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O-Level Transferring profit or loss for the year and retained earnings

What the O-Level syllabus expects for Transferring profit or loss for the year and retained earnings, and how to practise it.

What the syllabus expects

Define dividends and retained earnings
Compute closing retained earnings once the year's profit/loss and declared dividend are taken in
Scope: Movements limited to the year's profit/loss and dividends declared in the year
Write the journal entries moving the year's profit/loss into the sole proprietor's capital account
Write the journal entries for shifting the year's profit/loss to retained earnings, declaring dividends, paying them, and closing the year's dividends to retained earnings
Scope: One final dividend, paid in full
Draw up the capital ledger account reflecting the profit/loss transfer
Draw up the retained earnings ledger account
Read the retained earnings ledger account
Draw up the dividends ledger account
Read the dividends ledger account
Work out how profit/loss changes the owner's equity
Work out how declared dividends and the year's profit/loss move retained earnings and shareholders' equity
Produce a Statement of Financial Position extract presenting capital, after drawings and the year's profit/loss, on one line
Produce a Statement of Financial Position extract showing retained earnings or accumulated losses