Deta Anggoro Saputra

9a/9

P 17-1

1 1 Maret 2008
Cash 4,000
Account receivable 8,000
Inventories 36,000
Land 20,000
Building 100,000
Intangible assets 26,000
Account payable 50,000
Note payable-unsecured 40,000
Revenue received in advance 1,000
Wages payable 3,000
Mortgage payable 80,000
Estate Equity 20,000

Transaksi selama bulan maret

Cash 7,200
Estate Equity 800
Account receivable 8,000

Cash 19,400
Estate Equity 16,600
Inventories 36,000

Cash 90,000
Estate Equity 30,000
Land and Building 120,000

Estate Equity 26,000

Intangible assets 26,000

Estate Equity 8,200

Administrative expense payable 8,200

2 Scott Corporation in Trusteeship

Balance Sheet
at March 31, 2008

Assets
Cash 120,600

Liabilities and Stockholders Equity

Account payable 50,000
Note payable-unsecured 40,000
Revenue received in advance 1,000
Wages payable 3,000
Mortgage payable 80,000
Administrative expense payable 8,200
Total Liabilities 182,200

Estate Deficit (61,600)

Total Liabilities and Stockholders Equity 120,600

 Cash Receipt and Disbursement
from March 1 to March 31 2008

Cash Balance, March 1 4,000

add : Cash receipt
Collection of receivable 7,200
Sale of inventories 19,400
Sale of land and building 90,000
Total cash receipt 116,600
120,600

Statement of Change in Estate Equity

from March 1 to March 31 2008

Estate Equity, March 1 20,000

less: Net loss of asset liquidation 73,400
Administration expense payable 8,200 81,600
Estate deficit (61,600)

Schedule of net losses on asset liquidation

Book value Realization Gain (Loss)
Account receivable 8,000 7,200 (800)
Inventories 36,000 19,400 (16,600)
Land and Building 120,000 90,000 (30,000)
Intangible assets 26,000 - (26,000)
net losses on asset liquidation 190,000 116,600 (73,400)

3 Mortgage payable 80,000

Cash 80,000

Revenue received in advance 1,000

Wages payable 3,000
Administrative expense payable 8,200
Cash 12,200

Account payable 15,778

Note payable-unsecured 12,622
Cash 28,400

Account payable 34,222

Note payable-unsecured 27,378
Estate Equity 61,600

*) Account payable to be paid 15,778

(50,000 / 90,000) x (120,600 - 80,000 - 12,200)
Note payable to be paid
(40,000 / 90,000) x (120,600 - 80,000 - 12,200) 12,622

Account payable to be withdrawn

(50,000 / 90,000) x 61,600 34,222
Note payable to be withdrawn 27,378
(40,000 / 90,000) x 61,600
P 17-4

1 Dawn Corporation
Statement of Affairs
at July 10, 2008

Assets
Estimated
Estimated
Realizable Value
Realizable Value
Book Value less Secured available for
unsecured
Creditors
Creditors

Pledged to Fully Secured Creditor

210,000 Account receivable 160,000
less: Note payable (100,000) 60,000

Pledged to Partially Secured Creditor

250,000 Land and Building 140,000
less: Mortgage payable (200,000)
Interst (5,000) -

Available for priority and unsecured claims

80,000 Cash 80,000
200,000 Inventories 210,000
150,000 Equipment 60,000
10,000 Intangible Assets -
Total 410,000
Priority claims 150,000
Available for unsecured claims 260,000
Estimated deficiency 155,000
900,000 415,000

Liabilities and Stocholders Equity

Secured and
Book value Unsecured Claims
Priority Claims
Priority Liabilities
50,000 Account payable 50,000
24,000 Wages payable 24,000
76,000 Taxes payable 76,000
150,000

Fully Secured Creditors

100,000 Note payable 100,000

Partially Secured Creditors

200,000 Mortgage payable 200,000
5,000 Interest 5,000
205,000
less: Land and building pledged 140,000 65,000
 Unsecured Creditors
350,000 Account payable 350,000

Stockholders Equity
300,000 Capital Stock
(205,000) Retained Earnings deficit
900,000 415,000

2 Claimed by priority Amount to be

rank Amount to be paid withdrawn
Priority Claims
Administrative Expense 11,000 11,000
Account payable 50,000 50,000
Wages payable 24,000 24,000
Taxes payable 76,000 76,000

Fully Secured Claims

Note payable 100,000 100,000

Partially Secured Claims

Mortgage + interest 205,000 140,000 26,000
39,000

Unsecured claims
Account payable 350,000 210,000 140,000
816,000 650,000 166,000

*)
Cash Available 650,000
less: Priority Claims 161,000
Fully Secured claims 100,000
Partially secured claims 140,000 (401,000)
Cash Available for unsecured claims 249,000
Unsecured claims 415,000 ÷
Amount recovery per dollar for unsecured claims 0.60

Amount paid for unsecured creditors

Mortgage + Interest (65,000 x 0.60) 39,000
Account payable (350,000 x 0.60) 210,000
P 17-7

1 Postpetition liabilities 4,000

Prepetition liabilities 12,500
Total liabilities on June 30, 2008 16,500
Reorganization Value 16,000
Excess liabilities over reorganization value 500

Common stock baru yang diberikan kepada stockholders yang lama 2,000
Total common stock baru yang diterbitkan 7,000
% kepemilikan stockholders lama terhadap common stock baru 29%

Reorganisasi Lowstep memenuhi syarat untuk menggunakan fresh-start accounting. Hal ini
dikarenakan:
a. Nilai liabilities pada saat reorganisasi melebihi reorganization value, yatu sebesar 500.

b. Kepemilikan stockholders lama terhadap common stock baru yang diterbitkan

perusahaan tidak melebihi presentase 50%.

2 Journal entries
Prepetition liabilities 12,500
Account payable - old 800
Wages payable - old 400
Note payable - new 3,800
Common stock - new 5,000
Gain on debt discharge 2,500

Common stock - old 7,000

Common stock - new 2,000
Additional Paid in Capital 5,000

Inventories 400
Land 1,000
Loss on assets revaluation 4,000
Building 1,400
Patent 4,000

Gain on debt discharge 2,500

Additional Paid in Capital 5,000
Reorganization value in excess of identifiable assets 1,000
Loss on assets revaluation 4,000
 Deficit 4,500

3 Lowstep Corporation (Highstep Corporation)

Balance Sheet
at July 8, 2008

Assets
Cash 6,700
Trade receivables-net 1,000
Inventories 2,000
Land 2,000
Buildings-net 1,500
Equipment-net 1,800
Reorganization value in excess of identifiable assets 1,000
16,000

Liabilities and Stockholders equity

Liabilities
Account payable 3,000
Account payable-old 800
Wages payable 1,000
Wages payable-old 400
Note payable 3,800

Stockholders Equity
Common stock 7,000
16,000