Waec Model Questions Vol1 2023 Financial Accounting Question 29

Alpha Enterprises provides the following information for the year ended 31 December: - Fixed assets (cost) = ₦120,000; accumulated depreciation at the beginning of the year = ₦30,000. - Inventory at cost = ₦25,000. - Trade receivables = ₦18,000, of which ₦3,000 is doubtful and will be written off. - Cash = ₦10,000. - Loan payable (long‑term) = ₦40,000. - Trade payables = ₦15,000. - Capital at the beginning of the year = ₦56,000. - Drawings during the year = ₦5,000. - Net profit before tax = ₦22,000. - Tax expense = 30 % of profit before tax. - Depreciation for the year on fixed assets is 10 % of cost. - The company revalued its inventory upward by 20 % and recorded the revaluation surplus directly in equity. Prepare a statement of financial position as at 31 December and state the total equity after all adjustments.