NAME : NATASHA DEVI SIREGAR

CLASS : 5 AC
GROUP :3

PT Maju Jaya was a trading company that engaged in sold bicycle transportation, such as Folding
Bike and Mountain Bike. Here were some policies’ PT Maju Jaya on September 2019:

1. Closing Book period was every once a month.

2. Cash
a. There were two type of cash account in PT Maju Jaya, Cash in Bank and Petty
Cash
b. PT Maju Jaya would record cash account if accepted cash payment.
c. PT Maju Jaya would record cash account if paid by cash payment.
3. Account Receivable
a. Selling merchandise was done by credit would record Account
Receivableaccount on the debit side.
b. Allowance of Account Receivable used Direct Write off Method
c. The limit of repayment Account Receivable was 30 days after selling date (n/30)
4. Fix Assets
a. PT Maju Jaya had fix assets such as Land, Building and Equipments.
b. All fix assets were recorded by book value on Statement of Financial Position.
c. Accumulated depreciation of fix assets used Straight Line Method.
d. Residual value of Equipments was Rp550.000/year
e. Economic life of Equipments was 3 years.
f. Resiudal value of Building was Rp17.000.000/year
g. Economic life of Building was 13 years.
h. Land about 200m2 used for parking area.
5. Merchandise Inventories
 Purchase of Merchandise Inventories
a. Purchase of Inventories was recorded by Physical Inventory System.
b. Purchase of Inventories used FOB (Free on Board) Destination then
merchandise which arrived in warehouse could be recognized as PT Maju
Jaya’s merchandise.
c. Purchase of Inventories used First in First Out Method.
 Sale of Merchandise Inventories
a. Sale of Merchandise Inventories used FOB (Free on Board) Shipping
Point then merchandise which already out from PT Maju Jaya’s
warehouse so that merchandise recognized by purchaser.
b. Every sale of merchandise inventories was done by credit would be given
cash discount 5% if repayment was done until 12 days after purchasing
date (5/12).
c. If merchandise inventories was sold but broke or damaged, buyer could
return that merchandise to PT Maju Jaya 1 weeks after purchasing date.
d. Sale of gross profit was 55% from cost of good sold.
6. Account Payable
a. Account Payable would be recorded in debit if company paid the payable.
b. Account Payable would be recorded in credit if company purchased by credit.
c. PT Maju Jaya recorded account payable by Gross Method.
7. PT Maju Jaya did business combination with PT Sinar Abadi typed statutory merger.
8. Equities
 Ordinary Shares
a. PT Maju Jaya issued ordinary shares by fair value.
b. Company recorded ordinary shares on credit side while issued ordinary
shares.
c. Kurs value 101
 Preference Shares
a. PT Maju Jaya issued preference shares by fair value.
b. PT Maju Jaya issued Convertible Pereference Shares and
Cummulative Preference Shares fitures.
c. PT Maju Jaya would credit preference shares account if they
issued preference shares.
d. Kurs value 102

9. Chart of Accounts
 Cash
 Merger Expenses
 Ordinary Shares Issued Expense
 Goodwill
PT Maju Jaya’s transactions on September 2019 below

Date Transactions
September 9th PT Maju Jaya did combination business typed merger with PT Sinar Berkah
2019 which all PT Maju Jaya’s net assets already were acrquired by PT Sinar Berkah
in merger with issued 100.000 ordinary shares sheets Rp15.000/sheet also had
fair value Rp30.000/sheet. Ordinary shares were issued has total fair value
Rp3.000.000.000. Legal and appraisal cost Rp70.000.000 also emision share
cost Rp25.000.000 were paid by PT Maju Jaya
15
th PT Maju Jaya acquired net assets of PT Sinar Berkah by paid Rp5.000.000.000
cash for the acquisition. Accountancy expense Rp15.000.000, audited expense
Rp20.000.000 and legal cost Rp5.000.000 paid by PT Maju Jaya.

Based on information of comparison between book value and fair value PT Maju Jaya’s net assets,
we knew that:

Book value of net assets = Rp3.172.400.000 – Rp1.171.000.000 = Rp2.001.400.000

Fair value of net assets = Rp2.787.400.000 – Rp1.174.000.000 = Rp1.613.400.000

Goodwill Calculation :

Investment Expense
Fair Value – Ordinary Shares Rp3.000.000.000
Added :
Total purchase price Rp3.000.000.000
Fair value net assets (Rp1.613.400.000)
Goodwill Rp1.386.600.000
 PT Maju Jaya
General Journal
September,
2019

Date Description Debit Credit

Sept 9 Merger Expenses Rp95.000.000
2019 Cash Rp95.000.000
(recorded expenses related to merger with PT Sinar Berkah)

Calculation :
Legal and appraisal cost Rp70.000.000
Emission share cost Rp25.000.000
Merger Expenses Rp95.000.000
9 Ordinary Shares Issued Expense Rp25.000.000
Cash Rp25.000.000
(recorded expense related to ordinary shares issue)

Calulation:
Ordinary Shares Issued Expense = Rp35.000.000
11 Cash in Bank Rp450.000.000
Petty Cash Rp10.000.000
Investment in Marketable Securities Rp87.000.000
Account Receivable Rp58.400.000
Notes Receivable Rp40.000.000
Interest Receivable Rp30.000.000
Dividend receivable Rp40.000.000
Value Added Tax Receivable Rp50.000.000
Employee Receivable Rp10.000.000
Prepaid Expenses Rp20.000.000
Supplies Rp17.000.000
Merchandise Inventories Rp60.000.000
Land Rp180.000.000
Equipments Rp83.000.000
Building Rp985.000.000
Investment Property Rp83.000.000
Intangible Assets Rp300.000.000
Goodwill Rp1.386.600.000
Account Payable Rp150.000.000
Notes Payable Rp83.000.000
Dividend Payable Rp20.000.000
Interest Payable Rp10.000.000
Salaries and Wages Expenses Rp15.000.000
Warranty Payable Rp8.000.000
Environment Payable Rp5.000.000
Tax Payable Rp50.000.000
Unearned Income Rp75.000.000
Pension Payable Rp30.000.000
Bonds Payable Rp40.000.000
Long Term Notes Rp90.000.000
Long Term Loan Bank Rp250.000.000
Ordinary Shares Capital Rp1.500.000.000
Premium Ordinary Shares Rp1.500.000.000
(recorded purchase by PT Vanilla Desain)

Calculation :
Par value ordinary shares
= 100.000 sheet x Rp15.000/sheet
= Rp1.500.000.000
 Premium ordinary shares
= 100.000 sheet x (Rp30.000/sheet – Rp15.000/sheet)
= 100.000 sheet x Rp15.000/sheet
= Rp1.500.000.000

Goodwill
= Purchase price – Fair value net assets
= Rp3.000.000.000 - Rp1.500.000.000
= Rp1.386.600.000

11 Merger Expenses Rp40.000.000

Cash Rp40.000.000
(recorded expenses related to merger with PT Sinar Berkah)

Calculation :
= Accountancy expense + Audited cost + legal cost
= Rp15.000.000 + Rp20.000.000 + Rp5.000.000
= Rp40.000.000
11 Cash in Bank Rp450.000.000
Petty Cash Rp10.000.000
Investment in Marketable Securities Rp87.000.000
Account Receivable Rp58.400.000
Notes Receivable Rp40.000.000
Interest Receivable Rp30.000.000
Dividend receivable Rp40.000.000
Value Added Tax Receivable Rp50.000.000
Employee Receivable Rp10.000.000
Prepaid Expenses Rp20.000.000
Supplies Rp17.000.000
Merchandise Inventories Rp60.000.000
Land Rp180.000.000
Equipments Rp83.000.000
Building Rp985.000.000
Investment Property Rp83.000.000
Intangible Assets Rp300.000.000
Goodwill Rp1.386.600.000
Account Payable Rp150.000.000
Notes Payable Rp83.000.000
Dividend Payable Rp20.000.000
Interest Payable Rp10.000.000
Salaries and Wages Expenses Rp15.000.000
Warranty Payable Rp8.000.000
Environment Payable Rp5.000.000
Tax Payable Rp50.000.000
Unearned Income Rp75.000.000
Pension Payable Rp30.000.000
Bonds Payable Rp40.000.000
Long Term Notes Rp90.000.000
Long Term Loan Bank Rp250.000.000
Ordinary Shares Capital Rp1.500.000.000
Premium Ordinary Shares Rp1.500.000.000
(recorded purchase by PT Vanilla Desain)

Calculation :
Par value ordinary shares
= 100.000 sheet x Rp15.000/sheet
= Rp1.500.000.000

Premium ordinary shares

= 100.000 sheet x (Rp30.000/sheet – Rp15.000/sheet)

= 100.000 sheet x Rp15.000/sheet
= Rp1.500.000.000

Goodwill
= Purchase price – Fair value net assets
= Rp3.000.000.000 - Rp1.500.000.000
= Rp1.386.600.000