Neco Model Questions Vol1 2017 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Given the following information for XYZ Ltd as at 31 December:\n\nCurrent assets - Cash \(120,000\), Debtors \(80,000\), Inventory \(150,000\).\nNon‑current assets - Machinery cost \(500,000\) with accumulated depreciation \(200,000\).\nCurrent liabilities - Trade payables \(90,000\), Bank overdraft \(30,000\).\nNon‑current liabilities - Loan \(150,000\).\nShare capital \(300,000\). The total assets equal total liabilities plus equity. Calculate the amount of retained earnings.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 14. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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