11 0 92 KB
Nama
: Meliana Fitri Faradila
NIM
: 023001801111
Mata Kuliah
: Akuntansi Keuangan Lanjutan 1
Nama Dosen
: Prof.Dr. Etty Murwaningsari.,Ak.,M.M.,C.A
TUGAS KELAS DOSEN AKUNTANSI KEUANGAN LANJUTAN 1 CHAPTER 11 E11-4 Accounts Balance Merchant Company had the following foreign currency transactions : 1. On November 1, 20X6. Merchant sold goods to a company located in Munich, Germany. The receivable was to settled in European euros on February 1. 20X7, with the receipt of € 250,000 by Merchant Company. 2. On November 1, 20X6, Merchant purchased machine parts from a company located in Berlin, Germany, Merchant is to pay € 125,000 on February 1,20X7. The direct exchange rates are as follows:
November 1, 20X6 December 31,20X6 February 1,20X7
€ 1= $ 0.60 € 1= $ 0.62 € 1= $ 0.58
Required a. Prepare T-account for the following five account related to these transactions : Foreign Currency Units ( € ), Accounts Receivable ( € ), Accounts Payable ( € ). Foreign Transactions Loss, and Foreign Currency Transactions Gain. b. Within the T – accounts you have prepared, appropriately record the following items: 1. The November 1, 20X6, report transaction ( Sale ). 2. The November 1, 20X6, import transaction ( Purchase ). 3. The December 31, 20X6, year - ended adjustment required of the foreign currency – denominated payable of € 250,000. 4. The December 31, 20X6, year – ended adjustment required of the foreign currency – denominated payable of the € 125,000.
5. The February, 1 20X7, adjusting entry to determine the U.S . dollar – equivalent value of the foreign currency receivable on that date. 6. The February, 1 20X7, adjusting entry to determine the U.S . dollar – equivalent value of the foreign currency payable on that date. 7. The February 1, 20X7, settlement of the foreign currency receivable. 8. The February 1, 20X7, settlement of the foreign currency payable Jawab :
From Receivable : (€250,000 x $ 0.58)
(€ 250,000 x $ 0.60) [€ 250,000 x ( $ 0.62- $ 0.60 )] (€250,000 x $0.62) (€ 250,000 x $ 0.58 )
Foreign Currency Units (€ ) To Payable: 145,00 ( 7 ) 2/1/20X7 0 (€125,000 x $ 0.58) Balance 2/2/20X7 72,500 Accounts Receivable ( € ) 150,00 ( 1 ) 11/1/20X6 0 ( 3 ) 12/31/20X6 5,000 Balance 155,00 12/31/20X6 0 [€ 250,000 x ( $ 0.58 - $ 0.62 )] 145,00 (€ 250,000 x $ Balance 2/1/20X7 0 0.58) Balance 2/2/20X7 0 Accounts Payable ( € ) (€ 125,000 x $ 0.60)
[€ 125,000 x ($ 0.58 -$ 0.62 )] (€ 125,000 x $ 0.58)
(6) 2/1/20X7 AdjE (8) 2/1/20X7 Settle
[€ 125,000 x ($ 0.62 - $ 0.60 )] (€ 125,000 x $ 0.58)
( 8 ) 2/1/20X7
(5) 2/1/20X7 AdjE (7) 2/1/20X7 Settle
72,500
10,000 145,00 0
(2) 11/1/20X6 75,000 (4) 12/31/20X6 AdjE Balance 12/31.20X6
2,500
77,500
5,000
(€ 125,000 x $ 72,500 0.58)
Balance 2/1/20X7 Balance 2/2/20X7
72,500 0
[€ 125,000 x ( $ 0.62- $ 0.60 )] [€ 250,000 x ( $ 0.58- $ 0.62 )]
Foreign Currency Transactions Loss (€ ) (4) 12/31/20X6 AdjE 2,500 (5) 2/1/20X7 AdjE 10,000 Foreign Currency Transactions Gain (€ )
[€ 250,000 x ( $ 0.62- $ 0.60 )] [€ 125,000 x ( $ 0.58- $ 0.62 )]
(3) 12/31/20X6 AdjE (6) 2/1/20X7 AdjE
5,000 5,000
E11-6 Transactions With Foreign Companies Harris Inc. had the following transactions : 1. On May 1. Harris purchase parts a Japanese company for a U.S. dollar equivalent of $ 100,000. to be paid on June 20. The exchange rates were
May 1 June 20
1 yen = $ 0.0070 1 yen = 0.0075
2. On July 1. Harris sold products to a Brazilian customers for a U.S. dollar equivalent of $ 10,000, to be received on August 10. Brazil’s local currency unit is the real. The exchange rates were.
July 1 August 10
1 real = $ 0.20 1 real= 0.22
Required a. Assume that the two transactions are denominated in U.S. dollars. Prepare the entries required for the dates of transactions and their settlement in U.S. dollars. b. Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company ( yen ) and the Brazilian customers ( real ).
Jawab: a. May 1 Inventory ( or Purchases ) 8,400 Accounts Payable Foreign purchase denominated in U.S dollars
8,400
June 20 Accounts Payable Cash Settle Payable
8,400 8,400
July 1 Accounts Receivable 10,000 Sales Foreign sale denominated in U.S dollars
10,000
August 20 Cash
10,000
Accounts Receivable Collect Receivable
10,000
b. May 1 Inventory ( or Purchases ) 8,400 Accounts Payable ( ¥ ) 8,400 Foreign Currency denominated in ye: $ 8,400 / $ 0.0070 = ¥ 1,200,000 June 20 Foreign Currency Transactions Loss 600 Accounts Payable ( ¥ ) 600 Revalue foreign currency payable to U.S dollar equivalent value : $ 9,000 = ¥ 1,200,000 x $ 0.0075 June 20 spot rate ( 8,400)= ¥ 1,200,000 x $ 0.0070 May 1 spot rate $ 600 = ¥ 1,200,000 x ( $ 0.0075 - $ 0.0070 )
Accounts Payable ( ¥ )
9,000
Foreign Currency Units ( ¥ ) Settle payable denominated in yen
9,000
Accounts Receivable ( BRL ) 10,000 Sales 10,000 Foreign sale denominated in Brazilian reals : $ 10,00 / $ 0.20 = BRL 50,000 August 10 Accounts Receivable ( BRL ) 1,000 Foreign Currency Transactions Gain 1,000 Revalue foreign currency payable to U.S dollar equivalent value : $11,000 = BRL 50,000 x $ 0.22 June 20 spot rate ( 10,000)= BRL 50,000 x $ 0.20 May 1 spot rate $ 1,000 = BRL 50,000 x ( $ 0.22 - $ 0.20 )
Foreign Currency Units ( BRL ) 11,000 Accounts Receivable ( BRL ) 11,000 Receive Brazilian reals in settlement of receivable
E11-9 Purchase with Forward Exchange Contract Merit & Family purchased engines from Canada for 30,000. Canadian dollars on March 10 with payment due on June 8. Also on March 10. Metrit acquired an 90 – day forward contract to purchase 30,000 Canadian dollars at CS! = $ 0.58. The forward contract was acquired to manage Merit & Family’s exposed net liability position in Canadian dollars, but it was not designated as a hedge. The support rates were:
July 1 August 10
1 real = $ 0.20 1 real= 0.22 Required
Prepare journal entries for Merit & Family to record the purchase of the engines, entries associated with the forward contract, and entries for the payment of the foreign currency payable. Jawab: 3 / 10
6/8
Transactions Date -
Settlement Date
Accounts Payable in C$ Sign 90-days FEC to receive C$
- Receive C$ from FEC completion - Settle payable in C$
March 10 Inventory ( or Purchases ) Accounts Payable
17,100 17,100
Foreign purchase of engines :$ 17,100 = C $ 30,000 x $ 0.57 Foreign Currency Receivable form Exchange Broker ( C$ ) Dollars Payable to Exchange Broker ( $ ) Signed 90-day forward exchange contract to receive C$:
17,400 17,400
$17,400 = C$ 30,000 x $ 0.58 forward rate
June 8 Foreign Currency Receivables from Exchange Broker (C$) 600 Foreign Currency Transactions Gain Revalue foreign currency payable to current equivalent U.S dollar value : $18,000 = C$ 30,000 x $ 0.60 June 8 spot rate ( 17,400)= C$ 30,000 x $ 0.58 March 10 forward rate $ 600 =C$ 30,000 x ( $ 0.60 - $ 0.58 )
600
Foreign Currency Transactions Loss 900 Accounts Payable 900 Revalue foreign currency payable to current equivalent U.S dollar value : $ 900 = C$ 30,000 x ( $ 0.60 - $ 0.57 )
Dollars Payable to Exchange Broker ( $ ) 17,400 Cash Pay U.S dollars to exchange broker for forward contract.
17,400
Foreign Currency Units ( C$ ) 18,000 Foreign Currency Receivable from Exchange Broker (C$) Receive Canadian dollars from Exchange broker : $ 18,000 = C$ 30,000 x $ 0.60 spot rate
Accounts Payable (C$ ) Foreign Currency Units ( C$ )
18,000
18,000 18,000
Settle foreign currency payable
E11-13 Sale with Forward Contract Alman Company sold pharmaceunticals to a Swedish company for 200,000 kronor ( SKr ) on April 20, with settlement to be in 60 days . On the same date, Alma entered into a 60 – day forward Contract to sell 200,000 SKr at the forward rate of 1 SKr = $ 0.167 in order to manage is exposed foreign currency receivable. The forward contract is not designated as a hedge. The spot rates were
April 20 June 19
SKr 1 = $ 0.170 SKr 1 = 0.165
Required a. Record all necessary entries related to the foreign transactions and the forward contract. b. Compare the effect on net income of Alma’s use of the forward exchange contract versus the effects if Alman had not used a forward exchange contract. Jawab : April 20
Transactions Date -
Receivable in kronor Sign FEC to deliver kronor
Forward rate : SKr 1 = $ 0.167 Sport RATE
June 19
Settlement Date - Receive kronor from receivable - Complete FEC with delivery of kronor SKr 1 = $ 0.165
: SKr 1 = $ 0.170
a. April 20 Accounts Receivable ( SKr ) 34,000 Sales Revenue $ 34,000 = SKr 200,000 x $ 0.17 spot rate
34,000
Dollars Receivable from Exchange Broker 33,400 Foreign Currency Payable to Exchange Broker (SKr) Sign 60-day forward exchange contract to deliver kronor : $ 33,400 = SKr 200,000 x $ 0.167 forward rate
33,400
June 19 Foreign Currency Transactions Loss 1,000 Accounts Receivable (SKr) 1,000 Revalue foreign currency receivable to current equivalent U.S dollars value : $ 33,000 = SKr 200,000 x $ 0.165 June 19 spot rate ( 34,000)= SKr 200,000 x $ 0.170 April 20 spot rate $ 1,000 = SKr 200,000 x ( $ 0.165 - $ 0.170 )
Foreign Currency Payable to Exchange Broker (SKr) 400 Foreign Currency Transaction Gain 400 Foreign Currency Payable to Exchange Broker (SKr) 400 Foreign Currency Transaction Gain 400 Foreign Currency Payable to Exchange Broker (Skr) Foreign Currency Transaction Gain
400 400
Revalue foreign currency payable to current U.S. dollar value:
$33,000 = SKr 200,000 x $0.165 June 19 spot rate - 33,400 = SKr 200,000 x $0.167 April 20 forward rate $ 400 = SKr 200,000 x $0.002 Revalue foreign currency payable to current U.S. dollar value: $33,000 = Skr200,000 x 0.165 June 19 spot rate -33,400 = Skr200,000 x 0.167 April 20 spot rate $ 400 = Skr200,000 x 0.002
Foreign Currency Units(Skr) 33,000 Accounts Receivable(Skr) 33,000 Revalue foreign currency payable to current U.S. dollar value: $33,000 = Skr200,000 x $0.165 spot rate
Foreign Currency Payable to Exchane Broker (SKr) 33,000 Foreign Currency Units (Skr) 33,000 Pay foreign currency units to exchange broker for foward payable contract. Cash 33,400 Dollars Receivable from Exchange Broker ($) 33,400 Receive U.S. dollars in accordance with rate established in forward exchange contract.
b. Effects on net income: Use of forward contract: 1) Dollar strengthned from April 20 to June 19 Exchange loss of $1,000 on foreign currency receivable Exchange gain of $400 for foreign currency payable to exchange broker therefore, net effect loss
$(600)
If Aman had not acquired the forward contract: 1) Dollar strengthned resulting in exchange loss of $1,000 on foreign currency receivable from customer Difference
(1,000) $(400)
Hedging with the forward exchange contract resulted in $400 less changed to net income; thus, net income was higher as a result of acquiring the forward contract.