KORPS ASISTEN DOSEN

FAKULTAS EKONOMIKA DAN BISNIS

UNIVERSITAS KRISTEN SATYA WACANA
ASISTENSI
SEMESTER GENAP 2015/2016
Class/Subject

:AC202 Y/ Advanced Financial

Accounting (International Class

Chapter

of Accounting Program)
: Foreign Currency and Partnership

Lecturer

: Arthik Davianti, SE.,M.Si (ART)

Date

: March, 20th 2016

University

Credit

Unit : 3 credits

Announcements for students of tutorial class:

If in the implementation of tutorial class, you find constraints or other problems
associated with the assistant (complaints, criticism, or suggestions) please
contact Korps Asisten Dosen FEB UKSW via:
asisten.feb@student.uksw.edu
Our office : FEB 106
___________________________________________________________________________
The exercises has been prepared and can be used for the process of teaching
and learning activities in tutorial class.
Lecturer,

(________________)

YOUR PARTNERS
ACE CIE FEE FMA NAA

1. On November 1st, 2014, PT Balai Pustaka purchase equipment on

credit from LG Electronic Corporation from South Korea for
10.000.000 won. PT Balai Pustakas reporting date is December 31
and the payable is settled on May 1, 2015. The transaction is
denominated in won and Balai offsets its exposed foreign currency
liability with a forward exchange contract.
Date
Nov 1, 2014

Spot Rate
(= 1 won)
Rp 8,0

Dec 31, 2014

Rp 9,0

May 1, 2015

Rp 8,8

Forward
Exchange Rate
Rp 8,4 (180
hari)
Rp
8,6
(90
hari)

What journal entries did Balai record the events above?

2. FEE dan CIE enter into a partnership with the following

FEE
FAIR VALUE
CASH
LAND (cost $70.000)
$90.000
BUILDING (cost $60.000)
INVENTORY (cost $25.000)
$30.000
TOTAL
$120.000

investment:
CIE
FAIR VALUE
$30.000
$80.000
$110.000

-Prepare journal entries to record FEE and CIE investment.

-Prepare journal entries using bonus & goodwill method to
equate their Capital percentage (50%)

3. The partnership agreement of Grace and Angga provides that profit

are to be divided as follow:
- Grace and Angga receive salary $30,000 each one every year
- Remaining profit and losses are dividend equally to Grace and
Angga
- The partnership net income of December 31, 2015 is $100.000
Prepare an income allocation schedule and journal entries
needed for the information above!

YOUR PARTNERS
ACE CIE FEE FMA NAA

4. The capital and income interests of the a partnership are as follows:

NAA
KAI
LAY
TOTAL

Capital
Balances
$80.000
$100.000
$70.000
$250.000

Capital
Percentage
32%
40%
28%
100%

Profit and Loss

Percentage
30%
50%
20%
100%

NAA retire from partnership and will be paid $100,000 cash

Prepare entries to record NAA retirement by 3 method: (a)
bonus to retiring partner, (b) goodwill equal to excess
payment, (c) revaluation of total partnership capital based
on excess payment

5. CIE and FEE share profits and losses 60:40. The balance sheet for
December 31, 20X6 is as follows:
Asset
Liabilities and Equity
Cash
$12.000
Account Payable
$30.00
0
Account Receivable $25.000
Loan from CIE
$12.00
net
0
Inventory
$35.000
FEE Capital
$32.00
0
Plant asset - net
$50.000
CIE Capital
$48.00
0
TOTAL
$122.000
TOTAL
$122.0
00
They agree to liquidate their partnership as soon as after 1 January
20X7. Assume -on 5 Januari20X7, the inventory items are sold for
$45,000, plant are sold for $35,000, and account payable collected
is $22,000.
Required :
a) Prepare journal entries to records asset sale & account receivable
collection and balance sheet after the transaction!
b) Prepare journal entries to record liability payment and final
distribution to partners!

YOUR PARTNERS
ACE CIE FEE FMA NAA

YOUR PARTNERS
ACE CIE FEE FMA NAA