Gce Model Questions Vol1 2023 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Alpha plc has the following equity items (all figures in \(\pounds\)): Share capital \(200,000\), Revaluation reserve \(30,000\), Opening retained earnings \(40,000\). Profit before tax for the year is \(50,000\). The corporation tax rate is \(30\%\). It is later discovered that a bad‑debt expense of \(5,000\) was omitted from the accounts. After correcting this, a dividend of \(20\%\) of the adjusted profit after tax is proposed. Calculate the closing retained earnings after the dividend is paid.
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This is Gce Model Questions Vol1 2023 Financial Accounting Question 43. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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