# Lesson Plan: Partnership Accounts I
## Subject: Financial Accounting
## Level: Senior Secondary 2
## Duration: 60 minutes
## Topic: Partnership Accounts I
### Objectives:
By the end of this lesson, students will be able to:
1. Understand the concept of partnership and the features of a partnership form of business.
2. Identify and explain the various elements of partnership accounts.
3. Explain the process of preparing partnership accounts.
4. Discuss the advantages and disadvantages of partnership business ownership.
### Materials Needed:
- Whiteboard and markers
- Projector and laptop
- PowerPoint presentation on Partnership Accounts I
- Textbooks or accounting workbooks
- Handouts on partnership-related terms and sample problems
- Calculator for each student
### Lesson Activities:
#### **1. Introduction (10 minutes)**
- **Greeting and Attendance (2 minutes)**: Greet the students and take attendance.
- **Warm-up Discussion (3 minutes)**: Ask students if they have heard of the term "partnership" in a business context. Prompt them to consider businesses they know that function as partnerships.
- **Objective Overview (5 minutes)**: Briefly outline the objectives of the lesson. Explain that they will be learning about what partnerships are, how they function, and the basics of accounting for partnerships.
#### **2. Direct Instruction (20 minutes)**
- **Definition and Features of Partnerships (10 minutes)**:
- Use the PowerPoint presentation to explain what a partnership is.
- Highlight key features such as mutual agency, unlimited liability, risk-sharing, and profit-sharing.
- Discuss different types of partnerships (general, limited).
- **Elements of Partnership Accounts (10 minutes)**:
- Explain the main components of partnership accounts: capital accounts, current accounts, and drawings.
- Discuss how partnership profits and losses are distributed among partners.
#### **3. Guided Practice (15 minutes)**
- **Sample Problem (10 minutes)**:
- Distribute handouts with a sample problem involving the distribution of profits among partners.
- Work through the first part of the problem on the whiteboard with the students, involving them in the calculations.
- Show them how to prepare a basic Profit and Loss Appropriation Account.
- **Class Discussion (5 minutes)**:
- Engage students in a discussion about the advantages and disadvantages of partnerships. Write their contributions on the board.
#### **4. Independent Practice (10 minutes)**
- Provide students with another problem from their textbooks or handouts.
- Have them work on preparing a Profit and Loss Appropriation Account individually or in pairs.
#### **5. Review and Closing (5 minutes)**
- **Review Key Concepts (3 minutes)**: Review the main points of the lesson, such as the definition of partnership, its features, and how to prepare basic partnership accounts.
- **Questions and Answers (2 minutes)**: Invite questions from students and provide clarifications on any confusing points.
### Assessment:
- **Formative Assessment**: Monitor students' participation in discussions and guided practice.
- **Homework**: Assign a problem related to partnership accounts from the textbook or a provided handout.
### Differentiation:
- **For Advanced Students**: Provide more complex problems involving adjustments of capital accounts or changes in partnership agreements.
- **For Struggling Students**: Offer additional one-on-one support and more straightforward examples to ensure they grasp the foundational concepts.
### Homework:
- Complete a more complex partnership accounting problem that includes adjustments for interest on capital and drawings, salaries to partners, etc.
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### Follow-Up:
- In the next lesson, delve deeper into the admission of a new partner, changes in profit-sharing ratios, and revaluation of assets in partnership accounts.
### Reflection:
- After the lesson, reflect on the students' engagement and understanding. Adjust future lessons based on observed challenges or areas where students excelled.