Gce Model Questions Vol1 2019 Financial Accounting Question 4

XYZ Ltd. has the following balances at 31 December 2025 (all figures in \(\text{₦}\) thousands):\n\n- Share capital: 500 (ordinary shares, \(\text{₦}1\) each)\n- Retained earnings: 300\n- Revaluation surplus: 120\n- Property, plant and equipment (cost): 800; accumulated depreciation: 200\n- Investment in subsidiary: 250 (carrying amount)\n- Trade receivables: 180\n- Trade payables: 150\n- Bank loan (non‑current): 400\n\nDuring the year the following events occurred:\n1. The company issued 100 new ordinary shares at a premium of \(\text{₦}2\) per share.\n2. A subsidiary was sold for cash proceeds of \(\text{₦}300\) thousand, resulting in a gain on disposal of \(\text{₦}50\) thousand (the carrying amount of the investment was \(\text{₦}250\) thousand).\n3. The property, plant and equipment were revalued upwards by \(\text{₦}100\) thousand, with a corresponding increase in the revaluation surplus.\n4. Depreciation for the year on the remaining PPE was \(\text{₦}80\) thousand.\n5. The company recognised a deferred tax liability of \(\text{₦}30\) thousand on the revaluation surplus and recorded the related tax expense.\n\nPrepare a statement of financial position as at 31 December 2025 after these transactions and state the total equity.