Modul ke: Fakultas Program Studi Pengantar Akuntansi II LONG TERM LIABILITIES – BONDS PAYABLE...
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Transcript of Modul ke: Fakultas Program Studi Pengantar Akuntansi II LONG TERM LIABILITIES – BONDS PAYABLE...
Modul ke:
Fakultas
Program Studi
Pengantar Pengantar Akuntansi IIAkuntansi IILONG TERM LIABILITIES – BONDS PAYABLE
Nurul Hidayah, SE,Ak,MSi Hari Setiyawati , SE,Ak,MSi
06FEB
Akuntansi
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Fakultas
Program Studi
Financing Corporations 15-1
A bond is simply a form of an interest-bearing note. Like a note, a bond requires periodic
interest payments, and the face amount must be repaid at
the maturity date.
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15-2
Bonds Payable
A corporation that issues bonds enters into a contract (called a bond indenture or trust indenture) with the bondholders.
Usually, the face value of each bond, called the principal, is Rp1,000,000 or a multiple of Rp1,000,000.
Interest on bonds may be payable annually, semiannually, or quarterly. Most pay interest semiannually.
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When all bonds of an issue mature at the same time, they are called term bonds.
15-2
If the maturity dates are spread over several dates, they are called serial bonds.
Bonds that may be exchanged for other securities are called convertible bonds.
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Bonds issued on the basis of the general credit of the corporation are debenture bonds.
15-2
Bonds that a corporation reserves the right to redeem before their maturity are called callable bonds.
15-2
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15-2
Pricing of Bonds Payable
When a corporation issues bonds, the price that buyers are willing to pay depends upon three factors:1. The face amount of the bonds, which is the
amount due at the maturity date.2. The periodic interest to be paid on the bonds.
This is called the contract rate or the coupon rate.
3. The market or effective rate of interest.
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15-2
The market or effective rate of interest is determined by transactions between buyers and sellers of similar bonds. The market rate of interest is affected by a variety of factors, including:1. investors assessment of current economic
conditions, and2. future expectations.
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17
MARKET RATE = CONTRACT RATE
Selling price of bond = Rp1,000,000
Rp1,000,00010% payable
annually
15-2
If the contract rate equals the market rate of interest, the bonds will sell at their face amount.
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18
MARKET RATE > CONTRACT RATE
Selling price of bond < Rp1,000,000
–Discount
Rp1,000,00010% payable
annually
15-2
If the market rate is higher than the contract rate, the bonds will sell at a discount.
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19
MARKET < CONTRACT RATE
Selling price of bond > Rp1,000,000
+Premium
Rp1,000,00010% payable
annually
15-2
If the market rate is lower than the contract rate, the bonds will sell at a premium.
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24
15-2
Present Value of 2-Year, 10% Bond
Present value of face value of Rp1,000,000 due in2 years at 10% compounded annually:Rp1,000,000 x 0.82645 (Exhibit 3: n = 2, i = 10%)(Slide 21) Rp 826,450
Present value of 2 annual interest paymentsof 10% compounded annually: Rp100,000 x 1.73554 (Exhibit 4: n = 2, i = 10%)(Slide 23) 173,550
Total present value of bond Rp1,000,000
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Pada tanggal 1 Januari 2012 perusahaan menerbitkan
obligasi Rp100,000,000 12%, jangka waktu obligasi 5 tahun;
bunga obligasi dibayarkan secara 6 bulanan. Tingkat
bunga pasar 12%.
15-3
Bonds Issued at Face Amount
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15-3
Present value of face amount of Rp100,000,000 due in 5 years at 12% compounded annually: Rp100,000,000 x 0.55840 (Exhibit 3: n = 10, i = 6%)
Rp 55,840,000
Present value of 10 interest payments of Rp6,000,000 at 12% compounded semiannually: Rp6,000,000 x 7.36009 (Exhibit 4: n = 10; i = 6%)
44,160,000*
Total present value of bonds Rp100,000,000
*Because the present value tables are rounded to five decimal places, minor rounding differences may appear in this illustration.
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30
15-3
Issued Rp100,000,000
bonds payable at face
amount.
Bonds Payable 100 000 000
Jan. 1 Cash 100 000 0002012
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On June 30, an interest payment of Rp6,000,000 is made (Rp100,000,000 x .12 x 6/12).
15-3
June 30 Interest Expense 6 000 000Cash 6 000 000
Paid six months’ interest on
bonds.
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The bond matured on December 31, 2011. At this time, the corporation paid
the face amount to the bondholder.
15-3
Cash 100 000 000Paid bond principal at
maturity date.
Dec. 31 Bonds Payable 100 000 0002016
Terima KasihTerima KasihHari Setiyawati dan Nurul H