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MID TERM EXAM 2011/2012
FINANCIAL ACCOUNTING 1
Team Teaching
Monday, 7 November 2011
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 (20%) – Multiple Choice
1. What is the objective of financial statements according to the IASB’s Framework?

a. To prepare and present a balance sheet, an income statement, a cash flow statement,
and a statement of changes in equity.
b. To prepare and present comparable, relevant, reliable, and understandable information
to investors and creditors.
c. To provide information about the financial position, performance, and changes in
financial position of an entity that is useful to a wide range of users in making economic
decisions.
d. To prepare financial statements in accordance with all applicable Standards and
Interpretations.
2. Decision makers vary widely in the types of decisions they make, the methods of decision
making they employ, the information they already possess or can obtain from other sources, and
their ability to process information. Consequently, for information to be useful there must be a
linkage between these users and the decisions they make. This link is
a. relevance.
b. reliability.
c. understandability.
d. materiality.
3. Accounting information is considered to be relevant when it
a. can be depended on to represent the economic conditions and events that it is intended
to represent.
b. is capable of making a difference in a decision.
c. is understandable by reasonably informed users of accounting information.
d. is verifiable and neutral.
4. Which of the following is an ingredient of reliable?
a. Predictive value.
b. Timeliness.
c. Neutrality.
d. Feedback value.
5. Financial information does not demonstrate consistency when
a. firms in the same industry use different accounting methods to account for the same
type of transaction.
b. a company changes its estimate of the salvage value of a fixed asset.
c. a company fails to adjust its financial statements for changes in the value of the
measuring unit.
d. none of these.
6. When information about two different enterprises has been prepared and presented in a similar
manner, the information exhibits the characteristic of
a. relevance.
b. reliability.
c. consistency.
d. none of these.
7. Erin Company applies the same accounting treatment to similar events from period to period.
Erin Company is exhibiting which of the following qualities as described by the International
Accounting Standards Board’s (IASB’s) Conceptual Framework?
a. Verifiability.
b. Consistency.
c. Predictive value.
d. All of the choices are correct.
8. The International Accounting Standards Board (IASB) defines one of the 5 elements as follows:
“the residual interest in the assets of the entity after deducting all its liabilities” Which element
matches this description?
a. Retained earnings.
b. Income.
c. Equity.
d. All of the choices match this definition.
9. Which of the following is an implication of the going concern assumption?
a. The historical cost principle is credible.
b. Depreciation and amortization policies are justifiable and appropriate.
c. The current-noncurrent classification of assets and liabilities is justifiable and signify-
cant.
d. All of these.
10. The assumption that a business enterprise will not be sold or liquidated in the near future is
known as the
a. economic entity assumption.
b. monetary unit assumption.
c. materiality assumption.
d. none of these.
11. Which of the following basic assumptions of accounting (used by the International Accounting
Standards Board) makes depreciation and amortization policies justifiable and appropriate?
a. Materiality.
b. Reliable
c. Relevance.
d. Going concern.
12. When should an item that meets the definition of an element be recognized, according to IASB’s
Framework?
a. When it is probable that any future economic benefit associated with the item will flow
to or from the entity and the item has a cost of value that can be measured with
reliability.
b. When it is probable that any future economic benefit associated with the item will flow
to or from the entity.
c. When the element has a cost or value that can be measured with reliability.
d. When the entity obtains control of the rights or obligations associated with the item.
13. Generally, revenue from sales should be recognized at a point when

a. management decides it is appropriate to do so.
b. the product is available for sale to the ultimate consumer.
c. the entire amount receivable has been collected from the customer and there remains
no further warranty liability.
d. none of these.
14. The accounting principle of expense recognition is best demonstrated by

a. not recognizing any expense unless some revenue is realized.
b. associating effort (expense) with accomplishment (revenue).
c. recognizing prepaid rent received as revenue.
d. establishing an Appropriation for Contingencies account.
15. Which of the following are benefits of providing financial information?
a. Potential litigation.
b. Auditing.
c. Disclosure to competition.
d. Improved allocation of resources.
16. Issuance of common stock for cash affects which basic element of financial statements?
a. Revenues.
b. Losses.
c. Liabilities.
d. Equity.
17. Under International Financial Reporting Standards (IFRS) supplementary information
a. May be information that is high in relevance but low in reliability.
b. May include explanations of uncertainties and contingencies.
c. May include descriptions of accounting policies and methods.
d. All of the choices are correct regarding supplementary information.
18. The IASB’s conceptual framework includes a cost-benefit constraint. Which of the following best
describes the cost-benefit constraint?
a. The benefits of the information must be greater than the costs of providing it.
b. Financial information should be free from cost to users of the information.
c. Costs of providing financial information are not always evident or measurable, but must
be considered.
19. The IASB’s conceptual framework includes a materiality as an ingredient of relevant. Which of
the following is true regarding this ingredient?
a. The IASB’s rule for materiality is any item under 5% of net income is considered
immaterial.
b. Materiality factors into both internal and external accounting decisions.
c. An item is immaterial if its inclusion or omission would influence or change the
judgment of a reasonable person.
20. The IASB’s conceptual framework
a. Includes the concept of prudence or conservatism which means when in doubt, choose
the solution that will be least likely to overstate assets or income.
b. Excludes the concept of prudence or conservatism because it is inconsistent with
neutrality, which encompasses freedom from bias.
c. Includes the concept of prudence or conservatism which means when in doubt, choose
the solution that will be least likely to understate assets or income and/or overstate
liabilities or expenses.
d. Includes the concept of prudence or conservatism as a desirable, but not required,
quality of financial reporting information.
QUESTION 2 (20%) – Comprehensive Income Statement
The following information was taken from records of SHINING CORPORATION for the year 2010.
Gain on sale of office building $ 95,000
Loss from discontinued operation $ 72,000
Selling expense $ 300,000
Rent Revenue $ 50,000
Cost Of Goods Sold $ 950,000
General and administrative expense $ 275,000
Sales $ 1,800,000
Dividend Revenue $ 25,000

Loss from impairment of account receivable $ 15,000
Unrealized holding gain on available for sale equity securities (net of tax) $ 60,000
Fixed assets revaluation surplus (net of tax) $ 30,000
Interest expense $ 36,000
Cash dividends declared on ordinary shares $ 50,000
Share capital – ordinary ($10 par) $1,000,000
Required: Prepare in a good form a comprehensive income statement using single statement
format (including the earnings per share) for the year 2010. Assume a 30% tax rate.
QUESTION 3 (20%) - Inventory
Toko Wijaya Elektrindo sells various home appliances, including two types of TVs: flat screen and
plasma. The inventory data of TVs shown below is available for the month of October 2011.
(in Rp‘000)
TV-Flat Screen TV-Plasma

Price per Price per
Units Units
Unit Unit
Inventory at Sep 30 100 Rp 4.000 Inventory at Sep 30 150 Rp 8.500
Purchases: Purchases:
Oct 10 200 Rp 4.500 Oct 3 500 Rp 9.000
Oct 20 250 Rp 4.750 Oct 12 300 Rp 9.500
Oct 30 150 Rp 5.000 Oct 21 450 Rp 10.000
Sales: Sales:
Oct 15 200 Rp 5.400 Oct 18 700 Rp 10.800
Oct 25 300 Rp 5.700 Oct 29 550 Rp 11.400
PART A (10%)
a. Assume WijayaElektrindo uses a periodic inventory system under first-in, first-out (FIFO)
method. Determine the cost of ending inventory at October 31 and the cost of goods sold
(COGS) for October. (4%)
b. Assume WijayaElektrindo uses periodic inventory system under average cost method.
Determine the cost of ending inventory at October 31 and the cost of goods sold (COGS) for
October. (4%)
c. Assume you need to compute a current ratio for WijayaElektrindo. Which inventory method
(FIFO or average cost) do you think would give you a more meaningful current ratio? Explain
briefly. (2%)
PART B (10%)
In addition to the above information, due to a downturn in the economy, Wijaya Elektrindo expects
TV-Plasma prices from October 31 onward to be considerably different (and lower) than at the
beginning of and during October. Wijaya has developed the following additional information:
(in Rp’000)
TV-Flat Screen TV-Plasma

Expected selling price Rp 6.000 Expected selling price Rp 11.200
Cost to sell Rp 200 Cost to sell Rp 700
Cost to complete Rp 300 Cost to complete Rp 1.500
a. Wijaya uses periodic FIFO accounting method (use your answer from Part A). Determine the
rupiah amount that WijayaElektrindo should report on its October 31 statement of financial
position for inventory of TVs. Assume Wijaya applies LCNRV at the individual product level.
Prepare the adjusting entries using allowance account. (2%)
b. Repeat question (a) but assume Wijaya applies LCNRV at the major group level, which is TVs.
(2%)
c. Which one of the two approaches above (individual product level or major group level) for
applying LCNRV do you think gives the financial statement reader better information?
Explain briefly. (2%)
d. Assume that during November, the NRV of TV plasma rebounds to Rp10.600.000. Briefly
describe how Wijaya’s November financial statements changed with respect to its inventory
remaining from October 31 under US-GAAP vs IFRS. (2%)
e. Refer to Question (d), prepare adjusting entries under IFRS, if any, to record the NRV
recovery of TV plasma if Wijaya applies LCNRV at the individual product level. Use your
answer from Question (a). (2%)
QUESTION 4 (20%) - Receivables
Part 1 (10%)
ABC Corporation has the following receivables classified into individually significant and all other
receivables (In million).
Significa nt
PT A Rp 40,000
PT B Rp 100,000
PT C Rp 60,000
PT D Rp 50,000
Total Rp 250,000
All othe r Re ce iva ble s
Current Rp 250,000
1 - 30 days Rp 50,000
31 - 60 days Rp 50,000
61 - 180 days Rp 50,000
181 - 365 days Rp 50,000
> 365 days Rp 50,000
Amount Rp 500,000
Total Rp 750,000
ABC determines that PT A’s receivable is impaired by Rp 25.000.000 and PT D’s receivable is totally
impaired based on their Present Value of the expected cash flow. Both PT B’s and PT C ‘s receivables
are not considered impaired individually but they are considered to be current. ABC also determines
that all other receivables have been grouped into the bucket according to their ages. ABC applies a
different percentage based on past experience to determine the percentage of impairment:
Percentage
Estimated to be
Age impaired
Current 4%
1 - 30 days 16%
31 - 60 days 33%
61 - 180 days 60%
181 - 365 days 90%
> 365 days 100%

Compute the loss on impairment ABC will suffer on December 31, 2011. What journal entries should
be made to record this loss?
Part 2 (10%)
On 1 January 2011, PT FGH receives a Rp 1,500,000,000 four-year note, bearing interest at 12%
annually, in exchange for cash. The market rate of interest for a note of similar risk is 10%.
Unfortunately, during 2011, PT KLM experienced financial difficulty. On 31 December 2011, even
though PT KLM manages to pay all of the accrued interest, PT KLM informs PT FGH that the rest of
the interests and the principal amount of the note can only be paid 75%. PT FGH has enough
objective evidences to determine that the note has been impaired.
PV Single Sum 10%, 4 period 0.68301 PV Ordinary Annuity 10%, 4 period 3.16986
PV Single Sum 10%, 3 period 0.75132 PV Ordinary Annuity 10%, 3 period 2.48685
Instructions:
1. Provide the schedule of effective interest method

2. Calculate the amount of impairment loss of and the end-of-year value after impairment of Notes
Receivable
3. Prepare the necessary journal entries to record transactions of Trade Receivable and Notes
Receivable, including the impairment
QUESTION 5 (20%) – Statement of Financial Position
Instructions: Prepare a Statement of Financial Position as of December 31, 2010
PT Bolibos Diaz
Statement of Financial Position
December 31, 2010
Cash and Cash Equivalent ?
Short term Investment ?
Accounts Receivable (net) ?
Prepaid Expenses ?
Inventory ?
Property, Plant and Equipment ?
Accumulated depreciation ? ?
Long term Investment ?
Intangible Assets ?
Total Assets ?
Accounts Payable ?
Notes Payable ?
Salary and Wages Payable ?
Interest Payable ?
Deposits received from customers ?
Accrued expenses ?
Bond liabilities due January 31, 2020 ?
Total Liabilities ?
Share Capital-Ordinary 700,000
Share Premium-Ordinary 50,000
Retained Earnings 610,220
Total Equity ?
Total Liabilities and Equity ?
The following information that you need to complete the above statement of financial position.
1. Sales on account during the year is 3,053,081, and the credit terms is 2 weeks.Assuming that all
customers paid on time as per credit terms.
2. Purchase of inventory during the year is 2,125,825 and beginning of inventory is 346,429.
Inventoryis recorded on the book at end of the year is 511,713, but based on physical
examination is 489,713.Loss of inventory is charged to Cost of Good Sold.Purchase of inventory
during the year is on account, and the credit term is 1 month.Assuming the company always pay
on time and beginning balance of its Accounts Payable is 176,000.
3. Freight dan Transportation cost which have not been paid is 12,030. Utilities expense which
have notbeen paid is 8,350.
4. Administration expense which have been paid is 248,593, and it is included prepaid insurancefor
16,253.
5. The usefull life of Property, Plant and Equipment of 1,100,800 is 10 years, these assets have
beendepreciated for 2 years and this year is the 3rd year.The Equipment of 300,000, which has
been depreciated for 2 years, is sold for 411,410 at end of year.At end of the year, company
purchase the new equipment of 600,000 and the usefull life is the same.
6. Note payable of 80,000 with interest 10% pa, due on Desember 31, 2010 and it will be paid
onJanuary 5, 2011.
7. Bond Payable of 425,000 which will be due on 2020. Interest is 12% pa and 10% of it, will be
paid inJanuary 2011.
8. Sales office salary is paid weekly basis and at the end of the year is not paid for 3 days, salary
expense per day is 1,000 and Office Admin salary is 5 days not paid, cost per day is 500.
9. In book record that showed Cash is 31,000 but the bank statement showed 41,400. There
isoutstanding cheques which has been issued but it is not cleared by supplier for 10,000.Interest
income is not recorded for 400. Petty Cash is 2,000.Cash in safe deposit in the office, which is
deposit received from customers for 4,380.Travel cheques for 14,000.
10. Investment in commercial paper which will be maturity of 3 to 12 month for 50,000
11. Investment in PT Hollywood for 100,000.
12. Company has a Patent for 100,000
JAWABAN
Question 1 (20%)
1 C 6 D 11 D 16 D
2 C 7 B 12 A 17 A
3 B 8 C 13 D 18 A
4 C 9 D 14 B 19 B
5 D 10 D 15 D 20 A
Question 2 (20%)
SHINING CORPORATION
Statement of Comprehensive Income
For the Year Ended December 31, 2010
Sales 1,800,000
Cost of goods sold 950,000
Gross profit 850,000
Selling expenses 300,000
General and Administrative expenses 275,000 575,000
275,000
Other income and expense
Gain on sale of office building 95,000
Rent revenue 50,000
Dividend revenue 25,000
Loss from impairment of receivable (15,000) 155,000
Income from operations 430,000
Interest expense 36,000
Income before income tax 394,000
Income tax (30%) 118,200
Income from continuing operations 275,800
Discontinued operations
Loss from discontinued operations 72,000
Less: Applicable income tax reduction (30%) (21,600) 50,400
Net income 225,400
Other comprehensive income
Unrealized holding gain on available for sales equity securities (net of tax) 60,000
Fixed assets revaluation surplus (net of tax) 30,000 90,000
Comprehensive income 315,400
Earnings per share:

Income from continuing operations
($275,800 ÷ 100,000) 2.76
Loss from discontinued operations, net of tax ($50,400 ÷ 100,000) 0.50
Net income ($225,400 ÷ 100,000) 2.25
Question 3 (20%)
Question 4 (20%)
Part 1
Individual Signifikan, Spesifik

PT A (= Rp 40 - Rp 25) Rp 15,000
PT D (= Rp 50 - Rp 0) Rp 50,000
Individual Signifikan, Collective
PT B Rp 100,000
PT C Rp 60,000
Sub Total (4% x Rp 160,000) Rp 160,000 Rp 6,400
Individual Not Significant, Collective

Current (4% x Rp 250,000) Rp 10,000
1 - 30 days (16% x Rp 50,000) Rp 8,000
31 - 60 days (33% x Rp 50,000) Rp 16,500
61 - 180 days (60% x Rp 50,000) Rp 30,000
181 - 365 days (90% x Rp 50,000) Rp 45,000
> 365 days (100% x Rp 50,000) Rp 50,000
Sub Total Rp 159,500
Loss on Impairment Rp 230,900
Dr. Loss on Impairment 230.900
Cr. Account Receivable 230.900
Part 2
Schedule of effective interest method:
Face Value of the Note Rp 1,500,000
Present Value of the Principal
$1,500,000 x 0.68301 (PV SS,10,4) Rp 1,024,515
Present Value of the Interest
12% x Rp1,500,000 x 3.16936 570,485 1,595,000
Difference – Premium on Notes Rp 95,000

Cash Interest Amort Carrying
Received Income Premium Value
1/1/2010 1,595,000
12/31/2010 180,000 159,500 20,500 1,574,500
12/31/2011 180,000 157,450 22,550 1,551,950
12/31/2012 180,000 155,195 24,805 1,527,145
12/31/2013 180,000 152,855 27,145 1,500,000
Assessment of impairment on 12/31/2010:
Carrying Amount of the Note Rp 1,574,500
Present Value of the Principal
75% x $1,500,000 x 0.75132 (PV SS,10,3) Rp 845,235
Present Value of the Interest
75% x 12% x Rp1,500,000 x 2.48685 335,725
End of year value, after impairment 1,180,960
Loss on Impairment Rp 393,540
2. Journal Entries:
01/01/2010
Notes Receivable ................................................................................. 1,595,000
Cash ......................................................................................... 1,595,000
12/31/2010
Cash ……………….. ................................................................................... 180,000
Notes Receivable ................................................................................. 20,500
Interest Income ....................................................................... 159,500

12/31/2010
Loss on Impairment ............................................................................. 393,540
Notes Receivable .................................................................... 393,540

PT Bolibos Diaz
December 31, 2010
Cash and Cash Equivalent 51,780

Short term Investment 50,000
Accounts Receivable (net) 117,426
Prepaid Expenses 16,253
Inventory 489,713
Property, Plant and Equipment 1,400,800

Accumulated depreciation 240,240
1,160,560
Long term Investment 100,000
Intangible Assets 100,000
Total Assets 2,085,732
Accounts Payable 177,152

Notes Payable 80,000
Salary and Wages payable 5,500
Interest payable 13,100
Deposits received from customers 4,380
Accrued expenses 20,380
Bond liabilities due January 31, 2020 425,000

Total Liabilities 725,512
Share capital-Ordinary 700,000

Share Premium-Ordinary 50,000
Retained earnings 610,220
Total Equity 1,360,220
Total Liabilities and Equity 2,085,732
1. Sales on account during the year is 3,053,081, and the credit terms is 2 weeks.
Assuming that all customers paid on time as per credit terms.
2/52 x 3,053,081 117,426 Accounts Receivable
2. Purchase of inventory during the year is 2,125,825 and beginning of stock is 346,429, and inventory is recorded on the book
at end of the year is 511,713, but based on physical examination is 489,713. Loss of inventory is charged to
Cost of Good Sold.
Result of physical examination 489,713 Inventory
Purchase of inventory during the year is on account, and the credit term is 1 month. Assuming the company
always pay on time and beginning balance of its Accounts Payable is 176,000.
1/12 x 2,125,825 177,152 Accounts Payable
3. Freight dan Transportation cost which have not been paid is 12,030. Utilities expense which have not been paid is 8,350
12,030
8,350
20,380 Accrued expenses
4. Administration expense which have been paid is 248,593, and it is included prepaid insurance for 16,253.
16,253 Prepaid expenses
5. The usefull life of Property, Plant and Equipment of 1,100,800 is 10 years, these assets have been
depreciated for 2 years and this year is the 3rd year.
1,100,800/10 x 3 330,240
300,000/10 x 3 -90,000
240,240 Accumulated Depreciation
The Equipment of 300,000, which has been depreciated for 2 years, is sold for 411,410 at end of the year.
And at end of the year, company purchase the new equipment of 600,000 and the usefull life is the same.
1,100,800
-300,000
600,000
1,400,800 Property, Plant and Equipment
6. Note payable of 80,000 with interest 10% pa, due on Desember 31, 2010 and it will be paid on January 5, 2011
80,000 Note Payable
80,000 x 10% 8,000 Interest Payable (1)
7. Bond Payable of 425,000 which will be due on 2020. Interest is 12% pa and 10% of it, will be paid in January 2011.
425,000 Bond Payable
425,000 x 12% x 10% 5,100 Interest Payable (2)
8. Sales office salary is paid weekly basis and at the end of the year is not paid yet for 3 days, salary expense per day is 1,000
and Office Admin salary is 5 days not paid yet, cost per day is 500.
3,000
2,500
5,500 Salary and Wages payable
9. In book record that Cash is 31,000 but the bank statement showed 41,400. There is outstanding cheques
which has been issued but it is not cleared by supplier for 10,000. Interest income is not recorded for 400. Petty Cash is
2,000. Cash in safe deposit in the office, which is deposit received from customers for 4,380. Travel cheques for 14,000.
31,400
2,000
4,380 Depopsit received from customers
14,000
51,780 Cash and Cash Equivalent
10. Investment in commercial paper which will be maturity of 3 to 12 month for 50,000
50,000 Short term investment
11. Investment in PT Hollywood for 100,000.

100,000 Long term investment
12, Company has a Patent for 100,000

100,000 Intangible Assets
MOJAKOE
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AK1 UTS 2014
UNIVERSITAS INDONESIA
FACULTY OF ECONOMICS & BUSINESS
MID TERM EXAM 2013/2014
Wednesday, 16 October 2013
09.00 – 12.00 (3 hours)
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
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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
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 2,000 1,800 On Average 31 March

mio) 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 Cost to Cost to

Sellling Sell Complete
Price
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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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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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
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.
Purchased Sold or issued Balance
Date
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.
Final Inventory
Product Qty Cost Net Realizable Value 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
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MOJAKOE
MOdul JAwaban KOEliah
UTS Semester Gasal 2014/2015
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SOAL 1
Two Fundamental Qualities
a. Relevance: is the one of the two fundamental qualities that make accounting information
useful for decision-making. The ingredients of relevance:
- Predictive value: Value as an input to predictive process used by investors to form
their own expectation about the future. For example, if potential investors are interested
in purchasing ordinary shares is PT ABC, they may analyze its current resources and
claims to those resources, its dividend payment, and its past income performance to
predict the amount, timing, and uncertainty at PT ABC’s future cash flows.
- Confirmatory value: Value of confirm or correct prior expectation. For example, when
PT ABC issues its year-end financial statements, it confirms or changes past (or
present) expectation based on previous evaluations.
- Materiality: Concern an item’s impact on a company’s overall financial operation. For
example, an error at Rp 100.000 in the amount at uncollectible receivable is more
likely to be material if the total amount of receivable is Rp 1.000.000 than it is Rp
100.000.000
b. Faithful representation: Means that the numbers and descriptions match what really
existed or happened. The Ingredient of faithful representation:
- Completeness: Means that all the information that is necessary for faithful
representation is provided. For example, when PT ABC fails to provide information
needed to access the value of its subprime loan receivables, the information is not
complete and therefore not a faithful representation at their value.
- Neutrality: Means that a company cannot select information to favor one of interested
parties over another. Select information to favor one set of interested parties over
another. For example, in the notes to financial statement, tobacco companies such as
PT ABC should disclose information about the numerous lawsuits that have been filled
because of tobacco-related health concerns eventhough such disclosure is damaging to
the company.
- Free for error: The information that more accurate representation of financial item for
example, if PT ABC mistakes it loan losses, its financial statements are misleading and
not a faithful representation of its financial statements.
SOAL 2
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PT XYZ
For The Year Ended December 31, 2013
(In $)
Sales Revenue 19.500.000

Cost of Good Sold (12.250.000)
Gross Profit 7.250.000
Selling and Administrative Expense (2.250.000)
Other Income and Expenses:
Finance Income 50.000
Gain on Sale of Plant Assets 50.000
Foreign Exchange Loss (150.000)
Income From Operation 4.950.000
Financing Cost (400.000)
Income Before Income Tax 4.550.000
Income Tax Expense net (1.250.000)
Income from Continuing Operation 3.300.000
Loss on Discontinued Operation (net of tax) (2.250.000)
Net Income 1.050.000
Other Comprehensive Income (OCI):

Unrealized Gain on AFS Financial Asset 750.000
Exchange Foreign Translation (250.000)
Revaluation Gain on Fixed Asset 400.000
Actuarial Gain/Losses Pension (40.000)
Income Tax related to OCI (275.000)
Total OCI 585.000
Net Comprehensive Income 1.635.000
Net Income Attributable to:

Non-controlling Shareholders 165.000
Majority Shareholders of PT XYZ 885.000
1.050.000
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Net Comprehensive Income Attributable to:

Non-controlling Shareholders 205.000
Majority Shareholders of PT XYZ 1.430.000
1.635.000
Earning per Share (EPS):
Net Income 1.050.000
Common Shares Outstanding ÷ 100.000
shares
10,5
SOAL 3
Cash and Account Receivable
a. (i) The assignment of the accounts receivable for the loan:
Cash $192.000
Finance Charge $8.000 (4% x 200.000)
Notes Payable $ 200.000
(ii) The Collection of A/R:
Cash $130.000
A/R $130.000
(iii) The remittance to the finance company including one month’s interest:
Notes Payable $130.000
Interest Expense $ 1.500 (1/12% x 9% x 200.000)
Cash $ 131.500
b. Individually significant receivables:
Rose Inn $480.000
West House $900.000
Blue Hostels $760.000
Individually assesed impairment:

West House $160.000
Blue Hostels $200.000
$360.000
Collectively assesed impairment:
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Rose Inn $480.000
Other Receivables $440.000
$920.000
Composite rate (5%) $ 46.000 +
$406.000
Journal
Loss an Impairment $406.000
Allowance for Impairment $ 406.000
c. The interest rate that should Bright use to measure the notes receivable is the
market rate of 12%
- Receipt the N/R by calculate the PV
PV N/R:
PV Factor = $10.000 x 0,71178 = $ 7.117,8
PV Interest = (10% x 10.000) x 2,40183 = $ 2.401,8
$ 9.159,63
The PV is smaller than the face value. So, this N/R sell with discount
Interest expese = $10.000 - $9.159,63 = $ 480,37
Journal:
Cash 9.153, 63
Interest exp 480, 37
N/R 10.000
SOAL 4
a. Yes, because in FOB shipping point term, the transfer of risk and reward has been
transferred to the buyer when the inventory is shipped out from the manufacture’s
plant.
b. Yes, because freight-in expenditure is the expense that included into the asset’s
value. Hence, all of the expenses that incurred until the assets ready to use would
be included as an inventory cost .
c. Consignment goods are goods that entrusted to other companies (consignee) for
resale where the ownership of the goods is still at the initial company (consigner).
In the financial statements (in statement of financial position), consignment goods
are recognized in inventory account, not separately with inventory. And then,
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information regarding to the consignment goods is written in the notes to financial
statements.
d. Cost NRV* LCNRV** comparison between cost

and
$ 70.000 $ 56.000 $ 56.000 NRV, should record the
86.000 84.800 84.800 lower value
112.000 168.300 112.000
140.000 140.000 140.000
408.000 449.100 392.800
Ending NRV: 408.000-392.000 = 15.200

*NRV = Net Realizable Value
**LCNRV = Lower of Cost Net Realizable Value
e. Allowance to Reduce NRV

Adj $12.300 Beginning $27.500
Ending $15.200
Journal of adjusted NRV:

Allowance to Reduce NRV $12.300
Recovery of Inventory Loss $12.300
SOAL 5
Pelangi Corporation
As of December 31, 2015
(In $)
Assets Liabilities
Current assets Current Liabilities
Cash 30.000 Notes payable 14.400
Prepaid advertising 5.000 Taxes payable 3.000
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Inventory 102.000 Salaries payable 900
Restricted cash 1.860 Interest payable 600
Total CA 138.860 Total CA
18.900
Non Current assets Non Current liabilities
Land 137.200 Bonds Payable
78.000
Equipment 40.000 Total Liabilities
96.900
Less: accdepre-equip (10.000) Equity
Building 80.400 Share Capital-ordinary 60.000
Less: acc depre-building(15.000) Retained Earning 214.680
Total Non Current Asset 232.720 Total Equity
274.680
Total Asset 371.580 Total Liabilities & Equity
371.580

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Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1
MOJAKOE

1|Page Semester Ganjil 2010/2011

MID SEMESTER EXAM 2010/2011

180 MINUTES
CLOSED BOOK
Question #1 (10%) – Multiple Choice
1. Which of the following statements is NOT an objective of financial reporting

a. Provide information that is useful in investment and credit decisions.
b. Provide information on the liquidation value of an enterprise.
c. Provide information that is useful in accessing cash flow prospects.
d. Provide information about enterprise resources, claims to those resources, and changes to
them.
2. Accounting principles are “generally accepted” only when

a. It has been accepted as appropriate becauseof its universal application.
b. An authoritative accounting rule-making body has established it in an official
pro-nouncement.
c. Neither a nor b.
d. Both a and b.
3. Which of the following is a general limitation of “general purpose financial statements”?

a. General purpose financial statements are comparable.
b. General purpose financial statements are assumed to present fairly the company’s
financial operations.
c. General purpose financial statements may not be the most informative for a specific
enterprise.
d. None of the above.
4. Which of these statements regarding the iGAAP and U.S. GAAP is correct?
a. U.S. GAAP is considered to be “rules-besed” and less detailed than iGAAP.
b. U.S. GAAP is considered to be “principles-based” and more detailed than iGAAP.
c. Both U.S. GAAP and Igaap are considered to be “rules-based”, but U.S. GAAP tends to
be more complex.
d. iGAAP is considered to be “principles-based” and less detailed than U.S. GAAP.
5. What is a purpose of having a conceptual framework?

a. To provide a foundation from which to build more useful standards.
b. To enable the profession to more quickly solve emerging practical problems.
c. Both a and b.
d. Neither a nor b.
6. Company A issuing its annual financing reports within one month of the end of the year is an
example of which ingredient of primary quality of Accounting information?
a. Timeliness.
b. Representational faithfulness.
c. Predictive value.
d. Neutrality.
7. The Allowance of Doubtful Accounts, which appears as a deduction from Accounts Receivable
on a statement of financial position and which is based on an estimate of bad debts, is an
application of the
a. Revenue recognition principle.
b. Expense recognition principle.

c. Constitency characteristics.
d. Materiality constraint.
8. Charging off the cost of a wastebasket with an estimated useful life of 5 years as an expense of
the period when purchased is an example of the application of the
a. Materiality constraint.
b. Historical cost principle.
c. Consistency characteristic.
d. Matching principle.
9. Which of the following cases is most applicable to going concern assumption?

a. All payments less than Rp 200,000 are expensed as incurred.
b. The company employs the same inventory valuation method from period to period.
c. A patent is capitalized and amortized over the periods benefited.
d. Assuming that dollars today will buy as much as ten years ago.
10. Presented below are a number of accounting procedures and practices in PT Berdikari. For each
of these items, list the assumption, principle, qualitative characteristic, or constraint that is
violated.
1. Because the company’s income is low this year, a switch from accelerated depreciation to
straight-line depreciation is made this year.
2. The Director of PT Berdikari believes it is foolish to report financial information on a yearly
basis. Instead, the president believes that financial information should be disclosed only when
significant new information is available related to the company’s operations.
3. An officer of PT Berdikari purchased a new laptop for personal use with company money ,
charging miscellaneous expense.
a. (1) Consistency, (2) Full Disclosure, (3) Economic Entity.
b. (1) Comparability, (2) Periocicity, (3) Economic Entity.
c. (1) Comparability, (2) Full Disclosure, (3) Materiality.
d. (1) Relevance, (2) Periodicity, (3) Faithful Representation.
Question #2 (15%)
Provide Adjusting Entries for the following independent events and its related reversing entries,
(if appropriate). Please note that in each event, the adjusting entries should result in the stated
ending balances of the accounts involved.
1. Interest Receivable at 1/1/10 was £1,000. During 2010 cash received from debitors for interest
on outstanding notes receivable amounted to £5,000. The 2010 income statement showed
interest revenue in the amount of £5,400
2. Unearned Rent at 1/1/10 was £5,300 and at 12/31/10 was £8,000. The Records indicate cash
receipts from rental sources during 2010 amounted to £40,000, allof which was considered as
prepayments and credited to the Unearned Rent Account.
3. PT ABC pays monthly salary for its employee. Payments are made at the beginning of the month
for the work of previous month. Accrued salary at 12/31/10 was £7,500.
4. Allowance for doubtful accounts on 1/1/10 was £50,000. The balance in the allowance account
on 12/31/10 after year-end assesment was £65,000 and during 2010 bad debts written off
amounted to £30,000.
5. Prepaid rent at 1/1/10 was £9,000. During 2010 rent payments of £120,000 were made and
charged to “rent expense”. The 2010 income statement shows, as a general expense, the item
“rent expense” in the amount of £125,000.

Question #3 (10%)
The cash balance of PT DEF at PT Bank Swadaya on September 30, 2010, according to the company’s
books was Rp28,855,000. On October 2, 2010, PT DEF received bank statement that shows a balance
of Rp27,995,000 as of September 30, 2010. PT DEF deposits all receipts and makes all payments by
checks.
Previously at the end of August 2010, after recording the necessary journal entries to adjust the Cash
balance per bank and cash balance per book is as follows:
Balance per Bank Rp 26,746,000
Add : Deposit in Transit 2,100,000
Deduct : Outstanding Checks (3,800,000) (Rp 1,700,000)
Balance per Book Rp 25,046,000
Examination of PT DEF’s accounting records and September bank statement identified the following
reconciling items :
1. Out of a total deposit of Rp13,889,000 made by PT DEFin the month September 2010, Bank
Swadaya only recorded Rp10,784,000.
2. During September 2010, PT DEF made payments of Rp10,080,000. Bank Swadaya recorded cash
disbursements of Rp11,600,000.
3. Bank Swadaya collected note directly from PT DEF’s customer, amounting to Rp3,000,000.
4. Bank Swadaya returned an NSF chech of Rp900,000 from a customer and recorded it as a charge.
5. Bank Service charge for the month of September 2010 is Rp35,000.
Required :
1. What is the September 30 adjusted cash balance.
2. Prepare the necessary journal entries to adjust the balance of cash.
Question #4 (35%)
Below are the accounts and their related ending balance as of 31 December 2009 of PT ABC (in
thousand rupiah)
Accrued Expenses 75,000 Interest Expenses (17,500)

Accumulated Other-Equity 130,000 Interest Income 6,000
Components
Additional Paid in Capital 65,250 Inventories 227,500
Advance Payments to Supplier 15,000 Investment Property 15,500
Cash and Cash Equivalent 135,000 Long term bank loans 17,500
Cost of Good Sold (1,410,000) Loss from discontinued (100,000)
Operation
Current Portion of Employee 7,000 Other Asssets 17,500
Benefit Obligation
Current Portion of Financial Lease 29,500 Other Payables 15,000
Receivable
Current Portion of Long-term loans 13,500 Other Receivables 250
Customer Advances 12,500 Prepaid Expenses 2,500
Deferred Tax Asset 3,000 Prepaid Taxes 10,750

Dividend paid to parent company 15,000 Retained Earnings 108,000

Employee Benefit Obligation 20,000 Revenue 1,875,000
Financial Lease Receivable 28,500 Selling Expenses (100,000)
Fixed Asset Revaluation Surplus, 35,000 Share Capital 135,000
net of tax
Fixed Assets 260,000 Short term bank loans 161,750
Foreign Exchange Loss (15,000) Taxes Payable 25,000
Foreign Exchange Translation (75,000) Time Deposit 2,500
Adjustment, net of tax
General and Administrative (125,000) Total Assets 945,500
Expenses
Goodwill 20,000 Trade Payable 160,000
Income Tax Expense (20,000) Trade Receivable- Related 13,000
Parties
Income Tax on Loss from 30,000 Trade Receivable-Third party 154,250
Discontinued Operation
Intangible Asset 10,750 Unrealized Holdong loss, net (50,000)
of tax
Required :
1. Prepare the Statement of Comprehensive Income (15%)

2. Prepare the Statement of Financial Position (20%)
Hint :Be Careful with where you will include each one of the above accounts; make sure you have
accounted all the accounts.
Question #5 (30%)
PT HIJ classifies its receivable as short-term trade receivable and long-term notes receivable. Below
is the balance of short term trade receivable of PT HIJ at 31 December 2010 :
No Description Amount
1 PT Angin 45,000
2 PT Api 67,000
3 PT Air 39,000
4 PT Tanah 78,000
5 PT Aang 52,000
6 UD Katara 81,000
7 UD Sokka 35,000
8 UD Zuko 63,000
Total Trade Receivable 460,000
PT HIJ Considers a receivable to be significant if the end-of year-book balance is more than 10% of
total end-of-year balance of trade receivable. Out of all the significant receivables, PT HIJ determines
that the receivables of PT Api and UD Zuko are impaired. PT HIJ also determines that 5% is the
appropriate composite rate to measure the impairment of the rest of receivables.
On 1 January 2010, PT HIJ receives a Rp 1,000,000, four-year note, bearing interest at 12% annually,
in exchange for cash. The market rate of interest for a note of similar risk is 10%. During 2010, PT
UVW experienced financial difficulty. On 31 December 2010, even though PT UVW manages to pay
all of the accrued interest, PT UVW informs PT HIJ that the rest of the interests and the principal
amount of the note can only be paid 75%. PT HIJ has enough objective evidences to determine that
the note has been impaired.

PV Single Sum 12%, 4 Period 0,63552 PV Ordinary Annuity 12%, 4 Period 3,03735
PV Single Sum 10%, 3 period 0,75132 PV Ordinary Annuity 10%, 3 Period 2,48685
Required:
1. Describe the steps taken by PT HIJ is accessing the amount of impairment of Short-Term
Trade Receivable (5%)
2. Calculate the amount of impairment loss of and the end-of-year value after impairment of
Trade Receivable (5%)
3. Provide the schedule of effective interest method (10%)
4. Calculate the amount of impairment loss of and the end-of year value after impairment of
Notes Receivable (5%)
5. Prepare the necessary journal entries to record transaction of trade receivable and notes
receivable, including the impairment (5%)
Jawaban UTS Akuntansi Keuangan 1

Semester Ganjil 2010/2011
Question 1
1. B 6. A
2. D 7. B
3. C 8. A
4. D 9. C
5. C 10. B
Question 2
Adjustment Journal
31/12 Interest Receivable £ 1.400
Interest Revenue £ 1.400
*5400-(5000-1000)
31/12 Unearned Rent £ 37.300
Rent Revenue £ 37.300
*5300+40000-8000
31/12 Salaries Expense £ 7.500
Salaries Payable £ 7.500
31/12 Bad Debt Expense £ 45.000
Allowance for Doubtful Account £ 45.000
*65000-(50000-30000)
31/12 Rent Expense £ 5.000
Prepaid Rent £ 5.000
*125000-120000
Reversing Journal
1/1 Salaries Payable £ 7.500
Salaries Expense £7.500

Question 3
1.
PT DEF
Bank Reconciliation
PT Bank Swadaya, September 30,2010
Balance Per Bank Statement (end of Period) Rp 27.995.000
Add:
Deposit In Transit* Rp 5.205.000
Deduct:
Outstanding
Checks** (Rp 2.280.000)
Rp 2.925.000
Correct Cash Balance Rp 30.920.000
Balance Per Books Rp 28.855.000

Add :
Collection of Note Rp 3.000.000
Deduct:
Non-Sufficient Fund (Rp900.000 )
Bank Service Charges (Rp35.000 )
Rp 2.065.000
Correct Cash Balance Rp 30.920.000
*Deposit In Transit =13.889.000-(10.784.000-2.100.000)

**Outstanding Check=10.080.000-(11.600.000-3.800.000)
2.
Cash Rp 3.000.000
Notes Receivable Rp 3.000.000
Bank Administration Expense Rp 35.000
Cash Rp 35.000
Account Receivable Rp 900.000
Cash Rp 900.000
Question 4
PT ABC
Statement of Comprehesive Income
For The Year ended December 31, 2009
(In Thousand Rupiah)
Revenue 1.875.000
Cost of Goods Sold (1.410.000)
Gross Profit 465.000
Selling Expense (100.000)
General and Adm Expense (125.000) (225.000)
240.000

Other Income and Expense

Interest Income 6.000
Foreign Exchange Loss (15.000) (9.000)
Income from Operations 231.000
Interest Expenses (17.500)
Income Before Income Tax 213.500
Income Tax Expense (20.000)
Income from Continuing Operations 193.500
Discontinued Operation
Loss From Discontinued Operations
100,000 less applicable income tax 30,000 (70.000)
Net Income 123.500
Fixed Asset Revaluation Surplus, net of tax 35.000
Foreign Exchange Translation adjustment net of tax (75.000)
Unrealized Holding loss, net of tax (50.000) (90.000)
Comprehensive Income 33.500
2.
PT ABC
December 31, 2009
(In Thousand Rupiah)
ASSETS
Non Current Assets
Long Term Investment
Investment Property 15.500
Financial Lease Receivable 28.500 44.000
Fixed Asset 260.000
Intangible Assets
Goodwill 20.000
Other Intangible Asset 10.750 30.750
Other Assets
Deferred Tax Asset 3.000
Other Assets 17.500 20.500
Total Non Current Asset 355.250
Current Assets
Prepaid Expenses 2.500
Advance Payments to Supplier 15.000
Prepaid Taxes 10.750
Inventories 227.500
Other Receivable 250
Financial Lease Receivables-Current
Portion 29.500
Trade Receivable-related parties 13.000

Trade Receivable-third party 154.250

Time Deposit 2.500
Cash and Cash Equivalent 135.000
Total Current Assets 590.250

Total Assets 945.500
Equity and
Liabilities
Equity
Share Capital 135.000
Share Premium 65.250
Accumulated Other Equity Component 130.000
Retained Earning 108.000
Total Equity 438.250
Liabilities
Non Current Liabilities
Employee Benefit Obligation 20.000
Long Term Bank Loans 17.500 37.500
Current Liabilities
Short term Bank Loans 161.750
Taxes Payable 25.000
Trade Payables 160.000
Customer Advances 12.500
Current Portion of LT Loans 13.500
Current Portion of Employee benefit
obligation 7.000
Accrued Expense 75.000
Other Payables 15.000 469.750
Total Liabilities 507.250
Total Liabilities and Equity 945.500
Question 5
1. Receivables that are individually significant should be impaired separately. If impaired, the
company recognizes it. Receivables that are not individually significant, are collectively
impaired. Any receivables not individually assesed should be collectively assesed for
impairment. In this case, PT Api and UD Zuko are individually impaired, while the rest is
considered collectively. PT HIJ calculates the amount of collective impairment in percentage
of account receivable basis with 5% compositee rate.
Individual Impairment
PT Api* 19.000
UD Zuko** 26.000
Collective Impairment
PT Angin 45.000
PT Air 39.000
PT Tanah 78.000
UD Aang 52.000

UD Katara 81.000
UD Sokka 35.000
Total Receivable 330.000

Impairment *** 16.500
Total Impairment 61.500
*67.000-48.000
**63.000-37.000
***5%x 330.000
2. Present Value = PV Principle + PV Interest

=PV (1.000.000;10%;4th) +PV(12%*1.000.000;10%,4th)
=1.000.000*0,68301 + 120.000*3,16986
=Rp 1.063.393,2
PT HIJ
Schedule of Effective Interest Method
Jan, 1 2010
Interest Carrying
Cash Received Revenue Premium Amortized amount
2010 1.063.393,20
2011 120.000 106.339,32 13.660,68 1.049.732,52
2012 120.000 104.973,25 15.026,75 1.034.705,77
2013 120.000 103.470,58 16.529,42 1.018.176,35
2014 120.000 101.817,63 18.182,37 1.000.000,00
3. Present Value =PV Principle + PV Interest
=75% *PV (1.000.000;10%;3th) +75%* PV(12%*1.000.000;10%,3th)
=75%*1.000.000*0,75132 + 75%*120.000*2,48685
=Rp 787.306,5
Impairment Loss =Carrying Amount 2011 – PV of Note Receivable
=1.049.732,52-787.306,5
=262.426,02
4. Journal Entries
Bad Debt Expense 61.500 Trade Receivable
Allowance for Doubtful Account 61.500
Notes Receivable 1.000.000

Notes Receivable
Cash 1.000.000
Interest Receivable 120.000

Interest Revenue 106.339,32
Premium Amortized 13660,68
Bad Debt Expense 262.426,02

Allowance for Doubtful Account 262.426,02
10 | P a g e Semester Ganjil
2010/2011
Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
MOJAKOE
UTS AKUNTANSI KEUANGAN 1 2012/2013
Accounting Study Division
Dilarang memperbanyak MOJAKOE ini tanpa seijin

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Semester Gasal 2012 / 2013

Question 1 (10%) – Conceptual Framework
Statements below are a number of accounting procedures and practices in PT Rujag Uleg.
1. Because the company’s income is low this year, a switch from accelerated depreciation to
straight-line depreciation is made this year.
2. The president of PT Rujag Uleg believes it is foolish to report financial information on a yearly
basis. Instead, the president believes that financial information should be disclosed only when
significant new information is available related to the company’s operations.
3. PT Rujag Uleg does not establish a large loss and related liability this year because of the
possibility that it may lose a pending patent infringement lawsuit. The loss is considered estimable
and probable by its attorneys.
4. An officer of PT Rujag Uleg purchased a new home computer for personal use with company
money, charging miscellaneous expense.
5. A machine, that cost $40,000, is reported at its current market value of $45,000.
For each of these statements, please list and refer to the assumption, principle, information characteristic,
or modifying convention that is violated.
Question 2(20%) – Comprehensive Income Statement
Presented below is information (in IDR’000) related to PT Elektrik.
Retained earnings, December 31, 2010 13,000,000
Sales 28,000,000
Selling and administrative expenses 4,800,000
Loss on disposal of electronic division (pre-tax) 5,800,000
Cash dividends declared on common stock 672,000
Cost of goods sold 15,600,000
Gain resulting from computation error on depreciation charge in 2009 (pre-tax) 10,400,000
Exchange differences (gain) on translating foreign operations (pre-tax) 300,000
Rent revenue 2,400,000
Gains on property revaluation (pre-tax) 500,000

Impairment loss 1,800,000
Interest expense 200,000
Instructions: Prepare in a good form a comprehensive income statement for the year 2011 using single
statement format (including the earnings per share). Assume a 30% tax rate and that there were 80,000
ordinary shares outstanding during the year.
Question 3 (20%) – Statement of Financial Position
Given the following account information for PT Ageng (in IDR’000), prepare a statement of financial
position in report form for the company as of December 31, 2011. All accounts have normal balances.
Equipment 2,000,000
Interest Payable 30,000
Retained Earnings (beginning) 4,750,000
Dividends 2,520,000
Land 6,866,000
Inventory 5,100,000
Bonds Payable 3,900,000
Notes Payable 720,000
Share capital-ordinary 3,000,000
Accumulated Depreciation – Equipment 500,000
Prepaid Advertising 250,000
Revenue 16,570,000
Buildings 4,020,000

Supplies 93,000
Taxes Payable 150,000
Utilities Expense 66,000
Advertising Expense 78,000
Salary Expense 2,652,000
Salaries Payable 45,000
Accumulated Depr. – Bid 750,000
Deferred tax assets 750,000
Income tax expense 4,000,000
Cash 1,500,000
Depreciation expense – Building & Equipment 400,000
Additional Information:
1. The FIFO cost method of inventory value is used
2. The notes payable represent bank loans. These bank loan are due in June 30, 2012
3. The Bond Payable bear interest at 8%. The IDR 1,000,000 of the bond payable will be due in
October 1, 2012. The rest are due in December 31, 2014
4. 600,000 ordinary shares with a par vale of IDR 10,000 were authorized, of which 300,000 shares
were issued and outstanding
Question 4 (30%) – Cash and Receivables
The records of Royal Silver Hawk Inc. (RSH), a company based in Timbuktu, as of 31 December 2011 show
the following information:
1. Currency and coin amounted to $36,300;

2. Petty cash, which has just been replenished to its maximum ceiling amount on 31 December 2011,
shows a balance of $10,000;

3. Savings account and commercial checking account at the Dependence Bank show balances of
$500,000 and $700,000, respectively. RSH is allowed to withdraw fund from both accounts any
time;
4. An account at CTBank Corp shows a balance of $200,000. The same balance has been maintained
since 1 November 2010 and will continue to be maintained until RSH repays its borrowing from
CTBank Corp at end of October 2013;
5. RSH keeps a compensating balance of $100,000 with Diamond Bank in relation to loan that will
mature on 31 January 2012;
6. RSH also has in its custody the following:
i. A post-dated check (dated 12 January 2012) from Ragil Dove Inc. in the amount of
$60,000;
ii. A piece of paper signed by a customer of RSH, Ms. Furi Parrot, which states that she owes
RSH an amount of $120,000 resulting from a recent credit sales, and will repay in full on or
before 31 March 2012.
7. The company has been keeping a certificate of deposit with the Timbuktu People’s Bank which will
mature in 120 days from 31 December 2011;
8. RSH has in its trade receivables the following items:
i. Eagle Laksamana Inc., $65,000. This customer is facing financial difficulty and the
assessment by RSH Management concluded that final payment would be short by
$15,000, and this will not be recovered.
ii. PT Donna Peacock, $200,000. This customer has formally requested for a discount of 20%
due to inability of this Indonesia-based company to fully pay its foreign currency
obligation, and the Management of RSH is likely to approve this request.
iii. Jordan Falcon Inc., $140,000. This customer is in a solid financial condition. This receivable
has been assigned to Dependence Bank to secure repayment of RSH borrowing.
iv. HaDit Kiwis Corp., $35,000. This customer had filed for bankruptcy, which the court has
approved. As a result, HLM Corp. will not be able to pay the receivable.
v. DeSus Orioles Inc., $400,000. This customer has very good financial standing. This
receivable is pledged as collateral for loan from Dependence Bank.
vi. WinLose Inc., $30,000. This long-time customer has very good financial standing.
vii. Several receivable from Willie Flamingo Inc., $210,000, all due in less than 6 months. This
customer is in good shape. On 1 December 2011, this receivable was factored by RSH to
Capel Factor for $200,000, where RSH guarantees any credit losses.
viii. Various receivable (combined, each less than $10,000), $100,000.
9. Accounting policies of RSH as shown in the notes to the financial statements state that receivables
are measured at amortized costs including the effect of impairment. In that connection:
i. Any receivable of more than $50,000 is considered significant and should be individually
assessed.
ii. Any receivable that is not individually assessed is assumed to be impaired by 2% of the
carrying amount.
Instructions:

a. Show how disclosure on “cash and cash equivalent” of RSH will appear in the notes to the financial
statements as of 31 December 2011.
b. Calculate impairment loss, if any, on the receivable of RSH as of 31 December 2011.
c. Show the journal entry to be made on 31 December 2011 to record the impairment of receivable.
d. Show the journal entry made on 1 December 2011 to record the factoring transaction.
e. Show how “trade receivables” will appear in RHS’ statement of financial position.
f. Identify what other information should be disclosed in the notes to the financial statements.
Question 5 (20%) – Inventory
On 10 July 2012, flood damaged the office and warehouse of Volturi Corporation. The only accounting
record saved was the general ledger, from which the following data and information have been gathered.
Year Ended
1 Jan 2012 –
31 Dec
30 Jun 2012
2011 2010
Net sales $ 270,000 $ 906,000 $ 780,000
Net purchases $ 104,000 $ 560,000 $ 470,000
Beginning inventory $ 150,400 $ 100,000 $ 132,000
Ending inventory $ 150,400 $ 100,000
1. The fiscal year of Volturi ends on 31 December.

2. Examination of July bank statement reveals:
a. Cash payments
For accounts payable as of 30 June 2012 11.400
For purchase in July 6.800
For other expenses 7.800
26.000
b. Cash receipts
Collection from sales in July 24.000
From supplier for merchandise returned in July 1.900
25.900
3. Purchases from 1 – 10 July consists of:

Received and paid 6.800
Received but not recorded and paid yet 26.600
Merchandise in transit (fob shipping point) 4.600
4. Sales from 1 – 10 July consists of:

Delivered and paid by customers 24.000
Delivered but not paid yet 12.000

Shipment in transit (fob shipping) 16.000

Estimated uncollectible accounts receivable 1.200
5. Gross profit ratio is calculated based on net sales 2010-2011 (2 years data)
6. Inventory with a cost of $20,000 was salvaged and sold for $12,000. The balance of the inventory
on 10 July was a total loss.
Instructions:
1. Calculate gross profit rate.

2. Prepare a good schedule to compute the amount of inventory flood loss.

Answers:
Question 1
1. Qualitative Characteristic  Enhancing: Comparability (consistency)

2. Assumptions: Periodicity
Principle: Full disclosure
3. Qualitative Characteristic  Faithful of Representative  Completeness

Principle: Full disclosure
4. Assumptions: economic entity

5. Tidak ada yang dilanggar karena PSAK memperbolehkan valuasi baik menggunakan historical cost
maupun fair value.
Question 2
PT Elektrik
for the year ended December 31, 2011
Sales revenue 28,000,000
COGS (15,600,000)
Gross profit 12,400,000
Selling and administrative expenses (4,800,000)
Other income and expense
Rent revenue 2,400,000
Loss on impairment (1,800,000) 600,000
Income from operations 8,200,000

Interest expense (200,000)
Income before income tax 8,000,000
Income tax (30%) (2,400,000)
Income from continuing operations 5,600,000
Discontinued operation
Loss on disposal electric division (70% x 5,800,000) (4,060,000)
Net income 1,540,000
Gain on translating foreign operations 300,000
Gains on property revaluation 500,000
Income tax relating to other comprehensive income for (240,000)

the year
Other Comprehensive income for the year (net tax) 560,000
Comprehensive income 2,100,000
Per Share
Income from continuing operating 70.00
Discontinued operations net of tax (50.75)
Net Income 19.25
Other Comprehensive Income 7.00
Total Comprehensive Income 26.25
EPS = Net Income
Shares outstanding

Question 3
PT Ageng
As in December 31, 2011
In IDR’000
Current Assets Current Liabilities
Cash 1,500,000 Interest Payable 30,000
Prepaid advertising 250,000 Bonds Payable 1,000,000
Inventory 5,100,000 Notes Payable 720,000
Supplies 93,000 Salaries Payable 45,000
Total Current Assets 6,943,000 Taxes Payable 150,000
Total Current Liabilities 1,945,000
Non Current Assets
Equipment 2,000,000 Non Current Liabilities
Less. Acc. dep. Equipment (500,000) 1,500,000 Bonds Payable 2,900,000
Land 6,866,000 Total Non Current Liabilities 2,900,000
Buildings 4,020,000
Less. Acc. dep. Buildings (750,000) 3,270,000 Equity
Deferred tax assets 750,000 Share Capital Ordinary 3,000,000
Total Non Current Asset 12,386,000 RIE 11,484,000
Total Equity 14,484,000
Total Assets 19,329,000 Total Liabilities and Equity 19,329,000
Net Income = 16,570,000 – 120,000 – 66,000 – 78,000 – 2,652,000 – 4,000,000 – 400,000
= 9,254,000

Retained earning = 4,750,000 + 9,254,000 – 2,520,000 = 11,484,000
Question 4
a. Disclosure cash & Cash Equivalent

Schedule Cash and Cash Equivalent
Cash & Cash Equivalent at Carrying Value
Currency & Coin 36,300
Petty Cash 10,000
Saving Account 500,000
Commercial checking 700,000
Diamond Bank – Compensating Balance 100,000
Total Cash & Cash Equivalent at Carrying 1,336,300

Value
Keterangan :
1. The Compensating balance at CTBank Corp should be shown as a non current asset
2. The post-dated check from Ragil Dove Inc. is part of receivable
3. The IOU signed by Ms. Furi Parrot is part of receivable
4. The certificate of deposit with Timbuktu People’s Bank is an investment
b. Impairment Loss
Accounts receivable impairment:
Individually assessed receivables
Eagle Laksaman Inc. $ 15,000
PT Donna Peacock 40,000
HaDit Kiwis Corp. 35,000
Collectively assessed receivables:

DeSus Orioles Inc $ 40,000
WinLose Inc. 30,000
Various receivables 100,000
Add : Ragil Dove Inc. 60,000
Add: Mas. Furi Parrot 120,000
Add : Jordan Falcon 140,000
Add: Willie Flamingo Inc. 210,000
Collectively assessed impairment (2%x 14,000

700,000)
Impairment of Receivables $ 104,000
c. Journal entry to record impairment of receivables

31 Dec 2011 Dr. Bad Debt Expense 104,000
Cr. Allowance for Doubtful Accounts 104,000
d. Factoring Transaction
The transaction described is a sale of receivable with recourse, which is substance is a secured
borrowing transaction with certain receivables as security
1 Dec 2011 Dr. Cash/ Bank 200,000
Cr. Short term bank loan 200,000
e. Statement of Financial Position

In “Current Assets” section
Trade Receivables 1,000,000
Less : Allowance for Doubtful Account (104,000)
Trade Receivables (net) 896,000
f. Other Information to be disclosed in the notes to the financial statements

 Receivables of 104,000 from Jordan Falcon Inc. has been assigned to Dependence Bank to
secure payment of the company’s borrowing.

 Receivable of 40,000 from DeSus Orioles Inc. has been pledged as collateral for the loan
received from Dependence Bank.
 Receivables amounting to 210,000 from Willie Flamingo Inc. has been factored to Capel
Factor on with recourse basis.
Question 5
1 Jan 2012 Year Ended

- 30 Jun 31-Dec
2012 2011 2010
Net Sales $ 270,000 906,000 780,000 1,686,000
Net Purchase 104,000 560,000 470,000
Beginning
Inventory 150,400 100,000 132,000
Ending Inventory 150,400 100,000
COGS 509,600 502,000
Gross profit 396,400 278,000 674,400 40%
Data related to transcation from 1-10 April 2012
1 Cash Payments
For accounts payables as of 30 June 2012 11,400
For purchase in July 6,800
For other expenses 7,800
26,000
2 Cash receipts
Collection from sales in July 24,000
From supplier for merchandise returned in July 1,900
25,900
Purchases
Received and paid 6,800
Received but not recorded and paid yet 26,600

Merchandise in transit (F.o.b Shipping Point) 4,600
4 Sales
Delivered and paid by customers 24,000
Delivered but not paid yet 12,000
Shippment in transit (Fob Shipping Point) 16,000
Estimated uncollectible accounts receivable 1,200
5 Gross profit ratio is calculated based on net sales of 2010-2011
6 Inventory salvage during the fire
Cost 20,000
Sold of scrap (60% x 20,000) 12,000

VOLTURI CORPORATION
Computation of Inventory Fire Loss
As of 10 July 2012
Inventory (1 Jan 12) 150,400
Purchases
Net Purchases (1 Jan – 30 Jun 2012) 104,000
Purchases in July and paid 6,800
Purchase in July received but note 26,600

recorded yet
Purchase returns in July (1,900) 135,500
COGAS 285,900
Less : Estimated COGS
Sales (1 Jan – 30 Jun 2012) 270,000
Sales in July and paid 24,000
Sales in July delivered but not paid 12,000
Sales in transit 16,000
322,000
Gross profit rate 40%
Estimated COGS 60% x sales 193,200
Estimated ending inventory 92,700
Less : Sale of salvaged inventory (12,000)
Inventory fire loss 80,700

MOJAKOE UAS AKUNTANSI KEUANGAN 1 2011 www.SPA-FEUI.com
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Page 1 of 8
FINAL TERM EXAM

Team Teaching
Monday, January 2, 2012
09.00 – 12.00 (3 hours)
REMEMBER: Self trust is the first step to success
Problem 1: Capitalization of Interest, Revaluation and Impairment
A. Capitalization of interest (15%)
Early in 2010, Shy Corporation engaged Kone, Inc. to design and construct a complete modernization of
Shy's manufacturing facility. Construction was begun on June 1, 2010 and was completed on December
31, 2010. Shy made the following payments to Kone, Inc. during 2010:
Date Payment
June 1, 2010 $3,600,000
August 31, 2010 5,400,000
December 31, 2010 4,500,000
In order to help finance the construction, Shy issued the following during 2010:
1. $3,000,000 of 10-year, 9% bonds payable, issued at par on May 31, 2010, with interest payable
annually on May 31.
2. 1,000,000 shares of no-par ordinary shares, issued at $10 per share on October 1, 2010.
In addition to the 9% bonds payable, the only debt outstanding during 2010 was a $750,000, 12% note
payable dated January 1, 2006 and due January 1, 2016, with interest payable annually on January 1.
Instructions
Compute the amounts of each of the following (show computations):
1. Weighted-average accumulated expenditures qualifying for capitalization of interest cost.
2. Avoidable interest incurred during 2010.
3. Total amount of interest cost to be capitalized during 2010.
B. Revaluation (15%)
Page 2 of 8
Shy Corporation uses revaluation accounting for the above manufacturing facility. The manufacturing
facility has a 20 years useful life with no residual value. The company has the following information
related to the manufacturing facility.
Date Fair Value

January 1, 2011 $13,747,500
December 31, 2011 $13,490,000
December 31, 2012 $11,700,000
Instructions
(a) Prepare the journal entries for 2011 related to the manufacturing facility!
(b) Prepare the journal entries for 2012 related to the manufacturing facility! Assume that there
is an indication the manufacturing facility is impaired.
(c) Determine the amount of depreciation expense that Shy will record on the manufacturing
facility in 2013!
Problem 2: Intangible Assets (15%)
Bon Co. purchased a patent from Kiddy Co. for $360,000 on July 1, 2007. Expenditures of $140,000 for
successful litigation in defense of the patent were paid on July 1, 2010. Sisco estimates that the useful
life of the patent will be 20 years from the date of acquisition.
At the beginning of 2011, based on new market research, Bon Co. determines that the recoverable
amount of the patent is $297,000.
Instructions
(a) Prepare the journal entry to record the purchase of the patent and amortization expense for 2007.
(b) Prepare the journal entry to record the expenditure for successful litigation and amortization
expense for 2010.
(c) Prepare the journal entry to record the impairment of the patent (if any) and amortization expense
for 2011.
Problem 3: Investment Property and Non Current Assets Held for Sale
A. Investment Property (10%)
In 2010, Kenko Investment Property Group purchased a property in Singapore at a cost of $ 10 million. It
has not determined the usage of the property but considers that the value of the property will increase.
However, due to the the sub-prime loan crisis in the US and worldwide, the fair value of the property
decreases to $ 7.5 million on 31 March 2011. Kenko Yamashida, chairman of the group, proposes to use
Page 3 of 8
the cost model to avoid any fair value recognised in profit or loss. Evaluate and discuss the proposed
accounting treatment of Kenko.
B. Non Current Assets Held for Sale (15%)
On January 1, 2007, ATA Group acquired a motor vehicle with an estimated useful life of 10 years at $
800,000 (with no residual value and depreciated on a straight line basis). After the receipt of the vehicle
5 days later, ATA decided to sell it. The planned disposal fulfilled the criteria under PSAK 58 (Non Current
Assets Held for Sale), and the fair value less estimated costs to sell is also around $ 800,000. At year end
of 2007, ATA decided to withdraw the sale and use the vehicle for its own use. At that date, ATA
estimated that the recoverable amount may be (1) $ 750,000 or (2) $ 600,000. Calculate the different
financial implications from the two estimates of the recoverable amount.
Problem 4: Employee Benefits (20%)
The accountant of PT DEF has developed the following information for the company's defined-benefit
pension plan for 2011:
PV Defined Benefit Obligation - Jan 1 2011 1,000,000,000
FV Plan Asset - Jan 1 2011 1,000,000,000
Unrecognized Net Gain - Jan 1 2011 140,000,000
Current year’s data:
Service cost 130,000,000
Annual contribution to the plan 90,000,000
Expected Remaining Working Lives of Employee (years) 10
Benefits paid to retirees 150,000,000
Settlement rate 10%
Expected rate of return on plan assets 12%
PV Defined Benefit Obligation – Dec 31 2011 1,141,000,000
FV Plan Asset – Dec 31 2011 1,092,000,000
Additional information:
The company uses the corridor approach for amortizing the Unrecognized Net Gain or Loss
when it gets too large.
In 2011 the company amends the defined benefit plan which results to an increase in the
defined benefit obligation.
Instructions
(a) Using the above information for PT DEF, compute pension expense for 2011 and pension liability in
Balance Sheet Dec 31 2011! Use pension work sheet to support your calculations!
(b) Prepare the journal entries to reflect the accounting for the company's pension plan for the year
ending December 31, 2011!
Page 4 of 8
Problem 5: Current Liabilities (10%)
Listed below are selected transactions of Schultz Department Store for the current year ending
December 31.
a. On December 5, the store received $ 500 from the Jackson Players as a deposit to be returned
after certain furniture to be used in stage production was returned on January 15.
b. During December, cash sales totaled $ 798,000, which includes the 5% sales tax that must be
remitted to the state by the fifteenth day of the following month.
c. On December 10, the store purchased for cash three delivery trucks for $ 120,000. The trucks
were purchased in a state that applies a 5% sales tax.
d. The store determined it will cost $ 100,000 to restore the area surrounding one of its store
parking lots, when the store is closed in 2 years. Schultz estimates the fair value of the obligation
at December 31 is $ 84,000.
Instructions
Prepare all the journal entries necessary to record the transactions noted above as they occurred and
any adjusting journal entries relative to the transactions that would be required to present fair financial
statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded
only once a year on December 31.
JAWABAN
Date Payment Capt. Period WAAE

June 1, 2010 3.600.000 7/12 2.100.000
Aug 31, 2010 5.400.000 4/12 1.800.000
Dec 31, 2010 4.500.000 0 0
13.500.000 3.900.000
Avoidable Interest
Specific Debt = 3.000.000 x 7/12 x 0,09 = 157.500
Other Debt = 750.000 x 0,12 = 90.000
Total Avoidable interest = 247.500
Actual Interest
Specific Debt = 3.000.000 x 7/12 x 0,09 = 157.500
Other Debt = 750.000 x 0,12 = 90.000
Total Actual interest = 247.500
Page 5 of 8
Interest cost to be capitalized = 247.500

Nilai manufacturing Facility = 13.500.000 + 247.500 = 13.747.500
1/6/10 Manufacturing Facility 3.600.000

Cash 3.600.000
Cash 5.400.000
Cash 4.500.000
Manufacturing Facility 247.500
Cash 247.500
REVALUATION
31/12/11 Depreciation Expense 687.375

Accumulated Depreciation 687.375
Unrealized Gain on Reval. 429.875
Manufacturing Facility 257.500

AOCI 22.625
Accumulated Depreciatin 710.000
AOCI 407.250
Loss on Impairment 672.750
Manufacturing Facility 1.790.000
AOCI 37.375
Nomor 2
a. 1/7/07 Patent 360.000
Cash 360.000
31/12/07 Patent Amor. Exp. 9000
Patent 9000
b. 1/7/10 Patent 140.000
Cash 140.000
Page 6 of 8
31/12/10 Patent amor. Exp. 22.117

Cash 22.117
c. BV of patent 1/1/11 = 432.883

Recoverable Amount = 297.000
Impairment = 135.883
Loss on Impairment 135.883
Patent 135.883
d. Patent Amortization expense 18.000

Patent 18.000
3.
a. Investment property : perusahaan membeli suatu aset untuk mengharapkan kenaikan nilai
Yaitu berupa capital gain ataupun pendapatan sewa
Cost Model : tidak akan mengadjust naik atau turunnya fair value.
Fair Value : mengakui naik turunnya asset
b. NCAHFS = Tidak mengakui adanya depresiasi
NCA = Asset didepresiasikan
Depreciation expense = 80.000
BV = 720.000
1/1/07 NCAHFS 800

Cash 800
31/12/07 Motor Vehicle 720
Loss due to reclassification 80
NCAHFS 800
Motor Vehicle 600
Loss due to reclassification 200
NCAHFS 800
4. Lihat Lampiran
Page 7 of 8
5.
a. Cash 500
Customer Deposit 500
b. Cash 798.000
Sales 758.100
Sales Tax Payable 39.900
c. Trucks 114.000
Sales Tax (Receivable) 6000
Cash 120.000
d. Store Parking lots 84.000
Restoration Liability 84.000
Page 8 of 8
GENERAL JOURNAL ENTRIES MEMO RECORD
ITEM
Pension Exp Cash Pension Asset/ Liablility DBO Plan Asset Unrecog PSC Unreg gain/loss
Beg Bal 140.000.000 Cr 1.000.000.000 Cr 1.000.000.000 Dr 140.000.000 Cr
Service Cost 130.000.000 Dr 130.000.000 Cr
Int 100.000.000 Dr 100.000.000 Cr
Actual Return 152.000.000 Cr 152.000.000 Dr
Expect.Ret. (0.12*DBO) =
120,000,000
Gain/Loss 32.000.000 Dr 32.000.000 Cr
Cont 90.000.000 Cr 90.000.000 Dr
Benefit 150.000.000 Dr 150.000.000 Cr
Corridor Test : 0.1*PA =
100,000,000
Amor of UGL 4.000.000 Cr 4.000.000 Dr
Liability Increase 61.000.000 Cr - - 61.000.000 Dr
106.000.000 Dr 90.000.000 Cr 16.000.000 1.141.000.000 Cr 1.092.000.000 Dr 107.000.000 Cr
156.000.000 Cr 156.000.000 Cr
JOURNAL Dr Cr
Pension Exp 106.000.000
Cash 90.000.000
Pension Liability 16.000.000
MOJAKOE
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UAS Semester Ganjil 2014/2015
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JAWABAN UAS AK1 2014/2015
Question 1
Part A
1. (Using Straight-Line Method for Exterior Structure and Interior Cabin and Unit
of Production for Engines)
 Depreciation of Exterior Structure for 2012
 Depreciation of Interior Cabin for 2012
 Depreciation of Engines for 2012
2. Journal entry for the repair, replacement and upgrade of the aircraft as January
1, 2013
Repairment
 Exterior Structure $1,500,000

Cash $1,500,000
 Engine 2 (New) $3,000,000

Acc. Depre Engine $4,750,000
Loss on Disposal $5,250,000
Old Engine $10,000,000
Cash $3,000,000
Replacement
 Engine (New) $12,000,000

Accumulated Depreciation $4,750,000
Loss on disposal of Engine $5,250,000
Cash $12,000,000
Engine (Old) $10,000,000

Upgrade
 Interior Cabin $4,000,000

AccDepre Interior Cabinet $16,000,000
Loss on Disposal $4,000,000
Interior Cabin $20,000,000
Cash $4,000,000
Part B
Journal Entries for 2011
 Depreciation Expense – Equipment $200,000,000

Accumulated Depreciation – Equipment $200,000,000
 Accumulated Depreciation-Equipment $400,000,000a

Equipment $300,000,000b
Surplus Revaluation $100,000,000

a$200,000,000x2
b$1,200,000,000 - $900,000
Journal Entries for 2012
 Depreciation Expense – Equipment $225,000,000

Accumulated Depreciation – Equipment $225,000,000
 Accumulated Depreciation-Equipment $225,000,000

Revaluation Surplus $15,000,000
Equipment $240,000,000c
c$900,000,000 - $660,000

Question 2
Part 1
(a) Profit/ (loss) using fair value model.

20X1 = 0
20X2 = $40,000,000
20X3 = $10,000,000
20X4 = ($20,000,000)
(b) Using the cost model

20X1 = 0
20X2 = ($18,000,000)
20X3 = ($18,000,000)
20X4 = ($19,000,000)
Part 2
1. The Asset can be classified as non-current asset held for sale because they
actively looking for a buyer, highly probable and completed in one year. Asset
should be presented as current asset at statement of financial position
2. a. Lower of CA or Fair value less cost to sell Fair Value Less Cost to sell =
$240,000,000 - $10,000,000 = $230,000,000
CA= $200,000,000 - $20,000,0000= $180,000,000
b. NCA Held for Sale $136,000,000

Loss due to reclassification $104,000,000
Investment Property $240,000,000

Question 3
Part 1
1. January 1, 2013
Organizational Expense $250,000,000

Cash $250,000,000
2. July 1, 2013
R & D Expense $1,000,000,000

Cash $1,000,000,000
3. Amortization Expense – Patent $72,000,000

Patent $72,000,000
Book Value 2013 = $720,000,000 – ($72,000,000 x $6,000,000) = $288,000,000
Loss on Litigation $288,000,000

Patent $288,000,000
Part 2
a. Cash $1,545,700
Account Receivable $159,450
Inventory $116,250
Prepaid Expenses $67,650
Land $585,000
Building $487,500
Equipment $403,000
AFDA – A/R $7,980
Acc. Depr – Building $146,250

Acc. Depr – Equipment $80,600
Account Payable $109,180
Bank Payable $160,000
Cash $2,950,000
Gain on Bargain Purchase $89,460
b. (Using Book Value)

Asset + Goodwill = Liability + (Equity + Gain on Bargain Purchase)
Goodwill = (Equity + Gain on Bargain Purchase) - Asset + Liability
Goodwill = ($2,950,000 + $89,460) - $1,716,955
Goodwill = $1,322,505
Net Asset = $1,716,955

Recoverable Amount = $1,500,000
Impairment = $216,955
Journal:
 Impairment Loss $216,955
Goodwill $216,955
c. Net Asset = $1,716,955

Recoverable Amount = $1,950,000
Net Asset < Recoverable Amount

NO IMPAIRMENT LOSS
Question 4
a. Yes, because there’s past event which arises present obligation to pay provision
and it can be reliably estimated. The obligation is highly probable because they
have clearly stated in their television advertisements and promotional
brochures that they will make good any losses and it has been widely publicized.
b. DrEnvironmental Expense XX
CrEnvironmental Liability XX
c. Yes, it does meet the recognition criteria of a liability because it’s an instruction
from local government that we must obey.

d. Legal Expense $200,000
Legal Liability $200,000
e. Provision recognized when and only when:

 Entity has present obligation from past event (Legal or constructive)
 It is probable, (Probability is more than 50%)
 Reliable estimate can be made.
f. It is contingent liability because it is only possible (Possibility is 50% or less). It
has to be disclosed in financial statement. We have to state in financial statement
that there’s damage expense $ 5, , and lawyer fee $ , , , so in total
we have $16,000,000 contingent liability.
Question 5
(a) Initial PVDBO : 2000

Net Interest Cost : 30 (100-70)
Service Cost : 80
Actuarial : (40)
Ending PVDBO : 2070
Initial Plan Asset : 1400
Other Return : 30
Ending Plan Asset : 1430
Net Defined Benefit Liability = Ending PVDBO – Ending Plan Asset
= 2070 – 1430
= 640
Initial Net Defined Benefit = 2000 – 1400=600

(b) Defined Benefit Plans (Imbalan Pasti)
A defined benefit plan identifies the specific benefit that will be payable to you at
retirement. Your basic retirement benefit is usually based on a formula that
takes into account factors like the number of years a participant works for the
employer (years of service) and the participant's salary. Your retirement benefit
is generally provided in the form of regular payments over your lifetime
beginning at what the plan calls "normal retirement age," which is typically age
65. This stream of periodic payments is generally known as a pension or
sometimes called an annuity
Defined Contribution Plans (Iuran Pasti)

A defined contribution plan specifies how much money will go into a retirement
plan today. The amount typically is either a percentage of an employee's salary
or a specific dollar amount. Then, those funds often are invested in mutual funds
available inside the retirement plan. The amount you have at retirement
depends on how much your employer contributes to the plan, how much you as
the employee save in the plan, how long you leave those funds invested, and how
well your investments perform inside the plan.
(c) Defined Benefit Obligation measured by net interest expense, past service cost
(including curtailment), settlement cost, current service cost, actuarial gain/loss,
etc
Plan asset measured by contribution, benefit, excess return, and actuarial

gain/loss.
(d) Asset ceiling is the present value of any economic benefits available in the form
of refunds from the plan or reductions in future contributions to the plan. (If
plan asset > PVDBO).

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keungan 1
MOJAKOE


Final Test-Odd Semester 2010/2011

Thursday 16 Desember 2010
150 minutes-Closed Book
Problem 1(25%)
Logical Co. Record the transaction for the month of December 2010 as follows:
Purchase Sales
Date Units Price/unit Date Units Price/Unit
1(beg balance) 200 $ 9.0 10 400 $ 12.0
5 300 $ 9.5 18 400 $ 13.0
15 400 $ 9.2 27 200 $ 14.0
20 200 $ 9.3
Required :
1. Assume that the company keeps the FIFO periodic inventory method: (5%)
a. Compute the inventory at December 31, 2010, show your calculation.
b. Prepare the journal entry needed on December 20 and 27, 2010.
2. Assume that the company keeps the average perpetual inventory method: (15%)
a. Compute the inventory at December 31, 2010 show your calculation.
b. Prepare the journal entry needed on December 20 and 27, 2010.
c. Prepare the journal needed if the physical inventory count indicates that total
inventory on hand is 90 units (the company uses the latest cost per unit to value
inventory on hand)
d. After performing physical count, the company gathered information that the total
selling price of company’s inventory as of December 31,2010 is $950.00 and total
estimated cost to sell is $50.00 Prepare the journal needed if Logical Co. Applies
Lowe-of-Cost-or-Net-Realizable-Value (LCNRV) for its inventory with Cost of Goods
Sold method and the use of an allowance.
e. Show the inventory section of Logival Co’s statement of Financial position as of
December 31,2010
Problem 2(25%)
Icarus Corporation has been expanding its production capacity in order to pursue a low-cost
strategy. The year 2010 is marked by completion of production complex and acquisition of several
assets. The following information pertains to transactions of Icarus Corporation during 2010 :
a. Construction of a production complexwhich qualifies for interest capitalization has been

started since January 1, 2010 and is scheduled to be completed on December 31,2010.
Expenditures on project are as follows :
February 28,2010 $ 450.000
August 31,2010 $ 750.000
December 31, 2010 $ 800.000
$ 2.000.000
Icarus Corporation did not borrow any loan specifically for the construction. However, there are
other borrowings however and all are outstanding as of December 31,2010 :
 10% 5 year note payable of $1 million, issued on 1 November 2009, interest payable
annually on 1 November;
 12% 10 year bond issue of $1,500,000 sold at par June 30,2003, with interest payable
annually on January 31.

The Construction of the production complex qualifies for interest capitalization.
b. On February 1, 2010 purchased a parcel of land located adjacent to the production

complex for use as warehouse site for $500,000. It demolisher one of the two (2) old
buildings on the property, and began construction on a newbuilding (which is a
warehouse) that was completed on October 2,2010.
Demolition of Old Building $ 40.000
Architect's Fees $ 200.000
Legal Fees for title investigation
and purchase contract $ 20.000
Warehouse Construction Cost $ 5.000.000
Icarus Sold salvaged materials resulting from the demolition for 30,000.
For the other old building (which is an office), Icarus Corporation did the following works:
Painting of Ceilings $ 10.000 (estimated useful life in one year)
Electrical re-wiring works $ 35.000 (estimated useful life in ten years)
Construction of Extension room $ 80.000 (estimated useful life in twenty years)
c.On August 1,2010 Icarus Corporation purchase a new packaging machine on a deferred
payment basis. It made a down payment of $10,000 and issued a note promising four
monthly installments of $25,000 each beginning on September 1,2010. The cash
equivalent price of the machine was $95,000. Icarus Corporation had the packaging
machine installed in the warehouse and paid installation cost amounting to $3,000.
d. Icarus Corporation is negotiating the purchase of a new excavator at a price of $7,000
plus trade-in, f.o.b shipping point. Icarus plans to pay $7,000 in cash and trade in a used
evcavator. The used excavator originally cost $62,000. It has book value of $42,000 and a
second-hand market value of $45,800, as indicated by recent transactions involving similar
equipment. This exchange is considered to have commercial substance. Freight for the new
excavator will require a cash payment of $1,100.
e. The annual reporting period of Icarus Corporation in 1 January to 31 December.
Required:
1. In relation to the construction of the production complex: (a)Compute the WAAE of the
construction during capitalization period, (b) Compute the avoidable interest cost
capitalized for 2010.
2. In relation to the purchase of land and construction of warehouse: (a) compute the cost of
the land, (b) compute the cost of the warehouse building. (c) give the journal entries for
the works done on the office building.
3. In Relation to the packaging machine, prepare the journal entry to record the acquisition.
4. In Relation to the exchange of excavator; (a) give the journal entry to record the
transaction, (b) explain how your entry will be different or the same if the transaction has
no commercial substance.
5. In Relation to the above items, list down what information Icarus Corporation should
disclose in the Property Plant and Equipment section of the notes to the Financial
statement for the year ended December 31,2010.
Problem 3 (20%)
PT Suka Damai uses revaluation accounting for a class of equipment it uses in its business. The
equipment was purchased on January 1, 2010 for Rp100.000.000 and has a 10-year useful life
with no residual value. The Company has the following information related to the equipment.
Date Fair Value
January 1,2010 Rp 100,000,000
December 31,2010 Rp 93,600,000
December 31,2011 Rp 76,000,000
December 31,2012 Rp 71,000,000

Required:
1. Prepare all the entries related to the equipment for 2010.
2. Prepare the entry for any revaluation adjustment at December 31, 2011 and 2012 (using
elimination of accumulated depreciation)
3. Determine the amounts to be reported by the company at December 31,2011 and 2012 as
Equipment, Other Comprehensive Income, Depreciation Expense, Impairment Loss, and
Accumulated Other Comprehensive Income.
4. Prepare the entries for the sale of the equipment by the company on January 1,2013 for
Rp 66,000,000.
Problem 4 (20%)
PT AG has the following amounts included in its Statement of Financial Position at December 31,
2009 :
Patent Rp 90.000.000
Less :Accumulated Amortization Rp 9.000.000
Rp 81.000.000
Copyright Rp 54.000.000
Less:Accumulated Depreciation Rp 37.800.000
Rp 16.200.000
Total Rp 97.200.000
PT AG purchased patent on Janyary 2, 2009. AG estimated the remaining useful life of the patent
to be 10 years. AG uses cost method to measure its intangible assets and straight line method to
amortize them. The following transactions influence the intangible assets balance during 2010 :
January 2 Alicese is purchased from PT ABC, distributor of a popular consumer product
, for 150.000.000. It is expected that this product will generate cash flows
for an indefinite period of time. The license has an initial term of 5 years but
by paying a nominal fee, PT AG can renew the license indefinitely for succesi-
ve 5 year terms
Jan-June PT AG incurres research and decelopment costs since January 20 of Rp 315,000,000.
Management estimate that about 40% of the costs are allocated to research the new
formula. The remaining is a decelopment cost. The patent of new formula is obtained
on July 1,2010 and has a useful life of 6 years.
September 1 PT AG pays for Rp 60,000,000 to advertize its product.
December 31 PT AG is doing impairment test for its intangible assets. PT AG has received the following
information related to its intangible assets :
Recoverable Amount-Patent Rp 70,000,000
Recoverable Amount-Copyright Rp 8,000,000
Recoverable Amount-License Rp 165,000,000
Recoverable Amount-Patent New Formula Rp 175,000,000
Required:
1. Prepare the journal entry to record the transactions including the amortization The
company uses accumulated amortization accounts (15%)
2. Compute the carrying amount of each intangible assets on its December 31,2010,
statements of financial position. (5%)
Problem 5(15%)
Each separate transaction of the following is related to current liabilities, provision, and
contingencies. Show the calculation of your answer.
1. Belimbing shop manufactures high-end whole home electronic systems.The company
provides a one year warranty for all products sold. The company estimates that the
warranty cost is $200 per unit sold and reported a liability for estimated warranty costs
$6.5 million at the beginning of 2010. During 2010, the company sold 50,000 units for a

total of $243 millon and paid warranty claims of $7,500,000 on current and prior year
sales. What amount a liability would the company report on its statement of financial
position as of December 31,2010? (2%)
2. Depokmart made cash sales during the month of October of Rp 100,000,000. That sales
amount included Value added tax(Pajak Pertambahan Nilai-PPN) of 10%. What is the
required journal entry to record this transaction?(2%)
Use the following information for Questions 3-4.
Madcow Exploration is involved with innovative approaches to finding energy reserves. Recycle
recently built a facility to extract natural as at a cost 0of $15 million on July 1, 2010. However,
Madcow is also legally responsible to remove thatfacility at the end of its useful life for four years.
This cost is estimated to be $21 million (the present value of which is Rp.15.435. 627 usin 8%
discount rate).
3. What is the journal entry required to record the environmental liability on July, 1, 2010?
(2%)
4. What is the journal entry required to record the interest expenses related to environmental
liability on December 31, 2010? (3%)
Use the following information for Question 5-6
Candy shop includes one coupon in each bag of chocolate it sells. In return for eight coupons,
customers receive a free box of candy. The candy cost Candy Shop $2.00 each. Candy Shop
estimates that 40 precent of the coupons will be redeemed. Data for2010 and 2011 are as follows:
2010 2011
Bags of Chocolate sold 500,000 600,000
Bags of Candy purchased 18,000 22,000
Coupons redeemed 120,000 150,000
5. What is the journal entry to record the estimated premium liability at December 31, 2010?
(3%)
6. What is the premium expense for 2011? (3%)
======================Good Luck======================
Answers
Problem 1
1a Ending Inventory
Unit Total
Date Units
Cost Cost
20-Dec 100 units (200+300+400+200-400-400-200) 9,3 930

Ending Inventory =$930
b Journal *assume purchase and sales are on account

Date Account Description Debit Credit
Dec 20 Purchase $ 1,860
Account Payable $ 1,860
Dec 27 Account Receivable $ 2,800
Sales $ 2,800

2a
Purchased Sold Balance
Date
1 200*$90
5 300*$95 500*$9.3
10 400*$9.3 100*$9.3
15 400*$9.2 500*$9.22
18 400*$9.22 100*$9.22
20 200*$9.3 300*$9.27
27 200*$9.27 100*$9.27
Ending Inventory =100*$9,27 =$927
b Journal
Dec 20 Merchandise Inventory $ 1,860
Account Payable $ 1,860
Dec 27 Account Receivable $ 2,800
Sales $ 2,800
Cost of Goods Sold $ 1,854
Merchandise Inventory $ 1,854
c Journal
Dec Inventory over and short $ 92.7
Inventory $ 92.7
d
NRV = Selling price of inventory – estimated cost to sell = $950 - $50 = $900
The ending balance of inventory of the company after performing physical count =
$927 - $92.7 = $834.3
Because the cost of inventory is lower than the NRV, using LCNRV method, the company did not
prepare any journal because the inventory should be valued at its cost.
e
Logical Co
December 21, 2010
Current Assets
Inventory $834,3
Problem 2
1)
Information Given:
28-Feb 31-Aug 31-Dec Total

$ 450,000 $ 750,000 $ 800,000 $ 2,000,000
No Spesific Debt
Other Debt
1. 10% 5 year Notes Payable 1 November 09 $ 1,000,000
2.12% 10 year bond 30 Juni 03 $ 1,500,000

a. Calculating Weighted Average Accumulated Expenditure

Current Year
Weighted Average
Expenditures Capitalization
Accumulated Expenditures
Period
Date
28-Feb $ 450,000 10/12 $ 375,000
31-Aug $ 750,000 4/12 $ 250,000
31-Dec $ 800,000 0/12 $ -
Total $ 2,000,000 $ 625,000
b. Calculating Avoidable Interest Cost
Because there is no specific debt, we only use Capitalization Rate (Total interest cost of
other debts/Total Principle of other debts)
Principal Interest
10% 5 year note $ 1,000,000 $ 100,000
12% 10 year bonds $ 1,500,000 $ 180,000
$ 2,500,000 $ 280,000
$ 280,000
Capitalization Rate
$ 2,500,000
= 11.2%
So the avoidable interest cost is
WAAE Interest Rate Avoidable Interest
$ 625,000 11.2% $ 70,000
2)
a) Cost Of Land
=Cost for Purchase + Cost for removal old building + Legal fees - Salvage Material
=$500,000+$40,000+$20,000-$30,000
=$530,000
b) Cost of Warehouse Building
=Architect Fees + Warehouse Construction Cost
=$200,000 + $5,000,000
=$5,200,000
c)

Feb 1 Equipment $ 115,000a
Cash $ 115,000
a
115,000 = 35,000+80,000 (Painting of ceilings did not adding/serving future economic benefit for
the company, so the cost incurred should be expensed)
3)

August 1 Machine $ 113,000
Notes Payable $ 100,000
Cash $ 13,000

4)a
The exchange has commercial substance, so we should record the gain from the exchange

Excavator(New) $ 53,900
Accumulated Depreciation $ 20,000
Excavator(Old) $ 62,000
Cash $ 8,100
Gain on Exchange $ 3,800
b.The transaction has not commercial substance, so the journal is

Excavator(New) $ 50,100
Accumulated Depreciation $ 20,000
Excavator(Old) $ 62,000
Cash $ 8,100
5)
A company should disclose:
 Accounting Policies for PPE

o Depreciation method
o Estimated useful life and Residual Value of each PPT
 Any changes of PPE (disposal, capital expenditure, currency retranslation,etc)
 Any commitment and liability related to these assets
Problem 3
a
January 2,2010
Equipment Rp 100,000,000
Cash Rp 100,000,000
December 31,2010
Depreciation Expense Rp 10,000,000
Accumulated Depreciation-Eq Rp 10,000,000
Unrealized Gain Rp 3,600,000
b
December 31,2011
Accumulated OCI Rp 400,000
Retained Earnings Rp 400,000
Unrealized Gain Rp 3,200,000
Loss on Impairment Rp 4,000,000

December 31,2012
Retained Earnings Rp 500,000
Accumulated OCI Rp 500,000
Recovery on Impairment Rp 4,000,000
Unrealized Gain Rp 500,000
c December 31,2011 December 31,2012
Equipment Rp 76,000,000 Rp 71,000,000
OCI Rp - Rp 500,000
Depreciation Expense Rp 10,400,000 Rp 9,500,000
Impairment Loss Rp 4,000,000 Rp (4,000,000)
Accumulated OCI Rp - Rp 1,000,000
d
Cash Rp 66,000,000
Loss on Disposal of Equipment Rp 5,000,000
Accumulated OCI Rp 1,000,000
Retained Earnings Rp 1,000,000
Problem 4
January, 2 2010
License Rp 150,000,000
Cash Rp 150,000,000
January, 20 2010
R&D Cost Rp 189,000,000
Cash Rp 189,000,000
July, 1 2010
New Formula Patent Rp 126,000,000
Cash Rp 126,000,000
September 1,2010
Advertisement Expense Rp 60,000,000
Cash Rp 60,000,000
December,31 2010
Patent Amortization Expense (90jt/10) Rp 9,000,000
Accumulated Patent Amortization Rp 9,000,000
Loss on Impairment(90jt-18jt) - 70 jt) Rp 2,000,000
Patent Rp 2,000,000
Copyright Amortization Expense (54jt/10) Rp 5,400,000
AccumulatedCopyright Amortization Rp 5,400,000

Loss on Impairment (54-43.2jt)-8 jt Rp 2,800,000

Copyright Rp 2,800,000
New Formula Patent Amortization Expense Rp 10,500,000
Accumulated New Formula Patent
Amortization (6/12)*(126/6) Rp 10,500,000
License is not amortized because it has indefinite life. Moreover, it is not impaired because the
carrying amount is lower than the recoverable amount.

Patent Rp 70,000,000
Copyright Rp 8,000,000
New Formula Patent Rp 115,500,000
License Rp 150,000,000
Total Rp 343,500,000
Problem 5
1)
Belimbing shop has recorded warranty liabilities $6.5 million from prior
sales at 2009.
December 31 2009
Warranty Expense $ 6,500,000
Warranty Liability $ 6,500,000
At 2010, the company paid warranty claims of $7.5 million. $6.5 million
from $7.5 million is recorded as deduction of warranty liability from prior
year sales.
Cash $ 7,500,000
At 31 December 2010, the company should accrue the warranty cost from
current year sales. Ending year balance is [(50,000 units x $200) -
$1,000,000]
So the amount of warranty liability on its financial
position as of December 31 2010 = $9,000,000
2
Cash $ 10,000,000
Sales $ 9,090,909.0909
Value Added Taxes $ 909,090.9091
3 -July 1,2010
Exploration Platform $ 15,000,000
Cash $ 15,000,000
Exploration platform $ 15,435,627
Environment Liability $ 15,435,627

4-December 31,2010
Depreciation Expense $ 1,875,000
Accumulated Depreciation $ 1,875,000
Depreciation Expense $ 1,929,453.375
Accumulated Depreciation $ 1,929,453.375
Interest Expense $ 1,234,850.16
Environment Liability $ 1,234,850.16
5
Journal Entry for purchasing box of candy (18,000 units x $2.00)

Inventory of Premium Box of Candy $ 36,000
Cash $ 36,000
Candy Shop estimates that 40 percent of coupons will be redeemed (500,000 x 40% =
200,000 coupons) and can be exchanged for 25,000 box of candy (200,000/8).
Journal entry to record premium expenses for coupons redeemed at 2010 (120,000
coupons is redeemedfor 15,000 box of candy and assume no premium liability at the
beginning of the year)
Premium Expense $ 30,000
Inventory of Premium Box of Candy $ 30,000
So the estimated premium liability at December 31 2010 (outstanding premium 200,000
– 120,000 = 80,000 coupons or 10,000 box of candy) is
Premium Expense $ 20,000
Premium Liability $ 20,000
6
Premium Expense for 2011 is only calculated from the sales of bags of chocolate at 2011.
 Estimated coupons redeemed:

o 40 percent of 600,000 bags of chocolate sold = 240,000 coupons
 240,000 coupons can be exchanged for 30,000 bags of chocolate
 So the premium expense for 2011
o 30,000 bags of chocolate x $2.00 = $60,000
 Remember, the journal entry to record $60,000 premium expenses is divided into 2
entries:
1. At the redemption of coupon
 Total coupon redeemed at 2011 less estimated outstanding coupon from
prior sales (150,000 – 80,000 = 70,000 coupons)
2. At the end of the year (record an estimated premium liability)
 Estimated coupons redeemed for 2011 less actual coupons redeemed from
current year sales (240,000 – 70,000 = 170,000 coupons)
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UNIVERSITAS
AK1 UAS 2014 INDONESIA
FACULTY OF ECONOMICS & BUSINESS
FINAL EXAM
Team Teaching
Thursday, 16 December 2013
09.00 – 12.00 (3 hours)

Question 1 (25%)
On 1 October 20X0, an entity purchased Machine A for $600,000, including $50,000 refundable
purchase taxes. The purchase price was funded by raising a loan of $605,000 (including $5,000 loan
raising fees). The loan is secured against the machine with interest rate 10% per annum.
In October 20X0 the entity incurred costs of $20,000 in transporting the machine to the entity’s site
and $100,000 in installing the equipment at the site. At the end of the equipment’s 10-year useful life
the entity is required to dismantle the machine and restore the land upon which the factory is build.
The present value of the cost of dismantling the equipment and restoring the land is estimated to be
$100,000.
In December 20X0 the entity’s production staff were trained in how to operate the new machine.
Training costs included: cost of an expert external instructor amount to $7,000 and logistics for the
training amounted to $3,000.
The equipment was ready for use on 1 January 20X1.
(1) What is the cost of the machine at initial recognition, identified by element of cost.
On 1 January 20X1, the management decided to use cost model for its machines and estimated the
useful life of the machine as 10 years with residual value as nil. Furthermore, management believed
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that the straight-line method reflects the pattern in which it expects to consume the machine’s future
economic benefits.
At the entity’s 31 December 20X3 financial year-end management’s assessments of the machine
changed. It now estimates the useful life of the machine as 7 years (measured from the date of
acquisition) and its residual value as $56,000. Management continues to believe that the straight-line
method reflects the pattern in which it expects to consume the machine’s future economic benefits.
(2) How must the entity account for the revised assessment of the machine in the year ended 31
December 20X3?
On 1 January 20X4, because of the change in market and economic condition, the market price of this
type of machine increase significantly, therefore the management change the model used and decided
to use revaluation model for its machine. Based on valuer report, the management determined the
fair value of the machine is $700,000.
The estimated the useful life of the machine remain the same as determined at year end 20X3, with
residual value of $100,000. Furthermore, management continues to believe that the straight-line
method reflects the pattern in which it expects to consume the machine’s future economic benefits.
(3) How must the entity account for the changed to revaluation model in the year ended 31
December 20X4 (including depreciation expense for the year)?
Question 2 (20%)
1. What are the differences between property held for rental classified as investment property and
property held for rental classified as property, plant and equipment?
2. On July, 1, 2013, a property stated at revalued amount of Rp 500.000.000 (originally used as its
own) has been leased out to derive rental income. Revaluation surplus recognised for the property
was Rp 30.000.000 while property’s fair value at July, 1, 2013 should be Rp 550.000.000.
Instructions:
a. What is the accounting treatment for this transfer?
b. Prepare the journal entries on July, 1, 2013.
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Question 3 (25%)
Part A (15%)
The following transactions involving intangible assets of PT Minimi occurred in 2013:
1. PT Minimi spent Rp 6 billion developing a new manufacturing process (economic viability not
achieved). PT Minimi has applied for a patent, and it believes that its application will be
successful.
2. PT Minimi acquired PT Minimo which after the acquisition become Division Z. PT Minimo had
an unrecorded research and development project with a fair value of Rp 2 billion. Before PT
Minimi acquisition, PT Minimo incurred Rp 3 billion on this R& D in process but the cost had
not been recognized in PT Minimo Statement of Financial Position since the project had not
meet the recognition criteria under PSAK 19. One month after the acquisition Division Z
incurred development cost for the project amounted to Rp 1 billion. At that date the project
still has not meet the recognition criteria under PSAK 19.
3. PT Minimi purchase an enterprise management system with accounting software. The total
purchase cost are Rp 1 billion for the system and Rp 0.5 billion for the license (renewable
every 5 years). The system is installed in a set of server and user computer that should be
purchased by PT Minimi at a separate cost. The purchase cost of the server and computers is
Rp 0.5 billion.
4. PT Minimi paid PT Kreatif Laboratories Rp 0.5 billion for research and development work
performed by PT Kreatif Laboratories under contract for PT Minimi. The benefit are expected
to last six years.
5. After the installation of enterprise management system, PT Minimi has invested around Rp
0.7 billion to train all its employees and to enhance corporate image. According to PT Minimi
such expenditure is an investment in intangible assets.
6. PT Minimi develops a new manufacturing process. It has registered this process and obtained
a patent on the process. PT Minimi incurred a total of Rp 2 billion in researching, 10 billion in
developing the new manufacturing process (5 billion incurred after the general recognition
criteria and six specific recognition criteria were met), and 0.5 billion for obtaining the patent.
In addition PT Minimi spent Rp 0.7 billion to market the process that was patented.
Instructions:
For each transaction:
1) Analyze whether the expenditures can be capitalized as intangible asset (provide a theoretical
explanation; refer to definition and recognition criteria of intangible assets based on PSAK 19 )
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2) Prepare the accounting journal entry
Part B (10%)
At the end of 2014, PT Minimi is performing an impairment test on its division Z (previously PT Minimo)
which has operated at loss in the second and third quarter of 2014. PT Minimi has ascertained that
the division as a cash generating unit sustain a value in use of Rp 15 billion and a proposed acquisition
offer a purchase consideration of Rp 14 billion.
The carrying amount of the asset of the division Z as follows:
Carrying
(in million rupiah) amount
Goodwill 1,500
Property, plant and equipment 5,500
Intangible assets at amortized cost 5,400
Investment property, at amortized cost 1,500
Financial assets, at fair value 2,170
Trade receivables, at amortised cost 2,000
18,070
PT Minimi can also determine the fair value less cost to sell of investment property, and it is Rp 1.3
billion.
Instructions:
Determine the impairment loss of PT Minimi Division and allocate the impairment loss to individual
asset. In addition please prepare the accounting journal entry for the impairment.
Question 4 (15%)
Part A (7 points)
The following story which appeared on Reuters.com on 31 October 2013 is about how Rockstar, a
consortium that won the auction to acquire assets of Nortel (a telecommunication company that went
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bankrupt), is filing lawsuits against companies that are using the technologies which Rockstar claims
as parts of Nortel’s portfolio of assets.
Google, Samsung, Huawei sued over Nortel patents
(Reuters) - The group that owns thousands of former Nortel patents filed a barrage of patent lawsuits
on Thursday against cell phone manufacturers including Google, the company it outbid in the Nortel
bankruptcy auction.
Rockstar, the consortium that bought the Nortel patents for $4.5 billion, sued Samsung Electronics Co
Ltd, HTC Corp, Huawei and four other companies for patent infringement in U.S. District Court in Texas.
Rockstar is jointly owned by Apple, Microsoft, Blackberry, Ericsson and Sony.
Google is accused of infringing seven patents. The patents cover technology that helps match Internet
search terms with relevant advertising, the lawsuit said, which is the core of Google's search business.
A Google spokesman declined to comment. Representatives for Samsung, Huawei, HTC and Rockstar
could not immediately be reached.
Samsung, Huawei and HTC all manufacture phones that operate on Google's Android operating
system, which competes fiercely with Apple and Microsoft mobile products.
Instruction: Based on the information given in the article, state whether Google should recognize a
liability towards Rockstar in its upcoming Statement of Financial Position as of 31 December 2013.
Support your answer by providing the conceptual considerations.
Part B (8 points)
May Wong Corporation reports in the current liability section of its statement of financial position at
December 31, 2012 (year-end), short term obligation of USD2,000,000, which includes USD500,000
current portion of a 10% long term debt (matures in March 2013). Management has stated its
intention to refinance the current portion of the 10% long term debt whereby it will mature in 2014.
The financial statement is issued on 31 March 2013.
Instruction:
a. Explain the conditions in which May Wong Corporation should reclassify the current portion
of the 10% long term debt to non-current liability section.
b. If May Wong Corporation issues ordinary shares to the public in January 2013 and
management intends to liquidate the current portion of the 10% long term debt with the
proceeds of the share issue, state whether May Wong Corporation can reclassify the debt into
non-current liability section?
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Question 5 (15%)
PT GRANINDO provided a defined benefit pension plan for its employee. The following are information
related to the pension programe as of 31 December 2013:
(a) Current Service Cost for year 2013 is Rp 450 juta

(b) Estimated avarage remaining services of employee is: 10 tahun
(c) Benefit paid during 2013: Rp 465 juta
(d) Contribution paid during 2013 Rp 315 juta
(e) PVDBO 1 January 2013 is Rp 33 Milyar and as of 31 December 2013is Rp 37,5 Milyar.
(f) Fair Value of plan assets as of 1 January 2013 : Rp 31,5 Milyar and as of 31 December 2013 is
Rp 36 Milyar
(g) Net accumulated Unrecognized Actuarial Gains/Losses as of 1 January 2013 ia Rp 3,78 Milyar
and as per 31 December 2013 is Rp 3,9 Milyar
(h) Past Service Cost which is incurred during year 2013 is Rp 1,725 Milyar and assume all are
vested.
(i) Discount rate and expected return on plan asset are as follows:
1 Januari 2013 31 Desember 2013
Discount rate 5% 6%
Expected Return on
Plan Asset 7% 8%
PT GRANINDO used 10% Corridor Testing to recognise actuarial gains and losses.
Instructions: Prepare the following:
a. Reconsiliation of PVDBO
b. Calculation of Actuarial Gains/Losses
c. Reconsiliation of PVDBO to Liability recognised in Statement of Financial Position
d. Reconsiliation of expense component recognised in Statement of Profit and Loss
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ANSWERS
1.a. Purchasing Price 600,000

Cost of borrowing 5,000
Actual Interest (3/12)*600000*10% 15,000
Freight in charge 20,000
Installation charge 100,000
Dismantling Cost 100,000
Total initial cost 840,000
b. Depreciation per year 84,000

Depreciation until 31 Dec 20x3 588,000
Book Value, Dec 31 20x3 252,000
Residual value, new 56,000
Estimated life, new 4 years
Depreciation new 49,000
c. Depreciation 49,000
Book Value 203,000
Fair Value 700,000
Unrealized Gain 497,000
New Depreciation 200,000
Journal:
Depreciation Exp-Machine 200,000
Acc Depr-Machine 200,000
2. a. The differences are:
 The using of asset. On property investment, renting the asset isn’t main operating activities,
while on PPE, the renting asset is the main operating activity for the owner.
 The generating Cash Flow. On property investment, there is an independence of generating
cash flow, where the asset doesn’t need a significant additional cost in order to be ready to
rent. Therefore, the existence of property investment is independent from other assets.
While on PPE, there is going to be a significant additional cost so the asset can be ready to
rent.
 The service charge. On property investment, there is no need for providing service or the
company may provide insignificant service for the asset. While on PPE, there is a significant
service for the asset in order to be ready to rent.
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b. Known:
Rev. Surplus Property 30,000
Revalued Property 500,000
FV 550,000
Transfer from PPE to Property Investment
a. Accounting Treatment.
FV Property Investment 550,000
Revaluation Surplus (from investment) 50,000
Revaluation Surplus (from property) 30,000
Net of Revaluation Surplus 80,000
b. Journal
Property Investment 550,000,000
PPE 500,000,000
Revaluation Surplus 50,000,000
3. PART A
1 Recorded as expense since it hasn't met economic viability
RnD Expense 6,000,000,000
Cash 6,000,000,000
2 Recorded as Expense since it hasn't met the criteria under PSAK 19.
Only the amount 1 billion incurred and recorded as expense development cost, while 2 billion is
unrecorded and it happened beyond the period.
RnD Expense 1,000,000
Cash 1,000,000
Capitalized the system as intangible asset, since it gives economic benefit and has no physical
3 substance
Intangible Asset 1,500,000,000
Cash 1,500,000,000
Server and Computer (PPE) 500,000,000
Cash 500,000,000
4 Capitalized as intangible asset since it has met economic viability

Intangible asset 500,000,000
Cash 500,000,000
5 Recorded as expense since it doesn’t give economic viability.

Training expense 700,000,000
Accounts Payable/Cash 700,000,000
6 Capitalized the developing cost after general recognition and the cost for obtaining patent.
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While the cost for researching, cost for developing before recognition, and cost for marketing
are recorded as expense
Intangible asset 5,500,000,000
Cash 5,500,000,000
RnD Expense 7,000,000,000

Marketing Expense 700,000,000
Cash 7,700,000,000
PART B
BV Assets 18,070,000,000
Recoverable amount 15,000,000,000
Since BV is greater than recoverable amount, then there's an impairment amounted
3,070,000,000
Attributable (in million) Amount Percentage

PPE 5,500 33.19%
Intangible Asset 5,400 32.59%
Investment property 1,500 9.05%
Financial Assets 2,170 13.10%
Trade Receivables 2,000 12.07%
Total 16,570
Loss on impairment 3,070,000,000

Goodwill 1,500,000,000
PPE 521,122,511
Intangible asset 511,647,556
Investment property 142,124,321
Financial Assets 205,606,518
Trade Receivable 189,499,095
4. A liability can be estimated if it requires all the following criteria:
 The entity has present obligation as consequence of past event

 Probably can cause cash outflow (probable means any possibility which is greater than 50
percent)
 The amount of probable cash outflow must be reliable estimated
From that case, we know that Google was sued by Rockstar and there’s a possibility that Google may
lose and cause the cash outflow. However, there is no reliable estimation how much Google should
budget. Besides, there is a big probability there will be no present liability caused from that case
until the end of period, since the story appeared on 31 October. Therefore, Google may only disclose
it as contingent liability because there is still a possibility of cash outflow, though it can’t be reliable
estimated.
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PART B
a. May Wong Corporation may reclassify it when it requires the following criteria:
 There is a strong intention that May Wong wants to refinance it

 Therefore, May Wong issued long term liabilities before period end
 Or there is an agreement that both parties agree that the term of obligation extended, but
the agreement must be approved before period end.
b. No, May Wong still can’t reclassify it. The current portion will stay as short term liabilities. The
case only tells us that the current portion will be settled by shares ordinary, which is part of equity.
Therefore, it doesn’t need to reclassify the current portion into non-current liabilities
5. Assume that the obligation is funded. Because the answers below are using the latest PSAK 24,
and there is no actual return on plan asset stated, assume the actual return is got by using this
formula (see on Kieso Vol. 2):
Actual Return = (Ending-Beginning) - (Contribution-Benefit)
a. It’s better to say compute the ending of PVDBO and FV plan asset, not to reconcile it
PVDBO, Jan 1 33,000,000,000 FV Plan Asset, Jan 1 31,500,000,000

Current Service Cost 450,000,000 Contribution 315,000,000
Net interest cost 75,000,000 Benefit (465,000,000)
Past Service Cost 1,725,000,000 Actuarial gain (RoA) 3,075,000,000
PVDBO, ending 35,250,000,000 FVPA Ending 34,425,000,000
Nb:
Interest Cost = (PVDBO-FVA) X Disc. Rate Beginning
(33,000,000,000-31,500,000,000)x5% = 75,000,000
Actual Return= (36,000,000,000-31,500,000,000)-(315,000,000-465,000,000) = 4,650,000,000

RoA = Actual Return-(FV Asset x Disc rate) = 3,075,000,000
b. Actuarial Gain/Loss
Actuarial Gain (RoA) 3,075,000,000
Total 3,075,000,000
c. PVDBO to Liability recognized in Statement of Financial Position. Remember the assumption of funded
obligation, so the amount of recognized liabilities is= PVDBO-FVPA.
PVDBO 35,250,000,000
FVPA 34,425,000,000
Recognized Liabilities 825,000,000
d. Expense Components stated in Statement of Financial Position

Current Service Cost 450,000,000
Net interest cost 75,000,000
Past Service Cost 1,725,000,000
Total 2,250,000,000
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UAS AK1 2012/2013
ACCOUNTING STUDY DIVISION
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FINAL EXAM
Thursday, 20 December 2012
Question 1 (20%)

PT Jaya acquired equipment on January 1, 2009, for Rp 540 mio. PT Jaya elects to value this
class of equipment using revaluation accounting. This equipment is being depreciated on a
straight-‐line basis over its 6-‐year useful life. There is no residual value at the end of the 6-‐year
period. The appraised value of the equipment approximates the carrying amount at December
31, 2009. On December 31, 2010 and December 31, 2011, the fair value of the equipment is
determined to be Rp 440 mio and Rp 240 mio. Assume the estimated useful life and residual
value does not change during the 6 year period.
Instructions
1. Prepare the journal entries for 2009, 2010 and 2011 related to the equipment ! (10%)
2. Determine the amounts to be reported by PT Jaya at December 31, 2010 and 2011, as
Equipment, Other Comprehensive Income, Depreciation Expense, Impairment Loss, and
Accumulated other Comprehensive income (5%)
3. Prepare the entries for the sale of the equipment by PT Jaya on June 30, 2012, for Rp
200 mio! (5%)
Question 2 (15%)

Answer each of the following cases briefly!
(a) PT XYZ has four properties in Indonesia and overseas and uses them to earn rental.
Except for Property D, which is owned by PT XYZ, Properties A and B are held by PT XYZ
under finance leases while Property C is held under operating lease. Evaluate the
accounting implication of IAS 40/PSAK 13 about Investment Property on PT XYZ’s
properties! (3%)
(b) PT Hotel Cahaya treats its hotel properties as investment properties. The hotel is owned
and managed by PT Hotel Cahaya. Evaluate the accounting treatment on PT Hotel
Cahaya’s hotel properties! (3%)
(c) PT LMN has adopted IAS 40/PSAK 13 and stated its investment properties at fair value
even though the properties are held under operating leases. On February 28, 2012,
Freehold Property C, stated at revalued amount of Rp500.000.000 (originally used its
own office), was leased out to derive rental income. Revaluation surplus recognized for
C was Rp100.000.000, while C’s fair value at the date of lease commencement is
Rp550.000.000. Advise PT LMN in the accounting treatments on Freehold Property C!
(3%)


(d) Nirmala Resort Limited, a resort operator, is committed to a plan to sell its existing
resort and has initiated actions to locate a buyer. It has two plans on hand as follows:
a. Nirmala Resort will continue to use the resort and will not transfer it to buyer until
construction of a new resort is completed.
b. Nirmala Resort will transfer the resort to the buyer after it vacates the resort. The
time necessary to vacate the resort is usual and customary for sales of similar assets.
Evaluate whether the two plans can meet the criteria in IFRS 5/PSAK 58 to be available
for immediate sale! (6%)
Question 3 (15%)
On 1 January 2009, PT Persada Nusantara (“Persada”) acquired a trademark for a line of

products in a separate acquisition, from a competitor for IDR500,000. Persada expected to
continue marketing the line of products indefinitely. An analysis of (i) product life cycle studies,
(ii) market, competitive and environmental trends, and (iii) brand extension opportunities
provides evidence that the line of trademarked products may generate net cash inflows for the
acquiring entity for an indefinite period.
In 2012, a competitor unexpectedly revealed a technological breakthrough that is expected to
result in a product, that when launched by the competitor, will extinguish demand for
Persada’s patented product-‐line. Demand for Persada’s patented product-‐line is expected to
remain strong until December 2015, when the competitor is expected to launch its new
product.
On 31 December 2012, Persada assessed the recoverable amount of the trademark at

IDR150,000. Persada intends to continue manufacturing the patented products until 31
December 2015. Persada has a 31 December financial year-‐end.
Prepare accounting entries to record the information set out above in the accounting records f
Persada from 1 January 2009 to 31 December 2013, including initial recognition, amortization
expense and impairment loss (if any).
Ignore all forms of taxation.
Question 4 (15%)
On April 1, 2012, Venus Company paid Rp3,500,000 to acquire all of the common stock of Mars
Corporation, which become a division of Venus.


Mars reported the following statement of financial position at the time of the acquisition:
1 Apr-‐12 31-‐Dec-‐12
Accounts Book Value Book Value
Cash 309.145 166.900
AR 425.210 120.000
AFDA (21.280) (8.000)
Inventory 310.780 85.000
Prepaid Expenses 180.420 70.000
Land 900.000 1.125.000
Building 750.000 656.250
Accum. Depreciation— (225.000) (43.750)
Building
Equipment 620.400 620.400
Accum. Depreciation— (124.080) (206.800)
Equipment
Goodwill -‐ A
AP (218.360) (205.000)
Bank Payable (240.000) (180.000)

It was determined at the date of the purchase that the fair value of the identifiable net assets of
Mars was as follows:
- Current assets, except cash = 50% of book value

- Non-‐current assets = 125% of book value
- Liabilities and cash = 100% of book value
At December 31, 2012 , it was determined that the recoverable amount value of the Mars
division is Rp3.100.000.
Instructions
a. Compute the amount of goodwill recognized. If any, on April 1, 2012 and prepare the
journal entry for Venus. (5 points)
b. Determine the impairment loss, if any, to be recorded on December 31, 2012 and
prepare the journal entry. (5 points)
c. Assume that the recoverable amount of the Mars division is Rp2.100.000 instead of
Rp3.000.000. Prepare the journal entry to record the impairment loss, if any, on
December 31, 2012. (5 points)


Question 5 (15%)
Part A (7 points)
This part is about the infamous lawsuit between SAMSUNG Electronics Co. Ltd. And APPLE
Inc. about the use of certain patented technology. The following is an excerpt from the
audited financial statement of SAMSUNG Electronics Co. Ltd. For the year ended 31
December 2011:
As of December 31, 2011, in addition to the case mentioned above, the Company’s
domestic and foreign subsidiaries have been involved in various claims and proceedings
with Apple and other companies during the normal course of business, the amount and
timing of these matters cannot be reasonably determined. The Company’s management
believes that, although the amount and timing of these matters cannot be reasonably
determined, the conclusion of these matters will not have a material adverse effect on the
financial position of the Company.
The following is an excerpt from the audited financial statement of APPLE Inc. for the year
ended 29 September 2012:
Apple Inc. vs Samsung Electronics Co., Ltd, et al.
On August 24, 2012, a jury returned a verdict awarding the Company $1.05 billion in its
lawsuit against Samsung Electronics and affiliated parties in the United States District Court,
Northern District of California, San Jose Division. Because the award is subject to entry of
final judgment and may subject to appeal, the Company has not recognized the award in its
consolidated financial statements for the year ended September 29, 2012 (hint: appeal =
“naik banding”)
Instructions: State whether SAMSUNG should recognize a liability towards APPLE in its
upcoming Statement of Financial Position as of 31 December 2012? Support your answer by
providing the conceptual considerations.
Part B
Rodriguez Corporation includes the following items in liabilities at December 31, 2011.
1. Notes payable, $25,000,000, due June 30, 2011.

2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000.
3. Salaries payable, $3,750,000,00, due January 14, 2012.
Instructions: Indicate in what circumstances, if any, each of the three liabilities above
would be excluded from current liabilities.


Question 6 (20%)
PT Berdikari has a defined benefit plan for its employees. The movement on the defined benefit
obligation and plant assets for the year are set out below:
Liabilities (or obligation) in Rp’000 Plan (scheme) assets in Rp’000
Balance b/f 9,000,000 Balance b/f 8,550,000
Current Service Cost 1,800,000 Contribution Made 900,000
Interest Cost ? Expected return on assets ?
Past Service cost 90,000 Actuarial gain/loss ?
Curtailment/Settlement 72,000 Fair Value of Plan Assets 9,810,000
Actuarial gain/loss ?
Present Value of Obligation 11,600,000
PT Berdikari has recognized all cost, except for actuarial gain and loss. Actuarial loss of only
Rp150 mio has been recognized during the year. Discount rate and expected rate of return on
plan assets at start of year are 6% and 7% respectively.
Instructions:
1. Calculate the amount recognized in the statement of financial position and reconcile it
to the present value of defined benefit obligation (7%)
2. Calculate the amount charge to profit and loss (7%)
3. Prepare the journal entry related to employee benefit in current year (6%)


ANSWER
Question 1
1. Journal Entries:
Year Date Account Debit Credit
2009 Jan 1 Equipment 540,000,000
Cash 540,000,000
Dec 31 Depreciation expense 90,000,000
Acc. Depr. equipment 90,000,000
2010 Dec 31 Depreciation expense 90,000,000
Gain on revaluation (nilai 80,000,000
wajar-‐nilai buku saat itu)
Equipment 100,000,000
2011 Dec 31 Depreciation expense 110,000,000
Acc. Depre. equipment 110,000,000
(nilai buku setelah revaluasi: sisa
umur manfaat)
Accumulated other 20,000,000
comprehensive income (selisih
beban depresiasi yang baru
dengan yang lama)

Retained earnings 20,000,000
Gain on revaluation 60,000,000
Loss on impairment 30,000,000
Equipment 200,000,000


2. Amounts to be reported PT Jaya at:

a. December 31, 2010
Equipment Book Value: 540,000,000-‐90,000,000-‐90,000,000= 360,000,000
Fair Value: 440,000,000
Other Comprehensive Income: 80,000,000
Depreciation expense: 540,000,000 : 6 years = 90,000,000
Impairment loss: 0
Accumulated Other Comprehensive Income: Equipment Fair Value: 440,000,000 -‐
Equipment Book Value: 360,000,000 = 80,000,000

b. December 31, 2011
Equipment Book Value: 440,000,000 – 110,00,000 = 330,000,000
Fair Value: 240,000,000

Other Comprehensive Income:
Depreciation expense: 440,000,000 : 4 years = 110,000,000
Impairment loss: 30,000,000
Accumulated Other Comprehensive Income: 80,000,000 (from gain on revaluation
from previous year) – 20,000,000 (selisih beban depresiasi yang baru dengan yang
lama) – 60,000,000 (from loss on revaluation in that year) = 0

3. Entries for the sale of equipment
Book Value at June 30, 2012: 240,000,000 – (80,000,000 x 0.5 years) = 200,000,000
Journal:
2012 dr: Depreciation expense 40,000,000
Cr: Acc. Depre. Equipment 40,000,000
dr: Acc. Depre. Equipment 40,000,000
Cr: Equipment 40,000,000
June 30 dr: Cash 200,000,000
Cr: Equipment 200,000,000

Question 2
(a) Property D meets the definition of investment property under IAS 40, and PT XYZ must
use IAS 40 to account for it. Property C do not meet such a definition since it is neither
owned nor held by PT XYZ under a finance lease, but for Properties A and B which are
held by the company under finance lease, they are classified as investment properties.
However, PT XYZ has a classification alternative under IAS 40 to choose to account for


Property C as investment property. In consequence, PT XYZ can consider the
following alternatives:
1. If Property C is not accounted for under IAS 40 as investment property, PT XYZ will
be required to use the fair value model in accordance with IAS 40 to account for all
properties classified as investment property. The property not classified as
investment property should be accounted for by using IAS 17 Leases.
2. If Property C is not classified as investment property, PT XYZ will be required to
account for Property C as a lease under IAS 17 and will choose between cost model
and fair value model in accordance with IAS 40 to account for Property D, A and B.

(b) PT Hotel Cahaya should change its accounting treatment for its hotel properties because
according IAS 40, hotel properties were no longer to be accounted for as investment
properties but should adopt IAS 16 Property, Plant and Equipment. The adoption of IAS
16 has resulted in a change in accounting policy relating to hotel properties, and
retrospective application is required.

(c) Property C should have been accounted for by using the revaluation model in
accordance with IAS 16. It should be transferred from owner-‐occupied property to
investment property at the date of the lease commencements as there is a change in
use evidenced by the lease commencement.
In accordance with IAS 40, PT LMN should apply IAS 16 on Property C up to the date of
change in use and treat any difference at that date between its carrying amount under
IAS 16 and its fair value in the same way as a revaluation under IAS 16.
In consequence, a revaluation surplus of Rp50.000.000 should be further recognized.
Total revaluation reserves become Rp150.000.000 (Rp100.000.000+Rp50.000.000). The
reserves should be frozen and accounted for in accordance with IAS 16 subsequently.
Dr Property, plant and equipment Rp150.000.000
Cr Revaluation reserves Rp150.000.000
To recognize the additional revaluation surplus.
Dr Investment property Rp550.000.000
Cr Property, plant and equipment Rp550.000.000
To reclassify the property from property, plant and equipment to investment property.

(d) a. The delay in the timing of transfer of the existing resort imposed by Nirmala Resort
Limited demonstrates that the resort is not available for immediate sale. The criteria in
IFRS 5 would not be met until construction of the new resort is completed, even if a firm
purchase commitment for the future transfer of the existing resort is obtained earlier.


b. As the resort is sold at usual and customary conditions, the criteria stated in IFRS 5
would be met at the plan commitment date.
Question 3
Year Date Account Debit Credit

2009 Jan 1 Trademark 500,000
Cash 500,000
2012 Dec 31 Loss on impairment 350,000
Acc. Amortization-‐ 350,000
Trademark
2013 Dec 31 Amortization expense 50,000
Acc. Amortization-‐ 50,000
Trademark
In 2012, the company stated that the
demand for Persada’s patented
product-‐line is expected to remain
strong until December 2015
(maximum extent of the patent’s
period to generating cash flows), so
from 31 December 2012 the company
should start amortize the patent until
next three years. (150,000 : 3 years)

Question 4
a. Amount of goodwill recognized: fair value of net assets – amount paid to

acquire all common stocks.
1 Apr 2012
Accounts Fair Value
Cash 309.145
AR (current) 201.965
Inventory (current) 155.390
Prepaid Expenses (current) 90.210
Land (non-‐current) 1.125.000
Building (non-‐current) 656.250
Equipment (non-‐current) 620.400
Goodwill


AP (liability) 218.360
Bank Payable (liability) 240.000
Total of fair value of assets in 1 April 2012 is 3.158.360 – Total liabilities in 1
April 2012 (458.360) = 2.700.000
Goodwill 1 April 2012 = 3.500.000 – 2.700.000 = 800.000

Journal entry:
Dr Cash 309.145
AR 201.965
Inventory 155.390
Prepaid Expenses 90.210
Land 1.125.000
Building 656.250
Equipment 620.400
Goodwill 800.000
Cr Cash 3.500.000
AP 218.360
Bank Payable 240.000

Total of book value of net assets in 31 December 2012 (after deducted by the
total amount of liabilities) is Rp2.200.000+Rp800.000=Rp3.000.000

b. Because the recoverable amount on December 31, 2012 is higher than its
carrying amount (Rp3.000.0000), there is no impairment loss incurred and no
journal entry should be prepared.

c. If the recoverable amount on December 31, 2012 is Rp2.100.000 which is
lower than the carrying amount (Rp3.000.000), the company should
recognize the impairment loss Rp3.000.000 – Rp2.100.000 = Rp900.000.
Journal entry:
Dr Loss on impairment 900.000
Cr Goodwill 800.000
Cr PPE 100.000



Question 5
Part A
SAMSUNG should not recognize the liability because the liability is classified as contingent
liability. From the excerpt of the audited financial statement of SAMSUNG Electronics Co. Ltd.
For the year ended December 31, 2011, the amount and timing of these claims and proceedings
cannot be reasonably determined and will not have a material adverse effect on the financial
position of the Company. From the excerpt of audited financial statement of APPLE Inc. for the
year ended 29 September 2012, although on August 24, 2012 a jury returned a verdict
awarding the Company $1.05 billion in its lawsuit against SAMSUNG, the company has not
recognized the award in its consolidated financial statement because it is subject to entry of
final judgment and may subject to appeal (“naik banding”) so the final judgment can be
reversed. The definition of contingency liabilities from PSAK 57 (Revisi 2009) Provisi, Liabilitas
Kontinjensi, dan Aset Kontinjensi is:
1. Kewajiban potensial yang timbul dari peristiwa masa lalu dan keberadaannya menjadi
pasti dengan terjadi atau tidak terjadinya satu peristiwa atau lebih pada masa depan
yang tidak sepenuhnya berada dalam kendali perusahaan.
2. Kewajiban kini yang timbul sebagai akibat dari peristiwa masa lalu, tetapi tidak diakui
karena:
a. Tidak terdapat kemungkinan besar (not probable) perusahaan mengeluarkan
sumber daya yang mengandung manfaat ekonomis untuk menyelesaikan
kewajibannya; atau
b. Jumlah kewajiban tidak dapat diukur secara andal.
From the definition above, we can conclude that SAMSUNG’s liability towards
APPLE meets the definition of contingent liability and SAMSUNG should not
recognize it in its upcoming Statement of Financial Position as of 31 December 2012.
Part B
1. Since the notes payable already due before December 31, 2011, the notes payable
should be excluded from current liabilities in December 31, 2011.
2. Generally, deposits from customers would be classified as a current liability. However,
the classification of deposits as current or non-‐current depends on the time involved
between the date of deposit and the termination of the relationship that required the
deposit. In this case, the $6,250,000 would be excluded from current liabilities only if
the equipment would not be delivered for more than one year (or one operating cycle).
3. Salaries payable is an accrued liability which in almost all circumstances would be
reported as a current liability (could not be excluded).


Question 6
1. Amount recognized in the balance sheet and reconciliation:

Present value of defined benefit obligation 11,600,000
Less: fair value of plan assets (9,810,000)
Less: Unrecognized actuarial loss
Balance recognized in the balance sheet

2. The charges/(credit) to the profit or loss include:
Current service cost 1,800,000
Interest cost
Past service cost 90,000
Settlement and curtailment cost 72,000
Actuarial loss recognized during the year
Expected return on plan assets

3. Journal entries related to employee benefit in current year:
Dr P/L – Current service cost 1,800,000
Cr Retirement plan 1,800,000
To charge the current service cost to income statement.
Dr P/L – Interest cost
Cr Retirement plan
To charge the interest cost to income statement.
Dr P/L – Past service cost 90,000
Cr Retirement plan 90,000
To charge the past service cost to income statement.
Dr P/L – Settlement and curtailment cost 72,000
Cr Retirement plan 72,000
To charge the settlement and curtailment cost to income statement.
Dr P/L – Actuarial loss
Cr Retirement plan
To charge the actuarial loss recognized during the year.
Dr Retirement plan
Cr P/L – Expected return on plan assets
To recognize expected return on plan assets.

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MOJAKOE

Dilarang Memperbanyak Mojakoe ini tanpa seijin SPA FEUI

Fb: SPA FEUI Twitter: @spafeui

Monday, 7 November 2011

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 (20%) – Multiple Choice

1. What is the objective of financial statements according to the IASB’s Framework?

13. Generally, revenue from sales should be recognized at a point when

b. the product is available for sale to the ultimate consumer.

14. The accounting principle of expense recognition is best demonstrated by

QUESTION 2 (20%) – Comprehensive Income Statement

Gain on sale of office building $ 95,000

Loss from discontinued operation $ 72,000

Selling expense $ 300,000

Rent Revenue $ 50,000

Cost Of Goods Sold $ 950,000

General and administrative expense $ 275,000

Dividend Revenue $ 25,000

Fixed assets revaluation surplus (net of tax) $ 30,000

Interest expense $ 36,000

Cash dividends declared on ordinary shares $ 50,000

Share capital – ordinary ($10 par) $1,000,000

QUESTION 3 (20%) - Inventory

TV-Flat Screen TV-Plasma

TV-Flat Screen TV-Plasma

61 - 180 days 60%

181 - 365 days 90%

> 365 days 100%

1. Provide the schedule of effective interest method

QUESTION 5 (20%) – Statement of Financial Position

Instructions: Prepare a Statement of Financial Position as of December 31, 2010

Statement of Financial Position

December 31, 2010

Cash and Cash Equivalent ?

Short term Investment ?

Accounts Receivable (net) ?

Property, Plant and Equipment ?

Long term Investment ?

Salary and Wages Payable ?

Bond liabilities due January 31, 2020 ?

Share Capital-Ordinary 700,000

Share Premium-Ordinary 50,000

Retained Earnings 610,220

Total Liabilities and Equity ?

Earnings per share:

Individual Signifikan, Spesifik

Individual Not Significant, Collective

Dr. Loss on Impairment 230.900

Cr. Account Receivable 230.900

Schedule of effective interest method:

Face Value of the Note Rp 1,500,000

Present Value of the Principal

$1,500,000 x 0.68301 (PV SS,10,4) Rp 1,024,515

Present Value of the Interest

12% x Rp1,500,000 x 3.16936 570,485 1,595,000

Difference – Premium on Notes Rp 95,000

12/31/2010 180,000 159,500 20,500 1,574,500

12/31/2011 180,000 157,450 22,550 1,551,950

12/31/2012 180,000 155,195 24,805 1,527,145

12/31/2013 180,000 152,855 27,145 1,500,000