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
Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE & SPA MENTORING di : www.spa-feui.com

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

Ak mojakoe-20122013

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (17)

Ähnlich wie Ak mojakoe-20122013

Ähnlich wie Ak mojakoe-20122013 (20)

Mehr von Farah Fauziah Hilman

Mehr von Farah Fauziah Hilman (20)

Ak mojakoe-20122013