Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is
Ordinary share dividend = 5% × 10,000 = 5000
Retained profit = (27,370 + 28,000 - 4100 + 1500 - 4050 + 5000 + 2100 + 2500)
⇒ 55,570 - 19,250 = ₦36,320
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