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Akuntansi Keuangan 1

UAS Semester Ganjil 2014/2015

MOdul JAwaban KOEliah

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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).

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