SS2

DURATION                    –                  40 M/P

NO OF PERIOD               –                  4

TOPIC                            –                  SINGLE ROOM AND INCOMPLETE                                                                       RECORD.

OBJECTIVES                 –                  The students are expected to:

Determine the profit and loss from statement of affairs

Prepare the trading and profit and loss account

Prepare a balance sheet.

INSTRUCTIONAL MATERIALS:  White board/marker

PREVIOUS KNOWLEDGE – The students are familiar with the preparation of the statement of affair from incomplete record.

REFERENCE MATERIALS:  Amplified and Simplified Book keeping and Accounting for SS1 -3 by Femi Longe Essential financial accounting for SS1-3 by O.A. Longe et al.

CONTENT

 To prepare a final account from an incomplete record, the following procedures must be followed:

Preparation of opening statement of affairs

Draw total creditors and debtors ledger control account to determine purchases and sales respectively.

Adjustment to all nominal account chargeable to profit and loss account prepare the final account.

FORMATS

Statement of Affairs (opening)

Capital                                  x                      fixed Assets                                    x

Current liabilities               x                      current Assets                               x

                                                xx                                                                                xx

Debtors (sales) ledger control account

Balance b/d                         x                      cash from debtors                        x

Trading/sales                     x                      cheque from debtors                   x

                                                                        Balance c/d                                     x         

                                                xx                                                                                xx

Closing balance of creditors                                                                             x

Add cash/cheque paid to supplier                                                                   x

Less opening balance creditors                                                                      x

            Trading (purchases)                                                                                x

Presentation:

Step 1:        Revision of previous topic

Step 2:        Introduction of new topic

Step 3:        Explanation of cogent points

Step 4:        General class discussion

Evaluation

Simplified and Amplified financial Accounting  page 357 EXC 6

Assignment

Simplified and Amplified financial accounting page 356 EXC 5X.

Conclusion

The teacher summarizes and gives note to the students.

LESSON NOTE FOR THE SIXTH WEEK ENDING 16-02-2020

CLASS                           –        SS2

DURATION                    –        40 M/P

NO OF PERIOD               –        4

TOPIC                            –        Accounting for a non – profit making                                                                                      organization.

OBJECTIVES                 –        The students should be able to:

Give examples of a non – profit making organization

State the terms associated with the nonprofit making organization

State the limitation of the profit making organization.

PREVIOUS KNOWLEDGE –  The students  are familiar with the incomplete records and all its adjustment.

INSTRUCTIONAL MATERIAL – White Board and Marker

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

CONTENT

Non profit making organization such as clubs, societies and charitable bodies are not profit oriented, but to provide services to their members in place of trading and profit and loss account in the trading concerns, such association prepare the following account to show the financial affairs to their members.

Receipt and payment account

Income and expenditure account

Balance sheet

Differences between profit oriented organization and a non – profit oriented organization.

S/N PROFIT ORIENTED NON – PROFIT ORIENTED
1 2 3 4 5 6 7 Profit & loss Account Net profit Net loss Capital Trading Gross profit Net profit Income And Expenditure  Account Surplus Or Excess  of Income  Over Expenditure Deficit or Excess of Expenditure over income Accumulated fund Bar trading Bar profit No profit motive

Evaluation

Step 1:        The teacher reviews the previous topic

Step 2:        He introduces the new topic

Step 3:        Explanation of salient points

Step 4:        General class discussion

Evaluation

List six organizations that may be  regarded as nonprofit making organization

Assignment

What are the likely sources of income to a nonprofit making organization.

Conclusion

The teacher summarizes the lesson and gives the students note on the subject matter.

LESSON NOTE FOR THE SEVENTH  WEEK ENDING 23-02-2020

CLASS                           –        SS2

DURATION                    –        40 M/P

NO OF PERIOD               –        4

TOPIC                            –        RECEIPT AND PAYMENT ACCOUNT

OBJECTIVES                 –        The student should be able to:

State the meaning of receipt and payment

Compare receipt and payment with the cash book

Prepare the receipt and payment account.

PREVIOUS KNOWLEDGE – The students are familiar with the preparation of the cash book.

INSTRUCTIONAL MATERIAL – White board and Marker

REFERENCE MATERIAL – Financial accounting made simple  by Robert O. Igben: Simplified and Amplified Book keeping and Accounting by Femi Longe.

CONTENT:

Receipt and payment account is a statement of cash actually received and paid during a given period, receipt being debited and payment credited. The receipt and payment account is similar to the cash account prepared by the profit oriented organization.

FEATURES

It is a  real account

Balance represent cash in hand

Only actual receipt and payment are recorded.

Include capital and Revenue items

LIMITATION

LIMITATION

There is no disclosure of accrued and prepayment.

It is not possible to determine surplus or deficit

Non – cash item such as depreciation provision etc are not included

There is no distinction between capital and revenue items.

FORMAT

Receipt and payment Account for the year ended 31st December 19XY

                                                      N Bal b/d                                                       x Donations                                                 x Subscription                                            x Dance receipt                                         x Annual dinner                                         x Sales of ticket                                         x Income from refreshment                    x                                                    N Rent                                                        x Wages                                                    x Transport                                              x Postage                                                 x Honorarium                                          x Salaries                                                 x Supplies of refreshment                    x Meeting expenses                               x    General expenses                               x Balance c/d                                          x      
                                                     Xx                                                                Xx

Presentation:

Step i:         The teacher introduces the lesson

Step ii:        Reviews  the previous lesson

Step iii:       Gives explanation on the topics

Step iv:       General class discussion

Evaluation

What  is receipt and payment Account

What are the similarities between receipt and payment account and the cash book.

State and explain the major feature of receipt and payment account.

Assignment

Simplified and Amplified Book – keeping and Accounting page 246 EXC 1X

Conclusion

The students were given note on the subject matter after the class summary.

LESSON NOTE FOR THE EIGHT ENDING 02-03-2020

CLASS                 –        SS2

NO OF PERIOD     –        40 M/P

TOPIC                  –        Nonprofit making organization account

SUB-TOPIC          –        Treatment of subscription and other nominal Accounts

OBJECTIVES – The students should be able to:

State the meaning of subscription

Differentiate between  accruals  and prepayment

State the treatment of subscription and other nominal account in the income and expenditure account and in the balance sheet.

INSTRUCTIONAL MATERIAL – White Board & Marker

REFERENCE MATERIAL – Simplified Book keeping and accounting to SS 1-3 by Femi Longe Essential financial accounting for SS 1-3 by O.A. Longe et al.

CONTENT:

Subscription is the contribution made by the member of the club or society at regular intervals. It can be paid by members in advance or in arrears.

Subscription in arrears:-  This is a sum of money due from members of club for a particular year but which has not been paid for in that year. It is treated as a “current asset in the final account”.

(ii)       Subscription in Advance:- This is the sum of money paid in advance (prepaid) by the members of club representing their dues for next year. It is treated as a liabilities in the balance sheet.

FORMAT OF ADJUSTMENT SUBSCRIPTION

Opening arrears                            x Income  & Expenses                      x   Closing Advances                          x                                                           xx Opening Advance                                x Cash                                                       x Bank                                                      x Closing Arrears                                    x                                                                xx               

OTHER NOMINAL ACCOUNT

OWING EXPENSES

Closing balance                                        x

Add cash                                                     x

                                                                        x

Less openings                                            x

Income & Expenditure                             x

ADVANCE/PREPAID EXPENSES

Opening balance                                       x

Add cash                                                     x

                                                                        x

Less closing                                                x

Income and Expenditure                        xx

NB- Accrued expenses and prepaid subscription are treated as liabilities in the balance sheet. While prepaid expense and accrued subscription are treated as an asset.

Presentation

Step i:         The teacher introduces the lesson

Step ii:        He reviews the previous lesson

Step iii:       Gives explanation on salient point

Step iv:       General class discussion

Evaluation

Simplified and Amplified Book keeping and Accounting page 246 EX 2X

Assignment

Simplified and Amplified page 246 EX 3X

Conclusion: The  students were given note on the lesson taught.

LESSON NOTE FOR THE NINETH WEEK ENDING 09-03-2020

CLASS – SS2

DURATION – 40 MIP

NOS OF PER- 4

TOPIC – Income and expenditure account and the balance sheet

OBJECTIVE: The students are expected to:

State the differences between the income and expenditure and the receipt  and payment account

Compare and contrast between income and expenditure and the profit and loss account.

Prepare income and expenditure Account with a balance sheet.

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

INSTRUCTIONAL MATERIAL – White board and marker.

REFERENCE MATERIAL – Simplified and Amplified Book keeping and Accounting for SSS 1-3 by Femi Longe.

CONTENT

The following is a summary of receipt and payment for the year

Receipt (Dr) Payment (Cr)
Balance b/d                                       360 Subscription:             2006                                         2660            2007                                            100 Restaurant takings                           8000    
                                                             11120
Restaurant supply                                 6000 Wages of bar man                                 1120 Printing                                                       140 General Expense                                   1050 Postages                                                    800 Travelling expense                               1030 Balance c/d                                              980                                                                      11,120

Additional information

                                                                        31/12/2005                                      31/12/2006

Freehold  premises                                   5000                                                  4500

Furniture                                                      3620                                                  3620

Stock of refreshment                               62020                                                548

Creditors for refreshment                      450                                                     490

Subscription in Arrears                           160                                                     20200

Postage owing                                           70                                                       80

You are require to prepare

Trading account

Income and expenditure account

Balance sheet as at 31st December                                                                                        

Solution

Statement of Affairs as at 31st December 2005

                                                                   N Acc. Fund                                               9238   Current liabilities Postage owing to creditors  450      520                                                                                                                                      9758 Fixed Asset                                              N Freehold                                                5000   Furniture                                               3620                                                                 8620 Current Asset Stock                                  62020 Subscription in Arrears  160 Cash                                    360           1138                                                                                                                            9758

Purchases control account

Cash                          6000                          Bal b/f                                    450

Bal C/d                      490                             Trading                                 6040

                                    6490                                                                          6490

Restaurant Trading Account

Opening stock                                62020 Purchases                                       6040                                                           6658 Less closing stock                        548                                                          6110 Gross profit                                    202090                                                           8000 Sales                                                         8000                                                                             8000

Restaurant Trading Account

Barman wages                                      1120 Net profit                                                     77                                                                  202090 Gross profit b/d                                    202090                                                                     202090

Income and Expenditure Account

                                                                N Printing                                               140 General expenses                             1050 Postage                                               810 Travelling                                            1040 Depreciation premises                     500                                                                3530                                                              N Profit on restaurant                         770 Subscription                                     2670 Deficit                                                     90                                                                 3530

SUBSCRIPTIONS

Bal c/d Arears                                          160 Income & Expenses                                  2670 Bal c/d Adv.                                             100                                                                    2930 Bal b/d                                                      20200 Cash                                                2760   Bal c/d Arrears                             20200                                                          2930 Bal b/d                                             100

Balance sheet as at 31st December 2016

  Acc. Fund                                      9238 Deficit                                             (90)                                                          9145 C. Liabailties Creditors            490 Postage owing     90 Sub in Adv.          100                     670                                                           9828                              Cost              Dep.    MBV Freehold             5000              500     4500 Furniture             3620             –           3620   C. Assets:  Stock                   548 Sub. Arrees        20200 Cash                     980                               

Presentation:

Step i. Revision of the previous topic

Step ii. Introduction of the new topic

Step iii. Explanation at salient points

Step iv. General class discussion

Evaluation:

Simplified and Amplified book-keeping and accounting page 272 exc. 6x

Assignment:

Simplified and Amplified book-keeping and accounting page 274 ex 8&9

CONCLUSION: The studentswere given note on the topic taught after summary

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