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MOJAKOE AKUNTANSI KEUANGAN 1
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AK1 UTS 2014
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MID TERM EXAM 2013/2014
FINANCIAL ACCOUNTING 1
Wednesday, 16 October 2013
09.00 – 12.00 (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
UNIVERSITAS INDONESIA
FACULTY OF ECONOMICS & BUSINESS
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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, 2012. (4%)
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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.
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QUESTION 4 (25%) – Receivables
QUESTION 4a (15%)
PT Melati Tbk is assessing the nature of its provision for the year ended December 31, 2012. 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, 2012. 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, 2013. 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 200 200 31 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 0.90909) (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 .
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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. 60 15.300
16-Jan-13 Purchase 95 15.800
22-Jan-13 Purchase 100 15.500
Date Product D Qty Unit Price
10-Jan-13 Sales 50 20.000
19-Jan-13 Sales 40 20.000
30-Jan-13 Sales 70 21.000
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 50 25.700 35.000 3.500 1.750
B 100 32.300 37.000 3.700 1.850
C 80 41.500 46.000 4.600 2.300
D ?? ?? 21.000 2.100 1.050
E 40 28.400 39.000 3.900 1.950
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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%)
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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 decision-
makers 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
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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
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III. Question 3
Bright Co
Statement of Financial Position
On 31 Dec 2012
Cash Rp11.000 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 Rp12.000
Non-Current Liabilities
Total Current Assets Rp46.000
Notes Payable Rp3.500
Non-Current Assets Total Non-Current Liabilities Rp3.500
Machine Rp60.000 Owner's Equity
AFS Investment Rp6.500
Acc. Dep - Machine (Rp10.000) Share Capital Ordinary Rp60.000
Total Non-Current Assets Rp56.500 Retained Earnings Rp29.300
AOCI
Revaluation Surplus Rp1100
Total Assets Rp102.500 Unrealized Gain Rp500
Total Owner's Equity Rp90.900
Total Liabilities + Owner's Equity Rp102.500
IV. Question 4
4.a
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
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Book Balance (mio) Cash Expected (mio)
PT Mawar 1000 1000 909
PT Kenanga and others 2200 2000
Total 3200 2909
3. Journal Entry for the Provision
Impairement Allowance Required 291
Book Balance 203
Additional Provision Required 88
Impairement Loss ..................................................................88 Allowance for Impairement ............................................................... 88
4.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
Units @ Total Units @ Total Units @ Total
01-Jan-
13 60 15.300 918.000
10-Jan-
13 50 15.300 765.000 10 15.300 153.000
16-Jan-
13 95 15.800 1.501.000 10 15.300 153.000
95 15.800 1.501.000
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19-Jan-
13 10 15.300 153.000 65 15.800 1.027.000
30 15.800 474.000
22-Jan-
13 100 15.500 1.550.000 65 15.800 1.027.000
100 15.500 1.550.000
30-Jan-
13 65 15.800 1.027.000 95 15.500 1.472.500
5 15.500 77.500
COGS = 765.000 + 153.000 + 474.000 + 1.027.000 + 77.500
= 2.496.500
Ending inventory : 95 units @ 15.500
: 1.472.500
2.
Product Qty Cost Net Realizable Value
Final Inventory
value
A 50 25.700 29.750 1.285.000
B 100 32.300 31.450 3.145.000
C 80 41.500 39.100 3.128.000
D 95 15.500 17.850 1.472.500
E 40 28.400 33.150 1.136.000
*NRV = Estimated selling price - cost to sell - cost to complete
3. Loss Due to Decline of Inventory to NRV 277.000
Allowance to reduce Inventory to NRV 277.000