Bonds Payable (Hutang Obligasi)

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1 Bonds Payable (Hutang Obligasi)
Prepared by Dra. Gunasti Hudiwinarsih, M.Si., Ak Dosen Tetap STIE Perbanas Surabaya Accounting, 21st Edition Warren Reeve Fess

2 Two Methods of Long-Term Financing
Resources = Sources Liabilities Debt Financing: Bondholders Assets Stockholders’ Equity Equity Financing: Stockholders

3 Two Methods of Long-Term Financing
Bondholders Stockholders 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 share on common stock meningkat bila mengeluarkan bonds dibanding menambah stock.

4 Alternative Financing Plans – $800,000 Earnings
Plan 1 Plan 2 Plan 3 12 % bonds — — $2,000,000 Preferred 9% stock, $50 par — $2,000, ,000,000 Common stock, $10 par $4,000, ,000, ,000,000 Total $4,000, $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 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

5 Characteristics 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.

6 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.

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

8 HARGA OBLIGASI 1 - 1 (1+SBE)n (SBN x NN) ( ) +NN x ( 1 ) SBE (1+SBE)n
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+SBE)n (SBN x NN) ( ) +NN x ( ) SBE (1+SBE)n

9 MARKET RATE = CONTRACT RATE
The Present-Value Concept and Bonds Payable MARKET RATE = CONTRACT RATE Sell price of bond = $1,000 $1,000 10% payable annually

10 – The Present-Value Concept and Bonds Payable $1,000
MARKET RATE > CONTRACT RATE Sell price of bond < $1,000 $1,000 10% payable annually Discount/Disagio –

11 + The Present-Value Concept and Bonds Payable $1,000
MARKET < CONTRACT RATE Sell price of bond > $1,000 $1,000 10% payable annually Premium/Agio +

12 A $1,000, 10% bond is purchased. It pays interest annually and will mature in two years.
Interest payment $100 $1,000 10% payable annually Interest payment $100 Today End of Year 1 End of Year 2 $90.91 $100 x $82.65 $100 x $1,000 x $826.45 $1, (rounded)

13 Accounting for Bonds Payable
PENJUALAN OBLIGASI Misal: PT KOKO pada 1 Jan 2004 diberi wewenang RUPS mengeluarkan 1000 lbr obligasi 12% nilai nominal Rp /lbr. Bunga dibayar 1 Jan & 1 Juli umur 5 tahun. Pada saat pemberian wewenang pengeluaran obligasi No entry. Jurnal dilakukan saat terjadi transaksi penjualan

14 Bonds Issued at Face Amount
1 Jan 2004 Kas Hutang Obligasi 1 Juli 2004 Biaya bunga Kas 31 Des 2004 AJE: Biaya bunga Hutang bunga

15 Penjualan diluar tgl bunga
1 Mei 2004 Pendekatan Laba rugi Kas Hutang Obligasi Biaya bunga 1 Juli 2004 Biaya bunga Kas

16 Pendekatan Neraca 1 Mei 2004 Kas 10.400.000 Hutang obligasi 10.000.000
Hutang bunga/biaya 1 Juli 2004 Biaya bunga Kas

17 Bonds Issued at a Premium
Misal: 1 Jan 2004 dijual dgn harga Rp 1 Jan’04 Kas Hutang obligasi Agio hutang obl 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

18 Amortisasi dilakukan pada akhir periode (AJE). & ada 2 metode:
Metode garis lurus Metode bunga efektif Misal: Agio hutang obligasi Rp , umur 5 th, metode garis lurus. Amortisasi setiap tahun: Rp : 5 = Rp Jurnal: 31/12 Agio hutang obligasi Biaya bunga

19 Bonds Issued at a Discount
1 Jan’04 dijual dgn harga Rp Jurnal: Kas Disagio hut obl Hutang Obligasi Disagio dipandang sbg penambah beban bunga: Bunga 5 th:12%x5x = Rp Disagio hutang obligasi = Rp Bunga efektif beban PT KOKO = Rp

20 Amortisasi tiap th : Rp.500.000: 5 =Rp.100.000
Jurnal: 31 Des Biaya bunga Rp Disagio hutang 0bligasi Rp

21 Hutang jangka panjang:
Penyajian di NERACA Nilai Nominal + Agio belum amortisasi atau Nilai Nominal – Disagio belum amortisasi Neraca Per 31 Des Hutang jangka panjang: Hutang obligasi Rp Disagio hut obligasi Rp Nilai buku Rp

22 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

23 Nilai buku tahun 2007 Th = Th = Th = Jumlah amortisasi = N.buku= = Dilunasi = Kerugian penarikan =

24 Jurnal: 1Jan’07 Hutang obligasi Kerugian penarikan Kas Disagio hut obligasi Bi. Bunga Kas