TUGAS PRAKTIKUM AKUNTANSI KEUANGAN LANJUTAN FATA 2020

TUGAS LAB 8
INTERCOMPANY PROFIT TRANSACTIONS – BONDS

In 2029, PT ICN Nusantara Indonesia and PT Barakarsa Ekatama continued their

business as usual and maintained their accounting reports separately. During the year, PT ICN
Nusantara Indonesia made total sales of Rp63.100.000.000, as much as 40% of those sales
were paid in cash and the rest were on credit. Included in those sales were transactions made
to PT Barakarsa Ekatama amounted to Rp10.325.000.000 on account. The cost of sales for
sales made to PT Barakarsa Ekatama was Rp4.721.000.000. PT ICN Nusantara Indonesia also
received a settlement of 60% for its accounts receivable (including balance from inventory
sales in 2028) and 34% for the note receivable (ignore the interest effect in this transaction) in
the beginning of 2029. The company also paid 60% of its accounts payable and 45% of its
mortgage payable from the balances from the balance at the beginning of 2029. To expand its
business, on January 10, 2029, PT ICN Nusantara Indonesia issued Rp5.000.000.000 par of
10%, a 5-year bond that was sold for RpRp5.160.000.000. PT ICN Nusantara Indonesia also
made a total purchase of inventory from its suppliers as much as Rp34.000.000.000, with
34,8% of the purchase were paid in cash and the rest were on account. Included in those
transactions were purchases made from PT Barakarsa Ekatama for Rp6.700.000.000 which
were all on credit. PT ICN Nusantara Indonesia had total operating expenses (excluding the
cost of sales) of Rp17.787.500.000. Other expenses amounted to Rp6.680.000.000 were
included in those expenses and were paid in cash by PT ICN Nusantara Indonesia. PT ICN
Nusantara Indonesia distributed Rp3.500.000.000 cash dividends near the end of the year. At
year-end, PT ICN Nusantara Indonesia’s stock opname showed that there was
Rp14.544.000.000 worth of inventories left in its warehouse. Included in those ending
inventories were one fifth of inventories bought from PT Barakarsa Ekatama. In 2029, the
company’s affiliate, PT Bentang Alam obtained a net profit of Rp2.400.000.000 and distributed
cash dividends to shareholders of Rp910.000.000. The other balances remained the same.
PT Barakarsa Ekatama made total sales in 2029 amounting Rp24.200.000.000 with as
much as 65% of the total sales paid in cash and the rest on account. Including in those sales,
there were transactions made to PT ICN Nusantara Indonesia for Rp6.700.000.000 on account.
The cost of sales made to PT ICN Nusantara Indonesia was Rp4.160.000.000. PT Barakarsa
Ekatama received settlement for 75% of its accounts receivable and 60% of its notes receivable
(ignore the interest effect in this transaction) from the beginning balances in 2029. PT
Barakarsa Ekatama also paid off 70% of its accounts payable and 60% of its mortgage payable

CLASSY – IQBAL – NINA FATA 2020

TUGAS PRAKTIKUM AKUNTANSI KEUANGAN LANJUTAN FATA 2020

from the beginning balances in 2029.

PT Barakarsa Ekatama decided to invest on 10% of PT ICN Nusantara Indonesia’s
Bonds for Rp423.050.000 on July 1, 2029, by buying the bonds in the open market. PT
Barakarsa Ekatama made a total purchase of Rp12.450.000.000, as much as 70% of the
purchase were on credit and the rest were paid in cash. Included in those purchases were
transactions made from PT ICN Nusantara Indonesia amounting Rp10.325.000.000 on credit.
PT Barakarsa Ekatama had total operating expenses (excluding the cost of goods sold) of
Rp3.554.600.000. Other expenses amounted to Rp1.300.000.000 paid in cash. In 2029, PT
Barakarsa Ekatama distributed cash dividends for its shareholders amounting
Rp1.400.000.000. After doing stock opname, PT Barakarsa Ekatama found Rp6.970.000.000
worth of inventories at the end of the period. Including in those ending inventories were a
quarter of inventories purchased from PT ICN Nusantara Indonesia. The other accounts
remained the same.

Additional Information:
1. The interests were paid semiannually every January 1 and July 1.
2. Straight-line amortization is applicable.
3. All intercompany transactions left in PT ICN Nusantara Indonesia’s and PT Barakarsa
Ekatama’s ending inventories on 2028 were sold this year at arms-length.
4. Information regarding PT ICN Nusantara Indonesia and PT Barakarsa Ekatama’s plant
assets other than land:

PT ICN Nusantara
Indonesia
Book Value Remaining Useful Life
Building from Barakarsa
Ekatma - net Rp8.206.000.000 22 years
Building - net Rp71.187.500.000 17 years
Rp79.393.500.000
Equipment - net Rp103.343.000.000 17 years

CLASSY – IQBAL – NINA FATA 2020

TUGAS PRAKTIKUM AKUNTANSI KEUANGAN LANJUTAN FATA 2020

PT Barakarsa Ekatama
Book Value Remaining Useful Life
Equipment from ICN
Nusantara Indonesia - net Rp9.945.000.000 17 years
Equipment - net Rp24.094.400.000 22 years
Rp34.039.400.000
Building - net Rp12.636.800.000 22 years

Required:
Prepare the separate financial statements consisting of Statement of Profit or Loss, Retained
Earnings Statement, and Statement of Financial Position for PT ICN Nusantara Indonesia and
PT Barakarsa Ekatama on December 31, 2029, and provide the supporting calculations and
journal entries for issuance and investment on PT ICN Nusantara Indonesia’s Bonds. DO NOT
ROUND OFF YOUR ANSWERS! (Hint: for the beginning of 2029 financial statements, use
the separate financial statements on December 31, 2028, which were your answers in
assignment Lab 7).

Hint*:
- Financial statements on January 1, 2029, were your answers in Latihan Lab 7
- Net Income ICN Nusantara Indonesia is Rp20.422.167.500; Net Income Barakarsa Ekatama
is Rp9.043.950.000.
- Total Assets ICN Nusantara Indonesia is Rp494.537.001.300; and Total Assets Barakarsa
Ekatama is Rp104.931.350.000.
- Make sure when calculating Constructive gain/loss, the Book Value of the bonds payable
was the value at July 1, 2029

*) Make sure your answers are in accordance to the above hints as they will be used in Latihan
Lab 8

CLASSY – IQBAL – NINA FATA 2020