Class: Senior Secondary School 2 (SS2 / SSS2)
Term: Second Term
Week: 4
Age: 16 years
Duration: 45 minutes
Subject: Store Management
Curriculum Theme: Financial Management in Stores
Previous Lesson: Imprest System: Meaning, Characteristics and Imprest Account.
Topic: Imprest System (Continued) and Sales Proceeds
Subject Matter: Meaning of imprest system (fixed cash system used for small expenses), advantages of imprest system, proceeds for sale (meaning, proper recording of transaction), accurate calculations of receipts (using calculator, cash register).

Specific Objectives

By the end of the lesson, pupils should be able to:

Cognitive Domain:

Define the imprest system.
List at least three advantages of using the imprest system.
Explain the meaning of “proceeds for sale”.
Identify tools used for accurate calculation of receipts.

Affective Domain:

Appreciate the importance of accurate record-keeping in store management.
Value efficiency and accountability in handling store finances.

Psychomotor Domain:

Record sales transactions properly.
Demonstrate how to accurately calculate receipts using a calculator and cash register.

Collaborate with peers to practice recording sales proceeds.
Communicate effectively about the benefits of financial accuracy in a store.

Reference Materials

The following resources were used in planning this lesson:

Senior Secondary Schools Education Curriculum
State Unified Scheme of Work
Oyedele, O. (2018). Essentials of Store Management for Senior Secondary Schools. Lagos: Macmillian Publishers.
https://www.education.gov.ng
https://www.waeconline.org.ng

Instructional Materials

The teacher will teach this lesson with the aid of:

Cardboard showing prepared format for sales records
A functional cash register
A calculator
Sample receipts and invoices

Rationale for the Lesson

This lesson helps pupils understand how small cash transactions are managed in a store using the imprest system. It also teaches them the importance of accurately recording sales and calculating receipts, which are essential skills for managing store finances effectively.

Prerequisite/Previous Knowledge

Pupils are expected to have basic knowledge of money handling, simple arithmetic, and the introduction to the imprest system from previous lessons.

Lesson Content/Board Summary

The Imprest System and Sales Proceeds Management

Meaning of Imprest System

The imprest system is a method of managing petty cash where a fixed amount of money is allocated for small, day-to-day expenses. When the cash is spent, it is reimbursed to bring the fund back to its original fixed amount.

Advantages of the Imprest System

The following are advantages of the imprest system:

It provides a convenient way to handle small, recurring expenses without needing to process large cheques.
It promotes better control and accountability over petty cash expenditure.
It simplifies record-keeping for minor transactions.
It reduces the risk of fraud by requiring proper documentation for all disbursements.
It makes budgeting for small expenses easier.

Proceeds for Sale

Proceeds for sale refer to the total amount of money received from customers for goods or services sold. Proper recording of these transactions is important for several reasons:

Accuracy: Ensures that all sales are accounted for and matches physical inventory.
Financial Tracking: Helps in monitoring the store’s income and financial performance.
Auditing: Provides verifiable records for internal and external audits.
Decision Making: Accurate data supports informed business decisions regarding stock, pricing, and marketing.

Accurate Calculation of Receipts

Accurate calculation of receipts ensures that the correct amount is collected from customers and that proper change is given. This can be achieved using various tools and methods:

Using a Calculator:

When using a calculator, follow these steps:

Step 1: List all items purchased and their individual prices.
Step 2: Add the prices of all items to get the subtotal.
Step 3: If applicable, calculate and add sales tax to the subtotal.
Step 4: If there are discounts, calculate the discount amount and subtract it from the subtotal.
Step 5: The final result is the total amount due from the customer.

Using a Cash Register:

A cash register automates many of the calculation steps. Follow these steps:

Step 1: Scan or manually input the price of each item being purchased.
Step 2: The cash register automatically calculates the subtotal, tax (if programmed), and total amount.
Step 3: Input the amount of cash received from the customer.
Step 4: The cash register displays the change due to the customer.
Step 5: Print a receipt for the customer and for internal records.

Teaching Methods/Instructional Techniques

Discussion, Lecture, Demonstration, Question and Answer, Visual Aids

Instructional Procedures

Step 1: Introduction

Time: 5 minutes
Teaching Skill: Set Induction
Teacher’s Activity: The teacher greets the pupils and asks them what they remember about the imprest system from the previous lesson. The teacher then introduces the topic of the day, “Imprest System (Continued) and Sales Proceeds,” and explains that they will learn more about managing small funds and sales income.
Pupils’ Activity: Pupils respond to the teacher’s questions about the previous lesson and listen attentively to the introduction.
Learning Point: Pupils recall prior knowledge and are prepared for the new lesson.

Step 2: Explanation of Imprest System and Advantages

Time: 10 minutes
Teaching Skill: Explanation/Lecture
Teacher’s Activity: The teacher defines the imprest system again and discusses its advantages, emphasizing how it helps in controlling small expenses. The teacher uses the cardboard showing a prepared format for recording imprest transactions.
Pupils’ Activity: Pupils listen, take notes, and ask questions for clarification regarding the definition and advantages of the imprest system.
Learning Point: Pupils understand the meaning and benefits of the imprest system.

Step 3: Discussion on Proceeds for Sale

Time: 7 minutes
Teaching Skill: Discussion/Questioning
Teacher’s Activity: The teacher explains the meaning of “proceeds for sale” and leads a discussion on why proper recording of sales transactions is important for any business. The teacher highlights the impact of accurate records on financial tracking.
Pupils’ Activity: Pupils contribute to the discussion by sharing their ideas on the importance of recording sales and listen to the teacher’s explanations.
Learning Point: Pupils grasp the concept of sales proceeds and the necessity of proper record-keeping.

Step 4: Demonstration of Accurate Calculations (Calculator)

Time: 8 minutes
Teaching Skill: Demonstration/Practical
Teacher’s Activity: The teacher demonstrates how to accurately calculate receipts using a calculator, using sample item prices and showing step-by-step addition and subtraction for discounts or taxes. The teacher explains each step clearly.
Pupils’ Activity: Pupils observe the demonstration carefully and ask questions about the steps involved in using a calculator for receipt calculations.
Learning Point: Pupils learn the practical application of a calculator for accurate receipt calculations.

Step 5: Demonstration of Accurate Calculations (Cash Register)

Time: 7 minutes
Teaching Skill: Demonstration/Practical
Teacher’s Activity: The teacher uses a cash register to demonstrate how to process sales, input amounts, calculate totals, and give change. The teacher emphasizes the importance of verifying the final amount.
Pupils’ Activity: Pupils pay close attention to the cash register demonstration, noting the sequence of operations and how it simplifies calculations.
Learning Point: Pupils understand how a cash register is used for efficient and accurate sales processing.

Step 6: Practical Application/Group Work

Time: 8 minutes
Teaching Skill: Collaborative Learning/Practical
Teacher’s Activity: The teacher divides pupils into small groups and provides them with sample scenarios involving sales transactions. Each group is given a calculator or encouraged to simulate using a cash register to practice recording and calculating receipts. The teacher moves around to provide guidance.
Pupils’ Activity: Pupils work in groups to practice recording sales proceeds and calculating totals accurately using the methods demonstrated.
Learning Point: Pupils apply their learning in a practical context and reinforce their understanding.

Step 7: Evaluation/Review

Time: 5 minutes

Teaching Skill: Questioning/Assessment

Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

What is an imprest system?
State three advantages of using the imprest system.
Explain what “proceeds for sale” means.
Mention two tools that can be used for accurate calculation of receipts.

Pupils’ Activity: Pupils answer orally and in writing.

Learning Point: Pupils demonstrate understanding of the lesson.

Step 8: Conclusion

Time: 3 minutes
Teaching Skill: Summarization
Teacher’s Activity: The teacher summarizes the key points of the lesson, reiterating the importance of the imprest system for managing petty cash and the need for accurate recording and calculation of sales proceeds in store management. The teacher assigns homework.
Pupils’ Activity: Pupils listen to the summary and copy the assigned homework.
Learning Point: Pupils consolidate their understanding of the lesson.

Lesson Keywords

Imprest System – A fixed cash system used for small, day-to-day expenses, which is reimbursed to its original amount after spending.
Petty Cash – A small amount of cash kept on hand by a business for minor purchases or expenses.
Sales Proceeds – The total money received from customers for goods or services sold.
Receipts – Written acknowledgements of payment received.
Cash Register – A machine used in retail stores to calculate and record sales transactions and store cash.
Calculator – An electronic device used for performing arithmetic calculations.

Differentiation

For pupils who grasp concepts quickly, the teacher can provide more complex sales scenarios or ask them to research other petty cash management methods. For those needing more support, the teacher will provide simplified examples and offer one-on-one guidance during practical sessions, focusing on basic recording and calculation steps.

Note for teachers using this lesson plan

Ensure that the cash register and calculator are in good working condition for the demonstration. Encourage active participation from all pupils during practical exercises. Emphasize the real-world application of these concepts in various business settings.