Anika Inman set up a company called Uptown Ltd on 1 January 2015. Her brother helps with 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 31 December 2015:
* Inventory is 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 Uptown Ltd for the year ended 31 December 2015 and a draft statement of financial position at that date.
Show all your workings.

Transcribed Image Text:

Uptown Ltd Trial balance at 31 December 2015 Debit Credit Revenue 66,500 Purchases 20,000 Fixtures and fittings (at cost) 20,000 Trade receivables 2,000 (Continued)