Ak mojakoe-20122013

Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1

Semester Gasal 2012 / 2013

MOJAKOE AKUNTANSI KEUANGAN 1

UTS AKUNTANSI KEUANGAN 1 2012/2013

Accounting Study Division

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Question 1 (10%) – Conceptual Framework

Statements below are a number of accounting procedures and practices in PT Rujag Uleg.

1. Because the company’s 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 company’s 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 IDR’000) related to PT Elektrik.

Retained earnings, December 31, 2010 13,000,000

Sales 28,000,000

Selling and administrative expenses 4,800,000

Loss on disposal of electronic division (pre-tax) 5,800,000

Cash dividends declared on common stock 672,000

Cost of goods sold 15,600,000

Gain resulting from computation error on depreciation charge in 2009 (pre-tax) 10,400,000

Exchange differences (gain) on translating foreign operations (pre-tax) 300,000

Rent revenue 2,400,000

Gains on property revaluation (pre-tax) 500,000



Impairment loss 1,800,000

Interest expense 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 IDR’000), prepare a statement of financial

position in report form for the company as of December 31, 2011. All accounts have normal balances.

Equipment 2,000,000

Interest Expense 120,000

Interest Payable 30,000

Retained Earnings (beginning) 4,750,000

Dividends 2,520,000

Land 6,866,000

Inventory 5,100,000

Bonds Payable 3,900,000

Notes Payable 720,000

Share capital-ordinary 3,000,000

Accumulated Depreciation – Equipment 500,000

Prepaid Advertising 250,000

Revenue 16,570,000

Buildings 4,020,000



Supplies 93,000

Taxes Payable 150,000

Utilities Expense 66,000

Advertising Expense 78,000

Salary Expense 2,652,000

Salaries Payable 45,000

Accumulated Depr. – Bid 750,000

Deferred tax assets 750,000

Income tax expense 4,000,000

Cash 1,500,000

Depreciation expense – Building & Equipment 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;



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 People’s 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:



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

Year Ended 31 Dec

2011 2010

Net sales $ 270,000 $ 906,000 $ 780,000

Net purchases $ 104,000 $ 560,000 $ 470,000

Beginning inventory $ 150,400 $ 100,000 $ 132,000

Ending inventory $ 150,400 $ 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 11.400

For purchase in July 6.800

For other expenses 7.800

26.000

b. Cash receipts

Collection from sales in July 24.000

From supplier for merchandise returned in July 1.900

25.900

3. Purchases from 1 – 10 July consists of:

Received and paid 6.800

Received but not recorded and paid yet 26.600

Merchandise in transit (fob shipping point) 4.600

4. Sales from 1 – 10 July consists of:

Delivered and paid by customers 24.000

Delivered but not paid yet 12.000



Shipment in transit (fob shipping) 16.000

Estimated uncollectible accounts receivable 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.



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 28,000,000

COGS (15,600,000)

Gross profit 12,400,000

Selling and administrative expenses (4,800,000)

Other income and expense

Rent revenue 2,400,000

Loss on impairment (1,800,000) 600,000

Income from operations 8,200,000



Interest expense (200,000)

Income before income tax 8,000,000

Income tax (30%) (2,400,000)

Income from continuing operations 5,600,000

Discontinued operation

Loss on disposal electric division (70% x 5,800,000) (4,060,000)

Net income 1,540,000

Other Comprehensive Income

Gain on translating foreign operations 300,000

Gains on property revaluation 500,000

Income tax relating to other comprehensive income for

the year

(240,000)

Other Comprehensive income for the year (net tax) 560,000

Comprehensive income 2,100,000

Per Share

Income from continuing operating 70.00

Discontinued operations net of tax (50.75)

Net Income 19.25

Other Comprehensive Income 7.00

Total Comprehensive Income 26.25

EPS = Net Income

Shares outstanding



Question 3

PT Ageng

Statement of Financial Position

As in December 31, 2011

In IDR’000

Current Assets Current Liabilities

Cash 1,500,000 Interest Payable 30,000

Prepaid advertising 250,000 Bonds Payable 1,000,000

Inventory 5,100,000 Notes Payable 720,000

Supplies 93,000 Salaries Payable 45,000

Total Current Assets 6,943,000 Taxes Payable 150,000

Total Current Liabilities 1,945,000

Non Current Assets

Equipment 2,000,000 Non Current Liabilities

Less. Acc. dep. Equipment (500,000) 1,500,000 Bonds Payable 2,900,000

Land 6,866,000 Total Non Current Liabilities 2,900,000

Buildings 4,020,000

Less. Acc. dep. Buildings (750,000) 3,270,000 Equity

Deferred tax assets 750,000 Share Capital Ordinary 3,000,000

Total Non Current Asset 12,386,000 RIE 11,484,000

Total Equity 14,484,000

Total Assets 19,329,000 Total Liabilities and Equity 19,329,000

Net Income = 16,570,000 – 120,000 – 66,000 – 78,000 – 2,652,000 – 4,000,000 – 400,000

= 9,254,000



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 36,300

Petty Cash 10,000

Saving Account 500,000

Commercial checking 700,000

Diamond Bank – Compensating Balance 100,000

Total Cash & Cash Equivalent at Carrying

Value

1,336,300

Keterangan :

1. The Compensating balance at CTBank Corp should be shown as a non current asset

2. The post-dated check from Ragil Dove Inc. is part of receivable

3. The IOU signed by Ms. Furi Parrot is part of receivable

4. The certificate of deposit with Timbuktu People’s Bank is an investment

b. Impairment Loss

Accounts receivable impairment:

Individually assessed receivables

Eagle Laksaman Inc. $ 15,000

PT Donna Peacock 40,000

HaDit Kiwis Corp. 35,000

Collectively assessed receivables:



DeSus Orioles Inc $ 40,000

WinLose Inc. 30,000

Various receivables 100,000

Add : Ragil Dove Inc. 60,000

Add: Mas. Furi Parrot 120,000

Add : Jordan Falcon 140,000

Add: Willie Flamingo Inc. 210,000

Collectively assessed impairment (2%x

700,000)

14,000

Impairment of Receivables $ 104,000

c. Journal entry to record impairment of receivables

31 Dec 2011 Dr. Bad Debt Expense 104,000

Cr. Allowance for Doubtful Accounts 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 200,000

Cr. Short term bank loan 200,000

e. Statement of Financial Position

In “Current Assets” section

Trade Receivables 1,000,000

Less : Allowance for Doubtful Account (104,000)

Trade Receivables (net) 896,000

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 company’s borrowing.



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

1 Jan 2012

- 30 Jun 2012

Year Ended

31-Dec

2011 2010

Net Sales $ 270,000 906,000 780,000 1,686,000 Net Purchase 104,000 560,000 470,000

Beginning Inventory 150,400 100,000 132,000

Ending Inventory 150,400 100,000 COGS 509,600 502,000 Gross profit 396,400 278,000 674,400 40%

Data related to transcation from 1-10 April 2012

1 Cash Payments

For accounts payables as of 30 June 2012 11,400

For purchase in July 6,800

For other expenses 7,800

26,000

2 Cash receipts

Collection from sales in July 24,000

From supplier for merchandise returned in July 1,900

25,900

Purchases

Received and paid 6,800

Received but not recorded and paid yet 26,600



Merchandise in transit (F.o.b Shipping Point) 4,600

4 Sales

Delivered and paid by customers 24,000

Delivered but not paid yet 12,000

Shippment in transit (Fob Shipping Point) 16,000

Estimated uncollectible accounts receivable 1,200

5 Gross profit ratio is calculated based on net sales of 2010-2011

6 Inventory salvage during the fire

Cost 20,000

Sold of scrap (60% x 20,000) 12,000



VOLTURI CORPORATION

Computation of Inventory Fire Loss

As of 10 July 2012

Inventory (1 Jan 12) 150,400

Purchases

Net Purchases (1 Jan – 30 Jun 2012) 104,000

Purchases in July and paid 6,800

Purchase in July received but note

recorded yet

26,600

Purchase returns in July (1,900) 135,500

COGAS 285,900

Less : Estimated COGS

Sales (1 Jan – 30 Jun 2012) 270,000

Sales in July and paid 24,000

Sales in July delivered but not paid 12,000

Sales in transit 16,000

322,000

Gross profit rate 40%

Estimated COGS 60% x sales 193,200

Estimated ending inventory 92,700

Less : Sale of salvaged inventory (12,000)

Inventory fire loss 80,700

Documents

Ak mojakoe-20122013