Neco 2024 Financial Accounting Question 12

The trial balance of XYZ Ltd (figures in \u20a0 000) is as follows:\nCash \(50\)\tAccounts Receivable \(80\)\tInventory \(120\)\tPrepaid Insurance \(10\)\tEquipment \(200\)\tAccumulated Depreciation‑Equipment \(40\)\tAccounts Payable \(70\)\tBank Loan \(100\)\tShare Capital \(150\)\tRetained Earnings (b/f) \(30\)\tSales Revenue \(300\)\tCost of Goods Sold \(180\)\tSalary Expense \(40\)\tInsurance Expense \(12\)\tInterest Expense \(8\)\tDividend Declared \(20\).\nAdditional information:\n1. Equipment is depreciated straight‑line over 5 years with no residual value; one year of depreciation has not yet been recorded.\n2. Inventory at year‑end is overstated by \u20a05,000 and should be written down.\n3. Prepaid insurance of \u20a010,000 covers 12 months; one month has expired.\n4. An accrued salary of \u20a06,000 is outstanding at year‑end.\n5. The company has 10,000 ordinary shares outstanding.\nDetermine the earnings per share (EPS) for the year.