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 trial balance overleaf 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 Use the relevant figures in the above information to prepare a draft statement of comprehensive income for Uptown Ltd for the year ended 31 December 2015.
Show all your workings.

Transcribed Image Text:

Uptown Ltd Trial balance at 31 December 2015 Debit Credit E 66,500 Revenue Purchases 20,000 Fixtures and fittings (at cost) 20,000 Trade receivables 2,000 Trade payables 8,400 Cash 14,500 Bank interest received 100 Rent and rates 24,000 Salaries 21,500 Insurance 2,000 Lighting and heating 500 Telephone and Internet 400 Advertising 100 Share capital at 1 January 2015 30,000 105,000 105,000