Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid. ₦ Net profit for the year 90,000 Interim divi...

Assessment: JAMB UTME - Principles of Accounts - 2023 Subject: Financial Accounting

Question 1 Report

Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.

	₦
Net profit for the year	90,000
Interim dividends paid:
Ordinary shares	25,000
Profit and loss appropriation b/f	10,000
Goodwill written off	1,000

At the end of the period, what is the balance of the profit and loss appropriation account?

₦66,5000

₦90,000

₦100,000

₦74,000

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