akuntansi keuangan hutang obligasi
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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
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