Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

MOJAKOE
AKUNTANSI KEUANGAN 1
UTS AKUNTANSI KEUANGAN 1 2012/2013
Accounting Study Division

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Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Question 1 (10%) Conceptual Framework

MoJaKoe Akuntansi Keuangan 1

Statements below are a number of accounting procedures and practices in PT Rujag Uleg. 1. Because the companys income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year. 2. The president of PT Rujag Uleg believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the companys operations. 3. PT Rujag Uleg does not establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The loss is considered estimable and probable by its attorneys. 4. An officer of PT Rujag Uleg purchased a new home computer for personal use with company money, charging miscellaneous expense. 5. A machine, that cost $40,000, is reported at its current market value of $45,000. For each of these statements, please list and refer to the assumption, principle, information characteristic, or modifying convention that is violated.

Question 2(20%) Comprehensive Income Statement

Presented below is information (in IDR000) related to PT Elektrik. Retained earnings, December 31, 2010 Sales Selling and administrative expenses Loss on disposal of electronic division (pre-tax) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2009 (pre-tax) Exchange differences (gain) on translating foreign operations (pre-tax) Rent revenue Gains on property revaluation (pre-tax) 13,000,000 28,000,000 4,800,000 5,800,000 672,000 15,600,000 10,400,000 300,000 2,400,000 500,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Impairment loss Interest expense

MoJaKoe Akuntansi Keuangan 1 1,800,000 200,000

Instructions: Prepare in a good form a comprehensive income statement for the year 2011 using single statement format (including the earnings per share). Assume a 30% tax rate and that there were 80,000 ordinary shares outstanding during the year.

Question 3 (20%) Statement of Financial Position

Given the following account information for PT Ageng (in IDR000), prepare a statement of financial position in report form for the company as of December 31, 2011. All accounts have normal balances.

Equipment Interest Expense Interest Payable Retained Earnings (beginning) Dividends Land Inventory Bonds Payable Notes Payable Share capital-ordinary Accumulated Depreciation Equipment Prepaid Advertising Revenue Buildings

2,000,000 120,000 30,000 4,750,000 2,520,000 6,866,000 5,100,000 3,900,000 720,000 3,000,000 500,000 250,000 16,570,000 4,020,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Supplies Taxes Payable Utilities Expense Advertising Expense Salary Expense Salaries Payable Accumulated Depr. Bid Deferred tax assets Income tax expense Cash Depreciation expense Building & Equipment

MoJaKoe Akuntansi Keuangan 1 93,000 150,000 66,000 78,000 2,652,000 45,000 750,000 750,000 4,000,000 1,500,000 400,000

Additional Information: 1. The FIFO cost method of inventory value is used 2. The notes payable represent bank loans. These bank loan are due in June 30, 2012 3. The Bond Payable bear interest at 8%. The IDR 1,000,000 of the bond payable will be due in October 1, 2012. The rest are due in December 31, 2014 4. 600,000 ordinary shares with a par vale of IDR 10,000 were authorized, of which 300,000 shares were issued and outstanding

Question 4 (30%) Cash and Receivables

The records of Royal Silver Hawk Inc. (RSH), a company based in Timbuktu, as of 31 December 2011 show the following information: 1. Currency and coin amounted to $36,300; 2. Petty cash, which has just been replenished to its maximum ceiling amount on 31 December 2011, shows a balance of $10,000;

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

3. Savings account and commercial checking account at the Dependence Bank show balances of $500,000 and $700,000, respectively. RSH is allowed to withdraw fund from both accounts any time; 4. An account at CTBank Corp shows a balance of $200,000. The same balance has been maintained since 1 November 2010 and will continue to be maintained until RSH repays its borrowing from CTBank Corp at end of October 2013; 5. RSH keeps a compensating balance of $100,000 with Diamond Bank in relation to loan that will mature on 31 January 2012; 6. RSH also has in its custody the following: i. A post-dated check (dated 12 January 2012) from Ragil Dove Inc. in the amount of $60,000; ii. A piece of paper signed by a customer of RSH, Ms. Furi Parrot, which states that she owes RSH an amount of $120,000 resulting from a recent credit sales, and will repay in full on or before 31 March 2012. 7. The company has been keeping a certificate of deposit with the Timbuktu Peoples Bank which will mature in 120 days from 31 December 2011; 8. RSH has in its trade receivables the following items: i. Eagle Laksamana Inc., $65,000. This customer is facing financial difficulty and the assessment by RSH Management concluded that final payment would be short by $15,000, and this will not be recovered. ii. PT Donna Peacock, $200,000. This customer has formally requested for a discount of 20% due to inability of this Indonesia-based company to fully pay its foreign currency obligation, and the Management of RSH is likely to approve this request. iii. Jordan Falcon Inc., $140,000. This customer is in a solid financial condition. This receivable has been assigned to Dependence Bank to secure repayment of RSH borrowing. iv. HaDit Kiwis Corp., $35,000. This customer had filed for bankruptcy, which the court has approved. As a result, HLM Corp. will not be able to pay the receivable. v. DeSus Orioles Inc., $400,000. This customer has very good financial standing. This receivable is pledged as collateral for loan from Dependence Bank. vi. WinLose Inc., $30,000. This long-time customer has very good financial standing. vii. Several receivable from Willie Flamingo Inc., $210,000, all due in less than 6 months. This customer is in good shape. On 1 December 2011, this receivable was factored by RSH to Capel Factor for $200,000, where RSH guarantees any credit losses. viii. Various receivable (combined, each less than $10,000), $100,000. 9. Accounting policies of RSH as shown in the notes to the financial statements state that receivables are measured at amortized costs including the effect of impairment. In that connection: i. Any receivable of more than $50,000 is considered significant and should be individually assessed. ii. Any receivable that is not individually assessed is assumed to be impaired by 2% of the carrying amount. Instructions:

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

a. Show how disclosure on cash and cash equivalent of RSH will appear in the notes to the financial statements as of 31 December 2011. b. Calculate impairment loss, if any, on the receivable of RSH as of 31 December 2011. c. Show the journal entry to be made on 31 December 2011 to record the impairment of receivable. d. Show the journal entry made on 1 December 2011 to record the factoring transaction. e. Show how trade receivables will appear in RHS statement of financial position. f. Identify what other information should be disclosed in the notes to the financial statements. Question 5 (20%) Inventory On 10 July 2012, flood damaged the office and warehouse of Volturi Corporation. The only accounting record saved was the general ledger, from which the following data and information have been gathered. 1 Jan 2012 30 Jun 2012 Net sales Net purchases Beginning inventory Ending inventory $ $ $ 270,000 $ 104,000 $ 150,400 $ $ Year Ended 31 Dec 2011 906,000 560,000 100,000 150,400 $ $ $ $ 2010 780,000 470,000 132,000 100,000

1. The fiscal year of Volturi ends on 31 December. 2. Examination of July bank statement reveals: a. Cash payments For accounts payable as of 30 June 2012 For purchase in July For other expenses

11.400 6.800 7.800 26.000

b. Cash receipts Collection from sales in July From supplier for merchandise returned in July

24.000 1.900 25.900

3. Purchases from 1 10 July consists of: Received and paid Received but not recorded and paid yet Merchandise in transit (fob shipping point)

6.800 26.600 4.600

4. Sales from 1 10 July consists of: Delivered and paid by customers Delivered but not paid yet Semester Gasal 2012 / 2013

24.000 12.000

Presented by : Accounting Study Division Shipment in transit (fob shipping) Estimated uncollectible accounts receivable

MoJaKoe Akuntansi Keuangan 1 16.000 1.200

5. Gross profit ratio is calculated based on net sales 2010-2011 (2 years data) 6. Inventory with a cost of $20,000 was salvaged and sold for $12,000. The balance of the inventory on 10 July was a total loss. Instructions: 1. Calculate gross profit rate. 2. Prepare a good schedule to compute the amount of inventory flood loss.

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

Answers: Question 1 1. Qualitative Characteristic Enhancing: Comparability (consistency) 2. Assumptions: Periodicity Principle: Full disclosure 3. Qualitative Characteristic Faithful of Representative Completeness Principle: Full disclosure 4. Assumptions: economic entity 5. Tidak ada yang dilanggar karena PSAK memperbolehkan valuasi baik menggunakan historical cost maupun fair value.

Question 2

PT Elektrik Statement of Comprehensive Income for the year ended December 31, 2011

Sales revenue COGS Gross profit Selling and administrative expenses Other income and expense Rent revenue Loss on impairment Income from operations 2,400,000 (1,800,000)

28,000,000 (15,600,000) 12,400,000 (4,800,000)

600,000 8,200,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Interest expense Income before income tax Income tax (30%) Income from continuing operations Discontinued operation Loss on disposal electric division (70% x 5,800,000) Net income Other Comprehensive Income Gain on translating foreign operations Gains on property revaluation Income tax relating to other comprehensive income for the year Other Comprehensive income for the year (net tax) Comprehensive income Per Share Income from continuing operating Discontinued operations net of tax Net Income Other Comprehensive Income Total Comprehensive Income

MoJaKoe Akuntansi Keuangan 1 (200,000) 8,000,000 (2,400,000) 5,600,000

(4,060,000) 1,540,000

300,000 500,000 (240,000)

560,000 2,100,000

70.00 (50.75) 19.25 7.00 26.25

EPS =

Net Income Shares outstanding

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Question 3 PT Ageng Statement of Financial Position As in December 31, 2011 In IDR000 Current Assets Cash Prepaid advertising Inventory Supplies Total Current Assets

MoJaKoe Akuntansi Keuangan 1

Current Liabilities 1,500,000 Interest Payable 250,000 Bonds Payable 5,100,000 Notes Payable 93,000 Salaries Payable 6,943,000 Taxes Payable Total Current Liabilities 30,000 1,000,000 720,000 45,000 150,000 1,945,000

Non Current Assets Equipment Less. Acc. dep. Equipment Land Buildings Less. Acc. dep. Buildings Deferred tax assets Total Non Current Asset 4,020,000 (750,000) 3,270,000 Equity 750,000 12,386,000 Share Capital Ordinary RIE Total Equity Total Assets 19,329,000 Total Liabilities and Equity 3,000,000 11,484,000 14,484,000 19,329,000 2,000,000 (500,000) Non Current Liabilities 1,500,000 Bonds Payable 6,866,000 Total Non Current Liabilities 2,900,000 2,900,000

Net Income

= 16,570,000 120,000 66,000 78,000 2,652,000 4,000,000 400,000 = 9,254,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

Retained earning

= 4,750,000 + 9,254,000 2,520,000 = 11,484,000

Question 4 a. Disclosure cash & Cash Equivalent Schedule Cash and Cash Equivalent

Cash & Cash Equivalent at Carrying Value Currency & Coin Petty Cash Saving Account Commercial checking Diamond Bank Compensating Balance Total Cash & Cash Equivalent at Carrying Value Keterangan : 1. 2. 3. 4. The Compensating balance at CTBank Corp should be shown as a non current asset The post-dated check from Ragil Dove Inc. is part of receivable The IOU signed by Ms. Furi Parrot is part of receivable The certificate of deposit with Timbuktu Peoples Bank is an investment 36,300 10,000 500,000 700,000 100,000 1,336,300

b. Impairment Loss Accounts receivable impairment: Individually assessed receivables Eagle Laksaman Inc. PT Donna Peacock HaDit Kiwis Corp. Collectively assessed receivables: $ 15,000 40,000 35,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division DeSus Orioles Inc WinLose Inc. Various receivables Add : Ragil Dove Inc. Add: Mas. Furi Parrot Add : Jordan Falcon Add: Willie Flamingo Inc. Collectively assessed impairment (2%x 700,000) Impairment of Receivables c. Journal entry to record impairment of receivables 31 Dec 2011 Dr. Bad Debt Expense Cr. Allowance for Doubtful Accounts $ 40,000 30,000 100,000 60,000 120,000 140,000 210,000

MoJaKoe Akuntansi Keuangan 1

14,000

$ 104,000

104,000 104,000

d. Factoring Transaction The transaction described is a sale of receivable with recourse, which is substance is a secured borrowing transaction with certain receivables as security 1 Dec 2011 Dr. Cash/ Bank Cr. Short term bank loan e. Statement of Financial Position In Current Assets section Trade Receivables Less : Allowance for Doubtful Account Trade Receivables (net) 1,000,000 (104,000) 896,000 200,000 200,000

f.

Other Information to be disclosed in the notes to the financial statements Receivables of 104,000 from Jordan Falcon Inc. has been assigned to Dependence Bank to secure payment of the companys borrowing.

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

Receivable of 40,000 from DeSus Orioles Inc. has been pledged as collateral for the loan received from Dependence Bank. Receivables amounting to 210,000 from Willie Flamingo Inc. has been factored to Capel Factor on with recourse basis.

Question 5

Net Sales Net Purchase Beginning Inventory Ending Inventory COGS Gross profit

1 Jan 2012 - 30 Jun 2012 $ 270,000 104,000 150,400

Year Ended 31-Dec 2011 2010 906,000 780,000 560,000 470,000 100,000 150,400 509,600 396,400 132,000 100,000 502,000 278,000

1,686,000

674,400

40%

Data related to transcation from 1-10 April 2012 1 Cash Payments For accounts payables as of 30 June 2012 For purchase in July For other expenses 11,400 6,800 7,800 26,000 2 Cash receipts Collection from sales in July From supplier for merchandise returned in July 24,000 1,900 25,900 Purchases Received and paid Received but not recorded and paid yet 6,800 26,600

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division Merchandise in transit (F.o.b Shipping Point)

MoJaKoe Akuntansi Keuangan 1 4,600

Sales Delivered and paid by customers Delivered but not paid yet Shippment in transit (Fob Shipping Point) Estimated uncollectible accounts receivable 24,000 12,000 16,000 1,200

5 6

Gross profit ratio is calculated based on net sales of 2010-2011 Inventory salvage during the fire Cost Sold of scrap (60% x 20,000) 20,000 12,000

Semester Gasal 2012 / 2013

Presented by : Accounting Study Division

MoJaKoe Akuntansi Keuangan 1

VOLTURI CORPORATION Computation of Inventory Fire Loss As of 10 July 2012

Inventory Purchases

(1 Jan 12)

150,400

Net Purchases (1 Jan 30 Jun 2012) Purchases in July and paid Purchase in July received but note recorded yet Purchase returns in July COGAS Less : Estimated COGS Sales (1 Jan 30 Jun 2012) Sales in July and paid Sales in July delivered but not paid Sales in transit

104,000 6,800 26,600

(1,900)

135,500 285,900

270,000 24,000 12,000 16,000 322,000

Gross profit rate Estimated COGS

40% 60% x sales 193,200 92,700 (12,000) 80,700

Estimated ending inventory Less : Sale of salvaged inventory Inventory fire loss

Semester Gasal 2012 / 2013