O-LevelAccountingPreparation of financial statements7707/13 · Oct/Nov 2024 · Q241 Mark

At the start of the year, V Limited had $45750 total equity, of which $10750 was retained earnings. At the year end, the company had transferred $1000 to general reserve, paid a dividend of $2800 and made a profit for the year of $4995. What was the total equity at the end of the year?

A$36 195

B$46 945

C$47945

D$48 945

✓ Correct answer

C: $47945

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Topic: Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source: O-Level Accounting, Oct/Nov 2024 Paper 1 Variant 3, question 24.

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At the start of the year, V Limited had $45750 total equity, of which $10750 was retained earnings. At the year end, the company had transferred $1000 to general reserve, paid a dividend of $2800 and made a profit for the year of $4995. What was the total equity at the end of the year?

✓ Correct answer

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