Modul 7

Financial Distress
Latihan Soal 1

Skedul Likuidasi
 Latihan Soal 1
Assets Liabilities and Equity
Cash 6.500.000 Account Payable 7.500.000
Account Receivable 2.250.000 Accruals 2.250.000
Inventory 5.750.000 Tax payable 3.750.000
Total Current Assets 14.500.000 Salaries Payable 5.600.000
Land 15.550.000 Interest Payable 3.400.000
Building 9.650.000 Total Current Liabilities 22.500.000
Acc. Depre. Building (1.700.000) Bank Loan 2.250.000
Machine 5.800.000 Senior Bonds 5.550.000
Acc. Depre. Machine (1.500.000) Junior Bonds 2.250.000
Vehicle 6.750.000 Total Debt 32.550.000
Acc. Depre. Vehicle (1.050.000) Preferred Stock 6.750.000
Net Fixed Assets 33.500.000 Common Stock 8.700.000
Total Assets 48.000.000 Total Liabilities and Equity 48.000.000
Latihan Soal 1
Pertanyaan a
Latihan Soal 1 Bagian a

Dana yang tersedia:

 
Cash = 6.500.000
 Latihan Soal 1 Bagian a

Keterangan 1:

Account Receivable = (1 – bad debt) × nominal Account Receivable di laporan keuangan

= (1 – 20%) × 2.250.000
= 1.800.000

Keterangan 2:

Inventory = (1 – nilai persedian yang telah usang) × Inventory

= (1 – 2/5) × 5.750.000
= 3.450.000
Latihan Soal 1 Bagian a

Keterangan 3:

Land = 60 × Book Value of Land

= 60% × 15.550.000
= 9.330.000
 Latihan Soal 1 Bagian a

Keterangan 4:

Building = 45% × Book Value of Building

= 45% × (Nilai perolehan – Acc. Depre)

= 45% × (9.650.000 – 1.700.000)

= 3.577.000 → Menjamin Senior Bonds

 Latihan Soal 1 Bagian a

Keterangan 5:

Machine = ( 1 – kerugian) × Book Value of Machine

= (1 – 30%) × (5.800.000 – 1.500.000)

= 3.010.000 → Menjamin Junior Bonds

 Latihan Soal 1 Bagian a

Keterangan 6:

Vehicle = (1 – kerugian) × Harga perolehan Vehicle

= (1 – 75%) × 6.750.000

= 1.687.500

Harga Perolehan = Nilai dari Aset Tetap yang tertera di laporan keuangan

Nilai Buku / Book Value dari Aset Tetap = Harga Perolehan – Acc. Depre
Latihan Soal 1 Bagian a
Total Dana Yang Tersedia

Cash = 6.500.000
Account Receivable = 1.800.000
Inventory = 3.450.000
Land = 9.330.000
Building = 3.577.000
Machine = 3.010.000
Vehicle = 1.687.500
Total dana yang tersedia = 29.355.000
 Latihan Soal 1 Bagian a
Prioritas 1: Senior Bonds dijamin oleh Building. Pada saat ini nilai

A. Senior Bonds = 3.577.500 Senior Bonds adalah 5.550.000, tetapi Builfing hanya
dapat dijual senilai 3.577.500. sehingga Building hanya
  Junior Bonds = 2.250.000 menjamin Senior Bonds sebesar 3.577.500, sementara

B. Biaya Lelang = 120.000 sisanya menjadi hutang tanpa jaminan di Prioritas 2.

  Biaya Likuidasi = 345.000 Machine yang menjamin Junior

C. Salaries Payable = 5.600.000 Bonds memiliki nilai yang lebih

besar dari Junior Bonds. Sehingga
D. Tax Payable = 3.750.000
Junior Bonds bisa terjamin penuh
  Total Prioritas 1 = (15.642.500)
  Sisa Dana = 13.712.500
 Latihan Soal 1 Bagian a
Sisa dana untuk prioritas 2 = 13.712.500

Prioritas 2:

E. Senior Bonds = 1.972.500

Bank Loan = 2.250.000
Sisa dana tidak mencukupi, sehingga pembayaran
  Account Payable = 7.500.000 prioritas 2 akan dilakukan berdasarkan proporsinya.
  Accruals = 2.250.000
F. Interest Payable = 3.400.000
  Total Prioritas 2 = 17.372.500
 Latihan Soal 1 Bagian a
Prioritas 2     Proporsi   Pembayaran Prioritas 2
Senior Bonds = 1.972.500   0,1135   1.556.368,75
Bank Loan = 2.250.000   0,1295   1.775,768,75
Account Payable = 7.500.000   0,4317   5.919.686,25
Accruals = 2.250.000   0,1295   1.775,768,75
Interest Payable = 3.400.000   0,1957   2.683.536,25
Total = 17.372.500       13.712.500

 
Proporsi = Pembayaran Prioritas 2
= proporsi × 13.712.500 (total dana yang tersedia untuk prioritas 2)
Contoh =
 Latihan Soal 1 Bagian a
Kewajiban Tidak Terbayarkan:

Senior Bonds = 1.972.500 – 1.556.368,75 = 416.131,25  

Account Payable = 7.500.000 – 5.919.686,25 = 1.580.313,75  

Accruals = 2.250.000 – 1.775,768,75 = 474.231,25  

Bank Loan = 2.250.000 – 1.775,768,75 = 474.231,25  

Interest Payable = 3.400.000 – 2.683.536,25 = 716.463,75  

Preferred Stock   = 6.750.000  

Common Stock   = 8.700.000  

Total kewajiban tidak terbayarkan = 19.111.371,25

 Latihan Soal 1

Pertanyaan b

Pertanyaan:
Jika bangunan dan kendaraan dapat terjual seharga nilai bukunya, bantulah Birdie
Corp untuk menyusun skedul likuidasi yang baru!
 Latihan Soal 1 Bagian b
Building = Terjual seharga nilai bukunya

= Nilai perolehan – Acc. Depre

= (9.650.000 – 1.700.000

= 7.950.000 → Menjamin
Senior Bonds
Vehicle = Terjual seharga nilai bukunya

= (6.750.000 – 1.050.000)

= 5.700.000
 Latihan Soal 1 Bagian b
Total Dana Yang Tersedia

Cash = 6.500.000
Account Receivable = 1.800.000
Bangunan dan kendaraan yang dijual seharga
Inventory = 3.450.000 nilai bukunya menyebabkan adanya
Land = 9.330.000 perubahan pada total dana yang tersedia.
Namun, untuk dana yang berasal dari Aset
Building = 7.950.000 yang lain tetap bernilai sama.
Machine = 3.010.000
Vehicle = 5.700.000
Total dana yang tersedia = 37.740.000
 Latihan Soal 1 Bagian b
Prioritas 1:

A. Senior Bonds = 5.550.000 Senior Bonds terjamin penuh karena

nilai dari Building mencukupi.
  Junior Bonds = 2.250.000
B. Biaya Lelang = 120.000
  Biaya Likuidasi = 345.000
C. Salaries Payable = 5.600.000
D. Tax Payable = 3.750.000
  Total Prioritas 1 = (17.615.000)
  Sisa Dana = 20.125.000
 Latihan Soal 1 Bagian b

Sisa dana untuk prioritas 2 = 20.125.500 Sisa dana untuk prioritas 3 = 4.725.000

Prioritas 2: Prioritas 3:

E. Bank Loan = 2.250.000 G. Preferred Stock = 4.725.000

Account Payable = 7.500.000
Total Prioritas 3 = 4.725.000
  Accruals = 2.250.000
Sisa dana = 0
F. Interest Payable = 3.400.000
  Total Prioritas 2 = 15.400.000
  Sisa Dana = 4.725.000
 Latihan Soal 1 Bagian b

Kewajiban Tidak Terbayarkan:

Preferred Stock = 6.750.000 – 4.725.000 = 2.025.000

Common Stock   = 8.700.000
Total kewajiban tidak terbayarkan = 10.725.000

Jika sisa dana tidak mencukupi untuk melunasi prioritas 3, maka akan terlebih
dahulu melunasi Preferred Stock dan tidak dilakukan pembobotan seperti soal a.
Latihan Soal 2

Restukturisasi
 Assets Liabilities & Equity
Cash 125.000.000 Account Payable 265.000.000
Marketable Securities 112.000.000 Accruals 189.000.000
Account Receivable 180.000.000 Notes Payable 209.000.000
Inventory 108.000.000 Total Current Liabilities 663.000.000
Total Current Assets 525.000.000    
Building 915.000.000 Bank Loan 200.000.000
Acc. Depre. Building (258.000.000) Bonds Payable 117.200.000
Machine 393.000.000 Total Debt 980.200.000
Acc. Depre. Machine (125.000.000) Common Stock@560 630.000.000
Net Fixed Assets 925.000.000 Retained Earnings (160.200.000)
Total Assets 1.450.000.000 Total Liabilities and Equity 1.450.000.000
Latihan Soal 2
Pertanyaan a
 Latihan Soal 2
Menghitung kerugiaan yang ditanggung pemegang saham

Keterangan 4: Keterangan 1:

Retained Earnings = 160.200.000 Account Receivable = Bad debts × nominal A/R

Note: R/E merupakan kerugian yang pertama = 35% × 180.000.000

yang bisa ditemukan karena bernilai negatif pada = 63.000.000

laporan keuangan. Note: bad debt merupakan kerugian.
 Latihan Soal 2

 
Keterangan 2:

Inventory = Persediaan yang telah using × nilai Inventory

= × 108.000.000

= 72.000.000

Note: persedia yang sudah usang tidak bisa dijual, sehingga dianggap sebagai kerugian.
 Latihan Soal 2

Keterangan 3:

Machine = kerugian × Nilai buku dari mesin

= 70% × (393.000.000 – 125.000.000)

= 187.600.000

Note: 70% kerugian ditanggung oleh pemegang saham, 30% yang meruapakan
hasil dari penjualan menjadi kas.
 Latihan Soal 2
Kerugian yang ditanggung pemegang saham:

Retained Earnings = 160.200.000

Account Receivable = 63.000.000
Inventory = 72.000.000
Machine = 187.600.000
Total kerugian = 482.800.000
 Latihan Soal 2
Keterangan 5:

Common Equity = Common Stock + Retained Earnings (Kerugian)

= 630.000.000 – 482.800.000

= 147.200.000

Common Equity = Common Stock + Retained Earnings

125% = 100% + 25%

 Latihan Soal 2

   
Common Stock = × 147.200.000 Retained Earnings = × 147.200.000

= 117.760.000 = 29.440.000
 Assets Liabilities & Equity
Cash 125.000.000 Account Payable 265.000.000
Marketable Securities 112.000.000 Accruals 189.000.000
Account Receivable 180.000.000 Notes Payable 209.000.000
Inventory 108.000.000 Total Current Liabilities 663.000.000
Total Current Assets 525.000.000    
Building 915.000.000 Bank Loan 200.000.000
Laporan Keuangan
Acc. Depre. Building (258.000.000) Bonds Payable 117.200.000 sebelum Restrukturisasi
Machine 393.000.000 Total Debt 980.200.000
Acc. Depre. Machine (125.000.000) Common Stock@560 630.000.000
Net Fixed Assets 925.000.000 Retained Earnings (160.200.000)
Total Assets 1.450.000.000 Total Liabilities and Equity 1.450.000.000
 Assets Liabilities & Equity
Cash Account Payable 265.000.000
Marketable Securities 112.000.000 Accruals 189.000.000
Account Receivable Notes Payable 209.000.000
Inventory Total Current Liabilities 663.000.000
Pada proses restrukturisasi di
Total Current Assets     atas. Cash, A/R, Inventory,
Building 915.000.000 Bank Loan 200.000.000 Machine, dan Common
Equity. Sehingga nilai dari
Acc. Depre. Building (258.000.000) Bonds Payable 117.200.000
Assets dan Liabilities &
Machine Total Debt 980.200.000 Equity lain tetap dan tidak
Acc. Depre. Machine Common Stock@560 mengalami perubahan.

Net Fixed Assets Retained Earnings

Total Assets Total Liabilities and Equity
 Latihan Soal 2

Cash = Cash awal + Penjualan mesin

= 125.000.000 + [30% × (393.000.000 – 125.000.000)]

= 205.400.000

Account Receivable lama = 180.000.000 Inventory awal = 108.000.000

Bad Debt = (63.000.000) Usang = (72.000.000)

Sisa = 117.000.000 Sisa = 36.000.000

 Assets Liabilities & Equity
Cash 205.400.000 Account Payable 265.000.000
Marketable Securities 112.000.000 Accruals 189.000.000
Account Receivable 117.000.000 Notes Payable 209.000.000
Inventory 36.000.000 Total Current Liabilities 663.000.000
Total Current Assets 470.400.000    
Building 915.000.000 Bank Loan 200.000.000
Acc. Depre. Building (258.000.000) Bonds Payable 117.200.000
Machine   Total Debt 980.200.000
Acc. Depre. Machine   Common Stock@560  
Net Fixed Assets   Retained Earnings  
Total Assets   Total Liabilities and Equity  
 Latihan Soal 2

• Machine sudah dijual semua, sehingga nilainya menjadi 0.

• Nilai Common Stock pada slides 30 adalah sebesar 117.760.000 , dimasukkan

ke dalam laporan keuangan.

• Nilai Retained Earnings pada slides 30 adalah sebesar 29.440.000, dimasukkan

ke dalam laporan keuangan
 Assets Liabilities & Equity
Cash 205.400.000 Account Payable 265.000.000
Marketable Securities 112.000.000 Accruals 189.000.000
Account Receivable 117.000.000 Notes Payable 209.000.000
Inventory 36.000.000 Total Current Liabilities 663.000.000
Total Current Assets 470.400.000    
Building 915.000.000 Bank Loan 200.000.000
Acc. Depre. Building (258.000.000) Bonds Payable 117.200.000
Machine 0 Total Debt 980.200.000
Acc. Depre. Machine 0 Common Stock@560 117.760.000
Net Fixed Assets 657.000.000 Retained Earnings 29.440.000
Total Assets 1.127.400.000 Total Liabilities and Equity 1.127.400.000
Latihan Soal 2
Pertanyaan b
 Latihan Soal 2
 
Outstanding Shares =

= 1.125.000 lembar
Jadi, dampak restrukturisasi
menyebabkan harga saham
  Sheila Inc menjadi 104,68 per
Book Value per Share (baru) =
lembar.
=

= 104,68 per lembar

THANK YOU