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PERUSAHAAN
Sole Proprietorship
Partnership
Corporation
PERUSAHAAN
PERSEORANGAN
Kerugian
Tanggung jawab tidak terbatas
Besarnya usaha terbatas
Umur perusahaan terbatas
Modalnya terbatas
Kontinuitas tidak terjamin
Susah memperoleh kredit
Tergantung pada seseorang
Butuh banyak waktu
Hilangnya kenikmatan (fringe benefits)
PERUSAHAAN
PERSEORANGAN
Keuntungan
Biaya pendiriannya murah
Menjadi Boss untuk dirinya sendiri
Merupakan kebanggaan
Mudah berdiri dan bubar
Bebas mengoperasikan
Keuntungan pajak
Dapat diwariskan
Keuntungan dimiliki sepenuhnya
PARTNERSHIP
Kerugian
Tanggung jawab tidak terbatas
Keuntungan harus dibagi
Kontinuitas tidak terjamin
Pemerolehan kredit terbatas
Sulit untuk diakhiri
Kemungkinan terjadinya konflik
PARTNERSHIP
Keuntungan
Mudah mendirikannya
Modalnya cukup memadai
Lebih lama bertahan
Biaya pendiriannya murah
Lebih banyak ahli yang terkumpul
Keuntungan pajak
FIRMA
Pasal 16 KUHD
Persekutuan untuk menjalankan perusahaan di
bawah nama bersama
Imo Gandakusuma
COMANDITAIRE
VENNOTSCHAP
Pasal 19 KUHD
Bentuk perjanjian kerjasama untuk berusaha bersama
antara
orang-orang
yang
bersedia
memimpin
KEANGGOTAAN CV
General Partner
Aktif
Limited Partner
Non Aktif
Silent Partner
Publicity
Secret Partner
Dormant Partner
Nominal Partner
BENTUK LAIN
PARTNERSHIP
PERSEROAN TERBATAS
Kerugian
Mudah diambil alih secara paksa
Biaya pendiriannya mahal
Beban administrasi tinggi
Timbulnya konflik agency problems agency cost
Terikat pada peraturan (UU PT)
Sulit untuk dihentikan
Besarnya usaha tidak fleksibel
Pemilik terkena pajak berganda
Kurangnya rahasia perusahaan
PERSEROAN TERBATAS
Keuntungan
Tanggung jawab terbatas
Kontinuitasnya lama
Besarnya usaha
Menggunakan SDM yang profesional
Mudah mendapatkan tambahan dana
Kepemilikan mudah untuk dipindah tangankan
Mudah untuk berkembang
Terpisahnya kepemilikan dengan manajemen
JENIS - JENIS PT
PERBANDINGAN
STOCKS
Issued Shares :
Outstanding Shares :
STOCKHOLDERS RIGHT
Voting Right
Choose Directors
Other decisions
Dividend Right
Liquidation Right
Preemptive Right
STOCK PRICES
52 WEEKS
YLD
VOL
NET
HI LO STOCKSYM DIV % PE 100s HI LO CLOSE CHG
52.75 19.06 Gap Inc GPS 0.09 0.5 15 65172 20.50 19 19.25 -1.75
Wall Street Journal, March 6, 2010
STOCK
EXAMPLE 1
STOCK
EXAMPLE 2
Market Value
Selling Value
Redemption Value
Liquidation Value
Book Value
Intrinsic Value
INTRINSIC VALUE
BOOK VALUE
Stockholders Equity
-------------------------------------------------------------------Paid-in Capital :
Preferred Stock, 6%, $10 par,
5.000 issued
50.000
Common Stock, $1 par, 20.000 sh
authorized, 10.000 sh issued
10.000
Paid-in Capital in excess of par
210.000
Total Paid-in Capital
270.000
Retained Earnings
120.000
Total Stockholders Equity
390.000
Book Value C/S = 390.000 50.000 = 340.000
Book Value C/S per share = 340.000/10.00 = 34
OWNERS EQUITY
Stockholders Equity :
Contributed Capital/Paid-in Capital
Retained Earnings
ELEMENTS
Stockholders Equity :
* Paid-in Capital :
Common Stock
* Retained Earnings
Total Stockholders Equity
100
300
400
OWNERS RIGHTS
Stockholders Rights :
Voting Right
Choose Directors
Other decisions
Dividend Right
Liquidation Right
Preemptive Right
ISSUING STOCK
ACCOUNTING
Perusahaan menjual 3.200.000 lembar saham biasa, par $ 10,
seharga $ 10
Dr. Cash..32.000.000
Cr. Common Stock..32.000.000
Menjual 3.200.000 lembar saham, par $ 10, seharga $ 100
Dr. Cash320.000.000
Cr. Common Stock..
32.000.000
Cr. Capital in Excess of par.
288.000.000
(Paid in Capital in excess of par)
REPORTING
Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 5.000.000 shares
authorized, 3.200.000 issued
$ 32.000.000
Capital in excess of par
288.000.000
Total paid-in capital
$ 320.000.000
Retained earnings
100.000.000
Total stockholders equity
$ 420.000.000
STOCK VS ASSETS
Perusahaan mengeluarkan 1.500 lembar saham par $ 10, dan
memperoleh peralatan dengan nilai pasar $ 4.000 dan
bangunan dengan nilai pasar $ 120.000
Dr. Equipment..
4.000
Dr. Building..120.000
Cr. Common Stock
15.000
ISSUING
PREFERRED STOCK
Perusahaan mengeluarkan saham preferen
1.000 lembar par $ 500, dengan harga $ 600
Dr. Cash.. 600.000
Cr. Preferred Stock 500.000
Cr. Capital in excess of par-P/S. 100.000
PREFERRED STOCK
Preferred Stock memiliki ciri :
Tidak memiliki hak suara
Dividennya bersifat tetap
Pembagian dividennya didahulukan
Liquidation right didahulukan
Risikonya lebih kecil dari common stock
TYPES OF
PREFERRED STOCKS
Current Dividend Preferred Stock
STOCK COMPOSITION
Stockholders Equity
Paid-in Capital:
Preferred Stock, $100 par, 5.000 shares
authorized, 1.000 issued
Capital in excess of par-P/S
Common Stock, $10 par, 50.000 shares
authorized, 10.000 issued
Capital in excess of par-C/S
Total paid-in capital
Retained earnings
Total stockholders equity
100.000
150.000
100.000
500.000
850.000
115.000
965.000
$
$
DIFFERENT TYPES OF
DIVIDENDS
DIFFERENT TYPES OF
DIVIDENDS 2
DIFFERENT TYPES OF
DIVIDENDS 3
1 Nov.
2 Nov.
6 Nov.
7 Dec.
Declaration
Date
ExCumdividend dividend
Date
Date
Record
Date
Payment
Date
ACCOUNTING
FOR DIVIDEND
Pengumuman Dividen :
Dr. Retained Earnings 40.000.000
Cr. Dividend Payable. 40.000.000
Alternatif :
Dr. Dividends 40.000.000
Cr. Dividend Payable. 40.000.000
Dr. Retained Earnings 40.000.000
Cr. Dividends .... 40.000.000
ACCOUNTING
FOR DIVIDEND 2
Date of Record :
No Journal / Transaction
Pembayaran Dividen :
Dr. Dividend Payable40.000.000
Cr. Cash . 40.000.000
STOCK DIVIDEND
AMOUNT OF
STOCK DIVIDEND
Stock dividend :
> 25 % large stock dividend
< 20 % small stock dividend
IRRELEVANCE OF STOCK
DIVIDENDS : EXAMPLE
Shimano USA has 2 million shares currently outstanding at $15 per
share. The company declares a 50% stock dividend. How many shares
will be outstanding after the dividend is paid?
A 50% stock dividend will increase the number of shares by 50%:
2 million1.5 = 3 million shares
After the stock dividend what is the new price per share and what is the
new value of the firm?
The value of the firm was $2m $15 per share = $30 m. After the
dividend, the value will remain the same.
Price per share = $30m/ 3m shares = $10 per share
STOCK DIVIDEND
EXAMPLE
Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 50.000 shares
authorized, 20.000 issued
$
200.00
Capital in excess of par
70.000
Total paid-in capital
$
270.000
Retained earnings
85.000
Total stockholders equity
$
355.000
STOCK DIVIDEND
EXAMPLE 2
Large stock dividend : at par
50 % stock dividends
Dr. R/E . 100.000
Cr. C/S 100.000
(50 % x 20.000 x $10)
Small stock dividend : at market value
10 % stock dividends, market value $16/shares
Dr. R/E .. 32.000
(10 % x 20.000 x $16)
Cr. C/S 20.000 (10% x 20.000 x $10)
Cr. Capital in excess of par . 12.000
STOCK DIVIDEND
EXAMPLE 3
Setelah small stock dividend
Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 50.000 shares
authorized, 20.000 issued
$
220.00
Capital in excess of par
82.000
Total paid-in capital
$
302.000
Retained earnings
53.000
Total stockholders equity
$
355.000
STOCK SPLIT
Menambah jumlah lembar saham dengan memperkecil
jumlah nilai nominal saham
Stockholders Equity
Paid-in Capital:
Common Stock, $10 par, 5,000 shares
authorized, 1.500 issued
Capital in excess of par
Total paid-in capital
Retained earnings
Total stockholders equity
Stock split 2 : 1
15.000
10.000
25.000
25.000
50.000
$
$
Stockholders Equity
Paid-in Capital:
Common Stock, $ 5 par, 10,000 shares
authorized, 3.000 issued
Capital in excess of par
Total paid-in capital
Retained earnings
Total stockholders equity
$
$
$
15.000
10.000
25.000
25.000
50.000
Common Stock :
Par Value (1.000.000 shares outstanding; $2 par value)
Paid-in-capital
Retained Earnings
Total Equity
2.000.000
8.000.000
15.000.000
25.000.000
Paid-in-capital
9.800.000
Retained Earnings
Total Equity
2.300.000
12.900.000
$
25.000.000
2.000.000
Stock-split 2 : 1
Common Stock :
Par Value (2.000.000 shares outstanding; $1 par value)
Paid-in-capital
8.000.000
Retained Earnings
Total Equity
15.000.000
$
25.000.000
STOCK REPURCHASE
(TREASURY STOCK)
Pembelian kembali saham perusahaan yang telah beredar :
Alasan Stock Repurchase :
1. Memberikan saham pada karyawan ESOP
2. Meningkatkan EPS dan Harga Saham
3. Meningkatkan nilai saham dikemudian hari buy low,
sell high
4. Menghindari hostile take-over
5. Merupakan alat untuk berinvestasi dikemudian hari
6. Memodifikasi struktur permodalan
7. Mengeliminasi pemegang saham minoritas
8. Mengurangi biaya untuk melayani investor minoritas
STOCK REPURCHASE
VERSUS DIVIDEND
Consider a firm that wishes to distribute $100,000 to its
shareholders.
Assets
A.Originalbalancesheet
Cash
$150,000 Debt
0
Otherassets
850,000 Equity
1,000,000
Value of Firm 1,000,000 Value of Firm 1,000,000
Shares outstanding = 100,000
Price per share= $1,000,000 /100,000 = $10
STOCK REPURCHASE
VERSUS DIVIDEND
If they distribute the $100,000 as cash dividend, the balance
sheet will look like this:
Assets
$50,000
Debt
Other assets
850,000
Equity
0
900,000
Shares outstanding
g = 100,000
Price per share = $900,000/100,000 = $9
STOCK REPURCHASE
VERSUS DIVIDEND
Liabilities& Equity
Cash
$50,000 Debt
0
Other assets 850,000 Equity
900,000
Value of Firm 900,000 Value of Firm 900,000
Shares outstanding = 90,000
Price per share = $900,000 / 90,000 = $10
STOCK REPURCHASE
EXAMPLE
C/S, $ 1 par, 10.000 shares authorized,
8.000 shares issued .
Capital in excess of par ...
8.000
12.000
Total Paid-in-Capital .
20.000
Retained Earnings ..
14.600
34.600
STOCK REPURCHASE
EXAMPLE 2
Membeli 1.000 saham sendiri dengan market value sebesar $ 7,50/saham
Dr. T/S Common (1.000 x 7,50) .7.500
Cr. Cash ..7.500
C/S, $ 1 par, 10.000 shares authorized,
8.000 shares issued, 7.000 outstanding.
Capital in excess of par
Total Paid-in-Capital ..
Retained Earnings .
Sub-Total ..
Less : T/S, 1.000 shares at cost,
Total Stockholders Equity
8.000
12.000
20.000
14.600
34.600
( 7.500)
27.100
STOCK REPURCHASE
EXAMPLE 3
Sale of Treasury Stock :
Sale at Cost :
Jual 200 saham T/S seharga $ 7,50
Dr. Cash (200 x 7,50) .1.500
Cr. T/S ..1.500
Sale above cost :
Jual 200 saham T/S seharga $ 9,00
Dr. Cash (200 x 9) ..1.800
Cr. T/S (200 x 7,50) . 1.500
Cr. Capital in excess of par T/S . 300