Neco 2020 Financial Accounting Question 50

The statement of financial position of DEF Ltd as at 31 December 2020 includes the following items (all amounts in \(\text{₦}\)): Current assets - Cash \(\text{₦}50,000\); Accounts receivable \(\text{₦}80,000\); Inventory \(\text{₦}70,000\); Pre‑payments \(\text{₦}10,000\). Non‑current assets - Equipment \(\text{₦}250,000\); Accumulated depreciation \(\text{₦}70,000\). Current liabilities - Accounts payable \(\text{₦}60,000\); Accrued expenses \(\text{₦}20,000\); Short‑term loan \(\text{₦}30,000\). Non‑current liabilities - Long‑term loan \(\text{₦}100,000\). Equity - Share capital \(\text{₦}150,000\); Retained earnings \(\text{?}\). Total assets equal total liabilities plus equity. Calculate the amount of retained earnings.