Gce Model Questions Vol1 2020 Financial Accounting Question 48

The trial balance of ABC Ltd as at 31 December is shown below (amounts in \(\text{₦}\)). One figure is missing. \begin{tabular}{lrr} \hline Account & Debit & Credit \\ \hline Cash & 85,000 & \\ Accounts Receivable & 60,000 & \\ Inventory & 120,000 & \\ Prepaid Insurance & 15,000 & \\ Equipment & 250,000 & \\ Accumulated Depreciation - Equipment & & 70,000 \\ Accounts Payable & & 95,000 \\ Bank Loan & & 150,000 \\ Share Capital & & 200,000 \\ Retained Earnings (b/f) & & 40,000 \\ Sales Revenue & & 340,000 \\ Cost of Goods Sold & 210,000 & \\ Rent Expense & 30,000 & \\ Salaries Expense & 45,000 & \\ Interest Expense & 12,000 & \\ Dividends & ? & \\ \hline Total & ? & ? \\ \hline \end{tabular} (a) Determine the amount that should be recorded for Dividends (debit) so that total debits equal total credits. (b) Using the figures above, calculate the net profit for the year.