SPA Mentoring. Akuntansi Keuangan 1

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1 SPA Mentoring Akuntansi Keuangan 1 Dilarang Memperbanyak Mojakoe ini tanpa seijin SPA FEUI Mojakoe dapat didownload di Fb: SPA FEUI

2 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?

3 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 In 2001, the company issued %- cumulative preferred shares at $100 with the $30 par value. The company also issued $20 common stock at $ 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 $ Bonds payable of $ , with interest 12% pa, will be due on The interest is annually paid on March Notes payable of $ with interest 8% pa, due on December 31, It will be paid on January 7, The only accounts payable as of December 31 is $ with credit term 2/20 n/eom. 6. The useful life of PPE of $ is 10 years, these assets have been depreciated for 6 years and this year is the 7 th year. The Equipment of $ , which has been depreciated for 6 years is sold for $ at end of year. At the beginning of the year, company purchased the new equipment of $ and the useful life is 5 years. 7. Investment in PT Ridiculous for $ It s intended to gain control over the company. 8. Company has a patent of $ 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 $ 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 $ and the beginning of inventory is $ The $ inventory was sold for $ 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 $ Utilities expense which have not been paid is $ The company reported income of $ The company pay dividends of $ for preferred stock and $ 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 $ The bank statement shows cash of $ 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

4 Available- for- sale Financial Assets (24.000) Cashflow Hedges (667) Cost of Goods Sold Distribution Costs Exchange Differences on Translating Foreign Operations Finance Costs Gains on Property Revaluation 933 Gross Profit Income tax Expense (25%) Income Tax Relating to Components of OCI Loss for the Year from Discontinued Operations Other Comprehensive Income for the Year, net of tax Other Expenses Other Income Profit Before Tax Profit for the Year Profit for the Year from Continuing Operations Sales Share of Other Comprehensive Income of Associates 400 Share of Profit of Associates Total Comprehensive Income for the Year Problem 4- Inventory and Accounts Receivable This is the inventory data available for the month of January All sales are on account. Units Price per unit Inventory at Jan Purchases Jan Jan

5 Jan Sales Customer Term Jan A 2/10, n/eom Jan B 3/10, n/10 Jan C 2/10, n/20 Jan 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 and the cost to complete and sell is 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 , 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 four- year note from PT ABC, bearing interest at 12% annually, in exchange for land. The book value of land is while the fair value is 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. Problem 1 Answer : 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

6 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 Short- term Investment (dicatat pada market value) 2 Accounts Receivable (net) (100%- 2%)x Prepaid Expenses Inventory Property, Plant, and Equipment (7/10 x ) + (1/5 x Accumulated Depreciation ) Long- term Investment Intangible Assets Total Assets Accounts Payable Notes Payable Salary and Wages Payable x x800 9

7 Interest Payable Dividends Payable (9/12 x 12% x ) + (8%x20.000) accumulated (incl. this year= 3x10%x = paid= payable= , 4 13 Accrued Expense Bonds Payable Total Liabilities Share Capital- Preferred x$30 1 Share Premium- Preferred x($100- $30) 1 Share Capital- Ordinary x$20 1 Share Premium- Ordinary x($50- $20) 1 Retained Earnings Total Equity Total Liabilities and Equity Problem 3 PT XYZ Statement of Comprehensive Income For the Period Ending 31 December, 2011 Sales Cost of Goods Sold ( ) Gross Profit Other Income Distribution Costs (9.000) Administrative Expenses (20.000) Other Expenses (2.100) Finance Costs (8.000) Share of Profit of Associates Profit Before Tax

8 Income tax Expense (25%) (40.417) Profit for the Year from Continuing Operations Loss for the Year from Discontinued Operations (30.500) Profit for the Year Other Comprehensive Income Exchange Differences on Translating Foreign Operations 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 Other Comprehensive Income for the Year, net of tax (14.000) Total Comprehensive Income for the Year Problem 4 (a) Units Price per unit Total Beg. Invetory Purchases Jan Jan Jan Sales COGAS Jan Jan Jan Jan

9 COGS Ending Inventory (COGAS- COGS) (b) Units in brackets Date Purchased Sales Balance Jan (100) Jan (200) (300) Jan (100) (200) Jan (250) (450) Jan (100) (350) Jan (150) (200) Jan (100) (300) Jan (100) (200) Ending Inventory = (c) Net Realizable Value (NRV) = Selling price Cost to complete and sell = = Cost (assume using FIFO) = LCNRV = Inventory should be reduced by ( ) Dr. Loss due to decline of inventory to NRV Cr. Allowance to reduce inventory to NRV (d) Inventory rebounded to , amount of inventory increased by from the LCNRV of to the new NRV of But the maximum allowance is , so, we only record the recovery of instead of Dr. Recovery from loss of inventory Cr. Loss due to decline of inventory to NRV

10 (e) Jan- 07 Dr. Accounts Receivable (100x4.400) Cr. Sales Jan- 17 Dr. Cash (98%x ) Sales Discount (2%x ) Cr. Accounts Receivable (f) Jan- 14 Dr. Accounts Receivable (97%x100x4.700) Cr. Sales Jan- 17 Dr. Cash (100x4.700) Cr. Accounts Receivable (3%x ) Sales Discount Forfeited (g) Feb 1, 2012 Dr. Notes Receivable (fair value of consideration) Cr. Land Gain on Sale of Land ( ) Dec 31, 2012 Dr. Interest Receivable (11/12 x 12% x ) Cr. Interest Revenue Discount amortization = =

11 Assume that the notes receivable is amortized using straight line method. Dec 31, 2012 Dr. Notes Receivable [11/12 x ( )/4] Cr. Interest Revenue Book Value of Notes Receivable = = PT ABC will only pay 80% of it = 80% x = Impairment loss = = Dec 31, 2012 Dr. Bad Debt Expense Cr. Allowance for Doubtful Accounts