Business Studies - Junior Secondary 3 - Forms of trial balance

TERM: 2^ND TERM

WEEK SEVEN

Class: Junior Secondary School 3

Age: 14 years

Duration: 40 minutes of 5 periods each

Date:

Subject: BUSINESS STUDIES

Topic: FORMS OF TRIAL BALANCE

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

I.) Describe profit and loss account - Balance sheet

II.) Draw the forms of trial balance, trading, profit and loss account,

III.) Draw a balance sheet

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 describe profit and loss account - Balance sheet	Students listens attentively to the teacher
STEP 2 EXPLANATION	Teacher guide students to draw the forms of trial balance, trading, profit and loss account and a balance sheet	Students exhibit attentiveness and active engagement
STEP 3 NOTE TAKING	The teacher writes a summarized note on the board	The students copy the note in their books

NOTE

FORMS OF TRIAL BALANCE

Below are simplified examples of the forms of trial balance, trading, profit and loss account (income statement), and balance sheet:

Horizontal Trial Balance:

Horizontal Trial Balance

As of [Date] -------------------------------------------------------------

	Debit Balances	Credit Balances
Accounts Receivable	XXX,XXX
Inventory	XXX,XXX
Cash	XXX,XXX
Sales Revenue		XXX,XXX
Rent Expense		XXX,XXX
Utilities Expense		XXX,XXX

Total	XXX,XXX	XXX,XXX

Vertical Trial Balance

Vertical Trial Balance

As of [Date] -------------------------------------------------------------

Accounts	Debit	Credit
Accounts Receivable	XXX,XXX
Inventory	XXX,XXX
Cash	XXX,XXX
Sales Revenue		XXX,XXX
Rent Expense		XXX,XXX
Utilities Expense		XXX,XXX

Total	XXX,XXX	XXX,XXX

Account Form Trial Balance

Account Form Trial Balance

As of [Date] -----------------------------------------------------------

Accounts

Debit Balances

Credit Balances

Assets
Cash	XXX,XXX
Accounts Receivable	XXX,XXX
Inventory	XXX,XXX

Total Assets	XXX,XXX
Liabilities:
Accounts Payable		XXX,XXX
Accrued Expenses		XXX,XXX
Short-Term Loans		XXX,XXX

Total Liabilities		XXX,XXX

Equity:
Common Stock		XXX,XXX
Retained Earnings		XXX,XXX

Total Equity		XXX,XXX
Total Liabilities & Equity	XXX,XXX	XXX,XXX

Trading, Profit and Loss Account (Income Statement)

Trading, Profit and Loss Account

For the Year Ended [Date]. ------------------------------------------------------------

Revenue	Amount ($)
Sales Revenue	XXX,XXX
Cost of Goods Sold
Opening Inventory	XXX,XXX
Purchases	XXX,XXX
Direct Expenses	XXX,XXX
- Closing Inventory	(-) XXX,XXX

Gross Profit	XXX,XXX

Operating Expenses:

Rent Expense	XXX,XXX
Utilities Expense	XXX,XXX
Other Expenses	XXX,XXX

Operating Profit	XXX,XXX

Non-Operating income	XXX,XXX
Non-Operating Expenses	(-) XXX,XXX

Net Profit (income)	XXX,XXX

Balance Sheet:

Balance Sheet

As of [Date] -------------------------------------------------------------

	Amount ($)
Assets:
Cash	XXX,XXX
Accounts Receivable	XXX,XXX
Inventory	XXX,XXX
Property, Plant, Equip	XXX,XXX
Intangible Assets	XXX,XXX

Total Assets	XXX,XXXt

Liabilities:
Accounts Payable	XXX,XXX
Short-Term Loans	XXX,XXX
Accrued Expenses	XXX,XXX
Long-Term Loans	XXX,XXX

Total Liabilities	XXX,XXX

Equity:
Common Stock	XXX,XXX
Retained Earnings	XXX,XXX

Total Equity	XXX,XXX
Total Liabilities & Equity	XXX,XXX

Explanation:

I.) Forms of Trial Balance: These examples illustrate different ways of presenting the trial balance, including horizontal, vertical, and account form, each serving to verify the equality of total debits and credits.

II.) Trading, Profit and Loss Account (Income Statement): Summarizes revenues, expenses, and resulting profit or loss for a specific period, indicating the financial performance of the business.

III.) Balance Sheet: Presents the financial position of the business at a specific point in time, listing assets, liabilities, and equity, with assets equaling liabilities plus equity.

EVALUATION: 1. Describe profit and loss account - Balance sheet

Draw the forms of trial balance, trading, profit and loss account,

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively