Salma Ibrahim set up a company called Uplights Ltd and opened a lighting shop on 1 January

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Salma Ibrahim set up a company called Uplights Ltd and opened a lighting shop on 1 January 2012. Her brother is studying for his accountancy exams and helps her by doing the bookkeeping and managing the inventory. At the end of the first year of trading, he generates the following trial balance from the accounting records.image text in transcribed

Additional information at 30 June 2012:
■ Inventory was valued at £8,000.
■ Estimated current tax payable is £2,000.
■ The company classifies expenses by nature.

Required Prepare a draft statement of comprehensive income for Uplights Ltd for the year ending 31 December 2012 and a draft statement of financial position at that date. Show all your workings.

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Business Accounting An Introduction To Financial And Management Accounting

ISBN: 9780230276239

2nd Edition

Authors: Jill Collis, Roger Hussey, Andrew Holt, Holt Collis, J. Collis

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