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Chapter 15

Bonds Payable and


Investments in Bonds
Accounting, 21st Edition
Warren Reeve Fess

© Copyright 2004 South-Western, a division


PowerPoint Presentation by Douglas Cloud of Thomson Learning. All rights reserved.
Professor Emeritus of Accounting
Pepperdine University
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electronic presentation is used with the permission of
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Tujuan
Tujuan Pembelajaran
Pembelajaran
1. Menghitung Dampak Hutang Obligasi
terhadap Laba per Lembar saham (EPS)
2. Menjelaskan karakteristik Obligasi
3. Menghitung Present Value atas Obligasi
4. Membuat jurnal Pencatatan Penerbitan
Obligasi
5. Jurnal Pembayaran Bunga, Amortisasi
Discount dan Premium
6. Membuat Jurnal Penarikan Obligasi
Sumber
Sumber Pembiayaan
Pembiayaan

Liabilities

Debt Financing: Bondholders

Assets
Stockholders’
Equity

Equity Financing: Stockholders


Two
Two Methods
Methods of
of Long-Term
Long-Term Financing
Financing

Bondholders Stockholders

Interest Dividend
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
Alternative Financing Plans – $440,000 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 $ 440,000 $ 440,000 $ 440,000
Deduct interest on bonds — — 240,000
Income before income tax $ 440,000 $ 440,000 $ 200,000
Deduct income tax 176,000 176,000 80,000
Net income $ 264,000 $ 264,000 $ 120,000
Dividends on preferred stock — 180,000 90,000
Available for dividends $ 264,000 $ 84,000 $ 30,000
Shares of common stock ÷400,000 ÷200,000 ÷100,000
Earnings per share $ 0.66 $ 0.42 $ 0.30
Characteristics
Characteristics of
of Bonds
Bonds Payable
Payable
 Termasuk kategori Long-Term Debt/ hutang
jangka panjang
 Mempunyai Nilai Nominal (Face Ammount) yaitu
nilai yang harus dibayarkan pada tgl jatuh tempo
 Tingkat Bunga (contact rate) yang tetap per-tahun
 Jenis Bond bermacam-macam al: Term Bonds,
serial Bonds, Callable Bond, Convertible Bond dll.
The Present-Value Concept and
Bonds Payable
 When all bonds of an issue mature at the
same time, they are called term bonds. 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.
 Bonds that a corporation reserves the right to
redeem before maturity are callable bonds.
 Bonds issued on the basis of the general
credit of the corporations are debenture
bonds.
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

annually Discount
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
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)
The
The Present-Value
Present-Value Concept
Concept
and
and Bonds
Bonds Payable
Payable
OR
Present value of face value of $1,000 due
in 2 years at 10% compounded annually:
$1,000 x 0.82645 $ 826.45
Present value of 2 annual interest payments
of 10% compounded annually: $100 x
1.73554 (PV of annuity of $1 for 2 years
at 10%) 173.55
Total present value of bonds $1,000.00
Kapan Amortisasi dilakukan

Bersamaan Pada
dengan akhir
pembayaran tahun
bunga
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at Face Amount
On January 1, 2005, a corporation issues for cash
$100,000 of 12%, five-year bonds; interest payable
semiannually. The market rate of interest is 12%.
Present value of face amount of $100,000 due in 5
years at 12% compounded annually: $100,000 x
0.55840 $ 55,840
Present value of 10 interest payments of $6,000
compounded semiannually: $6,000 x 7.3609
(PV of annuity of $1 for 10 periods at 6%) 44,160
Total present value of bonds $100,000
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at Face Amount
On January 1, 2005, a corporation issues for cash
$100,000 of 12%, five-year bonds; interest payable
semiannual. The market rate of interest is 12%.
2005
Jan. 1 Cash 100 000 00
Bonds Payable 100 000 00
Issued $100,000 bonds
payable at face amount.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at Face Amount

On June 30, an interest payment of $6,000


is made ($100,000 x .12 x 6/12).

June 30 Interest Expense 6 000 00


Cash 6 000 00
Paid six months’ interest on
bonds.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at Face Amount
The bond matured on December 31, 2009.
At this time, the corporation paid the face
amount to the bondholder.
2009
Dec. 31 Bonds Payable 100 000 00
Cash 100 000 00
Paid bond principal at
maturity date.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Discount
Assume that the market rate of interest is 13%
on the $100,000 bond rather than 12%.
Present value of face amount of $100,000 due in 5
years at 13% compounded semiannually: $100,000
x 0.53273 (PV of $1 for 10 periods at 6½%) $53,273
Present value of 10 semiannual interest payments
of $6,000 compounded semiannually: $6,000 x
7.18883 (PV of annuity of $1 for 10 periods at 6½%) 43,133
Total present value of bonds $96,406
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Discount
On January 1, 2005, the firm issued $100,000
bonds for $96,406 (a discount of $3,594).
2005
Jan. 1 Cash 96 406 00
Discount on Bonds Payable 3 594 00
Bonds Payable 100 000 00
Issued $100,000 bonds at
discount.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Discount
On June 30, 2005, six-months’ interest is paid and the bond
discount is amortized using the straight-line method.
2005
June 30 Interest Expense 6 359 40
Discount on Bonds Payable 359 40
Cash 6 000 00
Paid semiannual interest and $3,594
$3,594÷÷
amortized 1/10 of discount. 10
10
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Premium
If the market rate of interest is 11% and the contract
rate is 12%, the bond would sell for $103,769.
Present value of face amount of $100,000 due in 5
years at 11% compounded annually: $100,000 x
0.58543 (PV of $1 for 10 periods at 5½%) $ 58,543
Present value of 10 semiannual interest payments of
$6,000 at 11%compounded semiannually: $6,000 x
7.53763 (PV of annuity of $1 for 10 periods at 5½%) 45,226
Total present value of bonds $103,769
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Premium
Sold $100,000 of bonds for
$103,769 (a premium of $3,769).
2005
Jan. 1 Cash 103 769 00
Bonds Payable 100 000 00
Premium on Bonds Payable 3 769 00
Issued $100,000 bonds at a
premium.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Bonds Issued at a Premium
On June 30, paid the semiannual
interest and amortized the premium.
2005
June 30 Interest Expense 5 623 10
Premium on Bonds Payable 376 90
Cash 6 000 00
Paid semiannual interest and
$3,769
$3,769xx1/10
1/10
amortized 1/10 of bond premium.
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Zero-Coupon Bonds

Zero-coupon
Zero-coupon bonds
bonds do do notnot provide
provide for
for interest
interest
payments.
payments. Only
Only the
the face
face amount
amount isis paid
paid at
at maturity.
maturity.
Assume
Assume market
market rate
rate isis 13%
13% atat date
date of
of issue.
issue.
Present value of $100,000 due in 5 years at 13%
compounded semi annually: $100,000 x 0.53273
(PV of $1 for 10 periods at 6½%)
$53,273
Accounting
Accounting for
for Bonds
Bonds Payable
Payable
Zero-Coupon Bonds
On
On January
January 1,
1, 2005,
2005, Issue
Issue 5-year,
5-year,
$100,000
$100,000 zero-coupon
zero-coupon bonds
bonds when when the
the
market
market rate
rate of
of interest
interest isis 13%.
13%.
2005
Jan. 1 Cash 53 273 00
Discount on Bonds Payable 46 727 00
Bonds Payable 100 000 00
Issued $100,000 zero-
coupon bonds.
The
The bond
bond indenture
indenture may
may require
require that
that aa
fund
fund forfor the
the payments
payments of of the
the face
face value
value
of
of the
the bonds
bonds at at maturity
maturity be
be set
set aside
aside over
over
the
the life
life of
of the
the bonds.
bonds. This
This special
special fund
fund
isis called
called aa bond
bond sinking
sinking fund.
fund.
Bond
Bond Redemption
Redemption
Langkah-langkah Penarikan:
1. Hitung dan Jurnal besarnya Amortisasi
Premium/Discount (tgl Bunga terakhir
s.d. tgl Penarikan)
2. Hitung Nilai Buku/Book Value Bonds:
BV = Face Ammount + Unamortization
Premium
or
BV = Face Ammount - Unamortization
Discount
Bond
Bond Redemption
Redemption
Langkah-langkah Penarikan:
3. Bandingkan BV vs Harga Penarikan
4. JURNAL PENARIKAN
a. BV = Hg. Penarikan no Gain/Loss
b. BV < Hg. Penarikan Loss
c. BV > Hg. Penarikan Gain
Bond
Bond Redemption
Redemption
On
On June
June 30,
30, aa corporation
corporation has
has aa bond
bond issue
issue ofof
$100,000
$100,000 outstanding
outstanding on
on which
which there
there isis an
an
unamortized
unamortized premium
premium of of $4,000.
$4,000. TheThe corporation
corporation
purchases
purchases one-fourth
one-fourth of
of the
the bonds
bonds for
for $24,000.
$24,000.
2005
June 30 Bonds Payable 25 000 00
Premium on Bonds Payable 1 000 00
Cash 24 000 00
Gain on redemption of Bonds 2 000 00
Retired bonds for $24,000.
Bond
Bond Redemption
Redemption
Perusahaan
Perusahaan melunasi
melunasi Bondsnya
Bondsnya dengan
dengan
harga
harga penarikan$105,000.
penarikan$105,000.
2005
June 30 Bonds Payable 100 000 00
Premium on Bonds Payable 4 000 00
Loss on Redemption of Bonds 1 000 00
Cash 105 000 00
Retired bonds for $105,000.
Investments
Investments in
in Bonds
Bonds
Bonds dapat dibeli langsung dari perusahaan
penerbit atau dari pasar modal.
Harga Bonds biasanya ditentukan dalam
prosentase/ percentage dari Nilai
Nominal/face amount.
Premium
Premium /Discount
/Discount langsung
langsung
ditambahkan/dikurangkan
ditambahkan/dikurangkan dalam
dalam Akun
Akun
“Investment
“Investment In
In Bonds”
Bonds” dan
dan diamortisasi
diamortisasi
sepanjang
sepanjang sisa
sisa umur
umur Bonds
Bonds
Investments
Investments in
in Bonds
Bonds
On
On April
April 2,
2, 2005,
2005, Purchased
Purchased aa $1,000
$1,000 Lewis
Lewis
Company
Company bond
bond at
at 102
102 plus
plus aa brokerage
brokerage fee
fee of
of
$5.30
$5.30 and
and accrued
accrued interest
interest of
of $10.20.
$10.20.
2005
Apr. 2 Investment in Lewis Co. Bonds. 1 025 30
Interest Revenue 10 20
Cash 1 035 50
Invested in a Lewis
Company bond.
Note that the brokerage fee is added
to the cost of the investment.
Investments
Investments in
in Bonds
Bonds

Contoh
Contoh Lengkap
Lengkap
Investments
Investments in
in Bonds
Bonds
On
On July
July 1,
1, 2005,
2005, Crenshaw
Crenshaw Inc.Inc. purchases
purchases
$50,000
$50,000 of of 8%
8% bonds
bonds of
of Deitz
Deitz Corporation
Corporation due due
in
in 88 3/4
3/4 years.
years. The
The effective
effective interest
interest rate
rate isis
11%.
11%. The Thepurchase
purchaseprice
priceisis$41,706
$41,706 plus
plus
interest
interest ofof $1,000
$1,000 accrued
accrued from
from April
April 1,
1, 2005.
2005.
2005
July 1 Investment in Deitz Corp. Bonds. 41 706 00
Interest Revenue 1 000 00
Cash 42 706 00
Purchased investment in $50,000 x 8% x 3/12
bonds, plus accrued interest.
Investments
Investments in
in Bonds
Bonds
Received
Received semiannual
semiannual interest
interest for
for April
April 11 to
to
October
October 11 ($50,000
($50,000 xx 8%
8% xx 6/12).
6/12).

Oct. 1 Cash 2 000 00


Interest Revenue 2 000 00
Received semiannual
interest for April 1 to
October 1.
Investments
Investments in
in Bonds
Bonds
Adjusting
Adjusting entry
entry for
for interest
interest accrued
accrued
from
from October
October 11 to
to December
December 31 31
($50,000
($50,000 xx 8%
8% xx 3/12).
3/12).
Dec. 31 Interest Receivable 1 000 00
Interest Revenue 1 000 00
Adjusting entry for interest
accrued from October 1 to
December 31.
Investments
Investments in
in Bonds
Bonds
Adjusting
Adjusting entry
entry for
for amortization
amortization of
of
discount
discount for
for July
July 11 to
to December
December 31:
31:
($50,000
($50,000 –$41,706)/105
–$41,706)/105 xx 66 months.
months.

Dec. 31 Investment in Deitz Corp. Bonds 474 00


Interest Revenue 474 00
Adjusting entry for Rounded to
amortization of discount nearest dollar
from July 1 to December 31. ($79 a month)
Investments
Investments in
in Bonds
Bonds

Investment Revenue
July 1 1,000 Oct. 1 2,000
Dec. 31 1,000
31 474
3,474
Bal. 2,474
Investments
Investments in
in Bonds
Bonds
The
The Deitz
Deitz bonds
bonds are
are sold
sold onon June
June 30,
30, 2012
2012
for
for $47,350
$47,350 plus
plus accrued
accrued interest.
interest. ItIt has
has
been
been sixsix months
months since
since the
the last
last amortization
amortization
entry,
entry, soso amortization
amortization forfor the
the current
current year
year
must
must be
be recorded
recorded (6 (6 months).
months).
2012
June 30 Investment in Deitz Corp. Bonds 474 00
Interest Revenue 474 00
Amortized discount for $79 x 6
current year.
Investments
Investments in
in Bonds
Bonds
Investment in Deitz Corporation Bonds
2005
July 1 41,706
The investment
Dec. 31
2006
474 $79 x 6
account after all
Dec. 31 948 $79 x 12
2007
Dec. 31 948 amortization
2008
Dec. 31 948 entries have
2009
Dec. 31 948 been made,
2010
Dec. 31 948 including the
2011
Dec. 31 948 June 30, 2012
2012
June 30 474 adjusting entry.
48,342
Investments
Investments in
in Bonds
Bonds
This
This investment
investment was
was sold
sold onon June
June 30,
30, 2009
2009
for
for $47,350
$47,350 plus
plus accrued
accrued interest.
interest. ItIt has
has
been
been sixsix months
months since
since the
the last
last amortization
amortization
entry,
entry, soso amortization
amortization forfor the
the current
current year
year
$50,000
must
must be
be recorded
recorded (6 (6 months).
months). x 8% x
2012 3/12
June 30 Cash 48 350 00
Loss on Sale of Investment 992 00
Interest Revenue 1 000 00
Investment in Deitz Corp. Bonds 48 342 00
Financial
Analysis and
Interpretation
Number
Number of
of Times
Times Interest
Interest
Charges
Charges Earned
Earned
Solvency Measures—The Long-Term Creditor

Number
Number of
of Times
Times Interest
Interest Charges
Charges Earned
Earned
2006 2005
Income before income tax $ 900,000 $ 800,000
Add interest expense 300,000 250,000
Amount available for interest $1,200,000 $1,050,000
Income before income tax + Interest expense
Interest Expense
2005 $800,000 + $250,000
2005 = 4.2 times
$250,000
Solvency Measures—The Long-Term Creditor

Number
Number of
of Times
Times Interest
Interest Charges
Charges Earned
Earned
2006 2005
Income before income tax $ 900,000 $ 800,000
Add interest expense 300,000 250,000
Amount available for interest $1,200,000 $1,050,000
Income before income tax + Interest expense
Interest Expense
2006 $900,000 + $300,000
2006 = 4.0 times
$300,000
The
The purpose
purpose of of the
the ratio
ratio isis to
to
assess
assess the
the risk
risk to
to debtholders
debtholders in in
terms
terms of
of number
number of of times
times interest
interest
charges
charges were
were earned.
earned.
Chapter 15

The
The End
End