Neco 2020 Financial Accounting Question 49

The following information relates to ABC Ltd for the year ended 31 December 2020 (all figures in \(\text{₦}\)): Opening share capital \(\text{₦}500,000\); Opening share premium \(\text{₦}150,000\); Opening retained earnings \(\text{₦}200,000\); Sales \(\text{₦}900,000\); Cost of goods sold \(\text{₦}540,000\); Operating expenses (excluding depreciation) \(\text{₦}150,000\); Interest expense \(\text{₦}20,000\); Depreciation expense of \(\text{₦}40,000\) was omitted from the trial balance; Tax rate is \(30\%\); Dividends paid \(\text{₦}60,000\); Revaluation surplus of \(\text{₦}30,000\) was transferred directly to equity. The share capital and share premium remained unchanged during the year. Determine the closing retained earnings at year‑end.