Eko Manufacturing Plc had a net profit after tax of ₦4,800,000. The company transferred ₦600,000 to general reserve and proposed a dividend of ₦1,200,000. What is the balance of retained earnings carried forward?

Retained earnings carried forward = Net profit after tax − Transfer to general reserve − Proposed dividend = ₦4,800,000 − ₦600,000 − ₦1,200,000 = ₦3,000,000. Option B ignores the dividend, Option C ignores the general reserve transfer, and Option D ignores both deductions except dividend.