Embed Size (px)
Citation preview
MOJAKOE AKUNTANSI KEUANGAN LANJUTAN
Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE dan SPA Mentoring di : http://spa-feui.com
AKL UTS 2014
spa-feui.com
MID TERM EXAM
Advanced Financial Accounting
Team Teaching
Friday, November 25th, 2013
2.5 hours
CLOSED BOOKS & NOTES
Notes :
Usage of calculator is allowed.
Usage of laptop, handphone, and other similar gadget IS NOT allowed.
Always provide calculation on every step of your answer.
Question 1 (20%)
PT Jujur Bersih purchased PT Anti Korupsi’s net assets on January 3, 2013, for Rp625,000,000
cash. All of PT Anti Korupsi’s net assets and liabilities were immediately transferred to PT
Jujur Bersih. In addition, Rp5,000,000 of direct costs was incurred in consummating the
combination. At the time of acquisition, PT Anti Korupsi reported the followings carrying cost
and current market data :
Balance Sheet Item Carrying Value Fair Value
(in rupiahs) (in rupiahs)
Cash and Receivables 50,000,000 50,000,000
Inventory 100,000,000 150,000,000
Buildings and Equipment (net) 200,000,000 300,000,000
Patent - 200,000,000
Total Assets 350,000,000 700,000,000
Account Payable 30,000,000 30,000,000
Common Stock 100,000,000
Additional Paid-in Capital 80,000,000
Retained Earnings 140,000,000
Total Liabilities and Equities 350,000,000
Required :
1. Give the journal entry or entries with which PT Jujur Bersih recorded its acquisition of
PT Anti Korupsi’s net assets, include related to direct cost expenditure. (10%)
AKL UTS 2014
spa-feui.com
2. Give the journal entry or entries with which PT Anti Korupsi recorded the transaction.
(10%)
Question 2 (35%)
PT Parent acquired 85% ownership in PT Son’s stock on January 2, 20X1 for Rp 408,000,000.
At that time, the equity of PT Son consisted of ordinary shares and retained earnings of Rp
300,000,000 and Rp 100,000,000 respectively. Fair value of the non controlling interest was
Rp 72,000,000. Fair value of the net assets of PT Son was Rp 430 million, which were equal
to book value except for the fair value of inventories and building were higher for Rp
10,000,000 and Rp 20,000,000 than its book value respectively. At the time of acquisition, PT
Son’s building had remaining economic life for 5 years. PT Parent records its investment using
the fully adjusted equity method. In 20X1 PT Son reported a net income of Rp 50,000,000 and
declared dividens for Rp 30,000,000.
PT Parent has a policy to conduct impairment of goodwill. In 20X2, PT Parent considered to
impair the goodwill for Rp 20,000,000. Financial statement information in 20X2 for two
companies are presented in working paper (see the attachment).
Required :
1. Prepare the excess of fair value and goodwill computation at acquisition date. (5%)
2. Give all eliminating entries needed to prepare consolidation worksheet for 20X2. (20%)
3. Complete the consolidation worksheet for 20X2 attached. (10%)
AKL UTS 2014
spa-feui.com
Question 3 (25%)
Saia Corp acquired 80% ownership of Sakato Corp at book value on January 1, 2010. On
acquisition date, Sakato Corp Common Stock and Retained Earnings were $250,000 and
$150,000, respectively. The following are separate earnings and dividend for Saia Corp and
Sakato Corp.
Year
Saia Corp Sakato Corp
Earnings Dividend Earnings Dividend
2010 140,000 75,000 75,000 30,000
2011 180,000 80,000 90,000 40,000
2012 210,000 100,000 100,000 45,000
a. On July 1, 2011, Saia Corp purchased invetory from Sakato Corp for $15,000. This
inventory was acquired by Sakato Corp from non-affiliate for $8,000 on January 31,
2011. Saia Corp sold 75% of this inventory to non-affiliate on 2011 for $15,000 and the
rest of it on 2012 for $5,000.
Required :
Prepare journal entries for Saia Corp and eliminating entries at the end 2011 assuming that Saia
Corp used fully adjusted equity method to account its investment on Sakato Corp. See the
hints below. (12.5%)
b. On January 1, 2012, Sakato Corp bought an equipment from Saia Corp for $85,000 which
cost Saia Corp $100,000. Saia Corp purchased this equipment on December 31, 2009
from non-affiliate, with expected useful life of 10 years and no residual value. Saia Corp
used straight line method to depreciate the equipment. Sakato Corp management decided
to continue depreciating the equipment using the straight line method with no residual
value and 8 years expected useful life.
Required :
Prepare journal entries for Saia Corp and eliminating entries at the end of 2012 assuming that
Saia Corp used cost method to account its investment on Sakato Corp. See the hints below.
(12.5%)
AKL UTS 2014
spa-feui.com
Hints:
The above transactions are independent of each other. Except for the BV Sakato
Corp, separate earnings, and dividend information, please use the information on
each transaction only to do the requirement.
Journal entries that you have to make : recognize income from subsidiary, dividend
from subsidiary and intercompany transaction adjustment.
Eliminating entries that you have to make : basic elimination entry and
intercompany transaction elimination entry.
Question 4 (20%)
PT Siang Miang issued to PT Bariton Rp400,000 par value, 10 year bonds with a coupon rate
of 12% on January 1, 2005, the bonds are issued at a premium, Rp420,000 to yield the current
market interest rate of 11%. The bonds pay interest semiannually on July 1 and January 1.
On January 1, 2008, PT Propoti purchased Rp 100,000 of the bonds from PT Bariton for
Rp104,900. Note that PT Propoti’s purchase price reflects the current market interest rate of
10% when the bonds have 14 payments left to maturity. PT Propoti owns 65% of the voting
commfdcon shares of PT Siang Miang and prepares consolidated financial statement. Both PT
Propoti and PT Siang Miang amortized bonds premiums using the effective interest method.
Additional information :
Bond Premium Amortization table, when PT Siang Miang issued to PT Bariton
Payment Period Interest Interest Amortization Carrying Value
Number End Payment Expense Premium of Bonds
01/01/05 420,000
1 01/07/05 24,000 23,100 (900) 419,100
2 01/01/06 24,000 23,051 (949) 418,151
3 01/07/06 24,000 22,998 (1,002) 417,149
4 01/01/07 24,000 22,943 (1,057) 416,092
5 01/07/07 24,000 22,885 (1,115) 414,977
6 01/01/08 24,000 22,824 (1,176) 413,801
7 01/07/08 24,000 22,759 (1,241) 412,560
8 01/01/09 24,000 22,691 (1,309) 411,251
9 01/07/09 24,000 22,619 (1,381) 409,870
10 01/01/10 24,000 22,543 (1,457) 408,413
11 01/07/10 24,000 22,463 (1,537) 406,876
etc
AKL UTS 2014
spa-feui.com
Bond Premium Amortization table, when PT Propoti purchased from PT Bariton
Payment Period Interest Interest Amortization Carrying Value
Number End Payment Expense Premium of Bonds
01/01/08 104,900
1 01/07/08 6,000 5,245 (755) 104,145
2 01/01/09 6,000 5,207 (792) 103,352
3 01/07/09 6,000 5,168 (832) 102,520
4 01/01/10 6,000 5,126 (874) 101,646
5 01/07/10 6,000 5,082 (918) 100,728
etc
Required :
A. Assume PT Propoti use equity method to record its investment in PT Siang Miang (15%)
1. Prepare the worksheet elimination entry or entries needed to remove the effects of
the incorporate bond ownership in preparing consolidated financial statement for
2008.
2. Assuming that PT Siang Miang reports net income of Rp 20,000 for 2008, compute
the amount of income assigned to noncontrolling shareholders in the 2008
consolidated income statement.
3. Prepare the worksheet elimination entry or entries needed to remove the effects of
the intercorporate bond ownership in preparing consolidated financial statement
for 2009.
B. Assume PT Propoti use cost method to record its investment in PT Siang Miang (5%)
Prepare the worksheet elimination entry or entries to remove the effects of the intercorporate
bond ownership in preparing consolidated financial statement for 2009.
--- the end ---
AKL UTS 2014
spa-feui.com
Answers :
Question 1
1. Give the journal entry or entries with which PT Jujur Bersih recorded its acquisition of
PT Anti Korupsi’s net assets, include related to direct cost expenditure. (10%)
Record direct cost expenditure :
Merger Expense
5,000,000
Cash 5,000,000
Record acquisition of PT Anti Korupsi :
Cash and Receivables
50,000,000
Inventory 150,000,000
Buildings and Equipment (net) 300,000,000
Patent 200,000,000
Accounts Payable 30,000,000
Cash 625,000,000
Gain on Bargain Purchase of PT Anti Korupsi 45,000,000*
* Computation of gain :
Fair value of consideration given 625,000,000
Fair value of net assets acquired
(Net asset = Total Assets – Total Liabilities)
(Net asset = 700,000,000 – 30,000,000) (670,000,000)
Gain on bargain purchase 45,000,000
AKL UTS 2014
spa-feui.com
2. Give the journal entry or entries with which PT Anti Korupsi recorded the transaction.
(10%)
Record transfer of assets to Jujur Bersih
Cash
625,000,000
Accounts Payable 30,000,000
Cash and Receivables 50,000,000
Inventory 100,000,000
Buildings and Equipment (net) 200,000,000
Gain on Sale of Net Assets 305,000,000
Question 2
Answers :
1. Prepare the excess of fair value and goodwill computation at acquisition date. (5%)
Fair value of consideration Rp480.000.000*
Book value of PT Son’s net assets
Common stock- PT Son Rp 300.000.000
Retained earnings – PT Son Rp 100.000.000
Rp 400.000.000
Difference between fair value and book value Rp 80.000.000
Computation of fair value of consideration:
*Fair value of consideration = the fair value of the consideration given + the fair value of
the non controlling interest
Fair value of consideration = Rp 408.000.000 + Rp 72.000.000
Fair value of consideration = Rp 480.000.000
Of this total Rp 80.000.000 differential, Rp 30.000.000 relates to the excess of the acquisition-
date fair value over the book value of PT Son’s Net Identifiable Assets. The remaining Rp
AKL UTS 2014
spa-feui.com
50.000.000 of the differential, the excess of the consideration given and the non controlling
interest over the fair value of PT Son’s Net Identifiable Assets, is assigned to goodwill.
2. Give all eliminating entries needed to prepare consolidation worksheet for 20X2. (20%)
Parent (85%) + NCI (15%) = Common Stock + Retained Earning
Jan 2, 20X1 340,000,000 60,000,000 300,000,000 100,000,000
Net Income 42,500,000 7,500,000
50,000,000
Dividend -25,500,000 -4,500,000 -30,000,000
End. Bal 20X1 357,000,000 63,000,000 300,000,000 120,000,000
Net Income 59,500,000 10,500,000
70,000,000
Dividend -34,000,000 -6,000,000 -40,000,000
End. Bal 20X2 382,500,000 67,500,000 300,000,000 150,000,000
Basic Elimination Entry (20X2) :
Common Stock 300,000,000
Retained Earnings 120,000,000
Income from PT Son 59,500,000
NCI in NI of PT Son 10,500,000
Dividend Declared 40,000,000
Investment in PT Son 382,500,000
NCI in NA of PT Son 67,500,000
Goodwill = Rp 42.500.000
Excess Fair Value of Net Identifiable Assets
= Rp 25.500.000
Book Value of Net Identifiable Assets =
Rp 340.000.000
Book Value of Net Identifiable Assets
= 85% x Rp 400.000.000
= Rp 340.000.000
Excess Fair Value of Net Identifiable Assets
= 85% x (Rp 20.000.000 +Rp 10.000.000)
= 85% x Rp 30.000.000,00 = Rp 25.500.000
Goodwill
= 85% x Rp 50.000.000
= Rp 42.5000.000 (assigned to parent)
AKL UTS 2014
spa-feui.com
Parent (85%) + NCI (15%) = Inventory + Building + Acc. Depr. + Goodwill
Jan 2, 20X1 68,000,000 12,000,000 10,000,000 20,000,000
50,000,000
Amortization -11,900,000 -2,100,000 -10,000,000 -4,000,000
End. Bal 20X1 56,100,000 9,900,000 0 20,000,000 -4,000,000 50,000,000
Amortization -20,400,000 -3,600,000 -4,000,000 -20,000,000
End. Bal 20X2 35,700,000 6,300,000 0 20,000,000 -8,000,000 30,000,000
The Excess Value Reclassification Entry :
Building 20,000,000
Goodwill 30,000,000
Acc. Depr 8,000,000
Investment in PT Son 35,700,000
NCI in NA of PT Son 6,300,000
Amortized Excess Value Reclassification Entry :
Depreciation expense 4,000,000
Loss on Impairment 20,000,000
Income from PT Son 20,400,000
NCI in NI of PT Son 3,600,000
Asumsi :
Nilai differential dari inventory di-adjust
pada akhir tahun pertama, karena
keterangannya tidak disebutkan pada soal.
Asumsi ini berdasarkan umur ekonomis
inventory (tergolong current asset) yang
pada umumnya kurang dari 1 tahun.
Sedangkan untuk building mengikuti umur
ekonomis seperti yang tercantum pada soal.
Impair the
goodwill for
20,000,000
Building had remaining economic life for 5 years.
20,000,000 : 5 years = 4,000,000/year
AKL UTS 2014
spa-feui.com
3. Complete the consolidation worksheet for 20X2 attached. (10%)
PT Parent and Subsidiary
Consolidation Working Paper
For The Year Ended 20X2
Elimination
Parent
Son
Dr
Cr
Consolidated
Income Statement
Sales 400,000,000
220,000,000
Rp620,000,000
Income from Son 39,100,000
-
59,500,000
20,400,000
Rp0
COGS -249,750,000
-105,000,000
(Rp354,750,000)
Depreciation Expense -35,500,000
-25,000,000
4,000,000
(Rp64,500,000)
Other Operating Expense -18,200,000
-20,000,000
(Rp38,200,000)
Loss -5,000,000
20,000,000
(Rp25,000,000)
Net Income 130,650,000
70,000,000
83,500,000
20,400,000
Rp137,550,000
NCI in NI
10,500,000
3,600,000
(Rp6,900,000)
CI in NI 130,650,000
70,000,000
94,000,000
24,000,000
Rp130,650,000
Statement of Retained Earnings
R/E 1 Jan 271,350,000
120,000,000
120,000,000
Rp271,350,000
Net Income 130,650,000
70,000,000
94,000,000
24,000,000
Rp130,650,000
Dividend Declared -80,000,000
-40,000,000
40,000,000
(Rp80,000,000)
R/E 31 Dec 322,000,000
150,000,000
214,000,000
64,000,000
Rp322,000,000
Balance Sheet
Cash 45,000,000
20,000,000
Rp65,000,000
Receivables 52,250,000
33,500,000
Rp85,750,000
Inventory 131,150,000
92,500,000
Rp223,650,000
Land 80,000,000
45,000,000
Rp125,000,000
AKL UTS 2014
spa-feui.com
Question 3
a. Prepare journal entries for Saia Corp and eliminating entries at the end 2011 assuming
that Saia Corp used fully adjusted equity method to account its investment on Sakato
Corp. (12.5%)
Building 643,000,000
445,000,000
20,000,000
Rp1,108,000,000
Investment in Son 418,200,000
418,200,000
Rp0
Goodwill
30,000,000
Rp30,000,000
Debit 1,369,600,000
636,000,000
50,000,000
418,200,000
Rp1,637,400,000
Accumulated Dep 186,000,000
123,500,000
8,000,000
Rp317,500,000
Account Payable 11,600,000
12,500,000
Rp24,100,000
Bond Payable 150,000,000
50,000,000
Rp200,000,000
Common Stock 700,000,000
300,000,000
300,000,000
Rp700,000,000
R/E 31 Dec 322,000,000
150,000,000
214,000,000
64,000,000
Rp322,000,000
NCI in NA
73,800,000
Rp73,800,000
Credit 1,369,600,000 636,000,000 514,000,000 145,800,000 Rp1,637,400,000
Sakanto
Corp Saia
Corp $ 8,000 $15,000 $15,000
Sub Parent
July 1,
2011
Jan 31,
2011 2011
Ending Inventory
= 25% x 15,000 = 3,750
$15,000
Resold
= 75% x 15,000 = 11,250
AKL UTS 2014
spa-feui.com
At the end 2011,
Total = Resold (75%) + On Hand (25%)
Sales 15,000 11,250 3,750
COGS 8,000 6,000 2,000
Gross Profit 7,000 5,250 1,750
Gross Profit (%) 46.67%
Notes :
Gross Profit = Sales – Cost of Goods Sold
Gross Profit percentage = (Gross Profit/ Sales) x 100
Saia (80%) + NCI (20%) = Common Stock + Retained Earning
Beginning (2010) 320,000 80,000 250,000 150,000
Net Income 60,000 15,000
75,000
Dividend (24,000) (6,000) ) (30,000)
Ending (2010) 356,000 89,000 250,000 195,000
Net Income 72,000 18,000
90,000
Dividend (32,000) (8,000) ) (40,000)
Ending (2011) 396,000 99,000 250,000 245,000
Journal Entries (at the end 2011) : I
Nventory
1. Record Saia’ 80% share of Sakato Corp’ 2011 income
Investment in Sakato Corp 72,000*
Income from Sakato Corp 72,000*
*72,000 = 80% x 90,000
Unrealized
Gross Profit
AKL UTS 2014
spa-feui.com
2. Record Saia’ 80% share of Sakato Corp’ 2011 dividend
Cash 32,000*
Investment in Sakato Corp 32,000*
*32,000 = 80%* x 40,000
3. The deferral of Saia relative share of the unrealized gross profit
Income from Sakato Corp 1,400*
Investment in Sakato Corp 1,400*
*1,400 = 80% x 1,750
Eliminating entries :
1. Basic elimination entry
Common Stock 250,000
Retained Earning 195,000
Income from Sakato Corp 70,600
NCI in Net Income of Sakato Corp 17,650
Dividend declared 40,000
Investment in Sakato Corp 394,600
NCI in NA of Sakato Corp 98,650
Notes :
1. Income from Sakanto Corp
72,000 – (80% x 1,750) = 70,600
2. NCI in Net Income
18,000 – (20% x 1,750) = 17,650
3. Investmentd in Sakato Corp
396,000 – (80% x 1,750) = 394,600
4. NCI in NA of Sakato Corp
AKL UTS 2014
spa-feui.com
99,000 – (20% x 1,750) = 98,650
2. Eliminate Inventory Purchases from Sakato Corp (still on hand)
Sales 15,000
Cost of Good Sold 13,250
Inventory 1,750
b. Prepare journal entries for Saia Corp and eliminating entries at the end of 2012 assuming
that Saia Corp used cost method to account its investment on Sakato Corp. (12.5%)
Materi tidak terdapat pada silabus sebelum UTS.
Question 4
Materi tidak terdapat pada silabus sebelum UTS.
