### Lesson Plan: Financial Accounting - Consignment Account
**Grade Level:** Senior Secondary 3
**Subject:** Financial Accounting
**Duration:** 80 minutes
**Topic:** Consignment Account
#### Learning Objectives:
By the end of the lesson, students will be able to:
1. Understand the concept of consignment accounting.
2. Differentiate between consignment and sale.
3. Record and interpret consignment transactions.
4. Prepare and analyze consignment accounts.
#### Materials Needed:
- Textbooks
- Whiteboard and markers
- Projector and computer (for presentation)
- Handouts with sample problems
- Calculator
#### Lesson Outline:
1. **Introduction (10 minutes)**
- Greetings and attendance check.
- Brief recap of the previous lesson.
- Introduction to the new topic by asking students if they have any idea of what consignment means.
- State the objectives of the lesson.
2. **Direct Instruction (20 minutes)**
- Explain the basic concept of consignment: A consignment is an arrangement where goods are sent by an owner (consignor) to an agent (consignee) to be sold on behalf of the owner.
- Differentiate between consignment and sale:
- Ownership in goods remains with the consignor.
- Risk and rewards associated with the goods remain with the consignor.
- The consignee earns a commission on sales.
- Use whiteboard and presentation slides to illustrate examples of consignment versus direct sale.
3. **Detailed Explanation and Examples (20 minutes)**
- Introduce the various accounts involved in consignment:
- Consignment Account.
- Consignee's Account.
- Goods Sent on Consignment Account.
- Explain the process of recording transactions in these accounts.
- Transfer of goods to the consignee.
- Expenses paid by the consignor and consignee.
- Sales of goods by the consignee.
- Walk-through example to illustrate these transactions step-by-step.
- Use real-world examples to illustrate concepts.
4. **Guided Practice (15 minutes)**
- Distribute handouts with practice problems based on consignment accounting.
- Solve the first problem together as a class.
- Encourage students to work in pairs to solve the remaining problems.
5. **Independent Practice (10 minutes)**
- Assign additional practice problems for students to complete individually.
- Walk around the classroom to provide assistance and answer questions.
6. **Review and Q&A (5 minutes)**
- Review key points discussed during the lesson.
- Answer any remaining questions to clarify doubts.
7. **Assessment (5 minutes)**
- Distribute a quick quiz to assess understanding.
- Collect the quizzes for evaluation.
8. **Conclusion (5 minutes)**
- Summarize the contents of the lesson.
- Homework assignment: Prepare a consignment account using a set of hypothetical transactions provided.
- Provide a preview of the next lesson.
#### Homework:
- Students will prepare a consignment account based on a hypothetical scenario provided in the handout.
- Review upcoming chapters on consignment loss and closing entries.
#### Assessment and Evaluation:
- Participation during class activities.
- Handout exercises and independent practice.
- Quiz results.
- Review of homework assignment.
#### Reflection:
After the lesson, review student participation and understanding. Note any areas where students struggled and may need further clarification. Reflect on the effectiveness of teaching methods and materials used. Adjust future lessons accordingly.