Neco 2020 Financial Accounting Question 10

A company has the following information for the year ended 31 December 2020: share capital of \(5,000,000\) naira representing 100,000 ordinary shares of \(50\) naira each; opening retained earnings \(2,400,000\) naira; net profit for the year \(1,200,000\) naira; dividends paid \(600,000\) naira; a revaluation surplus on property of \(300,000\) naira; property, plant and equipment costing \(9,000,000\) naira with accumulated depreciation of \(2,000,000\) naira; depreciation expense for the year \(300,000\) naira; inventory at year‑end \(800,000\) naira; trade receivables \(1,200,000\) naira; trade payables \(900,000\) naira; a non‑current bank loan of \(1,500,000\) naira; current tax payable \(150,000\) naira; and a cash balance of \(2,150,000\) naira. Prepare the statement of financial position as at 31 December 2020 and compute the earnings per share (EPS).