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O-LevelAccountingPreparation of financial statements7707/12 · May/June 2020 · Q241 Mark

The statement of financial position of X Limited at 31 December 2018 included the following: $ ordinary share capital 40 000 general reserve 8000 retained earnings 65000 8% debentures (repayable 2025) 30000 Profit for the year ended 31 December 2019 was $42000 and dividends paid totalled $10000. What was the total equity on 31 December 2019?

A$137000
B$145000
C$155000
D$175000

✓ Correct answer

B: $145000

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About this question

Topic
Preparation of financial statements, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2020 Paper 1 Variant 2, question 24.

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