ACCOUNTING TEST

Name :Amelia
Date :8th
February
2022

Please create Journal for the transactions in October 2018 below and then generate Year to
Date (YTD) Trial Balance, Balance Sheet, and Income Statement as per 31 October 2018 by
using the accounts in the Financial Statements being provided along with this instruction.

1. TMF issue an invoice to Client A for HR & Payroll Services of October 2018 at IDR
25,000,000 plus VAT.
2. TMF received an invoice from a vendor for photocopier rental at IDR 3,300,000 including
VAT but not yet paid
3. TMF received payment in the Bank from Client B for Accounting Service of August 2018
at net amount after deducting withholding tax of 2%. Invoice amount is IDR 16,500,000
including VAT.
4. TMF make payment for Notary fee of current month. Billing Invoice amount is IDR
2,200,000 including VAT. Withholding tax deduction is 2% applies at payment. This is
related to Corporate Secretarial Service Cost.
5. TMF issued an invoice to Client C on Corporate Secretarial Services for period of October
2018 to December 2018 at IDR 49,500,000 including VAT. Revenue is recognized only for
the current month period and for November 2018 and December 2018 are recognized as
Deferred Income.
6. TMF purchase a Fixed Asset at IDR 2,400,000 excluding VAT in early October 2018. Life
time is 4 years. October 2018 depreciation of current Fixed Asset is IDR 1,250,000.
Depreciation method is straight line.
7. The building management issued an office rental charge for period December 2018 to
February 2019 at IDR 59,400,000 including VAT. Current balance of Prepaid Rent is for
period of October 2018 and November 2018.
8. Amortization of Deferred Income for October is IDR 3,000,000 where IDR 700,000 is to
recognize Tax Services revenue, IDR 800,000 is for Payroll Services Revenue and IDR
1,500,000 is for Corporate Secretarial Services revenue.
 Balance Sheet (In ‘000 IDR)
As at 30 September 2018

ASSETS
Bank 120,000
Account Receivables 16,500
Prepaid Income Tax Art 23 26,000
VAT Input 2,500
Fixed Asset 60,000
Accumulation Depreciation Fixed Asset (15,000)
Prepaid Rental 36,000
Total Assets 246,000

LIABILITIES
Account Payables 40,000
Other Payables 200
VAT Output 1,200
Intercompany due to Head Quarter 700
Deferred Income 9,000

EQUITY
Share Capital 100,000
Loss on Paid up Capital (100)
Retained earnings 27,000
Current Year Earnings 68,000
Total Liabilities & Equity 246,000
 Income Statement (In ‘000 IDR)
For The Period Ended 30 September 2018
Revenues
Business Services Revenue 300,000
Payroll Services Revenue 400,000
Corporate Secretarial Services Revenue 350,000
Tax Services Revenue 250,000
1,300,000

Cost of Sales
Business Services Cost 175,000
Payroll Services Cost 225,000
Corporate Secretarial Services Cost 190,000
Tax Services Cost 145,000
735,000
Gross Profit 565,000

General Admin Expenses

Office Rental 325,000
Marketing 77,600
Stationery 5,000
Telecommunication 27,500
Entertainment 50,000
Photocopier Rental 8,000
Courier 800
Depreciation Expense 1,000
494,900
70,100

Financial Expense
Bank Charges 750
Interest Expense 700
Forex Gain/Loss 650
2,100
Net Profit/ Loss 68,000