Have your child summarize what happened in the book he read in a bulleted form. He will use this as a guide for rewriting the story. Have them write four headings, including the beginning, middle, climax and end. He should list what happened under each category.
Instruct your child to determine which events in the story were key to moving the plot forward. For example, if the main character lost his magic wand, and this leads him on a journey to recover it, your child will highlight the importance of the character losing his wand. Have your child identify at least three events that are crucial to the plot.
Ask your child to imagine what would have happened if the main events had not happened at all or had happened differently. For example, your child might imagine what might have happened if the main character searched for his wand in the woods instead of the haunted castle. He can rewrite the story by imaging the character going on different journeys than he did in the story.
Tell your child to note what traits each character possesses in the book. He should list each main character and list five traits for each. Encourage your child to incorporate these traits into his reimagining of the book. For example, if the main character says, "My oh my!" throughout the book, have your child incorporate this expression into the new story.
Have your child write a new beginning, middle, climax and end based on his reimagining of the main events. Each part of the story should be different than the original, as new events will spur subsequent events in the story.