Lesson Plan

• Identify errors or omissions in a profit‑and‑loss statement.
• Prepare correct journal entries to amend the statement.
• Re‑calculate all affected subtotals and the net profit.
• Document the amendment with a clear explanatory note.
• Apply the amendment process to exam‑style practice questions.

• Projector and screen
• Printed handout of a sample profit‑and‑loss statement
• Worksheet with practice amendment question
• Calculators
• Whiteboard and markers
• Optional: accounting software demo

Begin with a quick poll: “What could happen if a profit figure is wrong?” Connect this to students’ prior knowledge of the profit‑and‑loss components covered last week. Explain that today they will learn how to correct such errors and be able to show the process clearly for exams.

1. Do‑now (5'): Short quiz on profit‑and‑loss line items.
2. Mini‑lecture (10'): Review key components and why accurate statements matter.
3. Demonstration (15'): Walk through the step‑by‑step amendment using the ABC Ltd example, showing journal entry and recalculations.
4. Guided practice (15'): Students work in pairs to amend the XYZ Co. question, completing a worksheet.
5. Check for understanding (5'): Pairs share one amendment and the class validates the recalculated net profit.
6. Recap & exit ticket (5'): Students write one key step they will remember and submit.

Summarise the five‑step amendment process and highlight the importance of documenting changes. Collect exit tickets as a quick retrieval check. For homework, assign a new profit‑and‑loss statement with two intentional errors for students to correct and explain.