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Modul Per 6 - Derivative and Foreign Currency

1. The document discusses derivatives, foreign currency, and futures contracts. Derivatives are financial contracts between two parties to buy or sell assets at a predetermined price and time. Foreign currency refers to transactions made using a currency other than the company's functional currency. 2. An example transaction is provided about a toys company selling goods to a UK company in US dollars and British pounds. Journal entries are shown for billing and payment in both currencies. 3. A futures contract example is given about a utility purchasing oil for delivery. Journal entries are presented to record the futures contract from signing to settlement when delivery occurs.

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elisha nhataellina
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71 views

Modul Per 6 - Derivative and Foreign Currency

1. The document discusses derivatives, foreign currency, and futures contracts. Derivatives are financial contracts between two parties to buy or sell assets at a predetermined price and time. Foreign currency refers to transactions made using a currency other than the company's functional currency. 2. An example transaction is provided about a toys company selling goods to a UK company in US dollars and British pounds. Journal entries are shown for billing and payment in both currencies. 3. A futures contract example is given about a utility purchasing oil for delivery. Journal entries are presented to record the futures contract from signing to settlement when delivery occurs.

Uploaded by

elisha nhataellina
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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TIM ASDOS AKL 1 2021

PERTEMUAN 6
DERIVATIVES AND FOREIGN CURRENCY
Derivatives merupakan kontrak finansial antara 2 (dua) atau lebih pihak-pihak untuk memenuhi
janji membeli atau menjual aset atau komoditas yang dijadikan sebagai obyek yang
diperdagangkan pada waktu dan harga yang sudah ditentukan dalam kesepakatan bersama antara
pihak penjual dan pihak pembeli.
Foreign Currency merupakan transaksi yang dilakukan menggunakan mata uang selain mata
uang fungsionalnya perusahaan. Mata uang fungsional adalah mata uang yang digunakan untuk
operasional perusahaan.

CONTOH SOAL
Sales Transaction
Assumption U.S. Toys sells merchandise to Inggris industries Ltd. For $42.000, or ₤15.000 when
the exchange rate is $ 2,80 and receives payment when the exchange rate is $2,85.
Purchase Transaction
Assumption U.S Toys purchase merchandise from Inggris industries Ltd. For $52.000, or
₤20.000 when the exchange rate is $ 2,60 and pays the account when the exchange rate is $2,50.
Instruction :
Prepare journal entries to record the transaction if :

a. Billing is in U.S. Dollars


b. Billing is in British pounds

Futures Contract
Utility anticipated purchasing oil for sale to its customers next February. On December 1 utility
enters a futures contract to acquire 5.500 gallons of oil at $1,5005 per gallon for delivery on Jan
31. A margin of $15 is to be paid up front. On Dec 31, the price for delivery of oil on jan 21 is
$1,5050. On jan 31 , the spot rate for current delivery is $1,4995. Utility settles the contract,
accepting delivery of 5.500 gallons of oil. In February, Utility sells all the oil to its customers for
$10.000 and reclassifies its its OCI from hedge as cost of sales.
12/1 12/31 1/31
Futures rate, for 1/31 $1,5005 $1,5050 $1,4995

Required :
T I M A S D O S A K L 1 | 2020
TIM ASDOS AKL 1 2021
1. Determine the OCI based on the future contract signed Dec 1
2. Prepare the journal entries for the transaction

JAWABAN SOAL
Sales Transaction
a) US Dollars
 Jurnal saat Penjualan
Dr. Account Receivable $42.000
Cr. Merchandise Inventory $42.000
 Jurnal saat Pelunasan
Dr. Cash $42.000
Cr. Account Receivable $42.000

b) Pounds
 Jurnal saat Penjualan
Dr. Account Receivable $42.000
Cr. Merchandise Inventory $42.000
 Jurnal saat Pelunasan
Dr. Cash $42.750 (£ 15.000 X $2,85)
Cr. Exchange Gain $ 750
Cr. Account Receivable $42.000
Purchase Transaction
a) US Dollars
 Jurnal saat Pembelian
Dr. Purchase $52.000
Cr. Account Payable $52.000
 Jurnal saat Pelunasan
Dr. Account Payable $52.000
Cr. Cash $52.000

b) Pounds
 Jurnal saat Pembelian
Dr. Purchase $52.000
Cr. Account Payable $52.000
 Jurnal saat Pelunasan
Dr. Account Payable $52.000
Cr. Exchange Gain $ 2.000
Cr. Cash $50.000 (₤20.000 x $2,50)

Future Contracts
T I M A S D O S A K L 1 | 2020
TIM ASDOS AKL 1 2021
Dec 1 Dec 31 Jan 31
Future Rate $ 1,5005 $ 1,5050 $ 1,4995
Cost of 5.500 $ 8.252,75 A $ 8.277,50 B $ 8.247,25 C
Gallons A-B $ 24,75 B-C $ 30,25
A-C $ 5,50

Jurnal saat Kontrak


Des 1 = Dr. Future Contract $15
Cr. Cash $15
Des 31 = Dr. Future Contract $24,75
Cr. OCI $24,75
Jan 31 = Dr. OCI $30,25
Cr. Future Contract $30,25
Jan 31 = Dr. Future Contract $5,50
Cr. Cash $5,50
Jan 31 = Dr. Inventory $8.247,25
Cr. Cash $8.247,25

Jurnal saat Penjualan


Feb 1 = Dr. Cash $10.000
Cr. Sales $10.000
Dr. Cost of Sales $8.247,25
Cr. Inventory $8.247,25

T I M A S D O S A K L 1 | 2020

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