1. Lindung Nilai Asset Moneter
PT. Gemini, yang memiliki mata uang fungsional dollar, menjual barang dagangan dengan konsumen dari eropa. Nlai barang dagangan yang terjual tersebut adalah € 100,000 pada tanggal 2 Desember 2010. Konsumen diberikan waktu untuk melunasi utangnya pada tanggal 31 Januari 2011. Nilai tukar yang berlaku pada 2 Desember 2010 € = $ 1.85. untuk menghindari risiko ketidakpastian, PT. Gemini melakukan lindung nilai dengan cara melakukan forward nilai tukar untuk menjual € 100,000 dengan kurs forward €1 = $1.835. berikut ini adalah data nilai tukar Euro dan dollar.
| | Spot Rate | Forward Rate 31 Desember 2011 |
| 31 Desember 2010 31 Januari 2011 | €1=$1.835 €1=1.82 | €1=$1,82 €1=$1.82 |
Sebagai informasi tambahan, PT.Gemini memiliki akhir periode pelaporan setiap tanggal 31 Desember.
Berdasarkan informasi tersebut, buatlah jurnal yang diperlukan untuk mencatat transaksi di atas.
Jawaban:
| JURNAL | |||
| 02/12 | No Entry | | |
| 31/12 | Unrealized holding gain or loss eqiuty Forward contract (100.000 x 1,835) – 185.000= -1500 | (1.500) | (1.500) |
| 31/01 | Cash Account Receivable (100.000 x 1,85) Forward Contract Cash | 185.000 (1500) | 185.000 (1500) |
2. Lindung Nilai Persediaan – Fair Value Hadge
PT. Gems, sebuah perusahaan pertambangan, memiliki persediaan emas sebesar 10.000 ons pada tanggal 31 Oktober 2010. Nilai perolehan emas tersebut adalah $300 /ons. Harga pasar emas pada tanggal tersebut adalah $352/ons. Pada tanggal 1 November 2010,PT. Gems menjual emas melalui forward contract sebesar 10.000 ons,dengan harga forward $350/ons. Kontrak tersebut jatuh tempo pada 31 Maret 2011. Sebagai tambahan informasi ,PT. Gems memiliki akhir periode pelaporan setiap tanggal 31 Desember.
Berdasarkan informasi tersebut, buatlah jurnal yangdiperlukan untuk mencatat transaksi di atas.
Jawaban:
| JURNAL | |||
| 31/10 | No Entry | | |
| 01/11 | Forward Contrat Unrealized holding gain or loss equity (350 X 10.000) | 3.500.000 | 3.500.000 |
| 31/12 | Cash Forward Contract (1/4 X 10.000 X 350) Unrealized holding gain or loss equity Forward Contract [(652-350)x20.000]= 6.040.000 [2 x 10.000(352-350)= | 875.000 20.000 | 875.000 20.000 |
3. Lindung Nilai Tingkat Bunga dengan Swap – Cash Flow Hadge
PT. A memiliki utang pinjaman senilai $10.000.000, dengan tingkat bunga mengambang LIBOR ditambah 0,5%. PT. A mengikat perjanjian dengan PT. B pada 30 Juni 2010 untuk melakukan swap pembayaran bunga. Dengan perjanjian ini, PT. A akan membayar bunga tetap & 75% per bulan dari national $10.000.000 selama 1 tahun berjalan. Bunga dibayarkan setiap 3 bulanan. Akhir periode pelaporan adalah setiap 31 Desember. Berikut ini adalah data tingkat bunga LIBOR:
30 Juni 2010 7,25%
30 September 2010 6,25%
31 Desember 2010 7,45%
31 Maret 2011 7,50%
Berdasarkan informasi tersebut, buatlah jurnal yang diperlukan untuk mencatat transaksi di atas.
4. Fair Value Hedge Interest Rate Swap.
On desember 31, 2010, mercantile Corp. had a fixed-rate note outstanding. It decides to enter into a 2-year swap with Chicago First Bank to convert the fixed-rate debt to variabel-rate debt. The terms of the swap indicate that Mercentile will receive interest at a fixed rate of 80% and will pay a rate equal to the LIBOR rate on Desember 31, 2010. Is 7%. The libor rate will be reset every 6 month and will be used to determine the variabel rate to be paid for the following 6-month period.
Mercentile corp. designates the swap as a fair value hedge. Assume that the hedging relationship meets all the conditioning necessary for hedge accounting, the 6 month libor rate dan swap and debt fair value are as follows.
| Date | 6-month libor rate | Swap Fire Value | Debt Fair Value |
| December 31, 2010 | 7,0% | - | 10.000.000 |
| June 30, 2011 | 7,5% | (200,000) | 9,800,000 |
| December 31, 2011 | 6,0% | 60,000 | 10,060,000 |
Jawaban:
| A | 1. No Entry | | |
| | 2. Interest expenses Cash (8% x 10.000.000 x 6/12) 3. Swap receivable (8% x 10jt x 6/12) = 400.000 Payable adlibor (7% x 10jt x 6/12) = 350.000 Cash seettlemen (400.000-350.000 = 50.000) 30/06 Cash Interest expenses 4. Notes Payable Unrealized holding in gain or loss income 5. Unrealized holding in gain or loss income Swap Contract | 400.000 50.000 200.000 200.000 | 400.000 50.000 200.000 200.000 |
| B | Liabilities Notes Payable | 10.000.000 | 10.000.000 |
| C | Liablities Notes Payable Swap Contract | 10.000.000 | 9.800.000 200.000 |
| D | Liabilities Notes payable Swap contract | 10.120.000 | 10.060.000 60.000 |
5. Cash Flow Hedge
Suzuki Jewelry Co. uses gold in the manufacture of its product. Suzuki anticipates that it will need to purchase 500 ounces of gold in Jawelry that will be shipped for the holiday shopping season. However if the price of gold increases, Suzuki’s cost to produce its jewelry will increase, which would reduce its margins.
To hedge the risk of increased gold price, or Suzuki enters into a gold future contract and designates this futures contract as a flow hedge of the anticipated gold purchase. The national amount of the contract is 500 ounces, and the terms of the contract give Suzuki the right and the obligation to purchase gold at a price of the price will be good until the contract ex-price on october 31, 2010
Assumse the following data with respect to the price call option and the gold inventory purchase.
| Date | Spot Price for October Delivery |
| April 1, 2010 June 30, 2010 September 30, 2010 | 30,000 per ounces 31,000 per ounces 31,500 per ounces |
Jawaban:
| 1 | 01/02/10 | No Entry | | |
| 2 | 30/06/10 | Future contract current asset Unrealized holding gain or loss equity (31,000 – 30,000) x 500 = 500,000 | 500,000 | 500,000 |
| 3 | 30/09/10 | Future contract Unrealized holding gain or loss equity (31,500 – 31,000) x 500 = 250,000 | 250,000 | 250,000 |
| 4 | 10/10/10 | Gold inventory Cash (500 x 31,500) Dengan 2 cara: 1. Gold inventory Cash Future contract 2. Cash Future contract (31,500 – 30,000) x 500 | 15,750,000 15,750,000 750,000 | 15,750,000 15,000,000 750,000 750,000 |
| 5 | 20/12/10 | Cash Sales revenue C.O.G.S Inventory jewelry Unrealized holding gain or loss equity C.O.G.S (500,000 + 250,000) (sales revenue – C.O.G.S) = Gross Profit (35,000,000 – 20,000,000) + 750,000 | 35,000,000 20,000,000 750,000 | 35,000,000 20,000,000 750,000 |
