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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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slide1
Bonds Payable

(Hutang Obligasi)

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

Dosen Tetap STIE Perbanas Surabaya

Accounting, 21st Edition

Warren Reeve Fess

slide2
Debt Financing: Bondholders

Equity Financing: Stockholders

Two Methods of Long-Term Financing

Resources = Sources

Liabilities

Assets

Stockholders’

Equity

slide3
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.

slide4
Alternative Financing Plans – $800,000 Earnings

Plan 1 Plan 2 Plan 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 tax 320,000 320,000 224,000

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

Dividends on preferred stock — 180,000 90,000

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

slide5
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.
slide6
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

slide9
$1,000

10% payable

annually

The Present-Value Concept and Bonds Payable

MARKET RATE = CONTRACT RATE

Sell price of bond = $1,000

slide10
$1,000

10% payable

annually

Discount/Disagio

The Present-Value Concept and Bonds Payable

MARKET RATE > CONTRACT RATE

Sell price of bond < $1,000

slide11
$1,000

10% payable

annually

Premium/Agio

The Present-Value Concept and Bonds Payable

MARKET < CONTRACT RATE

Sell price of bond > $1,000

+

slide12
$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 PayablePENJUALAN 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
slide14
Bonds Issued at Face Amount
  • 1 Jan 2004

Kas 10.000.000

Hutang Obligasi 10.000.000

  • 1 Juli 2004

Biaya bunga 600.000

Kas 600.000

  • 31 Des 2004 AJE:

Biaya bunga 600.000

Hutang bunga 600.000

penjualan diluar tgl bunga
Penjualan diluar tgl bunga
  • 1 Mei 2004
  • Pendekatan Laba rugi

Kas 10.400.000

Hutang Obligasi 10.000.000

Biaya bunga 400.000

  • 1 Juli 2004

Biaya bunga 600.000

Kas 600.000

slide16
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

Kas 600.000

slide17
Bonds Issued at a Premium
  • Misal: 1 Jan 2004 dijual dgn harga Rp. 11.000.000

1 Jan’04

Kas 11.000.000

Hutang obligasi 10.000.000

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
slide18
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

slide19
Bonds Issued at a Discount
  • 1 Jan’04 dijual dgn harga Rp. 9500.000

Jurnal: Kas 9500.000

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

slide20
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
slide23
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

slide24
Jurnal: 1Jan’07

Hutang obligasi 10.000.000

Kerugian penarikan 300.000

Kas 10.100.000

Disagio hut obligasi 200.000

Bi. Bunga 600.000

Kas 600.000

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