Lesson Notes By Weeks and Term - Junior Secondary School 3

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Week: 6

Term: 2nd Term

Class: Junior Secondary School 3

Age: 14 years

Duration: 40 minutes of 2 periods

Date:

Subject: Agriculture

Topic:-       Farm account 

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Mention and explain the types of farm account

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher revises the previous lesson on farm account

Students pay attention

STEP 2

EXPLANATION

The teacher mention the types of farm account

Students pay attention and participates

STEP 3

DEMONSTRATION

She explains each type of farm account

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

TYPES OF FARM ACCOUNT

  1. Sales account- A sales account contains the record of all sales transactions. This includes both cash sales and credit sales
  2. Purchase account- The purchases account is a general ledger account in which is recorded the inventory purchases of a business. This account is used to calculate the amount of inventory available for sale in a periodic inventory system
  3. Farm Valuation- This means the price as of the appraisal date a buyer willing, but not obligated, to buy would pay for a farm or ranch unit with land comparable in quality and composition to the subject property, but located in the nearest location where profitable farming or ranching is feasible
  4. Balance sheet- A balance sheet is a financial statement that communicates the so-called “book value” of a farm, as calculated by subtracting all of the company's liabilities and shareholder equity from its total assets
  5. Farm income statement- A farm income statement (sometimes called a profit and loss statement) is a summary of income and expenses that occurred during a specified accounting period, usually the calendar year for farmers.
  6. cash analysis account- A cash flow analysis determines a farm’s working capital — the amount of money available to run business operations and complete transactions. That is calculated as current assets (cash or near-cash assets, like notes receivable) minus current liabilities (liabilities due during the upcoming accounting period).
  7. profit and loss account- A profit and loss account shows a farm’s revenue and expenses over a particular period of time, typically either one month or consolidated months over a year. These figures show whether your business has made a profit or a loss over that time period.

EVALUATION:    1. Mention and explain the types of farm account

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively