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.

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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Uplights Ltd Trial balance at 31 December 2012 Debit Credit E E Revenue 66,500 Purchases 20,000 Fixtures and fittings lat cost) 20,000 Trade receivables 2,000 Trade payables 8,400 Cash 14.500 Bank interest received 100 Rent and rates 24,000 Salaries Insurance 21.500 2,000 Lighting and heating 500 Telephone and Internet 400 Advertising 100 Share capital at 1 January 2012 30,000 105,000 105,000