Nama : Ressy Aldrian

NPM : 0119101143

Tugas Akuntansi Keuangan Lanjutan ( Asistensi ) 6

DERIVATIVES AND FOREIGN CURRENCY

Sales Transaction

Katy Foods sells merchandise to Perry industries Ltd. For $ 53,000, or ₤ 20.000 when the exchange
rate is $ 2.65, and receives payment when the exchange rate is $ 2.64

Purchase Transaction

Katy Foods purchase merchandise from Petty industries Ltd. For $ 26,500 or ₤ 10.000 when the
exchange rate is $ 2.65 and pays the account when the exchange rate is $ 2.67

Instruction :

Prepare journal entries to record the transaction if :

a. Billing is in U.S. Dollars

b. Billing is in British pounds

Futures Contract

Utility anticipated purchasing oil for sale to its customers next February. On December 1 utility enters
a futures contract to acquire 6,000 gallons of oil at $ 1.4007 per gallon for delivery on Jan 31. A
margin if $ 20 is to be paid up front. On Dec 31, the price for delivery of oil on Jan 21 is $ 1,4050. On
Jan 31, the spot rate for current delivery is $ 1,3995. Utility settles the contract, accepting delivery of
6,000 gallons of oil. In February, utility sells all the oil to its customers for $10,400 and reclassifies its
its OCI from hedge as cost of sales.

12/1 12/31 1/31

Futures rate, for 1/31 $ 1.4007 $ 1.4050 $ 1,3995

Required :

1. Determine the OCI based on the future contract signed Dec 1

2. Prepare the journal entries for the transaction

JAWABAN SOAL
Sales Transaction
 a) US Dollars
 Jurnal saat Penjualan
Dr. Account Receivable $53.000
Cr. Merchandise Inventory $53.000
 Jurnal saat Pelunasan
Dr. Cash $53.000
Cr. Account Receivable $53.000

b) Pounds
 Jurnal saat Penjualan
Dr. Account Receivable $53.000
Cr. Merchandise Inventory $53.000
 Jurnal saat Pelunasan
Dr. Cash $52.800 (£ 20.000 X $2,64)
Dr. Exchange Loss $ 200
Cr. Account Receivable $53.000
Purchase Transaction
a) US Dollars
 Jurnal saat Pembelian
Dr. Purchase $26.500
Cr. Account Payable $26.500
 Jurnal saat Pelunasan
Dr. Account Payable $26.500
Cr. Cash $26.500

b) Pounds
 Jurnal saat Pembelian
Dr. Purchase $26.500
Cr. Account Payable $26.500
 Jurnal saat Pelunasan
Dr. Account Payable $26.500
Dr. Exchange Loss $ 200
Cr. Cash $26.700 (₤10.000 x $2,67)

Future Contracts

Dec 1 Dec 31 Jan 31

Future Rate $ 1,4007 $ 1,4050 $ 1,3995
Cost of 6.000 $ 8.404,2 A $ 8.430 B $ 8.397 C
Gallons A-B $ 25,8 B-C $ 33
A-C $ 7,2
Jurnal saat Kontrak
Des 1 = Dr. Future Contract $20
Cr. Cash $20
Des 31 = Dr. Future Contract $25,8
Cr. OCI $25,8
Jan 31 = Dr. OCI $33
Cr. Future Contract $33
Jan 31 = Dr. Future Contract $7,2
Cr. Cash $7,2
Jan 31 = Dr. Inventory $8.397
Cr. Cash $8.397

Jurnal saat Penjualan

Feb 1 = Dr. Cash $10.400
Cr. Sales $10.400
Dr. Cost of Sales $8.397
Cr. Inventory $8.397