Waec Model Questions Vol1 2024 Financial Accounting Question 38
Practice objective / multiple choice question 38 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A company has the following opening balances at 1 January: Share capital (ordinary) ₦500,000; Share premium ₦150,000; Revaluation reserve ₦80,000; Retained earnings ₦200,000. During the year the company: (i) issued 10,000 new ordinary shares with a par value of ₦50 at an issue price of ₦80 per share; (ii) revalued a piece of land, increasing its value by ₦120,000, the increase being transferred to revaluation reserve; (iii) declared and paid a dividend of ₦30,000; and (iv) reported a profit after tax of ₦250,000. Calculate the closing balance of total equity at 31 December.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 38. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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