Kavita Patel owns a business called Beauty Box Ltd, which started trading on 1 July 2010. At the end of the second year of trading, her accountant provides the following trial balance from the accounting system:

Additional information at 30 June 2012:
■ Inventory was valued at £12,000.
■ Equipment has a useful life of 4 years and no residual value. They are depreciated using the straight-line method.
■ The company makes an allowance for doubtful receivables based on 10% of opening trade receivables.
■ Estimated current tax liability £4,500.
■ The company classifies expenses by nature.
Required Use the relevant figures in the above information to prepare a statement of comprehensive income for Beauty Box Ltd for the year ending 30 June 2012. In addition, prepare a statement of financial position at that date. Show all your workings.

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Beauty Box Ltd Trial balance at 30 June 2012 Debit Credit E Revenue 104,900 Purchases 39,700 Inventory at 1 July 2011 10,000 Equipment at cost 20,000 Trade receivables. 6,000 Trade payables 8,000 Cash and cash equivalents 15,300 Interest received 100 Salaries 30,000 Rent and rates 15,000 Insurance 3,000 Lighting and heating 1,500 Telephone and Internet 2,000 Advertising 500 Allowances at 1 July 2011: Depreciation on plant and equipment 4,000 Doubtful receivables 1,000 Share capital at 1 July 2011 20,000 Retained profit at 1 July 2011 5,000 143,000 143,000