Waec Model Questions Vol1 2024 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
At 31 December 2023, XYZ Plc reported the following equity items: Share capital (ordinary) ₦500,000, Share premium ₦120,000, Retained earnings ₦80,000. During 2024 the company: (i) issued 2,000 new ordinary shares with a par value of ₦100 each at a selling price of ₦150 each; (ii) declared and paid a dividend of 10 % on the total ordinary share capital (including the new shares) on 30 June 2024; (iii) earned a net profit of ₦150,000 for the year; and (iv) wrote off a prior‑year loss of ₦30,000 against the profit. What is the total equity of the company at 31 December 2024?
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This is Waec Model Questions Vol1 2024 Financial Accounting Question 7. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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