Tesco Regulatory Framework

TASK 1 / P2: I will be explaining how tesco financial's s statements influence the legal regulatory framework . TESCO PLC.
Tesco is one of British largest retail grocery, the first in terms of the top 10 retail in the United Kingdom. tesco was the first UK business to make 2 billion pounds in profit this was announced in earlier of 2005 also tesco is the third largest global retailer based on their revenue .
Tesco was founded in 1919 by Jack Cohen from a market stall in London east end . Over the years tesco business has grown and they are now operating in 12 countries around the world, they employ over 530,000 people also serve ten millions customers every week .
Tesco have always been

However residual values are not expected to change materially year-on-year - since Tesco normally retains its assets, fixed assets are fully depreciated, hence the residual value is nil. IAS 18 Revenue.
No further accounting changes expected to Tesco group sales. IAS 38 Intangible assets.
There is no any adoption of IAS 38 but there is adoption of IAS 39 .
Task 2 /M2: I will be assessing the impact of adjustments to profit and loss account and balance sheet items for a limited company .
Adjusting entries are part of accounting journal entries which convert a company's accounting records to the accrual basis of accounting , especially to issue the company's financial statement.
Trial balance
Is a report run which comes at the end of an accounting period, listing the ending balance in each account .
Cash is still 22,000$ no changes have been made to in the trial balance .
Account receivable after the adjustment also stayed the same, no changes been made is still 3,000 $
Supplies in the trial balance dropped from 1,100 $ to 900$ , 200 $ difference .
Prepaid rent was 12,000$ but after the adjustments it dropped to $9,000 in the debit side the difference is $3,000

The big amount in the trial balance was the cash with 22,000 and it have not changed even after the adjustment while in credit it was the common stock with $28,000 which also have not been changed after the adjustments . Income statement .
Income statement is a financial statement which measures a business financial performance over a specific accounting period. A financial performance is assessed by giving a brief summary of how the business incurs it's revenues and expenses through both operating and non operating activities, it also shows the net profit or loss .
Consulting revenue is the same which is $23,000 taken from trial balance .
While expenses, there is general operating expenses is still $16,000 but after the adjustment done is trial balance three more expenses been added to the income statement, salaries expenses $1,200, supplies expenses $ 200 and rent expenses $3,000 which increased the total of expenses in the account after the adjustments.
The net income, net income dropped by $4400 from $7000 to 2,600 after the adjustment has been made