Kenton Limited began retail operations on January 1, 2013. On that date it issued 10,000 shares of

Question:

Kenton Limited began retail operations on January 1, 2013. On that date it issued 10,000 shares of for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store, paying in advance for the next two years. Kenton also purchased £12,000 of merchandise on credit, agreeing to pay the supplier within 30 days. Kenton applies IFRS. Prepare, in good format, Kenton’s as of January 31, 2013.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...