MOJAKOE AKUNTANSI KEUANGAN 1
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1 MOJAKOE AKUNTANSI KEUANGAN 1 Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE dan SPA Mentoring di :
2 UNIVERSITAS INDONESIA FACULTY OF ECONOMICS & BUSINESS MID TERM EXAM 2013/2014 FINANCIAL ACCOUNTING 1 Wednesday, 16 October (3 hours) This exam is CLOSED BOOKS; usage of financial calculator is allowed Always provide calculation on every step of your answer Provide your answer in a clear and readable form QUESTION 1 (15%) Conceptual Framework 1. What is the objective of financial statements according to the IASB conceptual framework? 2. According to the IASB conceptual framework, What are the four principal qualitative characteristics? Please explain! 3. In practice, there is often a trade-off between different qualitative characteristics of information. In these situations, an appropriate balance among the characteristics must be achieved in order to meet the objective of financial statements. Please give an example of trade-off between qualitative characteristics of information! QUESTION 2 (20%) Statement of Comprehensive Income Presented below is information related to Indostars Company in its first year of operation. The following information is provided at December 31, 2012, the end of its first year. Sales revenue 450,000 Cost of goods sold 210,000 Selling and administrative expenses 75,000
3 Gain on sale of plant assets 45,000 Unrealized gain on available-for-sale financial assets 15,000 Interest Expense 10,000 Loss on discontinued operations 20,000 Allocation to non-controlling interest 26,000 Dividends declared and paid 8,000 Instructions: a. Prepare in a good form a comprehensive income statement for the year 2012 using single statement format (including the earnings per share). Assume a 30% tax rate and that there were 100,000 ordinary shares outstanding during the year. (16%) b. Compute the retained earnings balance at December 31, (4%)
4 QUESTION 3 (20%) Statement of Financial Position The following data is summed from Bright Co. s general ledger after adjustment on December 31, 2012 (in Rp. 000). All accounts have normal balances. Cash 11,000 Accounts Receivables 7,000 Trading Securities 3,000 Merchandise Inventory 8,000 Supplies 5,000 Available for Sale Investment 6,500 Prepaid Insurance 12,000 Machine 60,000 Accumulated Depreciation - Machine 10,000 Accounts Payable 4,500 Notes Payable (due on October 1, 2014) 3,500 Unearned Fees 700 Interest Payable 900 Notes Payable (due on October 1, 2013) 2,000 Share Capital - Ordinary 60,000 Cash Dividends 5,500 Retained Earnings 20,900 Dividends Revenue 400 Sales 67,000 Income Tax Expense 1,000 Cost of Goods Sold 30,000 Utilities Expense 7,500 Interest Expense 1,500 Salaries Expense 12,500 Loss on sale of Investment 1,000 Revaluation surplus on equipment 1,100 Unrealized Gain/Loss on AFS Securities 500 Instructions: Prepare Statement of Financial Position for Bright Co. as of December 31, 2012.
5 QUESTION 4 (25%) Receivables QUESTION 4a (15%) PT Melati Tbk is assessing the nature of its provision for the year ended December 31, PT Melati calculate the impairment of trade receivables using a formulaic approach that is based on a specific percentage of trade receivables. This general provision approach has been used by the company at December 31, PT Mawar one of the credit customer has come to an agreement with PT Melati Tbk whereby the amount outstanding of Rp 1,000 (million) will be paid on December 31, The following is the analysis of the trade receivables as of December 31, 2012: Name of Debtors Balance (Rp mio) Cash Expected Rp mio Due Date PT Mawar 1,000 1,000 December 31, 2013 PT Kenanga March 2013 Other Receivables (<50 mio) 2,000 1,800 On Average 31 March 2013 Total 3,200 3,000 PT Melati Tbk. has made allowance of Rp 203 mio against trade receivables which is based on the difference between the cash expected to be received and the balance outstanding plus a 1% general allowance. PT Kenanga has a similar credit risk to the "other receivables". 1. Is PT Melati Tbk's impairment policy comply with PSAK 55, Provide with Explananations! (5%) 2. Calculate the amount of provision for impairment of trade receivables that should be provided by PT Melati under PSAK 55? provide the detail calculation! (In case necessary, the discount rate used is 10%; present value of 1 for n=1 and i=10% is ) (7.5%) 3. Prepare journal entry for the provision (2.5%) QUESTION 4b (10%) Determine whether the following transfer of receivables can be derecognized and accounted for as a sale or not. Provide an explanation and the proper accounting treatment (for the transferred receivables and the cash / consideration received) for each case: 1. PT Matahati sold its receivables to third party subject to an agreement to buy it back at a fixed price.
6 2. PT Lala sold its receivables to Mega Finance on a non-guarantee (or without recourse) basis. 3. PT Mini sold its notes receivables with an option to repurchase the note at its fair value at the time of the repurchase. 4. PT Bora-bora sold its short-term receivables in which it guarantees to compensate the buyer for any credit losses. QUESTION 5 (20%) Inventory Presented below is information related to Product D of PT Fabregas for the month of January 2013: Date Product D Qty Unit Cost 01-Jan-13 Beg. Bal Jan-13 Purchase Jan-13 Purchase Date Product D Qty Unit Price 10-Jan-13 Sales Jan-13 Sales Jan-13 Sales PT Fabregas uses the LCNRV method, on an individual-item basis, in pricing its inventory items. Ending inventory on January 31, 2013, consists of the following: Product Qty Cost Estimated Sellling Price Cost to Sell Cost to Complete A B C D???? E
7 Instructions 1. Compute the cost of goods sold and ending inventory of Product D using perpetual FIFO method. Show your calculation. (8%) 2. Calculate ending inventory as of January 31, 2013 using LCNRV method. Use your answer from #1 to complete the missing amount for Product D. (8%) 3. Prepare the journal entry required at January 31, 2013 to recognize any impairment loss of inventory using the allowance method. (4%)
8 Answers I. Question 1 1. The objective of financial statements according to IASB Conceptual Framework is to provide financial information about the reporting entity that is useful to present and portential equity investors, lenders, and other creditors in making decisions in their capacity as capital profiders. (page 42, chapter 2) 2. Four principle qualitative characteristics according to IASB Conceptual Framework(page 46) : a) Comparability: A financial statement must enable the users to identify the real similarities and differences in economic events between companies(and between periods). And includes consistency, which means that a company applies the same accounting treatment to similar events, from period to period (they must demonstrate the new adopted method if they want to change an accounting method). b) Verifabilitiy: A financial statement will be show the same result if measured by independent measurers, using the same methods. c) Timeliness: Financial statement should be able to provide information needed by decisionmakers before it loses its capacity to influence decisions. d) Understandability: Financial statement must provide information that lets reasonably informed users see its significance. 3. Trade off between relevant information in a timely manner and taking time to make sure that information is representational faithfullness. If information is not reported in a timely manner it may lose it relevance. II. Question 2 Indostars Company Statement of comprehensive income Fo period ended : 31 Dec 2012 (in ) Sales revenue 450,000 Cost of goods sold (210,000) Gross Profit 240,000
9 Selling and administrative expenses (75,000) Other income and expenses Gain on sale of plant assets 45,000 Income from Operations 210,000 Financing Expense Interest Expense (10,000) Income before tax 200,000 Tax expense (30%) (60,000) Income from continuing operation 140,000 Loss on discontinued operations (20,000) Income tax on loss from DO 6,000 Net profit/loss from discontinued operations (14,000) Net Income 126,000 Other Comprehensive Income Unrealized gain on available-for-sale financial assets 15,000 Income tax on unrealized gain on AFS (4,500) Comprehensive income 136,500 Attributeable to: Shareholders of Indostars Company 110,500 Allocation to non-controlling interest 26,000 EPS 1,105 Retained earnings balance on 31 Dec 2012 = 102,500
10 III. Question 3 Bright Co Statement of Financial Position On 31 Dec 2012 Cash Rp Accounts Payable Rp4.500 Account Receivable Rp7.000 Notes Payable Rp2.000 Trading Securities Rp3.000 Unearned Fees Rp700 Merchandise Inventory Rp8.000 Interest Payable Rp900 Supplies Rp5.000 Total Current Liabilities Rp8.100 Prepaid Insurance Rp Non-Current Liabilities Total Current Assets Rp Notes Payable Rp3.500 Non-Current Assets Total Non-Current Liabilities Rp3.500 Machine Rp Owner's Equity AFS Investment Rp6.500 Acc. Dep - Machine (Rp10.000) Share Capital Ordinary Rp Total Non-Current Assets Rp Retained Earnings Rp AOCI Revaluation Surplus Rp1100 Total Assets Rp Unrealized Gain Rp500 Total Owner's Equity Rp Total Liabilities + Owner's Equity Rp a IV. Question 4 1. Its not complied with PSAK 55. Because based on PSAK 55 the cash should be present valued, while the situation does not present valued the cash. 2. Amount of Provision for the Trade receivables
11 Book Balance (mio) PT Mawar PT Kenanga and others Total Cash Expected (mio) 3. Journal Entry for the Provision Impairement Allowance Required 291 Book Balance 203 Additional Provision Required 88 Impairement Loss...88 Allowance for Impairement b. 1) No, Because PT Matahari still has the duty to buy it back (pretty similar to as returning the money they ve lent). Treated as a liability (secured borrowing) 2) Yes, because it is followed by the transfer of risk and reward of the receivable. Treated as an income (sale of account receivable, without guarantee) 3) Yes,since PT Mini has the option to buy it back again, not a duty. Treated as an income (sale of account receivable, without guarantee) 4) No, because the risks of the receivable are still PT Bora-Bora s duty. Therefore, it s a guaranteed sale which also referred as a failed sale. Treated as a liability (sale of account receivable, with guarantee) V. Question 5 1. Date Purchased Sold or issued Balance Total Total Total 01-Jan Jan Jan
12 19-Jan Jan Jan COGS = = Ending inventory : : Product Qty Cost Net Realizable Value Final Inventory value A B C D E *NRV = Estimated selling price - cost to sell - cost to complete 3. Loss Due to Decline of Inventory to NRV Allowance to reduce Inventory to NRV
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