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    Hutang JK Panjang

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    Yoan88
    The document discusses two methods of long-term financing - debt financing through bonds and equity financing through stock. It provides details on why a company may choose to issue bonds over stock, including that interest payments on bonds reduce taxable income while dividends are paid from post-tax profits. The document also outlines characteristics of bonds payable such as maturity periods and interest rates. It discusses the concept of present value in relation to bond pricing and provides examples of bonds issued at face value, at a premium, and at a discount.

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    Hutang JK Panjang

    Uploaded by

    Yoan88
    85 views24 pages
    The document discusses two methods of long-term financing - debt financing through bonds and equity financing through stock. It provides details on why a company may choose to issue bonds over stock, including that interest payments on bonds reduce taxable income while dividends are paid from post-tax profits. The document also outlines characteristics of bonds payable such as maturity periods and interest rates. It discusses the concept of present value in relation to bond pricing and provides examples of bonds issued at face value, at a premium, and at a discount.

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    HUTANG JK PANJANG

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    The document discusses two methods of long-term financing - debt financing through bonds and equity financing through stock. It provides details on why a company may choose to issue bonds over stock, including that interest payments on bonds reduce taxable income while dividends are paid from post-tax profits. The document also outlines characteristics of bonds payable such as maturity periods and interest rates. It discusses the concept of present value in relation to bond pricing and provides examples of bonds issued at face value, at a premium, and at a discount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    85 views24 pages

    Hutang JK Panjang

    Uploaded by

    Yoan88
    The document discusses two methods of long-term financing - debt financing through bonds and equity financing through stock. It provides details on why a company may choose to issue bonds over stock, including that interest payments on bonds reduce taxable income while dividends are paid from post-tax profits. The document also outlines characteristics of bonds payable such as maturity periods and interest rates. It discusses the concept of present value in relation to bond pricing and provides examples of bonds issued at face value, at a premium, and at a discount.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 24

    Bonds Payable

    (Hutang Obligasi)

    Accounting, 21st Edition


    Warren Reeve Fess
    Two
    Two Methods
    Methods of
    of Long-Term
    Long-Term Financing
    Financing
    Resources = Sources

    Liabilities

    Debt Financing: Bondholders

    Assets
    Stockholders’
    Equity

    Equity Financing: Stockholders


    Two
    Two Methods
    Methods of
    of Long-Term
    Long-Term Financing
    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.
    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
    Characteristics
    Characteristics of
    of Bonds
    Bonds Payable
    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
    Characteristics of
    of Bonds
    Bonds Payable
    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
    The Present-Value
    Present-Value Concept
    Concept
    and
    and Bonds
    Bonds Payable
    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 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
    The
    The Present-Value
    Present-Value Concept
    Concept and
    and
    Bonds
    Bonds Payable
    Payable
    MARKET RATE = CONTRACT RATE

    Sell price of bond = $1,000

    $1,000
    10% payable
    annually
    The
    The Present-Value
    Present-Value Concept
    Concept and
    and
    Bonds
    Bonds Payable
    Payable
    MARKET RATE > CONTRACT RATE

    Sell price of bond < $1,000

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

    Sell price of bond > $1,000

    $1,000
    10% payable
    +
    annually Premium/
    Agio
    A $1,000, 10% bond is purchased. It pays
    interest annually and will mature in two years.
    $100 $100
    $1,000
    Interest Interest
    10%
    payment payment
    payable
    annually

    Today End of End of


    Year 1 Year 2

    $90.91 $100 x 0.90909

    $82.65 $100 x 0.82645

    $1,000 x 0.82645
    $826.45
    $1,000.00 (rounded)
    Accounting
    Accounting for
    for Bonds
    Bonds Payable
    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 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
     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
    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
    Bonds Issued at a Premium

    Misal: 1 Jan 2004 dijual dgn harga Rp.


    11.000.000
    1 Jan’04
    Kas11.000.000
    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
    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 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
    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

    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)

    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
    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
    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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