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Akuntansi Keuangan 2

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UJIAN AKHIR SEMESTER

AKUNTANSI KEUANGAN 2

2011/2012

SOAL I – SAK ETAP & SUBSEQUENT EVENT

ETAP

1. Describe definition of ETAP and the scope of entities that are allowed to use SAK

ETAP.

2. Identify which entities listed below that are eligible to use SAK ETAP

a. An entity‟s shares are not listed on a stock exchange but do trade „over-the-

counter‟ and over-the-counter is subject to government regulation though to a

lesser degree than the stock exchange.

b. An entity‟s only business is earning interest on money that it lends to its clients.

The entity obtains all of its funds direct from its two owner-managers both of

whom are billionaires (ie the entity does not take deposits from customers)

c. An entity is the only flour manufacture in its jurisdiction. The entity is also one of

the largest business entities in the jurisdiction and its activities constitute around 4

per cent of the jurisdiction‟s gross domestic product.

3. Identify and describes 3 (three) differences between PSAK adopted from IFRS and

SAK ETAP.

SUBSEQUENT EVENT

Identify each scenario below, whether it is an adjusting event or a non-adjusting event in

accordance with PSAK 08 “Peristiwa setelah Periode Pelaporan”.

a. PT. Perdagangan Internasional deals extensively with foreign entities and its financial

statements reflect this foreign currency transactions. Subsequent to the balance sheet

date, and before the “date of authorization” of the issuance of the financial statements,

there were abnormal fluctuations in foreign currency rates.

b. At the balance sheet date, 31 December 2011, PT. Galau carried a receivable from PT.

Gagal, a major customer, at IDR 100million. The “authorization date” of the financial

statements is on 16 February 2011. PT Gagal declared bankruptcy on Valentine‟s Day

(14 February 2011).

c. A new drug named “EEE” was introduced by PT Obat Manjur in the market on 01

December 2015. PT Obat Manjur‟s financial year ends on 31 December 2015. It is the

only company that is permitted to manufacture this patented drug. The drug is used by

patients suffering from an irregular heartbeat. On 31 March 2016, after the drug is

introduced, many patients died. After a series of investigations, authorities discovered

that this drug may regulate hypertension, that cause the patient suffered a stroke. A

law suit for one hundred billion has been filled against PT Obat Manjur on 31 March

2016. The financial statements are authorized for insurance 30 April 2016.

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SOAL II – ACCOUNTING CHANGES AND ERROR

Case A

PT Robotuq acquired the following assets in January 2007:

Equipment, Rp465.000 (estimated service year life, 5 years; residual value, Rp15.000

Building, Rp 780.000 (estimated service life, 30 years; no residual value)

The equipment has been depreciated using the sum of the year digits method for the first

three years for financial reporting purposes. In 2010, the company decided to change the

method of computing depreciation to the straight-line method for the equipment but no

change was made in the estimated service life or residual value. It was also decided to change

the total estimated service life of the building for 30 years to 40 years, with no change in the

estimated residual value. The building is depreciated on the straight line method.

Instructions:

1. Prepare the journal entry to record depreciation expense for the equipment 2010.

2. Prepare the journal entry to record depreciation expense for the building in 2010

(round 2 nearest rupiah)

Case B

You have been assigned to examine the financial statement of PT Zukuluna for the year

ended December 31, 2010. You discovered the following situations:

1. Depreciation of Rp3.200 for 2010 on delivery vehicles was not recorded.

2. The physical inventory count on December 31, 2009, improperly excluded

merchandise costing Rp19.000 that had been temporary stored in a public warehouse.

PT Zukuluna uses a periodic inventory system.

3. A collection of Rp5.600 on account from a customer received on December 31, 2010

was not recorded until January 2, 2011.

4. In 2010, the company sold for Rp3.700 fully depreciated equipment that originally

cost Rp25.000. The company credited the proceeds from the sale to the equipment

account.

5. During November 2010, a competitor company filed a patent-infringement suit

against PT Zukuluna claiming damaged of Rp220.000. The company‟s legal counsel

has indicated that an unfavorable verdict is probable and a reasonable estimate of the

court‟s award to the competitor is Rp125.000. The company has not reflected or

disclosed this situation in the financial statement.

6. PT Zukuluna has a portfolio of investments that it manages to profit from short term

price changes. No entry has been made to adjust to fair value. Information of cost and

fair value is as follows :

December 31, 2009 – cost = Rp95.000; fair value = Rp95.000

December 31, 2010 – cost = Rp84.000; fair value = Rp82.000

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Instructions:

Assume that the book have not been closed for 2010, prepare journal entries showing the

adjustment that are required

SOAL III – ACCOUNTING FOR TAXES

The following information has been obtained for the PT Anugrah :

a. The earning before tax for 2011 is Rp700million.

b. Income from rent of building is Rp50.000.000 (permanent difference)

c. Tax interest expense is Rp10.000.000 (permanent difference)

d. Benefit in kind for company‟s employee is Rp40million (permanent difference)

e. Depreciation expense reported on the income statement exceed depreciation on the

tax return by Rp10million.

f. Interest income from time deposit is Rp20.000.000 (permanent difference)

g. Income tax provision is Rp5.000.000 (permanent difference)

h. Amortization expense according to fiscal is Rp15million higher than the amortization

according to commercial.

i. Income tax of article 23 withheld / collected by other party is Rp100.000.000.

Instructions:

a. Determine Taxable Income for PT Anugerah

b. Determine the amount of Tax Underpayment / Overpayment

c. Determine the Deferred Tax Assets or Liability

d. Prepare a journal entry and present the transactions of the Financial Statement of PT

Anugerah.

SOAL IV - LEASING

Krause Company on January 1, 2011, enters into a five-year non-cancelable lease, with four

renewal options of one year each, for equipment having an estimated useful life of 10 years

and a fair value to the lessor, Daly Corp , at the inception of the list of $3.000.000. Krause‟s

incremental borrowing rate is 8%. Krause uses the straight-line method to depreciate its

assets. The lease contains the following provisions:

1. Rental payments of $219.000 including $19.000 for property taxes, payable at the

beginning of each six-month period.

2. A termination penalty assuring renewal of the lease for a period of four years after

expiration of the initial lease term.

3. An option allowing the lessor to extend the lease one year beyond the last renewal

exercised by the lessee.

4. A guarantee by Krause Company that Daily Corp will realize $100.000 from selling

the assets at the expiration of the lease. However, the actual residual value is expected

to be $60.000

Instructions:

a. What kind of lease is this to Krause Company?

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b. What should be considered the lease term? Explain!

c. What are the minimum lease payments?

d. What is the present value of the minimum lease payments?(PV factor for annuity due

of 20 semi-annual payments at 8% annual rate, 14.13394; PV factor for amount due in

20 interest periods at 8% annual rate ,45639.) (Round to nearest dollar.)

e. What journal entries would Krause record during the first year during the lease?

(Include an amortization schedule through 1/1/12 and round to the nearest dollar.)

SOAL V – REVENUE RECOGNITION

On March 1, 2010, PT Anugrah contracted to construct a factory building for RS Permata Ibu

for total contract price of $8.400.000. The building was completed by October 31, 2012. The

annual contract costs incurred, estimated cost to complete the contract, and accumulated

billings to RS Permata Ibu for 2010, 2011, and 2012 are given bellow:

2010 2011 2012

Contract cost incurred during the year 2.880.000 2.230.000 2.190.000

Estimated cost to complete the

contract at December 31

3.520.000 2.190.000 -

Billings to RS Permata Ibu during the

year

3.200.000 3.500.000 1.700.000

Instructions:

a. Using the percentage of completion method, prepare schedules to compute the profit or

lost to be recognized as a result of this contract for the years ended December 31, 2010,

2011, and 2012.

b. Using the cost recovery method, prepare schedules to compute the profit or lost to be

recognized as a result of this contract for the years ended December 31, 2010, 2011, and

2012.

c. Prepare the journal entry to record the transactions on 2010, 2011, and 2012 using the

percentage of the completion method and cost recovery method.

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JAWABAN

PROBLEM I - SAK ETAP & SUBSEQUENT EVENT

ETAP

1. ETAP adalah entitas yang tidak memiliki akuntabilitas signifikan dan menerbitkan

laporan keuangan untuk tujuan umum (general purpose financial statement) bagi

pengguna eksternal.

Perusahaan yang diperbolehkan menggunakan SAK ETAP:

Tidak tercatat di pasar modal

Tidak sedang dalam proses pengajuan pernyataan pendaftaran di pasar modal

Bukan lembaga keuangan

2. a. Not Eligible, its shares are traded in a public market. The regulated over-the-counter

market is a public capital market.

b. Eligible, perusahaan ini bukan lembaga keuangan

c. Not Eligible, perusahaan memiliki akuntabilitas publik yang signifikan

3. Perbedaan SAK ETAP dan PSAK adalah SAK ETAP

a. Tidak ada konsolidasi

b. Tidak ada laporan laba rugi komprehensif, hanya laporan laba rugi

c. Tidak ada pengungkapan distribusi dividen

d. Arus kas operasi disajikan dengan metode tidak langsung

e. Properti investasi dicatat dengan metode biaya

f. Aset tetap menggunakan metode biaya (revaluasi hanya melalui peraturan

pemerintah)

g. Tidak ada goodwill

h. Aset tidak berwujud berasal dari eksternal saja dengan umur manfaat terbatas

i. Tidak ada sale and lease back dan lease and sub lease

j. Biaya pinjaman dibebankan

k. Tidak ada instrumen keuangan, hanya investasi pada aset keuangan dengan

klasifikasi trading, AFS, dan HTM.

l. Tidak ada konsep pajak tangguhan, hanya pajak terutang.

m. Menggunakan perhitungan sederhana untuk menghitung manfaat bagi pekerja,

tidak butuh perhitungan aktuaris.

n. Subsidiary dicatat dengan metode ekuitas, associate dicatat dengan metode biaya.

SUBSEQUENT EVENT

a. Non adjusting event

b. Adjusting event

c. Non adjusting event – disclosure required for contigent liabilities

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PROBLEM II – ACCOUNTING CHANGES AND ERROR

Case A

Equipment : Rp. 465.000

Less: Accumulated depreciation-Equipment (12

15 X Rp. 450.000) : Rp. 360.000

Book Value of Equipment : Rp. 105.000

Journal:

Depreciation Expense-Equipment Rp. 45.000

Accumulated Depreciation-Equipment Rp. 45.000

(1/2 * (Rp. 105.000- Rp. 15.000)

Building : Rp. 780.000

Less: Accumulated depreciation-Building (3

30 X Rp. 780.000) : Rp. 78.000

Book Value of Building : Rp. 702.000

Journal:

Depreciation Expense-Building Rp. 18.973

Accumulated Depreciation-Building Rp. 18.973

(Rp. 702.000 / 37)

Case B

1. Depreciation Expense-Delivery Vehicles Rp. 3.200

Accumulated Depreciation-Delivery Vehicles Rp. 3.200

2. Inventory Rp. 19.000

Retained Earning Rp. 19.000

3. Cash Rp. 5.600

Accounts Receivable Rp. 5.600

4. Equipment Rp. 3.700

Gain on Sale of Equipment Rp. 3.700

5. Litigation Expense Rp. 125.000

Litigation Liability Rp. 125.000

6. Securities Fair Value Adjustment Rp. 2.000

Unrealized Gain-Equity Rp. 2.000

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PROBLEM III – ACCOUNTING FOR TAXES

Earnings before Tax 2011 Rp. 700.000.000

Permanent Difference:

Non-taxable revenue-Rent Income from Building (Rp. 50.000.000)

Non-taxable revenue-Interest Income from Time Deposit (Rp. 20.000.000)

Non-taxable expense-Tax Interest Expense Rp. 10.000.000

Non-taxable expense-Benefit in Kind Rp. 40.000.000

Non-taxable expense-Income Tax Provision Rp. 5.000.000

Temporary Difference

Excess Depreciation per Book Rp. 10.000.000

Excess Amortization per Fiscal (Rp. 15.000.000)

Taxable Income for 2011 Rp. 680.000.000

b. Tax Overpayment = 25% * (Rp. 700.000.000 – Rp. 680.000.000) = Rp. 5.000.000

c. Deferred Tax Asset = Rp.10.000.000

Deferred Tax Liability = Rp. 15.000.000

d. Income Tax Expense Rp. 171.250.000

Income Tax Asset Rp. 2.500.000

Income Tax Payable Rp. 170.000.000

Deferred Tax Liability Rp. 3.750.000

PT Anugerah

Financial Statement

as of Dec 31st 2011

Non Current Asset Deferred Tax Asset Rp. 2.500.000

Current Liabilities Income Tax Liability Rp. 170.000.000

Non Current Liabilities Deferred Tax Liability Rp. 3.750.000

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PROBLEM IV - LEASING

a. Finance Lease, because the present value of payments substantially 95% of Fair Value.

Term of lease is also equal to the equipment‟s estimated useful life.

b. The lease term is 10 years. Lease term is the fixed, non-cancelable term of the lease added

by the possibility of renewal options.

Noncancelable period 5 years

Additional period for which termination penalty assures renewal 4 years

Period covered by lessor extension option 1 year

Total 10 years

c. Minimum Lease Payments are the payment including minimum rental payments,

guaranteed residual value, penalty for failure to renew or extend the lease and bargain

purchase option.

Semi-annual rental payment $ 219.000

Executory Costs $ (19.000)

$ 200.000

x20

Payment for lease with period 20 $ 4.000.000

Residual Guarantee $ 100.000

Minimum lease payment $ 4.100.000

d.

Krause's Capitalized Amount (8% Rate)

Annuity-Due Basis, Including Guarantted Residual Value

Present Value of 20 Annual Rental Payments $2,826,788.00

(14.13394 * $200,000)

Present Value of Guaranteed Residual Value of $ 100,000 $45,639.00

due ten years after date of inception (0.45639 * $ 100.000)

Lessee's Capitalized Amount $2,872,427.00

e.

Krause Company

Lease Amortization Schedule

Annuity-Due Basis, Guaranteed Residual Value

Date Annual Lease

Payment Executory

Cost Interest on

Liability (4%) Reduction of Lease Liability

Lease Liability

1-Jan-11 $ 2,872,427

1-Jan-11 $ 219,000 $ 19,000 $ 200,000 $ 2,672,427

1-Jul-11 $ 219,000 $ 19,000 $ 106,897.08 $ 93,102.92 $ 2,579,324.08

1-Jan-12 $ 219,000 $ 19,000 $ 103,172.96 $ 96,827.04 $ 2,482,497.04

e. Capitalization of the Lease

Lease Equipment under Finance Leases 2.872.427

Lease Liability 2.872.427

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First Payment (1st Jan 2011)

Property Tax Expense 19.000

Lease Liability 200.000

Cash 219.000

Second Payment (1st July 2011)

Property Tax Expense 19.000

Lease Liability 93.103

Interest Expense 106.897

Cash 219.000

Adjusting Entry to Accrued Interest

Interest Expense 103.173

Interest Payable 103.173

Entry to Record Depreciation

Depreciation Expense 281.243

Accumulated Depreciation Exp. 281.243

(2.872.427 – 60.000)/ 10 = 281.243

Third Payment (1st Jan 2012)

Property Tax Expense 19.000

Lease Liability 96.827

Interest Payable 103.173

Cash 219.000

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PROBLEM 5 – REVENUE RECOGNITION

Percentage of Completion 2010 2011 2012

Cost Incurred during the year 2.880.000 2.230.000 2.190.000

Cost to date 2.880.000 5.110.000 7.300.000

Estimated cost to complete 3.520.000 2.190.000 0

Estimated total cost 6.400.000 7.300.000 7.300.000

Percentage of Completion 45% 70% 100%

Revenue Recognized 0.45*8400000 0.25*8400000 0.3*8400000

3.780.000 2.100.000 2.520.000

Profit (Loss) 900.000 (130.000) 330.000

Cost Recovery Method 2010 2011 2012

Revenues (Cost Incurred) 2.880.000 2.230.000 3.290.000

Cost Incurred during the year 2.880.000 2.230.000 2.190.000

Profit (Loss) 0 0 1.100.000

Percentage of Completion

Method

Construction in Process 2.880.000 2.230.000 2.190.000

Various Accounts 2.880.000 2.230.000 2.190.000

Accounts Receivable 3.200.000 3.500.000 1.700.000

Billings on CIP 3.200.000 3.500.000 1.700.000

Cash 3.200.000 3.500.000 1.700.000

Account Receivable 3.200.000 3.500.000 1.700.000

*) Jika tidak ada pernyataan “Cash received during the year” asumsikan semua Billings on

CIP terbayarkan.

Construction Expense 2.880.000 2.230.000 2190000

Construction in Process 900.000 130.000 330000

Revenue from longterm

contract 3.780.000 2.100.000 2.520.000

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Billings on CIP 8.400.000

Construction in Process 8.400.000

Cost Recovery Method

Construction Expense 2.880.000 2.230.000

Revenue from Long Term

Contract 2.880.000 2.230.000

Construction Expense 2.190.000

Construction in Process 1.100.000

Revenue from Long Term

Contract 3.290.000

Billings on CIP 8.400.000

Construction in Process 8.400.000