Chapter 8 Receivables Accounting, 21st Edition Warren Reeve Fess

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1 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

2 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.

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

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

5 ACCOUNT RECEIVABLE Saat timbul Saat Pelunasan Saat tak tertagih

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

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

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

9 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.

10 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 Allowance for Uncollectible Accounts

11 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.

12 Receivables on the Balance Sheet

13 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 Interest receivable 14,500 Merchandise inventory 714,000 Highlighted items are receivables

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

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

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

17 On June 10, the written-off account is collected.
The Allowance Method Jun. 10 Accounts Receivable—John Parker Allowance for Uncollectible Accounts 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.

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

19 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.

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

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 Jurnal Penyesuaian yang harus dibuat? 41 21

22 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.

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

24 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)

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

26 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…………………… ,175 Allowance for Doubtful Accounts… ,175 To record estimated uncollectible accounts for the year. What is the entry to record estimated bad debts? ($30,500 x .05) - $350

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

28 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

29 Total accounts receivable shown by age.
AGING SKEDULE Not Days Past Due Past over Customer Balance Due Ashby & Co. $ $ 150 B. T. Barr $ 350 $260 Brock Co. 470 $ 470 Saxon Woods Total $86,300 $75,000 $4,000 $3,100 $1,900 $1,200 $800 $300 Total accounts receivable shown by age.

30 Daftar Umur Piutang dan % Estimasi piutang tak tertagih
Not Days Past Due Past over Customer Balance Due Ashby & Co. $ $ 150 B. T. Barr $ 350 $260 Brock Co. 470 $ 470 Saxon Woods 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

31 Accounts Receivable Aging and Uncollectibles
Not Days Past Due Past over Customer Balance Due Ashby & Co. $ $ 150 B. T. Barr $ 350 $260 Brock Co. 470 $ 470 Saxon Woods 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

32 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

33 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

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

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

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

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

38 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

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

40 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)

41 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

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

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

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

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

46 Accounting for Notes Receivable
Nov. 21 Notes Receivable Sales 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

47 Accounting for Notes Receivable
Dec. 21 Cash Notes Receivable Interest Revenue 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).

48 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

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

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

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

52 Accounting for Notes Receivable
Mar Cash Notes Receivable Interest Receivable Interest Revenue $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).

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

54 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

55 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 = $ Maturity value = $1,000 + $35 = $1,035.00 Discount = $1,035 x .16 x 2/12 = $ Proceeds = $1,035 - $ = $1,007.40 Cash…………………………… ,007.40 Interest Revenue…………… Note Receivable…………… ,000.00 73 53

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

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

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

59 Accounts Receivable Turnover
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 times 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.

60 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.

61 Chapter 8 The End