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SPA Mentoring
Akuntansi Keuangan 1
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SPAMentoring UTS Akuntansi Keuangan 1
Problem 1-‐Conceptual Framework State the accounting assumption, qualitative characteristic, or element that is most applicable in the following cases. 1. Qualitative characteristic being employed when companies in the same industry are using the same
accounting principles. 2. Quality of information that confirms users’ earlier expectations. 3. Imperative for providing comparisons of a company from period to period. 4. Ignores the economic consequences of a standard or rule. 5. Requires a high degree of consensus among individuals on a given measurement. 6. Predictive value is an ingredient of this fundamental quality of information. 7. Obligation to transfer resources arising from a past transaction. 8. Increases ownership interest. 9. Declares and pays cash dividends to owners. 10. Increases in net assets in a period from non-‐owner sources. 11. Items characterized by service potential or future economic benefit. 12. Equals increase in assets less liabilities during the year, after adding distributions to owners and
subtracting investments by owners. 13. Residual interest in the assets of the enterprise after deduction its liabilities. 14. The company employs the same inventory valuation method from period to period. 15. A patent is capitalized and amortized over the periods benefited. 16. Rent paid in advance is recorded as prepaid rent. Problem 2-‐ Statement of Financial Position Prepare a Statement of Financial Position as of December 31, 2011 PT Only Joking Statement of Financial Postion December 31, 2011 Cash and Cash Equivalent ? Short-‐term Investment ? Accounts Receivable (net) ? Prepaid Expenses ? Inventory ? Property, Plant, and Equipment ? Accumulated Depreciation ? ? Long-‐term Investment ? Intangible Assets ? Total Assets ? Accounts Payable ? Notes Payable ? Salary and Wages Payable ? Interest Payable ? Dividends Payable ? Accrued Expense ?
Bonds Payable ? Total Liabilities ? Share Capital-‐Preferred ? Share Premium-‐Preferred ? Share Capital-‐Ordinary ? Share Premium-‐Ordinary ? Retained Earnings ? Total Equity ? Total Liabilities and Equity ? The following information that you need to complete the above statement of financial position. The information also provides all of the transaction incurred during 2010
1. In 2001, the company issued 10.000 10%-‐cumulative preferred shares at $100 with the $30 par value. The company also issued 20.000 $20 common stock at $50.
2. The company bought PT Just Kidding’s shares for $1500. This investment is for trading and at the end of 2010 it could be sold for $1550.
3. Bonds payable of $100.000, with interest 12% pa, will be due on 2013. The interest is annually paid on March 31.
4. Notes payable of $20.000 with interest 8% pa, due on December 31, 2010. It will be paid on January 7, 2011.
5. The only accounts payable as of December 31 is $49.000 with credit term 2/20 n/EOM. 6. The useful life of PPE of $2.100.000 is 10 years, these assets have been depreciated for 6 years
and this year is the 7th year. The Equipment of $400.000, which has been depreciated for 6 years is sold for $192.000 at end of year. At the beginning of the year, company purchased the new equipment of $300.000 and the useful life is 5 years.
7. Investment in PT Ridiculous for $1.000.000. It’s intended to gain control over the company. 8. Company has a patent of $375.000. 9. Sales office salary is paid weekly basis and at the end of the year is not paid for 4 days, salary
expense per day is $1.200 and Office Admin salary is 3 days not paid, cost per day is $800. 10. The company paid $2.300 for the rent expense. It’s included a rent of $800 which will begin next
year. 11. Purchase of inventory during the year is $57.000 and the beginning of inventory is $3.200. The
$45.000 inventory was sold for $55.000 on account with 2/10 n/40 term. The company uses the net methor to record the receivables.
12. Freight and Transportation cost which have not been paid is $1.237. Utilities expense which have not been paid is $890.
13. The company reported income of $190.000. The company pay dividends of $45.000 for preferred stock and $75.000 for common stock. The company did not pay dividends for the last two years. The beginning balance of Retained Earning as of January 1, 2010 is $340.000.
14. The bank statement shows cash of $447.477 Problem 3-‐Comprehensive Income Statement Prepare in a good form a comprehensive income statement using single statement format (including the earning per share) for the year 2011 based on PSAK 1 (rev. 2009) or IAS 1.
Actuarial Gains (Losses) on Defined Benefit Pension Plans (667)
Administrative Expenses 20.000
Available-‐for-‐sale Financial Assets (24.000)
Cashflow Hedges (667)
Cost of Goods Sold 245.000
Distribution Costs 9.000
Exchange Differences on Translating Foreign Operations 5.334
Finance Costs 8.000
Gains on Property Revaluation 933
Gross Profit 145.000
Income tax Expense (25%) 36.250
Income Tax Relating to Components of OCI 4.667
Loss for the Year from Discontinued Operations 30.500
Other Comprehensive Income for the Year, net of tax 14.000
Other Expenses 2.100
Other Income 20.667
Profit Before Tax 161.667
Profit for the Year 90.750
Profit for the Year from Continuing Operations 121.250
Sales 390.000
Share of Other Comprehensive Income of Associates 400
Share of Profit of Associates 35.100
Total Comprehensive Income for the Year 104.750
Problem 4-‐Inventory and Accounts Receivable This is the inventory data available for the month of January 2012. All sales are on account. Units Price per unit
Inventory at Jan 1 100 3.000 Purchases Jan 3 200 3.500
Jan 10 250 3.750
Jan 18 150 4.000 Sales Customer Term Jan 7 100 4.400 A 2/10, n/EOM Jan 14 100 4.700 B 3/10, n/10 Jan 16 150 5.000 C 2/10, n/20 Jan 20 100 4.500 D 1/10, n/30 a) Determine the cost of ending inventory at January 31 using FIFO method and periodic inventory
system. b) Determine the cost of ending inventory at January 31 using Moving Average method and periodic
inventory system. c) Assume that as of Jan 31 the expected selling price of the inventory is 990.000 and the cost to
complete and sell is 25.000. if the company uses LCNRV, what will the amount of inventory be reported on Jan 31? Record the entry using allowance account.
d) If as of Feb 1 the NRV of the Inventory rebounds to 980.000, what will the amount of inventory be reported on Feb 1? Record the adjusting entry.
e) On Jan 17, customer A paid all the account. Record the entry using gross method f) On Jan 25, customer B paid all the account. Record the entry using net method. g) On Feb 1, 2012 the company receives a 1.000.000 four-‐year note from PT ABC, bearing interest at
12% annually, in exchange for land. The book value of land is 700.000 while the fair value is 750.000. On December 31, 2012 PT ABC declares that it will only pay the accrued interest and the 80% of the principal amount of the note, while the rest is remained unpaid due to decline in business. Prepare the necessary journal for the transactions and impairment loss.
Answer :
Problem 1
1. Comparability
2. confirmative value (relevance)
3. consistency (comparability)
4. free from bias (reliability)
5. faithful representation (reliability)
6. relevance
7. liabilities
8. equity [owner sources (issuing stock), non owner sources (income, gain)]
9. equity
10. income
11. assets
12. equity
13. equity
14. consistency (comparability)
15. going concern
16. accrual basis
Problem 2
PT Only Joking Statement of Financial Postion December 31, 2011
No
Cash and Cash Equivalent
447.477 14
Short-‐term Investment
1.550 (dicatat pada market value) 2
Accounts Receivable (net)
53.900 (100%-‐2%)x55.000 11
Prepaid Expenses
800 10
Inventory
15.200 3.200+57.000-‐45.000 11
Property, Plant, and Equipment 2.000.000
2.100.000-‐400.000+300.000 6
Accumulated Depreciation 1.250.000
750.000
(7/10 x 1.700.000) + (1/5 x 300.000) 6
Long-‐term Investment
1.000.000 7
Intangible Assets
375.000 8
Total Assets
2.643.927
Accounts Payable
49.000 5
Notes Payable
20.000 4
Salary and Wages Payable
7.200 4x1.200 + 3x800 9
Interest Payable
10.600
(9/12 x 12% x 100.000) + (8%x20.000)
3, 4
Dividends Payable 45.000
accumulated (incl. this year= 3x10%x300.000 =90.000. paid=45.000. payable=90.000-‐45.000.
13
Accrued Expense
2.127 1.237+890 12
Bonds Payable
100.000 3
Total Liabilities
233.927
Share Capital-‐Preferred
300.000 10.000x$30 1
Share Premium-‐Preferred
700.000 10.000x($100-‐$30) 1
Share Capital-‐Ordinary
400.000 20.000x$20 1
Share Premium-‐Ordinary
600.000 20000x($50-‐$20) 1
Retained Earnings
410.000 340.000+190.000-‐45.000-‐75.000 13
Total Equity
2.410.000
Total Liabilities and Equity
2.643.927
Problem 3
PT XYZ Statement of Comprehensive Income
For the Period Ending 31 December, 2011
Sales 390.000 Cost of Goods Sold (245.000)
Gross Profit 145.000 Other Income 20.667 Distribution Costs (9.000) Administrative Expenses (20.000) Other Expenses (2.100) Finance Costs (8.000) Share of Profit of Associates 35.100
Profit Before Tax 161.667
Income tax Expense (25%) (40.417) Profit for the Year from Continuing Operations 121.250 Loss for the Year from Discontinued Operations (30.500) Profit for the Year 90.750
Other Comprehensive Income Exchange Differences on Translating Foreign Operations 5.334
Available-‐for-‐sale Financial Assets (24.000) Cashflow Hedges (667) Gains on Property Revaluation 933 Actuarial Gains (Losses) on Defined Benefit Pension Plans (667) Share of Other Comprehensive Income of Associates 400 Income Tax Relating to Components of OCI 4.667 Other Comprehensive Income for the Year, net of tax (14.000)
Total Comprehensive Income for the Year 76.750
Problem 4
(a)
Units
Price per unit Total
Beg. Invetory 100
3.000
300.000
Purchases
Jan-‐03 200
3.500
700.000
Jan-‐10 250
3.750
937.500
Jan-‐18 150
4.000
600.000
COGAS 2.537.500
Sales
Jan-‐07 100
3.000
300.000
Jan-‐14 100
3.500
350.000
Jan-‐16 100
3.500
350.000
50
3.750
187.500
Jan-‐20 100
3.750
375.000
COGS 1.562.500
Ending Inventory (COGAS-‐COGS) 975.000
(b) Units in brackets
Date Purchased Sales Balance Jan-‐01
300.000 (100)
Jan-‐03 700.000 (200)
1.000.000 (300) Jan-‐07
333.333 (100) 666.667 (200)
Jan-‐10 937.500 (250)
1.604.167 (450) Jan-‐14
356.481 (100) 1.247.685 (350)
Jan-‐16
534.722 (150) 712.963 (200) Jan-‐18 600.000 (100)
1.312.963 (300)
Jan-‐20
375.132 (100) 937.831 (200) Ending Inventory = 937.831
(c) Net Realizable Value (NRV) = Selling price – Cost to complete and sell
= 990.000 – 25.000 = 965.000
Cost (assume using FIFO) = 975.000
LCNRV = 965.000
Inventory should be reduced by 10.000 (975.000-‐965.000)
Dr. Loss due to decline of inventory to NRV 10.000
Cr. Allowance to reduce inventory to NRV 10.000
(d) Inventory rebounded to 980.000, amount of inventory increased by 15.000 from the LCNRV of
965.000 to the new NRV of 980.000. But the maximum allowance is 10.000, so, we only record the
recovery of 10.000 instead of 15.000.
Dr. Recovery from loss of inventory 10.000
Cr. Loss due to decline of inventory to NRV 10.000
(e)
Jan-‐07 Dr. Accounts Receivable 440.000
(100x4.400)
Cr.
Sales
440.000
Jan-‐17 Dr. Cash
431.200
(98%x440.000)
Sales Discount
8.800
(2%x440.000)
Cr.
Accounts Receivable
440.000
(f)
Jan-‐14 Dr. Accounts Receivable 455.900
(97%x100x4.700)
Cr.
Sales
455.900
Jan-‐17 Dr. Cash
470.000
(100x4.700)
Cr.
Accounts Receivable
14.100 (3%x470.000)
Sales Discount Forfeited
455.900
(g)
Feb 1, 2012 Dr. Notes Receivable
750.000
(fair value of consideration)
Cr.
Land
700.000
Gain on Sale of Land
50.000 (750.000-‐700.000)
Dec 31, 2012 Dr. Interest Receivable
110.000
(11/12 x 12% x 1.000.000)
Cr.
Interest Revenue
110.000
Discount amortization = 1.000.000-‐750.000 = 250.000
Assume that the notes receivable is amortized using straight line method.
Dec 31, 2012 Dr. Notes Receivable
57.292
[11/12 x (1.000.000-‐750.000)/4]
Cr.
Interest Revenue
57.292
Book Value of Notes Receivable = 750.000 + 57.292 = 807.292
PT ABC will only pay 80% of it = 80% x 807.292 = 645.833
Impairment loss = 807.292 – 645.833 = 161.459
Dec 31, 2012 Dr. Bad Debt Expense
161.459
Cr.
Allowance for Doubtful Accounts
161.459