Lesson Plan for Senior Secondary 3 - Financial Accounting - Purchase Of Business Account Ii

**Lesson Plan: Financial Accounting for Senior Secondary 3** **Topic: Purchase of Business Account II** --- ### **Learning Objectives:** By the end of the lesson, students should be able to: 1. Understand and explain the concept of "Purchase of Business Account." 2. Analyze the financial implications of purchasing a business. 3. Record relevant journal entries, ledger postings, and trial balances for the purchase of a business. ### **Materials Needed:** 1. Whiteboard and markers 2. Projector and computer 3. Financial Accounting textbooks 4. Handouts of example transactions 5. Calculators 6. Notebooks and pens ### **Introduction (10 minutes):** 1. **Greeting and Attendance:** - Welcome the students. - Take attendance. 2. **Recap of Previous Lesson:** - Briefly review the previous topic (Purchase of Business Account I). - Ask a few questions to gauge understanding and recall. 3. **Introduction to Today's Topic:** - Introduce "Purchase of Business Account II" and outline key objectives. - Explain why understanding the purchase of business accounts is important in financial accounting. ### **Instructional Input (20 minutes):** 1. **Detailed Explanation:** - Explain the process and accounting treatment involved in the purchase of a business. - Use examples to illustrate key points such as goodwill, revaluation of assets, and liabilities assumed. 2. **Journal Entries:** - Demonstrate typical journal entries that occur when purchasing a business: - Recording of assets and liabilities. - Handling of goodwill or negative goodwill. - Transactions involving cash, bank transfer, or other payment methods. 3. **Class Discussion:** - Engage with the class by asking questions and inviting discussions about the financial implications of purchasing a business. ### **Guided Practice (20 minutes):** 1. **Example Problem:** - Provide an example problem involving the purchase of a business, including details about assets, liabilities, and purchase price. - Work through the problem step by step on the whiteboard, allowing students to follow along in their notebooks. 2. **Group Activity:** - Divide the class into small groups. - Each group will receive a different purchase scenario and will need to prepare the journal entries and ledger postings for their scenario. - After 10 minutes, each group will present their solutions. ### **Independent Practice (20 minutes):** 1. **Practice Problems:** - Distribute handouts with several practice problems. - Students will work individually to complete the tasks, ensuring they apply the concepts learned. 2. **Walk Around:** - Teacher moves around the class to assist students, answer questions, and provide guidance. ### **Assessment (15 minutes):** 1. **Quiz:** - Conduct a short quiz to assess students’ understanding of the "Purchase of Business Account." - Questions should cover key concepts, journal entries, and financial implications. ### **Closure (5 minutes):** 1. **Review Key Points:** - Summarize the key points discussed in the lesson. - Address any remaining questions from students. 2. **Homework Assignment:** - Provide a homework assignment involving a set of transactions that require students to record the purchase of a business and its implications on the accounts. - Remind students of the next topic and any necessary preparations. ### **Reflection:** - After the lesson, evaluate its effectiveness based on students' participation and performance in the quiz and activities. Adjust future lessons accordingly to address any areas of confusion or difficulty. --- This plan ensures a comprehensive understanding of the purchase of business accounts through a mix of theoretical background, practical application, and interactive learning.