In general, machines are depreciated for 5 years, buildings are depreciated for 10 years, while goodwill is
Question:
In general, machines are depreciated for 5 years, buildings are depreciated for 10 years,
while goodwill is not amortized, according to PSAK 15. On April 1, 2019, PT Jaya bought cash
a new machine, namely EX-1 with a value of IDR 325,000,000 from PT Buana . On April 2,
2019, the EX-1 Machine was sold on credit to PT Maju at a price of IDR 400,000,000. These
receivables will be paid every 6 months for 30 the coming month without interest. On
October 1, 2019, PT Maju made an installment payment for the EX-1 Machine credit of IDR
80,000,000. The EX-1 machine is estimated to last 5 years with no residual value.
During 2019, PT Jaya announced a net profit of IDR 1,600,000,000 and a cash dividend
totaling IDR 400,000,000. PT Maju will distribute cash dividends of Rp. 500,000,000 during
2019.
Question:
a) Make a journal related to the sale and purchase transaction of the EX-1 Machine from the PT Maju and PT Jaya side.
b) Make consolidated elimination journal.
c) Make an elimination journal calculation
d) Prepare a consolidated working paper
e) Prepare a consolidated income statement, profit and loss statement, and PT Maju's
consolidated statement of financial position (balance sheet) for the period ended December 31, 2019.
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield