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Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Lanjutan

Semester Gasal 2010/2011

FINAL EXAMSEMESTER GANJIL 2010/2011

MATA KULIAH : ADVANCED FINANCIAL ACCOUNTINGDOSEN : TIM DOSEN DAN ASISTENHARI/TANGGAL : THURSDAY, DEC 21ST 2010WAKTU : 150 MINUTESSIFAT : CLOSED BOOK

Problem 1 (20%)AXIS Inc owns 70% of CENTRO Co. presented below are the companies’ balance sheet as of December31, 2010:ACCOUNT AXIS Inc CENTRO Co.Cash 470,000 165,000Accounts receivable 300,000 200,000Inventory 780,000 300,000Land 467,500 150,000Building 750,000 600,000Accumulated depreciation (330,000) (240,000)Investment in CENTRO Co. 262,500Total 2,700,000 1,175,000

Accounts payable 120,000 50,000Bonds payable 900,000 500,000Preferred stock, 10 par value,10%

600,000 250,000

Common stock, 10 par value 450,000 250,000Retained earnings 630,000 125,000Total 2,700,000 1,175,000

Additional information:

- AXIS’s preferred stock can be converted to 36,000 shares of common stock, whereasCENTRO’s preferred stock are not convertible.

- CENTRO’s 8% bonds can be converted to 20,000 shares of common stock. On the other hand,AXIS’s 10% bonds are not convertible

- The average market price of both companies common shares are $60 (AXIS) and $40(CENTRO)

- CENTRO reported 2010 net income of $300,000 and paid $150,000 of cash dividend- Both companies are subject to 30% income tax rate

Required:

Based on the above information, you are required to calculate Consolidated Basic and Diluted EPS!

Problem 2 (40%)Part A (15%)On December 1 2009, PT Exportir sold inventory to customer in Germany for €50,000 on account in60 days. Because the payment is denominated in euro, PT Exportir immediately entered into forward



contract for the same amount and the same period. The spot and forward rate are as follows: (IDR/1EURO):

Spot rate Forward rate RemarksDecember 1, 2009 12,100 12,350 60 daysDecember 31, 2009 12,250 12,200 30 daysFebruary 1, 2010 12,150

Required:

Prepare all journal entries that should be recorded at PT Exportir’s book, related to all spot andforward transactions in 2009 and 2010.

Part B (25%)

On January 1, 2010 Eagle Company acquired all of the outstanding stock of Viking Inc, a Norwegiancompany at a cost of $151,200. Viking’s net asset on the date of acquisition were 700,000 kroner(Nkr). On January 1, 2010, the book and fair values of Norwegian subsidiary’s identifiable asset andliabilities approximated their fair values except for property, plant, and equipment and patentsacquired. The fair value of Viking’s property plant and equipment exceeded its book value by $18,000.The remaining useful life of Viking’s equipment at January 1, 2010 was 10 years. The remainder of thedifferential was attributable to patent having an estimated useful life for 5 years. The kroner isfunctional currency and that Eagle uses the basic equity method for accounting for its investment inViking. Viking’s trial balance on dec 31, 2010 in kroner, follows:

Cash 150,000 drAccount receivable (net) 200,000 drInventory 270,000 drPPE 600,000 drAcc depreciation 150,000 crAccount payable 90,000 crCommon stock 450,000 crRetained earning 250,000 crSales 690,000 crCOGS 410,000 drOperating expenses 100,000 drDepreciation expenses 50,000 drDividend paid 40,000 dr

Additional information:

1. Viking uses FIFO method for its inventory. The beginning inventory was acquired on dec 31,2009 and ending inventory was acquired in dec 15,2010. Purchases Nkr 420,000 were madeevenly throughout 2010.

2. Viking acquired all of its property plant and equipment on july 1, 2008 and uses straight linemethod depreciation.

3. Viking’s sales were made evenly throughout 2010, and its operating expenses were incurredevenly throughout 2010.

4. The dividends were declared and paid on july 1, 20105. Eagle’s income from its own operations was $275,000, and its total shareholders’ equity on

January 1, 2010 was $3,500,000. Eagle declared $100,000 of dividends in 2010.6. Exchange rates were as follows:

July 1, 2008 Nkr 1= $.15



December 31, 2009 Nkr 1= $.18January 1, 2010 Nkr 1=$ .18July 1, 2010 Nkr 1= $ .19December 15, 2010 Nkr 1=$ .205December 31, 2010 Nkr 1=$ .21Average for 2010 Nkr 1= $ .20

Required:1. Prepare a schedule translating the trial balance of Viking into its reporting currency2. Prepare all journal entries related to Eagle’s investment in Viking Inc, during 2010. Provide

necessary calculations and schedules supporting the amounts in the journal entries, including aschedule of the translation adjustment related to the differential

Problem 3 (20%)

Orangutan Company is located in Jakarta. Its balance sheet accounts at the beginning of the year areas follows:

Cash Rp 20,000,000Account receivable 25,000,000Inventory 41,000,000Land 52,000,000Buildings and equipment 90,000,000Accumulated depreciation Rp 21,000,000Accounts payable 18,000,000Notes payable 30,000,000Common stock 100,000,000Retained earning 59,000,000Total

Rp 228,000,000 Rp 228,000,000

At the beginning of the year, the company establishes branches in Bandung. The company uses aperpetual inventory system. Branch fixed assets are recorded by branch. The following transactionsoccur during the year:

1. The Orangutan Company as the home office purchases equipment on account forRp40,000,000 and immediately transfers half of inventory to Bandung branch at cost.

2. The home office transfer cash of Rp 3,000,000 to Bandung branch3. The company sells inventory to unrelated parties at a 40% gross profit and transfer inventory

to its branch at 20% gross profit. During the year, the home office has sales ofRp175,000,000 to unrelated parties and transfer inventory to the Bandung branch at a Rp140,000,000 price.

4. The branch sell their inventory, all acquired from the home office, at a 25% gross profit.During the year, the Bandung branch has sales of Rp136,000,000

5. Operating expenses incurred during the year, excluding the cost of goods sold anddepreciation , total Rp 85,000,000 for the home office, Rp13,000,000 for the Bandung branch.

6. Selected balance sheet accounts at the end of the year as follows:Home office Branch office

Account receivable Rp 28,000,000 Rp 11,000,000Inventory 45,000,000 38,000,000Accounts payable 20,000,000 1,000,000Notes payable 30,000,000 35,000,000Accumulated depreciation 28,000,000 4,000,000



7. During the year, the Bandung branch transfers Rp135,000,000 of cash to home office.

Required:1. Record the transactions for the year on the books of home office and the Bandung branch2. Prepare closing entries3. Prepare eliminating entries

Problem 4 (20%)Bank Kreditor granted loan to PT Debitor on dec 31, 2007 amounting to USD 2,000,000. The statedinterest rate is 10%. The interest payment date is December 31. This loan will due in 5 years. Theoriginal effective interest rate was 12%. Approaching the end of 2010, management of BankKreditor acknowledge that PT Debitor is experiencing a financial difficulty and having a severecashflow problem. Bank Kreditor expects it will not be able to collect interest due this year, as wellas next year. However, Bank Kreditor estimates that PT Debitor will be able to recover from itsproblem in 2012, and expects to recover USD 1,500,000 of the principal and the contractualinterest due on December 31, 2012.

Periods 10% 12%2 0.82465 0.797195 0.62092 0.56743

PV factor of ordinary annuityPeriods 10% 12%5 3.79079 3.60478

Required:1. Prepare journal entry for Bank Kreditor as of Dec 31, 20102. Prepare journal entry for Bank Kreditor as of Dec 31, 20113. Prepare journal entry for Bank Kreditor as of Dec 31, 2012

Problem 1

Basic EPS

AXIS income from operation 900.000CENTRO net income 300.000Preferred dividends (250,000 x 10%) (25.000)Earnings available 275.000CENTRO shares outstanding (250,000/10) 25.000Computed EPS for CENTRO 11,00Shares held by AXIS (70% x 25,000) 17.500Contribution to AXIS earnings 192.500AXIS total earnings 1.092.500Preferred dividends (600,000 x 10%) (60.000)Earnings available to AXIS shareholders 1.032.500AXIS shares outstanding (450,000/10) 45.000Basic EPS 22,94

Diluted EPS



AXIS income from operation 900.000CENTRO net income 300.000

Preferred dividends (250,000 x 10%) (25.000)Assumed conversion of bonds (500,000 x 8% x 0.7) 28.000Earnings available 303.000CENTRO shares outstanding (250,000/10) 25.000Assumed conversion of bonds 20.000Total shares 45.000Computed EPS for CENTRO 6,73Shares held by AXIS (70% x 25,000) 17.500

Contribution to AXIS earnings 117.833

Earnings available to AXIS shareholders 1.017.833

AXIS shares outstanding (450,000/10) 45.000

Assumed conversion of preferred shares 36.000

Total shares outstanding 81.000Diluted EPS 12,57

Problem 2a. Journal entries:

Spot RateForward

Rate RemarksDecember 1 2009 12.100 12.350 (60 days)December 31 2009 12.250 12.200 (30 days)February 1 2010 12.150

1/12 AR (fc) 605.000.000 12.100Sales 605.000.000

No Entry

31/12 AR (fc) 7.500.000 12.250FC Gain 7.500.000

Finacial Asset (fc) 7.500.000 12.200FC Gain 7.500.000

½ Finacial Asset (fc) 2.500.000 12.150FC Gain 2.500.000

FC Loss 5.000.000 12.150AR (fc) 5.000.000



FC Unit (fc) 607.500.000AR (fc) 607.500.000

Cash 617.500.000Financial Asset (Fc) 10.000.000FC Unit (fc) 607.500.000

b. trial balance translationa. Viking Inc.

Trial Balance TranslationDecember 31, 2010

Balance Exchange BalanceItem Kroner Rate Dollars

Cash NKr 150,000 .21 $ 31,500Accounts Receivable (net) 200,000 .21 42,000Inventory 270,000 .21 56,700Property, Plant, and Equipment 600,000 .21 126,000Cost of Goods Sold 410,000 .20 82,000Operating Expenses 100,000 .20 20,000Depreciation Expense 50,000 .20 10,000Dividends Paid 40,000 .19 7,600Total Debits NKr 1,820,000 $375,800

Accumulated Depreciation NKr 150,000 .21 $ 31,500Accounts Payable 90,000 .21 18,900Notes Payable 190,000 .21 39,900Common Stock 450,000 .18 81,000Retained Earnings 250,000 .18 45,000Sales 690,000 .20 138,000Total NKr 1,820,000 $354,300Accumulated Other Comprehensive

Income — Translation Adjustment(credit) 21,500

Total Credits $375,800



b. Entries for 2010:

January 1Investment in Viking CompanyCommon

151,200

Cash 151,200Purchase of Viking Inc.

July 1Cash 7,600

Investment in Viking CompanyCommon

7,600

Dividend received from foreign subsidiary:$7,600 = NKr40,000 x $.19

December 31Investment in Viking CompanyCommon

26,000

Income from Subsidiary 26,000Equity in net income of foreign subsidiary:$26,000 = Income of NKr130,000 x

$.20


21,500

Other Comprehensive Income —Translation Adjustment 21,500

Parent's share of translation adjustmentfrom translation of subsidiary's accounts:$21,500 x 1.00

Income from Subsidiary 3,600Investment in Viking Company

Common3,600

Amortization of differential:Property, plant, and equipment $2,000Patent 1,600Total — see supporting schedule 2 $3,600


4,020

Other Comprehensive Income —Translation Adjustment 4,020

Translation adjustment applicableto the differential:Property, plant, and equipment $2,900Patent 1,120Total — see supporting schedule 2 $4,020



sSchedule 1: Determining the differential for 2010:

Investment cost at January 1, 2010 $ 151,200Less: Book value of net assets acquired on

January 1, 2010 (NKr700,000 x $.18) (126,000)Differential $ 25,200

Differential allocated to:Property, plant, and equipment $ 18,000Patent 7,200Total $ 25,200

Schedule 2: Determining the differential amortization for 2010:

Norwegian Translation U.S.Kroner Rate Dollars

Property, plant, and equipment:Income statement:

Difference at beginning of year NKr 100,000 .18 $18,000Amortization for 2010(NKr100,000 / 10 years) (10,000) .20 (2,000)

Remaining balances NKr 90,000 $16,000

Balance sheet:Remaining balance on

December 31, 2010, translatedat year-end exchange rate NKr 90,000 .21 18,900

Difference to other comprehensiveincome — translation adjustment $ 2,900

Patent:Income statement:

Difference at beginning of year NKr 40,000 .18 $ 7,200Amortization for 2010(NKr40,000 / 5 years) (8,000) .20 (1,600)Remaining balances NKr 32,000 $ 5,600

Balance sheet:Remaining balance onDecember 31, 2010, translatedat year-end exchange rate NKr 32,000 .21 6,720

Difference to other comprehensiveincome — translation adjustment $ 1,120

Note that the property, plant, and equipment portion of the differential must beincreased from $16,000 to $19,000, requiring a debit of $2,900 to the investmentaccount. The portion of the differential attributable to patent must be increased from$5,600 to $6,720, requiring a debit of $1,120 to the investment account. Thecorresponding credit is to the Other Comprehensive Income – TranslationAdjustment account ($4,020 = $2,900 + $1,120).



Problem 31. journal entries for the year in HO and Branch:

Home officeEquipment 40.000.000

A/P 40.000.000(purchase of equipment from unrelated)

Investment - Bandung branch 20.000.000

Equipment 20.000.000(Transfer of equipment to branches)


Cash 3.000.000(Transfer of cash to branches)

Cash 175.000.000sales 175.000.000

COGS 125.000.000Inventory 125.000.000

(Inventory sales to unrelated parties)

Investment - Bandung branch 140.000.000Inventory 116.666.667Unrealized intracompany profi 23.333.333

(Inventory trasfer to branches)

Unrealized intracompany profit-Bandung branch 18.200.000Realized intracompany profit 18.200.000

Operating expense 85.000.000Cash (A/P) 85.000.000


Operating expense 13.000.000Apportioment of expenses

Cash 135.000.000Investement - Bandung branch 135.000.000

Received cash from branch



Bandung Branch

Equipment 20.000.000Home Office 20.000.000

Cash 3.000.000Home Office 3.000.000

Inventory-from HO 140.000.000Home Office 140.000.000

Cash 136.000.000Sales 136.000.000

COGS 108.800.000Inventory-from HO 108.800.000

Inventory sold to outside is 0,777(rounded = 78 %

Operating expense 13.000.000Home Office 13.000.000

Home office 135.000.000Cash 135.000.000

2. closing entrieshome office:

Inventment - Bandung Branch 14.200.000Branch Income - BandungBranch 14.200.000

Sales 175.000.000Branch Income - Bandung Branch 14.200.000Realized intracompany profit 18.200.000

COGS 125.000.000Operating expense 72.000.000Income summary 10.400.000



Income summary 10.400.000retained earnings 10.400.000

Branch office:

Sales 136.000.000Expenses:COGS 108.800.000

Op. expense 13.000.000 121.800.000

Branch's Net income 14.200.000

Sales 136.000.000COGS 108.800.000Operating expense 13.000.000Incomesummary 14.200.000

IncomeSummary 14.200.000

Home Office 14.200.000

3. eliminating entries:home office:

Branch income - Bandung branch 14.200.000Home office -pre closing balance 41.000.000


Realized intracompany profit 18.200.000COGS 18.200.000

Unrealized intracompany profit 5.133.333Inventory – from Home Office 5.133.333

( E4 )Inventory 31.200.000

Inventory – from HO 31.200.000

Problem 4

31-Des-07 1.855.816

31-Des-08 200000 222697,92 22697,92 1.878.514

31-Des-09 200000 225421,6704 25421,6704 1.903.936

31-Des-10 200000 228472,2708 28472,27085 1.932.408 1.355.223

31-Des-11 200000 231888,9433 31888,94335 1.964.297 1.517.849,76



31-Des-12 200000 235715,6166 35715,61655 2.000.012 1.699.991,73

carrying value Dec 31, 2010 1.932.408expected cashflow as of dec 31, 2010

1500000 0,79719 1195785200000 0,79719 159438

1.355.223

difference (impairment loss) 577.185

1. 31-Des-10 dr.impairment loss 577.185

cr. Loans & receivable 577.185

2. 31-Des-11 dr. loans & receivables 162.626,76

cr.interest income 162.626,76

3. 31-Des-12 dr.loans&receivable 182.141,97

cr interest income 182.141,97

dr.cash 1700000cr.loans&receivable 1700000

Documents

MOJAKOE AKUNTANSI KEUANGAN LANJUTAN - SPA – FEBUI · mojakoe akuntansi keuangan lanjutan ... mata kuliah : advanced financial accounting dosen : ... account receivable 25,000,000