MOJAKOE AKUNTANSI KEUANGAN LANJUTAN UAS AKUNTANSI KEUANGAN LANJUTAN

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1 ! Presented by : Accounting Study Division MOJAKOE AKUNTANSI KEUANGAN LANJUTAN UAS AKUNTANSI KEUANGAN LANJUTAN 212/213 Accounting Study Division

2 PROBLEM 1 SOAL On January 2, 211, United States Game Company (USG Co), has taken over 8% of the ownership of Game for Like (GFL) in India for INR 2,, (Indian Rupee). GFL is still using Rupee for their book-keeping and their book has been adjusted to the US GAAP. This is the information of exchange rate INR and US$ : Income and expense are generating and charging during the year. The company is using FIFO method for their inventory valuation and ending inventory was from the fourth quarter purchased. Dividend payment for 3. rupee, it was declared and paid on September 1. On January 2, 211, the statement of financial position of GFL Co as follows : (rupee) Asset Date Spot Rate January 2 $.15 September 1 $.16 December 31 $.17 Average for 4th quarter $.165 Average for the year $.156 Liabilities and Stockholder s Equity Monetary Assets 1,1, Monetary Liabilities 1,8, Non Monetary Asset Share Capital Ordinary 96, Inventory 76, Share Premium Ordinary 3, Fixed Asset 1,68, Retained Earning 48, Total 3,54, Total 3,54, The following information is the balance of accounts in ledger of GFL Co which is stated in INR Items Dr. Cr. Sales 3,2, Cost of Goods Sold 1,85,

3 Depreciation Expenses 1, Other Expenses 655, Income Tax Expenses 82, Dividends 3, Cash 93, Accounts Receivable 68, Inventories 83, Land 5, Buildings 65, Equipment 43, Account Payable 64, Short-term Notes Payable 635, Bonds Payable 9, Share Capital Ordinary 96, Share Premium Ordinary 3, Retained Earning Awal 48, 6,935, 6,395, Required : 1. Based on the above mention informatio, what is the proper method to convert the financial statement of GFL Co? Please Explain. 2. Prepare the ledger in US $ currency 3. Compute the proof calculation of point 2 PROBLEM 2 Mega Corporation reports the following information for 212 for its operating segments (in Rp mio) Operating Sales to third party Intercompan y Sales Traceable operating expense Profit (loss) Asset A 1,3 2 1,? 4 B 1, 2 6? 125 C 85-5? 6

4 Total indirect operating expenses for 212 is Rp 9 mio. Indirect Operating expenses are allocated to segments based upon the ratio of each segment s traceable operating expenses to total traceable operating expenses. Required : Using the appropriate tests, determine which of the industry segments listed above are reportable for 212. Show your supporting computation in a good form. PROBLEM 3 - PT Samudera is owned 9% of PT. Palapa. The following financial information is for both companies : The balance of Investment in PT Samudera on PT Palapa s book in January 1, 212 was Rp 288 billion which consist of equity in PT. Samudera and Goodwill for Rp 18 billion. As per january 1, 212 the stockholder s equity of PT Samudera consists of Share Capital Ordinary of Rp 2 billion and Retained Earnings of Rp 1 billion. During the year of 212, PT Samudera was generating of smoothing income of 36 billion (assuming Rp 3 billion per month) On July 1, 212, PT Samudera was declared and paid dividend for Rp 2 billion. PT. Palapa sold 1% of their share in PT Samudera on April 1, 212, for Rp 4 billion Required: Prepare the journal entry of PT. Palapa for 21 to record the following transactions : 1. Recognize the first quarter income from PT Samudera 212 ( April 1, 212 ) 2. Sell 1% ownership of PT Samudera to another party. 3. Receive dividend from PT Samudera on July 1, Recognize income from the remaining 3 quarters Prepare journal elimination entries in order to prepare consolidation reporting of PT. Palapa. PROBLEM 4 D ? 74 E ? 5 Total 3, ,2 1,375 On November 1, 211, Fernandoz Company contracted to purchase tractors from German for 5,. The tractors were to be delivered on January 3, 212, with payment due on March 1, 212. On November 1, 211, Fernandoz Company entered into 12 days forward contract to receive 5, at forward rate of 1 = $1.39. The forward contract was acquired to hedge the financial component of the foreign currency commitment. Additional information for the exhange rate as follows :

5 1. Assume the company uses the forward rate measuring the forward exchange contract and for measuring hedge effectiveness 2. Sport and forward rate : Date Spot Rate Forward Rate November 1, = $1.3 1 = $ 1.39 (12 days) December 31, = $ = $ 1.42 (6 days) January 3, = $ = 1.37 (3 days) March 1, = $1.27 Required : Prepare all journal entries from November 1, 211, through March 1, 212, for purchase the forward contract, the foreign currency transactions and settlement. Assume Fernandoz Company s fiscal year ends on December 31, 211. PROBLEM 5A PT Kristal Pelita is experiencing financial difficulties as a result of the declining customer orders due to economic downturn in 212. At the end of December 212, PT Kristal Pelita management held a meeting with PT Bankikir to arrange the repayment of its debt (consists of Rp7,,,- Notes Payable and Interest 1% p.a. for Rp7,,, which is due on December 3, 212) to be setteled on December, 213. For each of the following situations, you are required to prepare the journal entries for PT. Kristal Pelita and PT Bankikir, if : a. PT Bankikir agreed to received Rp 55,,,- inc cash to settle the Notes and the accrued interest as well on December 31, 212 b. PT Bankikir agreed to receive an equipment with original cost Rp 15,,,- accumulated depreciation Rp 3,,,- on December 31, 212 which has been recently revalued at Rp 6,,,- settle both the notes and its accured interest. c. PT Bankikir agreed to extend the payment of the debt for one year, reduce the interest rate to 3% and forgive Rp 3,,,- of the current accrued interest (Hints: Present Value factor, 1%, 1 year is 1/1.1 =.999..) PROBLEM 5B On december 31, 212, PT Merana informed PT Permata that PT Merana would not be able to repay its Rp 5,, Notes Payable which is due on that date, if there is no adjustment of the term of payable. PT. Merana also could not pay the unpaid interest of 21 and 211, and asked for interest payment forgiven.

6 The notes was issued in January, 2, 27, with 12% interest rate per year, paid each December 31. After a long discussion between PT Merana and PT Permata, both companies agree to modify the term of the notes payable : 1. PT Merana will payback 9% of principal of the notes payable 2. PT Permata forgives the interest of the year PT Merana will continue to pay 12% interest until maturity date 4. The maturity date will be extended 1 years to December 31, 213 Required : Prepare the journal entries (if any) by PT Merana and PT Permata at : December 31, 212 December 31, 213 Note : PV Annuity 12%, 1 years : PROBLEM I Multinational Accounting PEMBAHASAN a. Local Currency : Rupee Functional Currency : Rupee Reporting Currency : USD Restatement Method : Transalation Parent, United States Game Company, melakukan pelaporan laporan keuangan dalam mata uang USD. Akan tetapi, subsidiary berada di India dan laporan keuangan dilaporkan dalam mata uang India. Dengan demikian, untuk laporan konsolidasi, parent harus melakukan transalasi atas laporan keuangan subsidiary; sehingga laporan keuangan tersebut dinyatakan dalam dolar (USD). b. Ledger in US$ Currency Game Company & Subsidiary Translation of Foreign Subsidiary s Trial Balance December 31, 211 Items DEBIT Balance, INR Exchange Rate, $ Balance, $

7 Cost of Goods Sold Depreciation Expense Other Expense Income Tax Expense Dividend Paid Cash Account Payable Inventories Land Building Equipment TOTAL CREDIT Sales Account Payable Short-term Notes Payable Bonds Payable Share Capital Ordinary Share Premium Ordinary Retained Earning Awal Accumulated OCI Translation Adjust TOTAL c. The proof calculation of point B. Game Company & Subsidiary Proof of Translation Adjustment December 31, 211 INR Translation Rate Net Asset at Beginning of Year $

8 Adjustment for changes in net asset position during year : Net Income for Year Dividend Paid (3.).16 (48.) Net Asset Translated at : Rates during year Rates at end of year Changes in OCI Net Translation adjustment during the year Accumulated OCI Translation Adjustment (beginning) Accumulated OCI Translation Adjustment (ending) PROBLEM II and Interim Reporting Untuk mengetahui apakah sebuah operating segment harus dilaporkan terpisah dengan operating segment yang lain, harus melakukan 3 uji yaitu 1% of revenue test, 1% of profit (loss), dan 1% of net asset. Dalam pengujian itu, kita juga harus mempertimbangkan pendapatan yang terjadi antar segment maupun biaya yang terjadi antar segment (intracompany revenue and expense). 1% Revenue Test Operating segment revenue % of combined revenue of $3.535 Reportable A % YES B % YES C % NO D % YES E % NO 1% Profit or Loss Test Operating segment revenue Expense profit (loss) % of combined revenue of $469,9 Reportable A ,9 9, % YES B ,45 354, % YES

9 C 85 7,46 14, % NO D 6 634,9 (34,9) 7.27% NO E 15 14,91 9,9 1.94% NO 1% of Net Asset Test Operating segment Berdasarkan pengujian diatas, segment operasional yang harus dilaporkan terpisah adalah segment operasional A, B, dan D. PROBLEM III Additional Issue (1) Recognize the first quarter income from Pt. Samudera Investment in PT. Samudra 8.1 billion Income from Investment 8.1 billion (9% x 3 x Rp 3 billion) (2) Sell 1% ownership of PT Samudera to another party (3) Receive dividend from PT Samudera on July 1,212 (4) Recognize income from the remaining 3 quarters 212 (5) Prepare journal elimintaion entries in order to prepare consolidation reporting PROBLEM IV Hedging Asset % of combined revenue of $1.375 Reportable A % YES B % YES C % NO D % YES E % NO 1/11/211 Foreign Currency Receivable ( ) 69.5 Dollar Payable to Exchange Broker ($) /12/211 Foreign Currency Receivable ( ) 1.5 Foreign Currency Transaction Gain 1.5 ( 5. x ($ )) Foreign Currency Transaction Loss 1.5 Firm Commitment 1.5 3/1/212 Foreign transaction loss 2.5 Foreign currency receivable exchange broker x ($1,37 1,42) Firm Commitment 2.5 Foreign Transaction Gain 2.5

10 Inventory 65. Account Payable 64. Firm Commitment 1. 1/3/212 Foreign Currency Transaction Loss 5. Foreign Currency Receivable x ($1.37-$1.27) Account Payable 5 Foreign Currency Transaction Gain 5 (.1 x 5.) Dollar Payable to Broker 69.5 Cash 69.5 Account Payable 63.5 Foreign Currency Units 63.5 Foreign Currency Units 63.5 Foreign Currency Receivable 63.5 PROBLEM V Restructuring Debt Problem 5A a. Transfering cash Rp 55.. for settlement of debt Carrying Value of Debt : o Principal 7.. o Interest Cash Flow (55..) Restructuring Debt 22.. PT. Kristal PT. Bankir Notes Payable 7.. Cash 55.. Accrued Interest Payable 7.. Allowance for Uncollectible 22.. Cash 55.. Notes Receivable 7.. Gain on Restruct. Debt 22.. Interest Receivable 7.. b. Transfering equipment Cost of Equipment 15.. Accumulated Depreciation (3..) Book Value of Equipment 75.. Carrying Value of Debt : o Principal 7.. o Interest Cash Flow (6..) Restructuring Debt 17.. PT. Kristal PT. Bankir

11 Notes Payable 7.. Equipment 6.. Accrued Interest Payable 7.. Allowance for Uncollectible 17.. Accumulated Depreciation 3.. Notes Receivable 7.. Loss on Disposal Equip Interest Receivable 7.. Equipment 15.. Gain on Restruct. Debt 17.. c. Modified term of Debt Debtor Creditor Carrying Value of the Debt o Principal 7.. o Interest 7.. Carrying Value of the Debt Total future estimated o Total future principal 7.. o Remaining interest not forgiven 4.. o Total future Interest 2.1. Total estimated cash flow PV factor 1%, 1 year x.999 PV of Cash Flow Restructuring Difference Accrued Interest Payable PT. Kristal 7.. Allowance for Uncollectible PT. Bankir Notes Payable 7.. Accrued Interest Payable 7.. Restructured Debt. Pay Valuation Allowance Gain on Restruct. Debt 9. Impaired Notes Payable 7.. Restructured Debt Pay Notes Receivable 7.. Cash Problem 5B d. Modified term of Debt Debtor Creditor

12 Carrying Value of the Debt o Principal 5.. o Interest 12.. Carrying Value of the Debt Total future estimated Total future principal 45.. Remaining interest not forgiven 6.. Total future Interest 54.. Total estimated cash flow PV factor 12%, 1 year x PV of Cash Flow Restructuring Difference