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Premium share account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Premium share account

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by MikeLittle.
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  • June 7, 2014 at 11:21 pm #175092
    seanog91
    Member
    • Topics: 83
    • Replies: 54
    • ☆☆

    Hi,

    I was just wondering is there any particular order that the premium share account has to be used to pay off debts such as debentures and expenses etc?

    Thanks

    June 8, 2014 at 1:59 pm #175193
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    No, there is no sequence in which the share premium (not the premium share!) account should be used. In fact, writing off the preliminary and formation expenses would logically be the first to be debited to the share premium account but after that it’s a question of what happens next.

    It could be providing for the premium payable on the redemption of shares and / or debentures. It could be financing the issue of fully paid bonus shares to existing members. It could even be writing off the commissions paid on, expenses of or discounts allowed on any issue of shares and / or debentures.

    No, no particular sequence

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