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# 1 Receivables

1a . PT Melati Tbk is assessing the nature of its provision for the year ended
December 31, 2012. PT Melati calculate the impairment of trade receivables using a
formulaic approach that is based on a specific percentage of trade receivables. This
general provision approach has been used by the company at December 31, 2012.
PT Mawar, one of the credit customer has come to an agreement with PT Melati Tbk
whereby the amount outstanding of Rp 1,000 (million) will be paid on December 31,
2013. The following is the analysis of the trade receivables as of December 31,
2012:

PT Melati Tbk. has made allowance of Rp 203 mio against trade receivables which is
based on the difference between the cash expected to be received and the balance
outstanding plus a 1% general allowance. PT Kenanga has a similar credit risk to the
"other receivables".
1. Is PT Melati Tbk's impairment policy comply with PSAK 55, Provide with
Explananations! (5%)
2. Calculate the amount of provision for impairment of trade receivables that should
be provided by PT Melati under PSAK 55? provide the detail calculation! (In case
necessary, the discount rate used is 10%; present value of 1 for n=1 and i=10% is
0.90909) (7.5%)
3. Prepare journal entry for the provision (2.5%)
1b. Determine whether the following transfer of receivables can be derecognized
and accounted for as a sale or not. Provide an explanation and the proper
accounting treatment (for the transferred receivables and the cash / consideration
1. PT Matahati sold its receivables to third party subject to an agreement to buy it
back at a fixed price .

## 2. PT Lala sold its receivables to Mega Finance on a non-guarantee (or without

recourse) basis.
3. PT Mini sold its notes receivables with an option to repurchase the note at its
fair value at the time of the repurchase.
4. PT Bora-bora sold its short-term receivables in which it guarantees to
compensate the buyer for any credit losses.
2-Receivables
On May 1, Dexter, Inc. factored \$1,200,000 of accounts receivable with Quick
Finance on a
without recourse basis. Under the arrangement, Dexter was to handle disputes
concerning service, and Quick Finance was to make the collections, handle the sales
discounts, and absorb the credit losses. Quick Finance assessed a finance charge of
6% of the total accounts receivable factored and retained an amount equal to 2% of
the total receivables to cover sales discounts.
Instructions
(a) Prepare the journal entry required on Dexter's books on May 1.
(b) Prepare the journal entry required on Quick Finances books on May 1.
(c) Assume Dexter factors the \$1,200,000 of accounts receivable with Quick Finance
on a with
recourse basis instead. The recourse provision has a fair value of \$21,000. Prepare
the
journal entry required on Dexters books on May 1.