Chapter 8 Receivables Accounting, 21st Edition Warren Reeve Fess © Copyright 2004 South-Western, a division of Thomson Learning. All rights reserved. Task Force Image Gallery clip art included in this electronic presentation is used with the permission of NVTech Inc. PowerPoint Presentation by Douglas Cloud Professor Emeritus of Accounting Pepperdine University

Classification of Receivables Accounts Receivable—Piutang Usaha: timbul karena penjualan barang atau jasa secara kredit, biasanya umurnya jangka pendek Notes Receivable—Wesel Tagih,didasarkan pada suatu surat promes dari debitur. Other Receivables— contoh: interest receivable, taxes receivable, and receivables from officers and employees.

Separating the Receivable Functions Customer Credit Info. Credit Approval Collections Sales Acctg. Info Goods or services Invoice Acctg. Info. Accounting

Seringkali suatu perusahaan menjual piutangnya kepada pihak lain Seringkali suatu perusahaan menjual piutangnya kepada pihak lain. Tansaksi ini disebut factoring of Receivable

ACCOUNT RECEIVABLE Saat timbul Saat Pelunasan Saat tak tertagih

Saat timbul Penjualan kredit/Sales meminjamkan uang tunai/Cash Jurnal Account Receivable Cash/Sale

Uncollectible Account/ Piutang Tak Tertagih/ Uncollectible Account/ Bad-Debt Account / Doubtfull Account/

Uncollectible Account Piutang tak tertagih Metode Penghapusan Piutang tak tertagih Metode Cadangan ( Allowance Method) Metode Langsung ( Direct Write-off)

The Allowance Method Metode Cadangan Metode ini sesuai dengan matching principle. Setiap akhir periode akan dibentuk suatu cadangan atas piutang yang kemungkinan tidak tertagih berdasarkan Estimasi. Jurnal yang akan dibuat untuk mencatat pembentukan cadangan : Uncollectible Accounts Expense Allowance for Uncllectible Accounts Pada saat benar-benar terdapat piutang yang tak tertagih maka akan di jurnal: Allowance for Uncollectible Accounts Accounts Receivable.

The Allowance Method 31 Des, dari saldo Piutang $ 105,000 diestimasikan terdapat piutang yang kemungkinan tak tertagih sebesar $4,000 Adjusting Entry Dec. 31 Uncollectible Accounts Expense 4 000 00 Allowance for Uncollectible Accounts 4 000 00

The Allowance Method Jumlah piutang yang mungkin bisa tertagih $101,000 ($105,000 – $4,000), disebut net realizable value (NRV). The adjusting entry reduces receivables to the NRV and matches uncollectible expenses with revenues.

Receivables on the Balance Sheet

Crabtree Co. Balance Sheet December 31, 2006 Assets Current assets: Cash $119,500 Notes receivable 250,000 Accounts receivable $445,000 Less : allowance for Uncollectible accounts 15,000 430,000 Interest receivable 14,500 Merchandise inventory 714,000 Highlighted items are receivables

Allowance for Doubtful Accounts The Allowance Method Adjusting Entry Jurnal Penyesuaian dibuat untuk membentuk cadangan Allowance for Doubtful Accounts

Allowance for DOUBTFUL accounts The Allowance Method Pada saat piutang benar-benar dihapus maka akan mengurangi cadangan Allowance for DOUBTFUL accounts

The Allowance Method Jan. 21 Allowance for Uncollectible Accounts 610 00 Accounts Receivable—John Parker 610 00 To write off the uncollectible account. On January 21, diketahui terdapat piutang yang benar2 tidak tertagih sebesar $610

On June 10, the written-off account is collected. The Allowance Method Jun. 10 Accounts Receivable—John Parker 610 00 Allowance for Uncollectible Accounts 610 00 To reinstate the account written off on Jan. 21. Apabila piutang yang sebelumnya sudah dihapus ternyata dapat ditagih kembali On June 10, the written-off account is collected.

Saat cash diterima dari pelunasan piutang The Allowance Method Jun. 10 Cash 610 00 Accounts Receivable—John Parker 610 00 To record collection on account. Saat cash diterima dari pelunasan piutang

Menghitung Estimasi Beban Piutang Tak Tertagih The Allowance Method Menghitung Estimasi Beban Piutang Tak Tertagih Dalam menghitung besarnya estimasi atas piutang tak tertagih bisa dihitung dengan 2 dasar yaitu: 1. Berdasarkan penjualan (percentage of sales). Penjualan yang dimaksud adalah penjualan kredit. Contoh Credit sales th berjalan $300,000 dan estimasi piutang tak tertagih ditetapkan 1%. Maka jumlah Uncollectible Accounts Expense = $3,000.

Based on a Percentage of Sales The Allowance Method Adjusting Entry Dec. 31 Uncollectible Accounts Expense 3 000 00 Allowance for Uncollectible Accounts 3 000 00 Based on a Percentage of Sales

Percentage of Credit Sales The ABC company, Credit Sales selama tahun berjalan $100,000. saldo A/R $30,500. Saldo allowance for doubtful accounts $350 (Cr.). Diestimasikan 3% dari Credit Sales tidak tertagih Jurnal Penyesuaian yang harus dibuat? 41 21

Percentage of Credit Sales The ABC company, Credit Sales selama tahun berjalan $100,000. saldo A/R $30,500. Saldo allowance for doubtful accounts $350 (Cr.). Diestimasikan 3% dari Credit Sales tidak tertagih Bad Debt Expense…………………… 3,000 Allowance for Doubtful Accounts .. 3,000 To record estimated uncollectible accounts for the year.

Percentage of Credit Sales Allowance for Doubtful Accounts Balance 350 Adjusting 3,000 Dec. 31, Bal. 3,350

2. Berdasarkan Analisa Saldo Piutang Besarnya cadangan piutang tat tertagih dihitung erdasarkan saldo piutang. Maka hasil perhitungan harus memperhatikan saldo Cadangan sebelumnya. Contoh: Saldo piutang $ 100,000. Cadangan Piutang tak tertagih awal $ 200. apabila ditetapkan besarnya cadangan th ini adl 1%, maka Beban piutang taktertagih yang harus dicatat sebesar $ 800 ((1%x100,000)-200)

Based on an Analysis of Receivables The Allowance Method Adjusting Entry Dec. 31 Uncollectible Accounts Expense 800 00 Allowance for Uncollectible Accounts 800 00 Based on an Analysis of Receivables

Percentage of Accounts Receivable The ABC company, Credit Sales selama tahun berjalan $100,000. saldo A/R $30,500. Saldo allowance for doubtful accounts $350 (Cr.). Diestimasikan 5% dari Saldo A/R tidak tertagih Bad Debt Expense…………………….. 1,175 Allowance for Doubtful Accounts…. 1,175 To record estimated uncollectible accounts for the year. What is the entry to record estimated bad debts? ($30,500 x .05) - $350

Percentage of Accounts Receivable Allowance for Doubtful Accounts Balance 350 Adjusting 1,175 Dec. 31, Bal. 1,525

Percentage of Accounts Receivable Allowance for Doubtful Accounts Apa pengaruhnya kalo saldo Allowance adalah Debit $350? Adjusting 1,875 Dec. 31, Bal. 1,525 Balance 350

Total accounts receivable shown by age. AGING SKEDULE Not Days Past Due Past over Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365 Ashby & Co. $ 150 $ 150 B. T. Barr 610 $ 350 $260 Brock Co. 470 $ 470 Saxon Woods 160 160 Total $86,300 $75,000 $4,000 $3,100 $1,900 $1,200 $800 $300 Total accounts receivable shown by age.

Daftar Umur Piutang dan % Estimasi piutang tak tertagih Not Days Past Due Past over Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365 Ashby & Co. $ 150 $ 150 B. T. Barr 610 $ 350 $260 Brock Co. 470 $ 470 Saxon Woods 160 160 Total $86,300 $75,000 $4,000 $3,100 $1,900 $1,200 $800 $300 Uncollectibles PERCENT 2% 5% 10% 20% 30% 50% 80% % ditentukan berdasarkan pengalaman tahun2 sebelumnya

Accounts Receivable Aging and Uncollectibles Not Days Past Due Past over Customer Balance Due 1-30 31-60 61-90 91-180 181-365 365 Ashby & Co. $ 150 $ 150 B. T. Barr 610 $ 350 $260 Brock Co. 470 $ 470 Saxon Woods 160 160 Total $86,300 $75,000 $4,000 $3,100 $1,900 $1,200 $800 $300 Uncollectibles PERCENT 2% 5% 10% 20% 30% 50% 80% AMOUNT $3,390 = $1,500 $200 $310 $380 $360 $400 $240

Year-End Adjustment for Uncollectibles General Ledger Balance Sheet Accounts Receivable Accounts receivable $86,300 Less allowance for doubtful accounts 3,390 Net realizable value $82,910 A 86,300 C Allowance for Doubtful Accts. 510 A 2,880 B Balances before adjustment A 3,390 C Uncollectible Accts. Expense Year-end adjustment: $3,390 – $510 = $2,880 B 2,880 B Balance after adjustment C

The Direct Write-Off Method Metode Penghapusan langsung Metode ini dianggap tidak sesuai dengan matching principle Piutang akan di hapuskan pada saat benar-benar tidak tertagih Jurnal: Uncollectible Accounts Expense xx Accounts Receivable xx

The Direct Write-Off Method May 10 Uncollectible Accounts Expense 420 00 Accounts Receivable—D. L. Ross 420 00 To write off an uncollectible account. On May 10, Diketahui Piutang Kepada Ny. A sebesar $420, terbukti tidak dapat ditagih

Seandainya piutang yang sudah dihapus ternyata dapat ditagih kembali The Direct Write-Off Method Nov. 1 Accounts Receivable—D. L. Ross 420 00 Uncollectible Accounts Expense 420 00 To reinstate account written off on May 10. 1st Entry Seandainya piutang yang sudah dihapus ternyata dapat ditagih kembali

Mencatat penerimaan kas atas pelunasan piutang The Direct Write-Off Method Nov. 1 Cash 420 00 Accounts Receivable—D. L. Ross 420 00 To record collection on account. 2nd Entry Mencatat penerimaan kas atas pelunasan piutang

Notes Receivable Payee Maker H. B. Lane $_____________ 2,500.00 Fresno, California______________20___ March 16 06 ________________ _AFTER DATE _______ PROMISE TO PAY TO Ninety days We THE ORDER OF ____________________________________________ Judson Company Two thousand five hundred 00/100--------------------------- _________________________________________________DOLLARS Maker PAYABLE AT ______________________________________________ City National Bank VALUE RECEIVED WITH INTEREST AT ____ 10% NO. _______ DUE___________________ 14 June 14, 2006 H. B. Lane TREASURER, WILLIARD COMPANY

Notes Receivable Surat sanggup membayar yang berisi informasi mengenai: Nilai nominal (principal/Face Ammount) Tanggal notes Nama Penerima Notes (payee) dan TTd Pembuat Notes (Maker) Tempat Pembayaran Tgl Jatuh tempo/umur notes Tingkat Bunga/th, jika ada

Notes Receivable Dicatat sebesar Nilai Nominal Dua jenis Notes Rec: Interest-bearing: berbunga Non-interest-bearing: tidak berbunga 48

Notes tgl 16 maret jatuh tempo 90 hari. Kapan Tgl Jatuh temponya? Notes Receivable Notes tgl 16 maret jatuh tempo 90 hari. Kapan Tgl Jatuh temponya? Tanggal suatu hutang harus dilunasi disebut tanggal “Jatuh Tempo” (Due Date)

Notes Receivable Jawab: June 14 Total days in note 90 days Number of days in March 31 Issue date of note March 16 Remaining days in March –15 days 75 days Number of days in April –30 days 45 days Number of days in May –31 days Residual days in June 14 days Jawab: June 14

Jumlah yang harus dibayarkan/diterima pada tgl jatuh tempo disebut Notes Receivable Jumlah yang harus dibayarkan/diterima pada tgl jatuh tempo disebut maturity value.

Notes Receivable Maturity value untuk : *Interest Bearing = Nominal + Bunga *Non Interest Bearing = Nominal

Notes Receivable Jurnal yang diperlukan Saat Timbulnya Notes Saat Jatuh Tempo Penyesuaian atas Bunga terhutang Pendiskontoan Notes Saat Jatuh tempo atas Notes yg didiskontokan

Notes Receivable 21 Nov 2006 Diterima Notes dari Wan Abu $6,000, 12%, 30-day atas penjualan barang dagangan

Accounting for Notes Receivable Nov. 21 Notes Receivable 6 000 00 Sales 6 000 00 Received 30-day, 12% note dated November 21, 2006. 21 Nov 2006 Diterima Notes dari Wan Abu $6,000, 12%, 30-day atas penjualan barang dagangan

Accounting for Notes Receivable Dec. 21 Cash 6 060 00 Notes Receivable 6 000 00 Interest Revenue 60 00 Received principal and interest on matured note. 21 Dec, saat jatuh tempo maka perusahaan akan menerima pelunasan sebesar $6,060 ($6,000 plus $60 interest).

Nominal x Tingkat Bunga x umur = Interest Notes Receivable Interest Calculation Nominal x Tingkat Bunga x umur = Interest $6,000 x 12% x 30/360 = $60.00 Nilai Jatuh tempo Nominal + Interest = Maturity Value $6,000 + $60.00 = $6,060.00

Dishonor of Notes Receivable Dec. 21 Accounts Receivable—Bunn Co. 6 060 00 Notes Receivable 6 000 00 Interest Revenue 60 00 To record dishonored note and interest. Apabila pada Tgl Jatuhtempo debitur tidak bisa melunasi maka wesel tsb dinamakan dishonored note receivable.

Accounting for Notes Receivable Dec. 1 Notes Receivable 4 000 00 Accounts Receivable—Crawford Company 4 000 00 Received note in settlement of account. Diterima wesel tgl 1 Desember 2006 atas pelunasan piutang dari Tn. X, $4000, 90-day, 12%

Accounting for Notes Receivable Dec. 31 Interest Receivable 40 00 Interest Revenue 40 00 Adjusting entry for accrued interest. Pada akhir periode perlu dibuat penyesuaian atas bunga

Accounting for Notes Receivable Mar. 1 Cash 4 120 00 Notes Receivable 4 000 00 Interest Receivable 40 00 Interest Revenue 80 00 $4,000 x 0.12 x 60/360 Received payment on note and interest. On March 1, 2004, $4,120 is received for the note ($4,000) and interest ($120).

Discounting Notes Receivable Discount Rate: tarif diskon atas penjualan N/R Discount Period: periode antara tgl penjualan – tgl jatuh tempo 71 51

Formulas for Discounting Notes Face Ammount = xxxx Interest = FA x % = xx + Maturity Value = xxxx Discount= % Disc x MV x disc period = xx - Proceed = xxx 72 52

Example: Discounting The original note is a 3-month, $1,000 note at 14% interest. What is the journal entry if the note was discounted after one month at 16%? Interest = $1,000 x .14 x 3/12 = $ 35.00 Maturity value = $1,000 + $35 = $1,035.00 Discount = $1,035 x .16 x 2/12 = $ 27.60 Proceeds = $1,035 - $27.60 = $1,007.40 Cash……………………………. 1,007.40 Interest Revenue……………... 7.40 Note Receivable……………... 1,000.00 73 53

Jurnal Cash……………………………. 1,007.40 Interest Revenue……………... 7.40 Note Receivable……………... 1,000.00

Apabila Saat jatuh tempo tidak tertagih Account Receivable ……………. 1,035.00 Cash…………….............................................1,035.00

Financial Analysis and Interpretation Accounts Receivable Turnover Net sales Average accounts receivable

Accounts Receivable Turnover 2006 2005 Net sales on account $36,000,000 $32,500,000 Accounts receivable (net): Beginning of year $ 1,080,000 $1,050,000 End of year 1,220,000 1,080,000 Total $2,300,000 $2,130,000 Average $1,150,000 $1,115,000 Accounts receivable turnover 31.3 times 29.1 times $36,000,000 $1,150,000 $32,500,000 $1,115,000 Use: To assess the efficiency in collecting receivables and in the management of credit.

Number of Days’ Sales in Receivables Accounts receivable, end of year Average daily sales Accounts receivable, end of year Average daily sales on account $1,220,000 ($36,000,000 ÷ 365 days) =12.4 days Use: To assess the efficiency in collecting receivables and in the management of credit.

Chapter 8 The End