Todd is a self employed music teacher and has the following trial balance: Trial Balance as at 30 Ju

Todd is a self employed music teacher and has the following trial balance:
Trial Balance as at 30 June 2011
Debit Credit
£ £
Instruments 1,500
Furniture 400
Rent for room 2,400
Computer 1,000
Fees from tuition 10,500
General expenses 1,000
Capital 3,550
Bank 1,500
Postage and stationery 50
Electricity 300
Advertising 300
Creditors 150
Debtors 350
Telephone 400
Drawings 5000
14200 14200
Note: In this case, there are really no purchases as such.
Required:
1) Prepare Henrys Income Statement for the year ended 30 June 2013 and a
Balance Sheet as at 30 June 2013.
(30 marks)
2) Briefly research and discuss the changes in international regulation for reporting
financial statements. In particular the changes to the names of profit and loss
account.
(20 marks) ……. …..

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