Waec Model Questions Vol1 2019 Financial Accounting Question 4

The following information relates to ABC Plc for the year ended 31 December 2020: - Beginning ordinary share capital: ₦500,000 (100,000 shares @ ₦5 each) - Beginning retained earnings: ₦120,000 - Beginning revaluation reserve: ₦30,000 - Profit after tax for the year: ₦80,000 - Interim dividend paid: ₦10,000 - Revaluation of land gave a gain of ₦25,000, transferred to revaluation reserve - New shares issued: 20,000 shares at ₦7 each (par value ₦5, premium ₦2). The premium is transferred to the share‑premium account. - Bonus issue of 5% of the existing share capital is made out of retained earnings (bonus shares are issued at par). - At year‑end, ₦5,000 is transferred from retained earnings to a general reserve. What is the closing balance of ordinary share capital after all these transactions?