Bonds Payable Bonds Payable

(Hutang Obligasi)(Hutang Obligasi)Prepared by Adi Rizfal Efriadi, M.Si., AkPrepared by Adi Rizfal Efriadi, M.Si., Ak

Dosen Tetap STIE Ahmad Dahlan JakartaDosen Tetap STIE Ahmad Dahlan Jakarta

Accounting, 21st Edition

Warren Reeve Fess

Two Methods of Long-Term FinancingTwo Methods of Long-Term FinancingTwo Methods of Long-Term FinancingTwo Methods of Long-Term Financing

Resources = Sources

Stockholders’Equity

Assets

Liabilities

Equity Financing: Stockholders

Debt Financing: Bondholders

Bondholders

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

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

Earnings per share on common stock meningkat bila mengeluarkan bonds dibanding menambah stock.

Why issue bonds rather than stock?Why issue bonds rather than stock?

Stockholders

Two Methods of Long-Term FinancingTwo Methods of Long-Term FinancingTwo Methods of Long-Term FinancingTwo Methods of Long-Term Financing

Alternative Financing Plans – $800,000 EarningsAlternative Financing Plans – $800,000 Earnings

Plan 1 Plan 2 Plan 312 % bonds — — $2,000,000Preferred 9% stock, $50 par — $2,000,000 1,000,000Common stock, $10 par $4,000,000 2,000,000 1,000,000Total $4,000,000 $4,000,000$4,000,000Earnings before interest

and income tax $ 800,000 $ 800,000 $ 800,000Deduct interest on bonds — — 240,000

Income before income tax $ 800,000 $ 800,000 $ 560,000Deduct income tax 320,000 320,000 224,000

Net income $ 480,000 $ 480,000 $ 336,000Dividends on preferred stock — 180,000 90,000Available 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

Characteristics of Bonds PayableCharacteristics of Bonds PayableCharacteristics of Bonds PayableCharacteristics of Bonds Payable A bond contract is called a bond indenture or trust

indenture.

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

Issued in face (principal) amounts of $1,000, or multiples of $1,000.

Contract interest rate is fixed for term (life) of the bond.

Face amount of bond repayable at maturity date.

Characteristics of Bonds PayableCharacteristics of Bonds PayableCharacteristics of Bonds PayableCharacteristics 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 The Present-Value Concept and Bonds Payableand Bonds PayableThe Present-Value Concept The Present-Value Concept and Bonds Payableand 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 rate or the coupon rate.

3. Bunga Efektif = The market or effective rate of interest.

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 efektifRumus 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

The Present-Value Concept and The Present-Value Concept and Bonds PayableBonds PayableThe Present-Value Concept and The Present-Value Concept and Bonds PayableBonds Payable

MARKET RATE = CONTRACT RATE

Sell price of bond = $1,000

$1,00010% payable

annually

The Present-Value Concept and The Present-Value Concept and Bonds PayableBonds PayableThe Present-Value Concept and The Present-Value Concept and Bonds PayableBonds Payable

MARKET RATE > CONTRACT RATE

Sell price of bond < $1,000

–Discount/Disagio

$1,00010% payable

annually

The Present-Value Concept and The Present-Value Concept and Bonds PayableBonds PayableThe Present-Value Concept and The Present-Value Concept and Bonds PayableBonds Payable

MARKET < CONTRACT RATE

Sell price of bond > $1,000

+Premium/

Agio

$1,00010% payable

annually

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

Today End of Year 1

End of Year 2

Interest payment

$100Interest payment

$100

$90.91 $100 x 0.90909

$1,00010%

payable annually

$82.65 $100 x 0.82645

$1,000 x 0.82645$826.45

$1,000.00 (rounded)

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

Accounting for Bonds PayableAccounting for Bonds PayableAccounting for Bonds PayableAccounting for Bonds Payable

1 Jan 2004 Kas 10.000.000

Hutang Obligasi 10.000.000

1 Juli 2004Biaya bunga 600.000

Kas 600.000

31 Des 2004 AJE:Biaya bunga 600.000

Hutang bunga 600.000

Bonds Issued at Face Amount

Penjualan diluar tgl bungaPenjualan diluar tgl bunga

1 Mei 2004 Pendekatan Laba rugi

Kas 10.400.000Hutang Obligasi 10.000.000Biaya bunga

400.000

1 Juli 2004Biaya bunga 600.000

Kas 600.000

Pendekatan Neraca

1 Mei 2004Kas 10.400.000

Hutang obligasi 10.000.000 Hutang bunga/biaya 400.000

1 Juli 2004Hutang bunga/biaya 400.000Biaya bunga 200.000

Kas 600.000

Misal: 1 Jan 2004 dijual dgn harga Rp. 11.000.0001 Jan’04Kas 11.000.000

Hutang obligasi 10.000.000Agio 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 Issued at a PremiumBonds Issued at a Premium

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: 31/12Agio hutang obligasi 200.000

Biaya bunga 200.000

1 Jan’04 dijual dgn harga Rp. 9500.000

Jurnal: Kas 9500.000Disagio hut obl 500.000

Hutang Obligasi 10.000.000

Disagio dipandang sbg penambah beban bunga:Bunga 5 th:12%x5x10.000.000 = Rp. 6000.000Disagio hutang obligasi = Rp. 500.000Bunga efektif beban PT KOKO = Rp. 6500.000

Bonds Issued at a Discount

Amortisasi tiap th : Rp.500.000: 5 =Rp.100.000Jurnal: 31 Des Biaya bunga Rp.100.000

Disagio hutang 0bligasi Rp.100.000

Penyajian di NERACAPenyajian di NERACA

Nilai Nominal + Agio belum amortisasiatau

Nilai Nominal – Disagio belum amortisasi

NeracaPer 31 Des

Hutang jangka panjang:Hutang obligasi Rp.

10.000.000Disagio hut obligasi Rp.

400.000Nilai 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 penarikanMencatat jumlah kas yg dibayarMengakui kerugian/keuntungan penarikan dari selisih nilai buku dgn kurs penarikan

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

Nilai buku tahun 2007Th 2004 = 100.000Th 2005 = 100.000Th 2006 = 100.000Jumlah amortisasi = 300.000

N.buku= 10.000.000 - 200.000 = 9.800.000Dilunasi =10.100.000Kerugian penarikan = 300.000

Jurnal: 1Jan’07Hutang obligasi 10.000.000Kerugian penarikan 300.000

Kas 10.100.000 Disagio hut obligasi 200.000

Bi. Bunga 600.000Kas 600.000