Bonds Payable

(Hutang Obligasi)
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