DEPARTEMEN AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS INDONESIA

QUIZ PARALEL AKUNTANSI KEUANGAN 1 Peraturan : 1. Kerjakan di kertas folio bergaris (dilarang menggunakan pensil). 2. Kumpulkan jawaban di satpam departemen akuntansi paling lambat Kamis pukul 17.00. 3. Segala keterlambatan tidak akan ditoleransi. Problem 1 Boedi is an accounting student in a well-known university in Depok. Budi is asked by his aunt, Mrs. Srimul, to help her. His aunt is the owner of PT Century Mutiara. Mrs. Srimul asks Boedi why Bapepam rejects PT Century Mutiaras financial statement. He is asked by his aunt to review PT Century Mutiaras financial statement. He found the following things: 1. PT Century Mutiaras financial statement per December 31, 2008 is attached with financial statement per December 31, 1996. She said that it has done because the company didnt prepare financial statement between 1997 and 2007. This is because the company has fired its accounting staff. Mrs. Srimul bought a car for private use in 2005. Mrs. Srimul used companys money, but this car is recorded in Property, Plant, and Equipment section in Balance Sheet. PT Century Mutiara has received Rp 2 billion for service contract. PT Century Mutiara has not done this service. This cash receipt has been recorded as revenue in 2008 income statement. PT Century Mutiara changes its inventory valuation method to FIFO Method because PT Century Mutiara wants to make up its financial statement. PT Century Mutiara has a plan to borrow money from Bank CIMA. PT Century Mutiaras warehouse has been burnt up at January 31, 2009. PT Century Mutiara rejects to disclose it in Notes to Financial Statement.

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Instruction: You are required to indicate qualitative characteristic, assumption, principle, or constraint which is not obeyed by PT Century Mutiara for 10 items above. Problem 2 Below are the accounts and their related ending balance as of 31 December 2009 of PT Vio (In thousand rupiahs) Accrued Expense Accumulated Other Equity Components Additional Paid In Capital Advance Payments to Supplier Cash and Cash Equivalent Cost of Goods Sold Current Portion of Employee Benefit 75,000 130,000 65,250 15,000 135,000 (1,410,0 00) 7,000 Interest Expenses Interest Income Inventories Investment Property Loang Term Bank Loans Loss from Discontinued Operations Other Assets (17,500) 6,000 227,500 15,500 17,500 (100,000) 17,500
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DEPARTEMEN AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS INDONESIA

Obligation Current Portion of Financial Lease Receivable Current Portion of Long Term Loans Customer Advances Deferred Tax Asset Dividend Paid to Parent Company Employee Benefit Obligation Financial Lease Receivable Fixed Asset Revaluation Surplus, net tax Fixed Assets Foreign Exchange Loss Foreign Exchange Translation Adjustment, net tax General and Administration Expense Goodwill Income Tax Expense Income Tax On Loss from Discontinued Operation Intangible Asset

29,500 13,500 12,500 3,000 15,000 20,000 28,500 35,000 260,000 (15,000) (75,000) (125,000 ) 20,000 (20,000) 30,000 10,750

Other Payables Other Receivables Prepaid Expenses Prepaid Taxes Retained Earnings Revenue Selling Expense Share Capital Short Term Bank Loans Taxes Payable Time Deposit Total Assets

15,000 250 2,500 10,750 108,000 1,875,000 (100,000) 135,000 161,750 25,000 2,500 945,500

Trade Payables 160,000 Trade Receivable Related 13,000 Parties Trade Receivable Third Party 154,250 Unrealized Holding Loss, Net Tax (50,000)

Required : Prepare the Statement of Comprehensive Income!

Hint: BE CAREFUL with where you will include each one of the above accounts, make sure you have accounted all the accounts. Prepare The Statement of Financial Position! Hint : Use the information from Statement of Comprehensive Income from previous excercise and be careful with where you will include each one of the above accounts ; make sure you have accounted all of the accounts. Problem 3 Accounts receivable in the amount of $250,000 were assigned to the Fast Finance Company by Marsh, Inc., as security for a loan of $200,000. The finance company charged a 4% commission on the face amount of the loan, and the note bears interest at 9% per year. During the first month, Marsh collected $130,000 on assigned accounts. This amount was remitted to the finance company along with one month's interest on the note. Instructions : Make all the entries for Marsh Inc. associated with
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DEPARTEMEN AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS INDONESIA

1. transfer of the accounts receivable and issuance note payable 2. collection A/R in the first month 3. remittted collection and accrued interest to the finance company. Problem 4 FurnishyCo. installs replacement siding, windows, and louvered glass doors for single family homes and condominium complexes in northern Texas and southern California.The company record the transactions for the month of December 2010 as follows : 1. Alumunium Siding Purchase Date Units 1 (beg bal.) 20 5 30 15 40 20 20 2. Thermal Window Purchase Date Units 1 (beg bal.) 10 3 12 12 15 20 10 3. Louvered Glass Doors Date 1 (beg bal.) 4 13 19 Required : 1. Assume that the company keeps the FIFO periodic inventory method : a. Compute the inventory at December 31,2010, show your calculation. b. Prepare the journal entry needed on December 19,20, 25, 27, and 28, 2010. 2. Assume that the company keeps the average perpetual inventory method : a. Compute the inventory at December 31,2010, show your calculation. b. Prepare the journal entry needed on December, 19,20, 25, 27, and 28, 2010. c. Prepare the journal needed if the physical inventory count indicates that total inventory on hand is 5 units for each type of inventory (the company uses the latest cost per unit to value inventory on hand). d. After performing physical count, the company gathered information : Purchase Units 15 20 15 12 Price/unit $ 90000 $ 95000 $ 92000 $ 93000 Date 10 18 27 Sales Units 40 40 20 Price/unit $ 120000 $ 130000 $ 140000

Price/unit $ 150000 $ 165000 $ 160000 $ 140000

Date 8 16 28

Sales Units 8 20 9

Price/unit $ 200000 $ 210000 $ 225000

Price/unit $ 90000 $ 100000 $ 160000 $ 140000

Date 6 17 25

Sales Units 24 20 9

Price/unit $ 125000 $ 155000 $ 170000

DEPARTEMEN AKUNTANSI FAKULTAS EKONOMI UNIVERSITAS INDONESIA

Alumunium Siding (per unit) Expected selling $ 165000 price Cost to sell $ 5500 Cost to complete $ 8250

Thermal Windows (per unit) Expected selling price Cost to sell Cost to complete

Lovered Glass Doors (per unit) $215000 Expected selling $175000 price $ 13000 Cost to sell $ 12000 $ 30000 Cost to complete $10000

Prepare the journal needed if Furnishy Co. applies Lower-of-Cost-or-Net Realizable Value (LCNRV) for its inventory (at individual product) with Cost of Goods Sold method and the use of an allowance method. e. Show the inventory section of FurnishyCos Statement of Financial Position as of December 31, 2010