Neco 2022 Financial Accounting Question 38
Practice objective / multiple choice question 38 from the 2022 Neco Financial Accounting examination.
A company's retained earnings at the beginning of the year were \(120,000\). During the year the company earned a net profit of \(85,000\). A prior year loss of \(10,000\) was carried forward and written off against profit. The company declared an interim dividend of \(20,000\) and a final dividend of \(15,000\). What is the closing retained earnings at year‑end?
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About This Question
This is Neco 2022 Financial Accounting Question 38. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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