本帖最後由 小雪冰 於 30-6-2013 12:43 編輯
Issue of shares and debentures
最後更新:
22/4/2013 新增常見題目種類 & 注意事項 : 混合題第1-3點 & limited company a/c題第1點
~本課概要~
係學limited company之前
一定要學左呢課先
因為limited company既FS好有機會牽涉到issue of shares and/or debentures
分別係股票同債劵
所以一定要先對shares & debentures有所認識
跟住先會做到limited company既FS preparation
呢課係CE絕少會獨立開一題
通常都係撈埋limited company黎考既
AL都有機會自己出一題
不過DSE大概都係會跟番CE既出題方向
姐係都唔會自己出一題 而係夾埋limited company出
不過我都會係呢課講下獨立一題既出法同做法既
至於撈埋limited company出既題目
就請參考#7 limited company accounts既試題示範
~內容解說~
本課所採用之簡寫如下:
fin yr = financial year
ord shares = ordinary shares
pre shares = preference shares
(N-)cumu pre shares = (non-)cumulative preference shares
cap = capital
A = assets
L = liabilities
div = dividend
au share cap = authorized share capital
deben = debentures
in = interest
先聲明 CE獨立一題既出法有可能會涉及outsy既部份
例如係first call / final call呢d
見到就可以飛左佢
因為DSE學生係唔會識做既 而且都唔需要考
另外 由於呢課需要記少少式
所以我會係呢part最尾既部份加番個summary
入面會寫低哂呢一課會用到既式
不過其實唔使死背
明白左d式背後既原理之後
唔使背都可以自己砌番出黎
所以最緊要係明左個原理
而唔係死背式
入正題
先講shares
大家學business既時候應該都知道shares有分兩種
同埋只有public limited company先可以issue shares to the public既
而呢2種shares就係ordinary shares & preference shares
都再係度講下兩者既分別先
1. 派dividend
ordinary就唔一定每個fin yr end都要派dividend
派既話 每次派既% / $ per share都唔一定會一樣
preference就規定左係每個fin yr end派dividend
每次都係派番固定左既%
係派ordinary之前 一定要派哂preference果d先
dividend又有兩個名
就係interim dividend & final dividend
前者係去到fin yr既一半既時候所派既dividend
後者就係去到fin yr end既時候派既dividend
當然唔一定會有interim and/or final dividend
都要睇番公司個情況黎決定派定唔派
2. voting right
ordinary可以係shareholders’ meeting度投票
preference就唔得
3. claim of A in liquidation
pre shareholders會先過ord shareholders喇番d cap先既
當然 咁樣唔代表pre shareholders一定有錢喇得番
因為pre shareholders都唔係最先喇得番自己投資左既cap既持分者
而且就算佢係最先果個 都唔代表公司真係會有錢賠
不過呢個情況我諗就比較極端啦
而pre shares又可以再細分為兩種
就係cumulative pre shares / non-cumulative pre shares
兩者分別在於有冇得累積之前未派既dividend
cumulative就會係yr2派番yr1派唔哂既dividend
(派唔哂dividend既原因可能係公司唔夠profit派哂佢)
如果都係唔夠錢 就一路咁樣累積落去
性質就好似L咁樣
non-cumulative就只會每年派番果一年既dividend
上年派唔哂果d都唔會再補番架啦
講個詳細d既例子解釋一下
例如A公司派左1,000,000 6% cumu pre shares of $1 each & 1,000,000 ord shares of $1 each
假設A公司係yr1有$100,000咁多錢可以用黎派div(ord + pre)
每年既pre shares div = $1,000,000 (x1) x 6% = $60,000
Ord shares div = $100,000 - $60,000 = $40,000
減番pre shares div出黎既數就係用黎派ord shares div
咁今年就夠錢派pre shares dividend啦
不過假設去到yr2
A公司得$50,000派div
頭先計過每年要派既pre shares div係$60,000
咁就派唔哂 仲剩番$10,000係度
所以yr2冇得派ord shares div
呢$10,000就等到yr3或之後再派埋佢
到yr3
假設A公司有$150,000用黎派div
本身每年要派既pre shares div係$60,000
而上年(yr2)就仲有$10,000未派
咁yr3除左派番呢$60,000之外
就要再派埋呢$10,000
姐係總共會比左$70,000 pre shares div出去
剩低既$80,000就派比ord shareholders咁樣
好長氣咁介紹左pre shares
宜家又再介紹兩個新名詞
就係authorized share capital & issued share capital
au share cap係指一間公司最多可以issue既share amount
issued share cap係指一間公司現時已經issue左既share amount
不過唔係叫share amount / value 而係叫cap
因為share係屬於一間公司既cap黎
唔係L / 其他野
issued share cap = no. of shares issued x nominal value per share
nominal value又名par value
姐係張share最原本既價錢
性質同stock既cost相似
例如一間公司issue左$100,000 ord shares of $2 each
咁佢既issued share cap = $100,000 x $2 = $200,000
題目有時會提供au share既
不過冇既就唔使寫出黎
有先要寫架姐
知道乜野係shares之後
係時候學埋issue shares既過程啦:
(唔使特登背既 但係要知
題目唔會直接考 而係間接咁需要你用到有關既知識)
Step 1 : 邀請public去subscribe shares
Step 2 : 想subscribe既人就會作出申請 & 一次過比哂自己想買既shares既價錢
(nominal value)
Step 3 : 派shares比applicants
Step 4 : 如果shares係over-subscribed (太多人申請 所以派唔哂咁多shares比佢地) , 公司就會退番呢班人之前申請既時候比既錢比佢地
咁shares唔一定要issued at nominal / par value既
公司都有權吊高 / 壓低佢d shares黎issue
咁當然 佢想咁樣做既時候都要因應番自己間公司既情況
好有前景既公司就梗係吊高黎賣都有人肯買啦
吊高黎賣就叫issued at premium
壓低黎賣就叫issued at discount
例如shares of $1 each所issue既價錢係shares of $3 each
咁就叫做issued at premium of $2 (=3-1)
不過如果係issue做shares of $0.5 each既
咁就係issued at discount of $0.5 (=1-0.5)
但係題目通常都係issue at par value / premium
大概係因為要因應番香港既實際情況
如果公司想係香港issue shares at discount
係要經過好多程序既
所以係香港就好少會見到有issue at discount既情況出現
講完咁多前言 係時候正式入題
issue of shares既a/c entries係要點做架呢?
分番開par value / premium / discount / over-subscription / under-subscription五種情況講先
1. shares issued at par value
假設B公司想issue 100,000 ord shares at $5 each at par
(at par = issued at par value ; premium / discount都係用呢個方法寫)
而所有shares都岩岩好比人買哂 冇多又冇少
咁就會做以下entries:
先入錢
Dr Bank $500,000 (=100,000 x $5)
Cr Ordinary share applicants $500,000
ord share applicants只係一個暫時性既a/c
一陣入落share cap a/c既時候會close off既
另外 呢個a/c個名冇限制既 up到個意思就得
姐係個a/c係用黎入番咁多個applicants總共比左公司既錢
每次派shares都一定要開呢個a/c
即使呢個a/c係issue完shares之後都會消失都好
一樣唔可以直接入左bank同埋share cap就算
後派shares
Dr Ordinary share applicants $500,000
Cr Ordinary share capital $500,000
所有share cap都會入番落BS share cap既部份
Limited company既FS同sole proprietorship既有些少分別
詳情同埋寫法可以睇番#7 limited company account既格式部份
2. issued at premium
假設C公司想派100,000 ord shares of $2 each at a price of $5 per share
而所有shares都岩岩好比人subscribe哂
要做既entries就如下:
都係先入錢
Dr Bank $500,000 (100,000 x $5 = $500,000)
Cr Ordinary share applicants $500,000
跟住就派shares
Dr Ordinary share applicants $200,000 (100,000 x $2 = $200,000)
Cr Ordinary share capital $200,000
Cr Share premium $300,000 [100,000 x $ (5-2) = $300,000]
今次會開多個新既a/c
叫share premium
呢個a/c既名就固定左 冇得變既
香港法律 (公司法) 規定公司入share cap既時候只可以入shares既par value
有剩既錢就要入落share premium度
公式係no. of shares issued x (premium price per share – par value per share)
簡言之 一定要分番開兩者黎入
每次issue shares at premium既時候都係咁做
share premium會入落BS reserves既部份
詳情請見#7 limited company accounts既格式部份
share premium可以用黎派bonus shares / write off costs of issuing shares or share discount之類
share discount會係跟住呢部份出現 到時再解釋係咩黎
3. issue at discount
假設D公司想issue 100,000 ordinary shares of $10 each at a price of $6 each
同埋所有shares都subscribe哂
程序其實同issue at premium都差唔多
只係有少少唔同
都係先入錢啦
Dr Bank $600,000 (100,000 x $10 = $1,000,000)
Cr Ordinary share applicants $600,000
後派shares
Dr Ordinary share applicants $600,000 (100,000 x $6 = $600,000)
Dr Share discount $400,000 [100,000 x $ (10-6) = $400,000]
Cr Ordinary share capital $1,000,000
share cap無論係issue at premium定discount都好
一定都係入番佢既par value落去
都係照用番issue左既share數目 x par value咁計
今次要開一個叫share discount既a/c
又係同share premium一樣 唔改得名
入既錢就係shares既par value & 打左discount之後既價錢兩者既差距
姐係no. of shares issued x (par value per share – discount per share)
4. over-subscription
頭先講果3種情況都係岩岩好subscribe哂所有shares既
但現實中好難真係次次都會岩岩好
而subscription (=application)大過no. of shares planned to be issued就係叫做over-subscription
今次假設E公司想issue 100,000 ordinary shares of $5 at par value
但係applications就有200,000張咁多
咁就有200,000 – 100,000 = 100,000張shares多左出黎
點都好 錢就照入左佢先
Dr Bank $1,000,000 (200,000 x $5 = $1,000,000)
Cr Ordinary share applicants $1,000,000
shares又係派左先
Dr Ordinary share applicants $1,000,000
Cr Ordinary share capital $500,000 (100,000 x $5 = $500,000)
Cr Bank $500,000 [$1,000,000 - $500,000 OR (200,000 – 100,000) x $5]
因為E公司淨係諗住派100,000張ordinary shares
有剩果d application (100,000張) 就唔會入落a/cs度既
而係會將d錢refund番比applicants
5. under-subscription
同over-subscription相反
當subscription細過no. of shares planned to be issued既時候
就叫做under-subscription
假設F公司想issue 100,000 ordinary shares at $2 each at par value
而subscription只有50,000張既
有關entries就如下:
入錢
Dr Bank $100,000 (50,000 x $2 = $100,000)
Cr Ordinary share applicants $100,000
派shares
Dr Ordinary share applicants $100,000
Cr Ordinary share capital $100,000
做法冇乜特別 唔使refund之類既額外entries
同岩岩好subscribe哂既做法可以話係一樣咁濟
分別係在於兩者既subscription數量姐
岩岩提過bonus share呢樣野
bonus share係免費派比現有shareholders既shares
派bonus share既動作可以稱為bonus issue / scrip issue
印象中CE題目冇出過呢類item AL就有
題目出既時候會講類似下面呢句既句子:
issue X share for every N shares held
X & N係由公司自行決定既
例如係one / three咁樣
例如G公司想issue two shares for every 5 shares held
每張share既par value = $1
而其中一個shareholder手上有1,000張shares
entries入法就係咁:
Dr ? $400 (=1000 / 5 x 2)
Cr Share capital $400
Dr咩a/c就要視乎係用乜野issue
例如係share premium
題目一定會講埋既
至於Cr share cap果度
Cr咩share又係視乎係派乜野share
可以係ord / pre
同埋今次就唔使再經share applicants黎入entries
另外仲有種叫right issue既issue share方法
姐係以低過current market price既優惠價比現有shareholders買shares
entries既做法同上面提到果3種issue方法都差唔多
假設H公司話shareholders可以用$4 per ord share既價錢黎買市價$10 per ord share同既ord shares
ord share既par value係$1
而呢間公司總共有100,000張issued ord shares
同埋所有shareholders都接受呢個offer
咁就會做以下entries:
Dr Bank $400,000 (100,000 x $4 = $400,000)
Cr Ordinary share capital $100,000 (100,000 x $1 = $100,000)
Cr Share premium $300,000 [$400,000 - $100,000 OR 100,000 x $(4-1)]
講完shares
係時候講埋debentures 又名bonds
deben同share既分別同樣係bus既課題入面有講過
不過我都係度再提一提
1. 性質
share係一間公司既持有權 持有者會影響到其餘shareholders既control power
deben係借比一間公司既錢 持有者唔會好似share咁影響到control power
仲有 share多數係irredeemable既 姐係公司唔可以係shareholders手上買番d share番黎
而deben多數會係redeemable 到左某個日子既時候公司就要由deben holders手上買番公司issue左既呢舊deben番黎
呢個日子就叫做maturity date
當然都會有例外啦 不過考試就好少出例外
所以我都唔係度多講 有興趣想知既睇番書都得
至於BS方面
share會係cap果部份出現
但deben就係non-current L黎
當佢距離maturity date仲有唔夠 / 等於一年既時間
咁就會搬番去current L
2. 回報
share既回報係唔穩定既 可以好多又可以蝕餐死
deben就有定期既固定interest
凡係deben都會有個% 例如係$100,000既5% debenture
姐係呢隻deben每年會派$100,000 x 5% = $5,000既interest出去
不過唔係每個deben holder收到既息都係一樣
要視乎佢買左幾多deben黎決定
係派share dividend之前(包括pre share)
一定要派左deben interest先
deben interest會每半年派一次
3. 公司清盤
頭先係share果部份講過pre shareholders會早過ord shareholders喇番投資左既cap先
如果同deben比較 咁deben又會再早過pre shareholders喇番舊錢先
舊錢唔係得principal (本金 = deben價值) 仲要比埋interest既
4. voting right
得ord shareholders先有voting rights
deben holders係冇既
deben同share一樣有3種issue既方法
就係issued at par / premium / discount
以下會介紹三種方法點樣入entries法
1. issued at par
假設I公司想issue $200,000 10% debentures at par
而$200,000比人subscribe左
咁又係先入錢
Dr Bank $200,000
Cr Debenture applicants $200,000
後派deben
Dr Debenture applicants $200,000
Cr 10% debentures $200,000
不過如果人地subscribe左$300,000既deben
咁就要refund番d錢比applicants
頭先入錢同埋派deben既amount就變做$200,000 = deben本身既價錢
剩低果$100,000就咁樣refund:
Dr Debenture applicants $100,000
Cr Bank $100,000
記得deben個名前面一定會有個%係度
因為冇寫而比marker扣分咁就慘啦
2. issued at premium
deben所派既interest係跟nominal interest rate既
姐係係deben certificate上面寫明果個%
deben holders都會有張咁既certificate既
另外仲有個叫market interest rate 又名effective interest rate
姐係market上面同呢隻deben差唔多risk既deben所派既interest rate
呢個interest rate就好似share既market price一樣會變黎變去
deben holders控制唔到佢既
於是issue deben果日market同埋nominal interest rate好有可能會唔同
如果nominal interest rate > market interest rate
咁呢隻deben既issue price就會大過佢既par value
咁就叫做issued at premium
假設Z公司打算issue $100,000 6% deben at 105
同埋$100,000都比人subscribe左
at 105個105其實係個%黎
咁樣寫姐係有5% premium (105-100)
都係先入錢
Dr Bank $105,000 ($100,000 x 5%)
Cr Debenture applicants $105,000
後派deben & 入premium
Dr Debenture applicants $105,000
Cr 6% debenture $100,000 (原本既價錢)
Cr debenture premium $5,000 ($105,000 - $100,000 OR $100,000 x 5%)
今次個deben premium唔會好似share premium咁由佢儲係度
而且會根據deben life黎攤分左佢 (amortisation)
直到分哂為止
假設頭先issue果隻deben life有10年
派deben既日期係1 Jan 2000
maturity date係1 Jan 2010
而且係平均攤分 (可以唔係平均都得 不過呢度就唔講咁複雜住)
當Z公司每次派interest既時候
(第一次係1 July 2000 第二次係1 Jan 2001)
就會做以下entries:
Dr Debenture interest $2,750 ($3,000 - $250)
Dr Debenture premium $250 ($5000 / 10 x 6/12 = premium / yr of life x 半年)
Cr Bank $3,000 ($100,000 x 6% x 6/12 = 要派既interest)
扣左2次(半年派2次interest)呢$250 premium出黎之後
BS as at 31 Dec 2000顯示既deben amount都會扣左$500出黎
剩低原本既價值 + unamortised premium
姐係$104,250
($100,000 + $5,000 - $500 = deben par value + premium – amortised premium)
如果個issue date比較核突
例如係1 Feb 2000先黎issue 但31 Deb 2000係fin yr end date
咁amortised premium就會計11個月
用番incurred period黎入數
而唔係跟派in既日子黎入
3. issued at discount
今次就同issued at premium相反
隻deben既nominal in rate < market in rate
就係issued at discount
假設Y公司打算issue $200,000 6% debentures at 94
姐係有6% discount (100-95)
$200,000都subscribe左
先入錢
Dr Bank $188,000 ($200,000 x 94%)
Cr Debenture applicants $188,000
後派deben
Dr Debenture applicants $188,000 ($200,000 x 94%)
Dr Debenture discount $12,000 ($200,000 - $188,000 OR $200,000 x 6%)
Cr 6% Debenture $200,000 (par value)
同樣地 deben discount都係要攤分既
如果今次都係1 Jan 2000 issue
1 Jan 2010係maturity date
Fin yr end date係31 Dec
同埋係平均分攤
每次派in既時候就做以下entries:
Dr Debenture interest $6,600 ($600 + $6,000)
Cr Debenture discount $600($12,000 / 10 x 6/12)
Cr Bank $6,000 ($200,000 x 6% x 6/12)
(已派兩次in) BS as at 31 Dec 2000所顯示既6% deben價錢就係$189,200
($200,000 - $12,000 + $1200 = deben par value – discount + amortised discount)
share & deben issue方法就講哂啦
以下係公式summary
a. Share
1. bank receipt
= no. of shares subscribed x issued price (未必係par value)
2. share cap
= par value x no. of shares issued (over / under-subscription要自行調節)
3. premium
= (issued price per share – par value per share) x no. of shares issued
4. discount
= (par value per share – issued price per share) x no. of shares issued
5. refund
= (no. of shares subscribed – no. of shares planned to be shared) x issued price per
share
b. Debenture
1. bank receipt
= subscription$ x issued % (未必係100% / par value)
2. N% deben a/c
= par value x issued% (有discount先要乘)
3. premium
= par value x (? – 100)% (?係睇番issued at幾多黎決定)
4. discount
= par value x (100-?)% (同上)
5. refund
= (subscription$ - par value) x issued%
6i. (issued at premium) interest (=入落bank a/c既amount)
= par value x n% x payable period – premium / deben life
6ii. (issued at discount) interest (=入落bank a/c既amount)
= par value x n% x payable period + discount / life
(Payable period係指舊interest係包左長時間
例如派半年in 咁payable period = 6/12
n%本身係指緊interest per year
所以就會係6/12 = 0.5年
7i. (BS , issued at premium) n% deben amount
= par value + (total premium – amortised premium)
7ii. (BS , issed at discount) n% deben amount
= par value – (total discount – amortised discount)
8. (每月平均攤分) deben premium / discount amortised each time
= total premium / deben life x period
period係指果年fin yr包左幾多個平均攤分既月份
例如1 Feb開始計 31 Dec係fin yr end date
咁每年年尾果個period就會係11個月
姐係11/12 = 0.9166年 (除唔盡)
~常見題目種類~
1. (獨立題) 比issue of shares/deben既詳情
跟住做journal entries / 相關a/cs
2. 混入limited company a/c果課一齊出
多數會撈左係FS入面
~注意事項~
獨立題 & 混合limited company a/c題目適用
1. 如果題目話”receive $X debnen”的話
呢個係subscription $黎 未乘番issue既%
(例如at 98 就係x 98%)
所以入a/cs既時候要自己乘番
2. deben amortised premium / discount係按issue左既時間黎攤分
而唔係跟派interest既時間黎攤分
Interest係每半年先會派一次
但係deben premium / discount係跟番deben life黎分
詳細分法就要視乎題目點樣講
3. 有時題目會話share會用pro-rata basis黎issue
pro-rata basis姐係allot 1 share for every N shares subscribed for
例如一間公司想issue 100,000張shares
但係就收到200,000張subscriptions
咁都係得100,000張shares可以issue出去架姐
所以今次就係allot 1 share for every 2 shares subscribed for
例如我subscribe左5,000張shares
咁我就只會收到5,000 x 1/2 = 2,500張shares架姐
limited company a/c題適用
1. 一見到有n% deben就即時計番一年既interest
睇下會唔會有accruals
多數題目都會有半年既accruals既
不過都要自己計番 始終條條唔一樣 |