Neco Model Questions Vol1 2020 Financial Accounting Question 30

The following trial‑balance items are extracted from the books of XYZ Ltd. at year‑end (all figures in ₦):\n\nCash 120,000  Accounts receivable 80,000  Inventory (cost) 150,000\nEquipment cost 200,000  Accumulated depreciation - Equipment 50,000  Land 300,000\nShare capital (ordinary) 500,000  Retained earnings (brought forward) 150,000\nSales 600,000  Cost of goods sold 350,000  Operating expenses 120,000\nInterest expense 10,000\n\nAdditional information:\n1. Inventory has a net realizable value of ₦140,000 (lower than cost).\n2. Equipment is depreciated straight‑line over 10 years with no residual value; one year of depreciation has not been recorded.\n3. Land was revalued to a fair value of ₦350,000; the increase is transferred to revaluation reserve.\n4. The company issued 2,000 new ordinary shares at ₦110 each (par value ₦100). The excess is transferred to share‑premium.\n5. Tax expense for the year is ₦30,000; tax of ₦20,000 has already been paid.\n\nPrepare the statement of financial position as at year‑end, showing the totals for assets, equity and liabilities.