Class: Junior Secondary School 3 (JSS3, JSS 3)
Term: 1st Term
Week: 2
Age: 14 years
Duration: 45 minutes
Subject: Business Studies
Curriculum Theme: Business Studies
Previous Lesson: Office Procedure: Meaning, Importance, and Preparation of Bills, Invoices, and Receipts
Topic: Procedures for Making Payment
Subject Matter: Cash, Bank Transfer, Cheque, Bank Draft, E-payment, Imprest Account, Balance and Restoration of Imprest, Store Records, Meaning of Store, Meaning of Store Records

Specific Objectives

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

Cognitive Domain:
(a) Identify the different methods and procedures for making payment.
(b) Explain the meaning of imprest, store, and store records.
(c) State the importance of maintaining accurate store records.
Affective Domain:
(a) Appreciate the need for honesty and accuracy when handling business transactions.
(b) Demonstrate a positive attitude towards record-keeping and financial discipline.
Psychomotor Domain:
(a) Demonstrate how to fill out a cheque or make simple e-payment transactions.
(b) Record simple store transactions accurately.
Social Domain:
(a) Participate in group discussions on payment procedures and cooperate with peers during class demonstrations.

Reference Materials

The following resources was used in planning this lesson:

9 Years Basic Education Curriculum
Lagos State Unified Scheme of Work for Junior Secondary Schools
Corporate Finance Institute – “What is a Bank Draft?” (https://corporatefinanceinstitute.com/resources/knowledge/finance/bank-draft/)
Relevant Textbooks

Instructional Materials

The teacher will teach this lesson with the aid of:

Sample cheque leaflets
Bank deposit and withdrawal slips
Pictures showing e-payment platforms (ATM, POS, mobile transfer apps)
Cash receipt samples
Store record book samples
A chart showing types of payment methods

Rationale for the Lesson

This lesson helps students understand safe and efficient methods of making payments in business and personal transactions, as well as the importance of keeping accurate store records.

Prerequisite/Previous Knowledge

Students have learned about money, its functions, and simple business transactions, and can relate to daily payment experiences such as cash purchases and mobile transfers.

Lesson Content/Board Summary

Procedures for Making Payment

Payment procedures are the methods through which money or its equivalent is used to settle debts, buy goods, or pay for services.

The following are major procedures for making payment:

Cash Payment: Paying with physical money in coins or notes.
Bank Transfer: Moving money electronically from one bank account to another using mobile apps or banking platforms.
Cheque: A written order from an account holder instructing the bank to pay a specific sum of money to another person.
Bank Draft: A payment issued by a bank on behalf of a customer, guaranteeing payment to a third party.
E-payment (Electronic Payment): Payment made using digital methods like POS, mobile banking, internet banking, or debit cards.

Imprest Account

An imprest account is a small amount of money kept by a business to meet daily minor expenses such as transportation or stationery.

The following are key points about imprest:

The total amount given is called imprest amount.
It is recorded in the petty cash book.
At the end of a period, the cashier submits receipts for spent money.
The spent amount is replaced to restore the imprest balance.

Balance and Restoration of Imprest

Balancing imprest ensures that all expenses are properly recorded and the remaining money tallies with receipts. Restoration is the process of returning the imprest to its original amount after expenses.

The following are steps involved in restoring imprest:

The petty cashier records all payments made.
Receipts and vouchers are submitted for verification.
The total amount spent is refunded to restore the imprest.

Meaning of Store

A store is a place where materials, goods, or supplies are kept for future use in a business or organization. It may contain office supplies, raw materials, or finished goods.

Examples include:

School stationery store.
Warehouse for goods.
Office supply room.

Meaning of Store Records

Store records are documents used to keep information about items kept in the store, including quantities received, issued, and remaining. They help in monitoring stock and preventing loss.

The following are types of store records:

Bin Card: Keeps daily record of materials received and issued.
Store Ledger: Shows detailed records of stock with value and quantity.
Goods Received Note: Records all items received in the store.
Requisition Form: Used to request goods from the store.

Teaching Methods/Instructional Techniques:

Discussion, Lecture, Explanation, Demonstration, Group Work, Question and Answer, Role Play

Instructional Procedures

To deliver this lesson, the teacher will adopt the following steps:

Step 1: Introduction

Time: 5 minutes
Teaching Skill: Set Induction
Teacher’s Activity: Teacher asks students how they or their parents make payments for goods and services.
Pupils’ Activity: Students respond by mentioning methods such as cash, bank transfer, or ATM.
Learning Point: Students are introduced to the topic of payment procedures.

Step 2: Procedures for Making Payment

Time: 10 minutes
Teaching Skill: Explanation
Teacher’s Activity: Teacher explains various methods of making payments with examples using charts and materials.
Pupils’ Activity: Students listen and identify each payment method.
Learning Point: Students understand different procedures for making payment.

Step 3: Imprest and Restoration of Imprest

Time: 10 minutes
Teaching Skill: Discussion
Teacher’s Activity: Teacher explains the concept of imprest and guides students on how to balance and restore it.
Pupils’ Activity: Students share examples of small expenses that require imprest.
Learning Point: Students learn how imprest helps manage petty cash effectively.

Step 4: Store and Store Records

Time: 10 minutes
Teaching Skill: Demonstration
Teacher’s Activity: Teacher shows samples of store record books and explains their functions.
Pupils’ Activity: Students observe and identify different store records.
Learning Point: Students understand how to keep accurate store records.

Step 5: Note-Taking

Time: 5 minutes
Teaching Skill: Reinforcement
Teacher’s Activity: Teacher dictates or writes the board summary for pupils to copy.
Pupils’ Activity: Pupils write the notes into their exercise books.
Learning Point: Pupils have written notes for future reference.

Step 6: Evaluation/Review

Time: 3 minutes
Teaching Skill: Questioning
Teacher’s Activity: The teacher evaluates the learning by asking the following questions:

List three procedures for making payment.
What is an imprest account?
State two steps in restoring imprest.
Define store and store records.
Pupils’ Activity: Pupils answer the questions orally.
Learning Point: Pupils demonstrate understanding of the lesson objectives.

Step 7: Conclusion

Time: 2 minutes
Teaching Skill: Summarization
Teacher’s Activity: Teacher summarizes the lesson and emphasizes honesty and accuracy in handling payments.
Pupils’ Activity: Pupils listen and ask questions where necessary.
Learning Point: Pupils understand the importance of payment procedures and record keeping.

Lesson Keywords

Imprest – a small amount of cash kept for daily minor expenses
Cheque – written order to pay money from a bank account
Bank Draft – guaranteed payment issued by a bank
E-payment – electronic transfer of money for transactions
Store Records – documents showing details of stock in a store

Differentiation

Teacher uses visual materials and demonstrations to support all learners. Advanced learners may role-play payment scenarios, while slower learners receive simplified explanations.

Note for teachers using this lesson plan

Ensure that students handle sample financial documents carefully. Emphasize integrity, accuracy, and confidentiality in all business transactions.