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AK1 UTS 2014

UNIVERSITAS INDONESIA
FACULTY OF ECONOMICS & BUSINESS
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
Cost of goods sold
Selling and administrative expenses

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450,000
210,000
75,000

AK1 UTS 2014

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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AK1 UTS 2014

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
Accounts Receivables
Trading Securities
Merchandise Inventory
Supplies
Available for Sale Investment
Prepaid Insurance
Machine
Accumulated Depreciation - Machine
Accounts Payable
Notes Payable (due on October 1, 2014)
Unearned Fees
Interest Payable
Notes Payable (due on October 1, 2013)
Share Capital - Ordinary
Cash Dividends
Retained Earnings
Dividends Revenue
Sales
Income Tax Expense
Cost of Goods Sold
Utilities Expense
Interest Expense
Salaries Expense
Loss on sale of Investment
Revaluation surplus on equipment
Unrealized Gain/Loss on AFS Securities

11,000
7,000
3,000
8,000
5,000
6,500
12,000
60,000
10,000
4,500
3,500
700
900
2,000
60,000
5,500
20,900
400
67,000
1,000
30,000
7,500
1,500
12,500
1,000
1,100
500

Instructions:
Prepare Statement of Financial Position for Bright Co. as of December 31, 2012.

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AK1 UTS 2014

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
PT Mawar

Balance (Rp mio)

Cash Expected Rp mio

1,000

1,000

200

200

Other Receivables (<50

mio)

2,000

1,800

Total

3,200

3,000

PT Kenanga

Due Date
December 31, 2013
31 March 2013
On Average 31 March
2013

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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AK1 UTS 2014

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

50

25.700

35.000

3.500

1.750

100

32.300

37.000

3.700

1.850

80

41.500

46.000

4.600

2.300

??

21.000

2.100

1.050

40

39.000

3.900

1.950

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??
28.400

AK1 UTS 2014

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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AK1 UTS 2014

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 decisionmakers 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
Cost of goods sold
Gross Profit

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450,000
(210,000)
240,000

AK1 UTS 2014

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

Income tax on loss from DO

(20,000)
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

Retained earnings balance on 31 Dec 2012 = 102,500

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1,105

AK1 UTS 2014

III. Question 3
Bright Co
Statement of Financial Position
On 31 Dec 2012
Cash

Rp11.000

Accounts Payable

Rp4.500
Rp2.000

Account Receivable

Rp7.000

Notes Payable

Trading Securities

Rp3.000

Unearned Fees

Rp700

Merchandise Inventory

Rp8.000

Interest Payable

Rp900

Supplies

Rp5.000

Prepaid Insurance

Total Current Liabilities

Rp8.100

Rp12.000
Non-Current Liabilities

Total Current Assets

Rp46.000
Notes Payable

Non-Current Assets

Machine

Rp60.000

AFS Investment

Rp6.500

Acc. Dep - Machine

Total Non-Current Liabilities

Rp3.500

Owner's Equity

(Rp10.000)

Total Non-Current Assets

Rp3.500

Share Capital Ordinary

Rp56.500 Retained Earnings

Rp60.000
Rp29.300

AOCI
Revaluation Surplus
Total Assets

Rp102.500

Unrealized Gain

Rp1100
Rp500

Total Owner's Equity

Total Liabilities + Owner's Equity

Rp90.900

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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AK1 UTS 2014

Book Balance (mio)
1000
2200
3200

PT Mawar
PT Kenanga and others
Total

1000

Cash Expected (mio)

909
2000
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 theyve 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-Boras duty. Therefore, its a
guaranteed sale which also referred as a failed sale. Treated as a liability (sale of account
receivable, with guarantee)

V. Question 5

1.
Purchased

Sold or issued

Balance

Date
Units

Total

Units

Total

01-Jan13
10-Jan13
16-Jan13

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50
95

15.800

1.501.000

15.300

765.000

Units

Total

60

15.300

918.000

10

15.300

153.000

10

15.300

153.000

95

15.800

1.501.000

AK1 UTS 2014

19-Jan13

22-Jan13

100

15.500

10

15.300

153.000

30

15.800

474.000

1.550.000

30-Jan13

65

15.800

1.027.000

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

50

25.700

29.750

1.285.000

100

32.300

31.450

3.145.000

80

41.500

39.100

3.128.000

95

15.500

17.850

1.472.500

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

Allowance to reduce Inventory to NRV

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277.000
277.000

65

15.800

1.027.000

65

15.800

1.027.000

100

15.500

1.550.000

95

15.500

1.472.500