Neco 2025 Financial Accounting Question 13

At year‑end the company reports (in \(\,\) thousands of naira): Non‑current assets - Property, Plant & Equipment (net) \(800\), Intangible assets \(120\); Current assets - Inventory \(150\), Trade receivables \(200\), Cash \(50\). Liabilities - Non‑current borrowings \(300\), Current borrowings \(100\), Trade payables \(180\), Accrued expenses \(20\). Equity - Share capital \(500\), Retained earnings \(250\), Revaluation surplus \(30\). Additional information: (i) PPE depreciation for the year should have been \(110\) thousand instead of the \(90\) thousand used, (ii) an intangible asset of \(40\) thousand was omitted, (iii) trade receivables include a doubtful debt of \(25\) thousand that must be written off, (iv) a dividend of \(15\) thousand from an associate was recorded as a receivable but should be other income, (v) the revaluation surplus should be transferred to retained earnings because the related asset was sold. Determine the corrected total assets and the corrected total equity after incorporating all adjustments.