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Bonds Payable (Hutang Obligasi) Prepared by Dra. Gunasti Hudiwinarsih, M.Si., Ak Dosen Tetap STIE Perbanas Surabaya


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Bonds Payable (Hutang Obligasi) Prepared by Dra. Gunasti Hudiwinarsih, M.Si., Ak Dosen Tetap STIE Perbanas Surabaya. Accounting, 21 st Edition Warren Reeve Fess. Debt Financing: Bondholders . Equity Financing: Stockholders . Two Methods of Long-Term Financing.

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Bonds Payable (Hutang Obligasi) Prepared by Dra. Gunasti Hudiwinarsih, M.Si., Ak Dosen Tetap STIE Perbanas Surabaya

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Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Bonds Payable

(Hutang Obligasi)

Prepared by Dra. Gunasti Hudiwinarsih, M.Si., Ak

Dosen Tetap STIE Perbanas Surabaya

Accounting, 21st Edition

Warren Reeve Fess


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Debt Financing: Bondholders

Equity Financing: Stockholders

Two Methods of Long-Term Financing

Resources = Sources

Liabilities

Assets

Stockholders’

Equity


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Two Methods of Long-Term Financing

Stockholders

Bondholders

Why issue bonds rather than stock?

Bonds (debt)—Beban bunga akan mengurangi laba kena pajak.

Stock (equity)—Dividen dibayarkan dari laba setelah pajak dan retained earnings (laba ditahan)

Earnings per shareon common stock meningkat bila mengeluarkan bonds dibanding menambah stock.


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Alternative Financing Plans – $800,000 Earnings

Plan 1Plan 2Plan 3

12 % bonds——$2,000,000

Preferred 9% stock, $50 par — $2,000,000 1,000,000

Common stock, $10 par $4,000,000 2,000,000 1,000,000

Total $4,000,000 $4,000,000$4,000,000

Earnings before interest

and income tax$ 800,000$ 800,000$ 800,000

Deduct interest on bonds——240,000

Income before income tax$ 800,000$ 800,000$ 560,000

Deduct income tax320,000 320,000224,000

Net income$ 480,000$ 480,000$ 336,000

Dividends on preferred stock—180,00090,000

Available for dividends$ 480,000$ 300,000$ 246,000

Shares of common stock ÷400,000÷200,000 ÷100,000

Earnings per share$1.20$1.50$2.46


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Characteristics of Bonds Payable

  • A bond contract is called a bond indentureortrust indenture.

  • Long-term debt—repayable 10, 20, or 30 years after date of issuance.

  • Issued inface(principal) amounts of $1,000, or multiples of $1,000.

  • Contract interest rate is fixedfor term (life) of the bond.

  • Face amountof bond repayable at maturity date.


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Characteristics of Bonds Payable

  • Semua obligasi yg jatuh tempo satu tanggal disebut term bonds.Apabila jatuh tempo berseri disebut serial bonds (obligasi berseri)

  • Obligasi yg ditukar dengan surat berharga lain (securities) disebut convertible bonds.

  • Obligasi dapat ditebus kembali sebelum jth tempo : callable bonds.

  • Obligasi/Bonds sebagai kredit perusahaan yg bersifat umum disebut debenture bonds.


The present value concept and bonds payable

The Present-Value Concept and Bonds Payable

Harga obligasi yang ditawarkan tergantung beberapa faktor:

1.The face amount of the bonds (N.Nominal), jumlah yg dibayarkan saat jatuh tempo

2.Tanggal bunga obligasi = the contract rateor thecoupon rate.

3.Bunga Efektif = The marketor effectiverate of interest.


Harga obligasi

HARGA OBLIGASI

  • Adalah nilai tunai (present value) dari bunga yg dibayar selama jangka waktu obligasi ditambah nilai nominalnya.

  • Faktor bunga untuk menilai tunaikan jumlah bunga + jumlah nominal = suku bunga efektif

  • Rumus nilai obligasi tahun 0

    SBN x NN + SBN x NN ….. SBN x NN + NN

    (1+SBE)¹ (1+SBE)² (1+SBE)n

    Atau

1 - 1

(1+SBE)n

(SBN x NN) ( ) +NN x ( 1 )

SBE (1+SBE)n


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

$1,000

10% payable

annually

The Present-Value Concept and Bonds Payable

MARKET RATE = CONTRACT RATE

Sell price of bond = $1,000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

$1,000

10% payable

annually

Discount/Disagio

The Present-Value Concept and Bonds Payable

MARKET RATE > CONTRACT RATE

Sell price of bond < $1,000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

$1,000

10% payable

annually

Premium/Agio

The Present-Value Concept and Bonds Payable

MARKET < CONTRACT RATE

Sell price of bond > $1,000

+


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

$100

$100

Interest payment

Interest payment

End of Year 1

End of Year 2

Today

$1,000

10% payable

annually

$90.91

$100 x 0.90909

$100 x 0.82645

$82.65

$1,000 x 0.82645

$826.45

A $1,000, 10% bond is purchased. It pays interest annually and will mature in two years.

$1,000.00 (rounded)


Penjualan obligasi

Accounting for Bonds Payable

PENJUALAN OBLIGASI

  • Misal: PT KOKO pada 1 Jan 2004 diberi wewenang RUPS mengeluarkan 1000 lbr obligasi 12% nilai nominal Rp.10.000/lbr. Bunga dibayar 1 Jan & 1 Juli umur 5 tahun. Pada saat pemberian wewenang pengeluaran obligasi No entry.

  • Jurnal dilakukan saat terjadi transaksi penjualan


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Bonds Issued at Face Amount

  • 1 Jan 2004

    Kas10.000.000

    Hutang Obligasi 10.000.000

  • 1 Juli 2004

    Biaya bunga 600.000

    Kas600.000

  • 31 Des 2004 AJE:

    Biaya bunga600.000

    Hutang bunga600.000


Penjualan diluar tgl bunga

Penjualan diluar tgl bunga

  • 1 Mei 2004

  • Pendekatan Laba rugi

    Kas10.400.000

    Hutang Obligasi10.000.000

    Biaya bunga 400.000

  • 1 Juli 2004

    Biaya bunga 600.000

    Kas 600.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

  • Pendekatan Neraca

  • 1 Mei 2004

    Kas 10.400.000

    Hutang obligasi 10.000.000

    Hutang bunga/biaya 400.000

  • 1 Juli 2004

    Hutang bunga/biaya 400.000

    Biaya bunga 200.000

    Kas600.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Bonds Issued at a Premium

  • Misal: 1 Jan 2004 dijual dgn harga Rp. 11.000.000

    1 Jan’04

    Kas11.000.000

    Hutang obligasi10.000.000

    Agio hutang obl 1.000.000

  • Agio hutang obligasi merupakan rekening penambah (adjunct account) hutang obligasi & dapat dipandang sbg pengurang beban bunga yg dilakukan dgn cara amortisasi agio tsb selama umur obligasi


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

  • Amortisasi dilakukan pada akhir periode (AJE). & ada 2 metode:

    • Metode garis lurus

    • Metode bunga efektif

  • Misal: Agio hutang obligasi Rp. 1000.000, umur 5 th, metode garis lurus. Amortisasi setiap tahun: Rp.1000.000 : 5 = Rp. 200.000

  • Jurnal: 31/12

    Agio hutang obligasi 200.000

    Biaya bunga 200.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

Bonds Issued at a Discount

  • 1 Jan’04 dijual dgn harga Rp. 9500.000

    Jurnal:Kas9500.000

    Disagio hut obl 500.000

    Hutang Obligasi 10.000.000

  • Disagio dipandang sbg penambah beban bunga:

    Bunga 5 th:12%x5x10.000.000 = Rp. 6000.000

    Disagio hutang obligasi = Rp. 500.000

    Bunga efektif beban PT KOKO = Rp. 6500.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

  • Amortisasi tiap th : Rp.500.000: 5 =Rp.100.000

  • Jurnal: 31 Des

    Biaya bunga Rp.100.000

    Disagio hutang 0bligasi Rp.100.000


Penyajian di neraca

Penyajian di NERACA

  • Nilai Nominal + Agio belum amortisasi

    atau

  • Nilai Nominal – Disagio belum amortisasi

    Neraca

    Per 31 Des

    Hutang jangka panjang:

    Hutang obligasi Rp. 10.000.000

    Disagio hut obligasi Rp. 400.000

    Nilai buku Rp. 9.600.000


Menarik obligasi sebelum jatuh tempo bond redemption

MENARIK OBLIGASI SEBELUM JATUH TEMPO (BOND REDEMPTION)

  • Diperlukan jurnal:

    • Menghapus nilai buku obligasi per tanggal penarikan

    • Mencatat jumlah kas yg dibayar

    • Mengakui kerugian/keuntungan penarikan dari selisih nilai buku dgn kurs penarikan

  • Misal: awal tahun 2007 PT KOKO menarik obligasi dgn nilai Rp. 10.100.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

  • Nilai buku tahun 2007

    Th 2004= 100.000

    Th 2005= 100.000

    Th 2006= 100.000

    Jumlah amortisasi = 300.000

    N.buku= 10.000.000 - 200.000 = 9.800.000

    Dilunasi =10.100.000

    Kerugian penarikan = 300.000


Bonds payable hutang obligasi prepared by dra gunasti hudiwinarsih m si ak dosen tetap stie perbanas surabaya

  • Jurnal: 1Jan’07

    Hutang obligasi 10.000.000

    Kerugian penarikan 300.000

    Kas 10.100.000

    Disagio hut obligasi 200.000

    Bi. Bunga600.000

    Kas600.000