MOJAKOE AKUNTANSI KEUANGAN LANJUTAN

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1 MOJAKOE AKUNTANSI KEUANGAN LANJUTAN Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE dan SPA Mentoring di :

2 MID TERM EXAM Advanced Financial Accounting Team Teaching Friday, November 25 th, hours CLOSED BOOKS & NOTES Notes : Usage of calculator is allowed. Usage of laptop, handphone, and other similar gadget IS NOT allowed. Always provide calculation on every step of your answer. Question 1 (20%) PT Jujur Bersih purchased PT Anti Korupsi s net assets on January 3, 2013, for Rp625,000,000 cash. All of PT Anti Korupsi s net assets and liabilities were immediately transferred to PT Jujur Bersih. In addition, Rp5,000,000 of direct costs was incurred in consummating the combination. At the time of acquisition, PT Anti Korupsi reported the followings carrying cost and current market data : Balance Sheet Item Carrying Value Fair Value (in rupiahs) (in rupiahs) Cash and Receivables 50,000,000 50,000,000 Inventory 100,000, ,000,000 Buildings and Equipment (net) 200,000, ,000,000 Patent - 200,000,000 Total Assets 350,000, ,000,000 Account Payable 30,000,000 30,000,000 Common Stock 100,000,000 Additional Paid-in Capital 80,000,000 Retained Earnings 140,000,000 Total Liabilities and Equities 350,000,000 Required : 1. Give the journal entry or entries with which PT Jujur Bersih recorded its acquisition of PT Anti Korupsi s net assets, include related to direct cost expenditure. (10%)

3 2. Give the journal entry or entries with which PT Anti Korupsi recorded the transaction. (10%) Question 2 (35%) PT Parent acquired 85% ownership in PT Son s stock on January 2, 20X1 for Rp 408,000,000. At that time, the equity of PT Son consisted of ordinary shares and retained earnings of Rp 300,000,000 and Rp 100,000,000 respectively. Fair value of the non controlling interest was Rp 72,000,000. Fair value of the net assets of PT Son was Rp 430 million, which were equal to book value except for the fair value of inventories and building were higher for Rp 10,000,000 and Rp 20,000,000 than its book value respectively. At the time of acquisition, PT Son s building had remaining economic life for 5 years. PT Parent records its investment using the fully adjusted equity method. In 20X1 PT Son reported a net income of Rp 50,000,000 and declared dividens for Rp 30,000,000. PT Parent has a policy to conduct impairment of goodwill. In 20X2, PT Parent considered to impair the goodwill for Rp 20,000,000. Financial statement information in 20X2 for two companies are presented in working paper (see the attachment). Required : 1. Prepare the excess of fair value and goodwill computation at acquisition date. (5%) 2. Give all eliminating entries needed to prepare consolidation worksheet for 20X2. (20%) 3. Complete the consolidation worksheet for 20X2 attached. (10%)

4 Question 3 (25%) Saia Corp acquired 80% ownership of Sakato Corp at book value on January 1, On acquisition date, Sakato Corp Common Stock and Retained Earnings were $250,000 and $150,000, respectively. The following are separate earnings and dividend for Saia Corp and Sakato Corp. Saia Corp Sakato Corp Year Earnings Dividend Earnings Dividend ,000 75,000 75,000 30, ,000 80,000 90,000 40, , , ,000 45,000 a. On July 1, 2011, Saia Corp purchased invetory from Sakato Corp for $15,000. This inventory was acquired by Sakato Corp from non-affiliate for $8,000 on January 31, Saia Corp sold 75% of this inventory to non-affiliate on 2011 for $15,000 and the rest of it on 2012 for $5,000. Required : Prepare journal entries for Saia Corp and eliminating entries at the end 2011 assuming that Saia Corp used fully adjusted equity method to account its investment on Sakato Corp. See the hints below. (12.5%) b. On January 1, 2012, Sakato Corp bought an equipment from Saia Corp for $85,000 which cost Saia Corp $100,000. Saia Corp purchased this equipment on December 31, 2009 from non-affiliate, with expected useful life of 10 years and no residual value. Saia Corp used straight line method to depreciate the equipment. Sakato Corp management decided to continue depreciating the equipment using the straight line method with no residual value and 8 years expected useful life. Required : Prepare journal entries for Saia Corp and eliminating entries at the end of 2012 assuming that Saia Corp used cost method to account its investment on Sakato Corp. See the hints below. (12.5%)

5 Hints: The above transactions are independent of each other. Except for the BV Sakato Corp, separate earnings, and dividend information, please use the information on each transaction only to do the requirement. Journal entries that you have to make : recognize income from subsidiary, dividend from subsidiary and intercompany transaction adjustment. Eliminating entries that you have to make : basic elimination entry and intercompany transaction elimination entry. Question 4 (20%) PT Siang Miang issued to PT Bariton Rp400,000 par value, 10 year bonds with a coupon rate of 12% on January 1, 2005, the bonds are issued at a premium, Rp420,000 to yield the current market interest rate of 11%. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2008, PT Propoti purchased Rp 100,000 of the bonds from PT Bariton for Rp104,900. Note that PT Propoti s purchase price reflects the current market interest rate of 10% when the bonds have 14 payments left to maturity. PT Propoti owns 65% of the voting commfdcon shares of PT Siang Miang and prepares consolidated financial statement. Both PT Propoti and PT Siang Miang amortized bonds premiums using the effective interest method. Additional information : Bond Premium Amortization table, when PT Siang Miang issued to PT Bariton Payment Period Interest Interest Amortization Carrying Value Number End Payment Expense Premium of Bonds 01/01/05 420, /07/05 24,000 23,100 (900) 419, /01/06 24,000 23,051 (949) 418, /07/06 24,000 22,998 (1,002) 417, /01/07 24,000 22,943 (1,057) 416, /07/07 24,000 22,885 (1,115) 414, /01/08 24,000 22,824 (1,176) 413, /07/08 24,000 22,759 (1,241) 412, /01/09 24,000 22,691 (1,309) 411, /07/09 24,000 22,619 (1,381) 409, /01/10 24,000 22,543 (1,457) 408, /07/10 24,000 22,463 (1,537) 406,876 etc

6 Bond Premium Amortization table, when PT Propoti purchased from PT Bariton Payment Period Interest Interest Amortization Carrying Value Number End Payment Expense Premium of Bonds 01/01/08 104, /07/08 6,000 5,245 (755) 104, /01/09 6,000 5,207 (792) 103, /07/09 6,000 5,168 (832) 102, /01/10 6,000 5,126 (874) 101, /07/10 6,000 5,082 (918) 100,728 etc Required : A. Assume PT Propoti use equity method to record its investment in PT Siang Miang (15%) 1. Prepare the worksheet elimination entry or entries needed to remove the effects of the incorporate bond ownership in preparing consolidated financial statement for Assuming that PT Siang Miang reports net income of Rp 20,000 for 2008, compute the amount of income assigned to noncontrolling shareholders in the 2008 consolidated income statement. 3. Prepare the worksheet elimination entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statement for B. Assume PT Propoti use cost method to record its investment in PT Siang Miang (5%) Prepare the worksheet elimination entry or entries to remove the effects of the intercorporate bond ownership in preparing consolidated financial statement for the end ---

7 Answers : Question 1 1. Give the journal entry or entries with which PT Jujur Bersih recorded its acquisition of PT Anti Korupsi s net assets, include related to direct cost expenditure. (10%) Record direct cost expenditure : Merger Expense 5,000,000 Cash 5,000,000 Record acquisition of PT Anti Korupsi : Cash and Receivables 50,000,000 Inventory 150,000,000 Buildings and Equipment (net) 300,000,000 Patent 200,000,000 Accounts Payable 30,000,000 Cash 625,000,000 Gain on Bargain Purchase of PT Anti Korupsi 45,000,000* * Computation of gain : Fair value of consideration given 625,000,000 Fair value of net assets acquired (Net asset = Total Assets Total Liabilities) (Net asset = 700,000,000 30,000,000) (670,000,000) Gain on bargain purchase 45,000,000

8 2. Give the journal entry or entries with which PT Anti Korupsi recorded the transaction. (10%) Record transfer of assets to Jujur Bersih Cash 625,000,000 Accounts Payable 30,000,000 Cash and Receivables 50,000,000 Inventory 100,000,000 Buildings and Equipment (net) 200,000,000 Gain on Sale of Net Assets 305,000,000 Question 2 Answers : 1. Prepare the excess of fair value and goodwill computation at acquisition date. (5%) Fair value of consideration Rp * Book value of PT Son s net assets Common stock- PT Son Rp Retained earnings PT Son Rp Rp Difference between fair value and book value Rp Computation of fair value of consideration: *Fair value of consideration = the fair value of the consideration given + the fair value of the non controlling interest Fair value of consideration = Rp Rp Fair value of consideration = Rp Of this total Rp differential, Rp relates to the excess of the acquisitiondate fair value over the book value of PT Son s Net Identifiable Assets. The remaining Rp

9 of the differential, the excess of the consideration given and the non controlling interest over the fair value of PT Son s Net Identifiable Assets, is assigned to goodwill. Goodwill = Rp Excess Fair Value of Net Identifiable Assets = Rp Book Value of Net Identifiable Assets = Rp Goodwill = 85% x Rp = Rp (assigned to parent) Excess Fair Value of Net Identifiable Assets = 85% x (Rp Rp ) = 85% x Rp ,00 = Rp Book Value of Net Identifiable Assets = 85% x Rp = Rp Give all eliminating entries needed to prepare consolidation worksheet for 20X2. (20%) Parent (85%) + NCI (15%) = Common Stock + Retained Earning Jan 2, 20X1 340,000,000 60,000, ,000, ,000,000 Net Income 42,500,000 7,500,000 50,000,000 Dividend -25,500,000-4,500,000-30,000,000 End. Bal 20X1 357,000,000 63,000, ,000, ,000,000 Net Income 59,500,000 10,500,000 70,000,000 Dividend -34,000,000-6,000,000-40,000,000 End. Bal 20X2 382,500,000 67,500, ,000, ,000,000 Basic Elimination Entry (20X2) : Common Stock 300,000,000 Retained Earnings 120,000,000 Income from PT Son 59,500,000 NCI in NI of PT Son 10,500,000 Dividend Declared 40,000,000 Investment in PT Son 382,500,000 NCI in NA of PT Son 67,500,000

10 Parent (85%) + NCI (15%) = Inventory + Building + Acc. Depr. + Goodwill Jan 2, 20X1 68,000,000 12,000,000 10,000,000 20,000,000 50,000,000 Amortization -11,900,000-2,100,000-10,000,000-4,000,000 End. Bal 20X1 56,100,000 9,900, ,000,000-4,000,000 50,000,000 Amortization -20,400,000-3,600,000-4,000,000-20,000,000 End. Bal 20X2 35,700,000 6,300, ,000,000-8,000,000 30,000,000 Asumsi : Nilai differential dari inventory di-adjust pada akhir tahun pertama, karena keterangannya tidak disebutkan pada soal. Asumsi ini berdasarkan umur ekonomis inventory (tergolong current asset) yang pada umumnya kurang dari 1 tahun. Sedangkan untuk building mengikuti umur ekonomis seperti yang tercantum pada soal. Impair the goodwill for 20,000,000 Building had remaining economic life for 5 years. 20,000,000 : 5 years = 4,000,000/year The Excess Value Reclassification Entry : Building 20,000,000 Goodwill 30,000,000 Acc. Depr 8,000,000 Investment in PT Son 35,700,000 NCI in NA of PT Son 6,300,000 Amortized Excess Value Reclassification Entry : Depreciation expense 4,000,000 Loss on Impairment 20,000,000 Income from PT Son 20,400,000 NCI in NI of PT Son 3,600,000

11 3. Complete the consolidation worksheet for 20X2 attached. (10%) PT Parent and Subsidiary Consolidation Working Paper For The Year Ended 20X2 Elimination Income Statement Parent Son Dr Cr Consolidated Sales 400,000, ,000,000 Rp620,000,000 Income from Son 39,100,000-59,500,000 20,400,000 Rp0 COGS -249,750, ,000,000 (Rp354,750,000) Depreciation Expense -35,500,000-25,000,000 4,000,000 (Rp64,500,000) Other Operating Expense -18,200,000-20,000,000 (Rp38,200,000) Loss -5,000,000 20,000,000 (Rp25,000,000) Net Income 130,650,000 70,000,000 83,500,000 20,400,000 Rp137,550,000 NCI in NI 10,500,000 3,600,000 (Rp6,900,000) CI in NI 130,650,000 70,000,000 94,000,000 24,000,000 Rp130,650,000 Statement of Retained Earnings R/E 1 Jan 271,350, ,000, ,000,000 Rp271,350,000 Net Income 130,650,000 70,000,000 94,000,000 24,000,000 Rp130,650,000 Dividend Declared -80,000,000-40,000,000 40,000,000 (Rp80,000,000) R/E 31 Dec 322,000, ,000, ,000,000 64,000,000 Rp322,000,000 Balance Sheet Cash 45,000,000 20,000,000 Rp65,000,000 Receivables 52,250,000 33,500,000 Rp85,750,000 Inventory 131,150,000 92,500,000 Rp223,650,000 Land 80,000,000 45,000,000 Rp125,000,000

12 Building 643,000, ,000,000 20,000,000 Rp1,108,000,000 Investment in Son 418,200, ,200,000 Rp0 Goodwill 30,000,000 Rp30,000,000 Debit 1,369,600, ,000,000 50,000, ,200,000 Rp1,637,400,000 Accumulated Dep 186,000, ,500,000 8,000,000 Rp317,500,000 Account Payable 11,600,000 12,500,000 Rp24,100,000 Bond Payable 150,000,000 50,000,000 Rp200,000,000 Common Stock 700,000, ,000, ,000,000 Rp700,000,000 R/E 31 Dec 322,000, ,000, ,000,000 64,000,000 Rp322,000,000 NCI in NA 73,800,000 Rp73,800,000 Credit 1,369,600, ,000, ,000, ,800,000 Rp1,637,400,000 Question 3 a. Prepare journal entries for Saia Corp and eliminating entries at the end 2011 assuming that Saia Corp used fully adjusted equity method to account its investment on Sakato Corp. (12.5%) Resold = 75% x 15,000 = 11,250 Ending Inventory = 25% x 15,000 = 3,750 Jan 31, July 1, $15, Sub 2011 Parent $ 8,000 Sakanto Saia Corp $15,000 Corp $15,000

13 At the end 2011, Total = Resold (75%) + On Hand (25%) Sales 15,000 11,250 3,750 COGS 8,000 6,000 2,000 Gross Profit 7,000 5,250 1,750 Gross Profit (%) 46.67% Notes : Gross Profit = Sales Cost of Goods Sold Unrealized Gross Profit Gross Profit percentage = (Gross Profit/ Sales) x 100 Saia (80%) + NCI (20%) = Common Stock + Retained Earning Beginning (2010) 320,000 80, , ,000 Net Income 60,000 15,000 75,000 Dividend (24,000) (6,000) ) (30,000) Ending (2010) 356,000 89, , ,000 Net Income 72,000 18,000 90,000 Dividend (32,000) (8,000) ) (40,000) Ending (2011) 396,000 99, , ,000 Journal Entries (at the end 2011) : 1. Record Saia 80% share of Sakato Corp 2011 income Investment in Sakato Corp 72,000* Income from Sakato Corp 72,000* *72,000 = 80% x 90,000

14 2. Record Saia 80% share of Sakato Corp 2011 dividend Cash 32,000* Investment in Sakato Corp 32,000* *32,000 = 80%* x 40, The deferral of Saia relative share of the unrealized gross profit Income from Sakato Corp 1,400* Investment in Sakato Corp 1,400* *1,400 = 80% x 1,750 Eliminating entries : 1. Basic elimination entry Common Stock 250,000 Retained Earning 195,000 Income from Sakato Corp 70,600 NCI in Net Income of Sakato Corp 17,650 Dividend declared 40,000 Investment in Sakato Corp 394,600 NCI in NA of Sakato Corp 98,650 Notes : 1. Income from Sakanto Corp 72,000 (80% x 1,750) = 70, NCI in Net Income 18,000 (20% x 1,750) = 17, Investmentd in Sakato Corp 396,000 (80% x 1,750) = 394, NCI in NA of Sakato Corp

15 99,000 (20% x 1,750) = 98, Eliminate Inventory Purchases from Sakato Corp (still on hand) Sales 15,000 Cost of Good Sold 13,250 Inventory 1,750 b. Prepare journal entries for Saia Corp and eliminating entries at the end of 2012 assuming that Saia Corp used cost method to account its investment on Sakato Corp. (12.5%) Materi tidak terdapat pada silabus sebelum UTS. Question 4 Materi tidak terdapat pada silabus sebelum UTS.