AKUNTANSI KEUANGAN

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Caitlin Harrell
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1 AKUNTANSI KEUANGAN

2 MOJAKOE AKUNTANSI KEUANGAN 1 Problem A Conceptual Framework 1. Identify the accounting assumption, principle, or constraint that describes each situation below: a. Allocates expenses to revenues in the proper period. b. Indicated that fair value changes subsequent to purchase are not recorded in the accounts. c. Ensures that all relevant financial information is reported. d. Rationale why plant assets are not reported at liquidation value. e. Generally records revenue at the point of sale. f. Indicates that personal and business record keeping should be separately maintained. g. Separates financial information into time periods for reporting purposes. h. Permits the use of fair value valuation in certain situations. i. Requires that information significant enough to affect the decision of reasonably informed users should be disclosed. j. Assumes that the Rupiah is the measuring stick used to report on financial performance. k. Goodwill is recorded only at time of purchase. l. Fair value changes are not recognized in the accounting periods. JAWABAN: (a) Expense recognition principle. (b) Cost principle. (c) Full disclosure principle. (d) Going concern assumption. (e) Revenue recognition principle. (f) Economic entity assumption. (g) Periodicity assumption. (h) Fair value principle. (i) Materiality constraint. (j) Monetary unit assumption. (k) Historical cost assumption (l) Historical cost assumption

3 2. Identify the appropriate qualitative characteristic(s) to be used given the information provided below: a. Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. b. Quality of information that confirms users earlier expectations. c. Imperative for providing comparisons of a company from period to period. d. Ignores the economic consequences of a standard or rule. e. Requires a high degree of consensus among individuals on a given measurement. f. Issuance of interim reports. JAWABAN (a) Comparability (b) Confirmatory value (c) Comparability (d) Neutrality (e) Verifiability (f) Timeliness Problem B Statement of Profit or Loss and Other Comprehensive Income Here is income statement of PT MEJIK for the period ended 31 December Sales Cost of goods sold Gross profit Selling and administrative expenses Pretax income Income tax (30%) Net income Additional information (all below transaction has not been included in preparing income statement, except differently stated): 1. PT MEJIK incurred loss due to its own building damage by an earthquake. Book value of the building was Rp and insurance company only covered Rp of the loss.

4 2. PT MEJIK sold its investment in a banking company and bore Rp loss due to declining stock s Price. 3. PT MEJIK changed its estimation on doubtful account which causing additional bad debt expense for the period increase by Rp This amount has been reported as part of selling and administrative expenses. 4. On 1 October 2016, MEJIK determined to sold done of its division to avoid further loss. Operating loss from 1 January - 1 October 2016 was Rp (before tax). Company got gain on sale of this division by Rp (before tax). 5. In 2016 PT MEJIK bought a financial instrument which classified as available for sale. In the end of the year, the instrument value was reported Rp (before tax) below of its acquisition price. 6. PT MEJIK changed depreciation method from straight line to double declining in the beginning of the year. Total depreciation for was Rp for straight line, compared to Rp 24,296,500 for double declining. 7. Inventory value was reported declined by Rp Average number of outstanding ordinary share during the year was shares. 9. Retained earnings as of 1 January 2016 was Rp and an amount of Rp was paid as preferred dividend for Tax rate is 30%. Required: Prepare comprehensive income statement for period ended 2016 according to PSAK 1! *Pada problem B poin 6, di bagian additional information, perubahan metode depresiasi dari straight line ke double declining merupakan perubahan estimasi akuntansi, bukan merupakan perubahan prinsip akuntansi. Perubahan estimasi tersebut bersifat prospektif, sehingga perubahan nilai dari tahun-tahun sebelumnya akan disesuaikan (di-adjust) di tahun tersebut.

454 Loss incurred by discontinued operation (65,000,000:12,000) (5,416.

5 JAWABAN MEJIK 31, 2016 EARNINGS PER SHARE Income from continuing operations [(114,417,450 14,500,000) : 12,000)] 8, Loss incurred by discontinued operation (65,000,000:12,000) (5, ) Gain on sale of division (25,000,000:12,000) 2, Income tax on sale of operation (12,000,000:12,000) 1,000

6 Problem C Statement of Financial Position Presented below is the trial balance of PT. Ajinomoto at December 31, 2014 (in $). Account Amount Cash 217,000 Sales 7,876,300 Trading Securities 153,000 COGS 4,800,000 Long-term Investment in Bonds 322,700 Long-term Investment in Share Capital Ordinary 282,000 Notes Payable 965,000 Accounts Payable 375,000 Selling Expense 1,875,000 Investment Revenue 63,000 Land 260,000 Building (at historical cost) 1,040,000 Dividend Payable 161,250 Accrued Liabilities 96,000 Accounts Receivable 435,000 AFDA 25,000 Administrative Expense 917,000 Interest Expense 18,900 Inventories 673,000 Provision for Pension (Employee Benefit) 60,000 Equipment (at historical cost) 600,000 Bonds Payable 1,000,000 Franchise 160,000 Share Capital Ordinary 1,000,000 Treasury Shares 192,700 Dividend 10,000

7 Patent 195,000 Retained Earnings (1 st January 2014) 117,000 Accumulated Other Comprehensive Income 34,000 Additional Information (company use straight line depreciation): a) Notes Payable of $90,000 is due on November b) Included in the amount of land is $95,000 land held for future plant site. c) Included in the amount of cash is $77,000 cash restricted for plant expansion. d) Equipment was purchased on 31 st May 2012 and has 8 years estimated useful life. e) Building was purchased on 31 st Dec and has 20 years estimated useful life. f) Not included in administrative expense is depreciation expense for building and equipment. Instructions: Prepare a right classified statement of financial position as of December 31, 2014 for PT. Ajinomoto.

8 JAWABAN PT. Ajinomoto Statement of Financial Position As of December 31, 2014 (in $) (in $) ASSETS LIABILITIES Current Asset Current Liabilities Cash 140,000 Accounts Payable 375,000 Accounts Receivable 435,000 Notes Payable 90,000 Less: AFDA (25,000) Dividend Payable 161,250 Inventories 673,000 Accrued Liabilities 96,000 Trading Securities 153,000 Total Current Liabilities 722,250 Total Current Assets 1,376,000 Property, Plant, and Equipment Non Current Liabilities Land 165,000 Notes Payable 875,000 Building 1,040,000 Bonds Payable 1,000,000 Less: Acc. Depre. - Building (312,000) Provision for Pension 60,000 Equipment 600,000 Total Non Current Liabilities 1,935,000 Less: Acc. Depre. - Equipment (193,750) Total PPE 1,299,250 Total Liabilities 2,657,250 Long-term Investment EQUITY Investment in Bond 322,700 Share Capital Ordinary 1,000,000 Investment in Share Capital Ordinary 282,000 Retained Earnings 308,400 Total Long-term investment 604,700 AOCI 34,000 Less: Treasury Shares (192,700) Intangible Assets Total Equity 1,149,700 Patent 195,000 Franchise 160,000 Total Intangible Assets 355,000 Other Assets Restricted Cash 77,000 Land held for future plant site 95,000 Total Long-term Investment 172,000 Total Assets 3,806,950 Total Liabilities & Equity 3,806,950

9 Problem D PT BOHONG Comparative Statement of Financial Position As of December 31, 2008 (in US$) Cash Accounts Receivable (net) 45,000 51,300 53,500 58,000 Merchandise Inventory 147, ,000 Investments (Available for Sale) - 60,000 Equipment 493, ,000 Less Accumulated Depr. - (113,700) (128,000) Total Assets 622, ,500 Account Payable 61,500 42,600 Bonds Payable - 100,000 Common Stock 250, ,000 APIC 75,000 50,000 Retained Earning 236, ,900 Total Liabilities and Equity 622, ,500 PT BOHONG Income Statement (in US$) For the year ended December, (in US$) Sales 623,000 COGS (348,500) Gross Profit 274,500 Operating Expenses Depreciation Expense (24.700) Other Operating Expense (75,300) (100,000) Income From Operation 174,500 Other Income and Expense Gain on Sale of Investment 5,000 Interest Expenses (12,000) (7,000) Income before Income Tax 167,500 Income Tax (64,100) Net Income 103,400 Additional information: a. In 2008, equipment that had been fully depreciated with cost $39,000 was written-off. A new equipment costing $157,000 was later brought. b. Bonds payable worth $100,000 was paid on its nominal value in c. 5,000 ordinary shares were issued on its market price of $15 in 2008.

10 d. Cash dividends were declared and paid in e. Tax rate was 35%. f. Earning before interest and tax in 2007 was $160,000. g. Interest expense in 2007 was $11,500. h. Dividen declared and paid in 2007 was $32,000. i. The market prices of ordinary shares in 2007 and 2008 were $13 and $15. Instructions: a. Prepare a statement of cash flows for PT BOHONG using direct method in determining net cash flow from operating activities for the year ended December 31, b. Prepare statement of cash flow from operating activities only using indirect method.

11 JAWABAN PT BOHONG STATEMENT OF CASH FLOW For the Year Ended December, (in thousand rupiah) DIRECT METHOD Cash Flow from Operating Activities Cash receipt from Customer 935,000,000 Cash paid to supplier (604,000,000) Cash paid for operating expense (228,000,000) Cash paid for income tax (43,000,000) Net Cash Provided by Operating Activities 60,000,000 Cash Flow from Investing Activities Cash paid for buy investment (5,000,000) Cash paid for buy equipment (32,000,000) Cash receipt from selling investment 50,000,000 Cash receipt from selling investment 3,000,000 Net Cash Used by Investing Activities 16,000,000 Cash Flow from Financing Activities Cash receipt from issuing shares 35,000,000 Cash paid to retire bonds payable (8,000,000) Cash paid for dividend (74,000,000) Net Cash Used by Financing Activities (47,000,000) Net decrease in cash 29,000,000 Cash balance January, ,000,000 Cash balance December, ,000,000 PT BOHONG STATEMENT OF CASH FLOW For the Year Ended December, (in thousand rupiah) INDIRECT METHOD - Operating Activities Net Income 67,000,000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 20,000,000 Gain on sale of Investment (15,000,000) Loss on sale of equipment 3,000,000 Bad Debt Expense 2,000,000 Increase in accounts receivable (15,000,000) Increase in inventory (14,000,000) Increase in accounts payable 10,000,000 Increase in income tax payable 2,000,000 (7,000,000) Net Cash Flow From Operating Activities 60,000,000

12 Problem E On July 1, 2015, PT DEF (Persero) Tbk Construction Company Inc. contracted to build an office building for PT GHI for a total contract price of USD 1,900,000. On July 1, PT DEF (Persero) Tbk estimated that it would take between 2 and 3 years to complete the building. On December 31, 2017, the building was deemed substantially completed. Following are accumulated contract cost incurred, estimated costs to complete the contract, and accumulated billings to PT GHI for 2015, 2016 and Contract cost incurred to date USD 300,000 USD 1,200,000 USD 2,100,000 Estimated costs to complete USD 1,200,000 USD 800,000 - Billings to PT GHI USD 300,000 USD 1,100,000 USD 1,850,000 Required: 1. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of the contract for the years ended December 31, 2015, 2016 and 2017 (ignore income taxes). 2. Using the cost-recovery method, prepare schedules to compute the profit or loss to be recognized as a result of the contract for the years ended December 31, 2015, 2016 and 2017 (ignore income taxes).

13 JAWABAN a) Computation using Percentage of Completion Method 2015 (USD) Cost to date (31 December 2015) 300,000 Estimated cost to complete 1,200,000 Estimated total cost 1,500,000 Percent complete (USD300,000/USD1,500,000) 20% Revenue recognized (USD1,900,000 * 20%) 380,000 Cost incurred 300,000 Profit recognized in , (USD) Cost to date (31 December 2016) 1,200,000 Estimated cost to complete 800,000 Estimated total cost 2,000,000 Contract price 1,900,000 Total loss 100,000 Total loss 100,000 Plus gross profit recognized in ,000 Loss recognized in ,000 OR Percent complete (USD1,200,000/USD2,000,000) 60% Revenue recognized in 2016 (USD1,900,000 * 60%) - USD 380, ,000 Cost incurred in 2016 (USD1,200,000 - USD 300,000) 900,000 Loss to date 140,000 Loss attributable to 2017 *) 40,000 Loss recognized in ,000 *) 2017 Revenue (USD1,900,000 - USD 380,000 - USD 760,000) 760, estimated cost 800, loss (40,000) 2017 (USD) Cost to date (31 December 2017) 2,100,000 Estimated cost to complete - Estimated total cost 2,100,000 Contract price 1,900,000 Total loss 200,000 Total loss 200,000 Plus gross profit recognized in ,000 Less loss recognized in ,000 Loss recognized in ,000

14 b) Computation using Percentage of Cost Recovery Method None 2016 (USD) Cost to date (31 December 2015) 1,200,000 Estimated cost to complete 800,000 Estimated total cost 2,000,000 Deduct contract price 1,900,000 Loss recognized in , (USD) Total cost incurred 2,100,000 Total revenue recognized 1,900,000 Total loss on contract 200,000 Deduct loss recognized in ,000 Loss recognized in ,000

15 Problem F Arayu company has two line clothing product as known as shima hijab and vanilla hijab. the company is in the process preparing its annual financial statement fot December 31, The schedule below summarizes the relevant inventory cost and market data as December 31, 2105: Unit Purchase price Expected Sales price Cost to sell NRV/Unit Shima ,000 65,000 25,000? Vanilla ,000 75,000 40,000? Allowance to reduce inventory to NRV has a credit balance Rp Allowance to reduce inventory to NRV has a credit balance Rp a. Should Arayu company include in its inventory, goods purchased form its supplier but not yet received if the term of purchase are FOB shipping point? b. Should Arayu company include freight in expenditure as an inventory cost? c. What are products on consignment? How should they be reported in the financial statement? d. Determine the proper balance of allowance to reduce inventory to NRV as of December JAWABAN 31, 2015 and the amount of the gain or loss that would be recorded. Assume the company applied LCNRV rule to each individual type of inventory. Unit Purchase price Expected Sales price Cost to sell NRV/Unit NRV/Unit TC TNRV LCNRV Shima ,000 65,000 25,000? 40,000 4,500,000 6,000,000 4,500,000 Vanilla ,000 75,000 40,000? 35,000 4,500,000 3,500,000 3,500,000 9,000,000 8,000,000 1,000,000 Answer 1 Yes because in FOB Shipping point term, the transfer of risk and rewards has been transferrred to the buyer when the inventory is shipped out from the manufacturer plant 2 yes, because freight in expenditure is the expense that included into assets's value. Hence all the expenses that incurred until the assets ready to use would be included as in inventory cost 3 Consignment goods are goods that entrusted to other companies (consignee) for resale where the ownership of the goods is stil at initial company (consigner) in the financial position, consignment goods are recognized in inventory account not separately with inventory. And then information regarding to the consignment goods is written in the notes to financial statement Allowance Beginning 300,000 Adj 700,000 Ending 1,000,000 Loss due to decline inventory to NRV 700,000 Allowance to reduce Inventory 700,000

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