Neco Model Questions Vol1 2020 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
A company issued \(10,000\) ordinary shares with a nominal (par) value of \(10\) Naira each at a issue price of \(50\) Naira per share. During the year the company earned a profit before tax of \(200,000\) Naira, paid tax at \(30\%\), and declared a dividend equal to \(20\%\) of the nominal value of each share. The company also wrote off accumulated losses of \(40,000\) Naira from previous years against retained earnings. What amount is transferred to retained earnings at the end of the year?
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 48. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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