Question 3.1: Prepare a Balance Sheet for Dip Co. as at December 31,20X1, ...

Financial Accounting An IFRS Perspective in Romania

Prepare a Balance Sheet for Dip Co. as at December 31,20X1, given the information below (in lei):

Accounts payable	1560
Capital	61,880
Warehouse	65,000
Accrued costs of rent	780
Trade receivable	650
Dividends pied	5200
Prepayment	390
Machines	10,400
Bank overdraft	2600
Profit for the year	10,400
Motor vehicles	11,700
Taxes payable	4550
Inventories	20,800
Long term loan	32,500
Cash	130

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Question: 3.2

On January 1, 20X7, J.A. Ltd started a business trading as a grocery shop and using a rented truck which he drove around. 1. J.A. Ltd rented the truck at a cost of $1500 for five months. The running expenses for the truck were $300 per month. 2. J.A. Ltd hired a part-time worker at a cost of $150 ...

Verified Answer:

Sales ($15,500 + $1500) $17,000 (−)Cost of sale...