Subscriptions of Shares
ever company issues shares it is not necessary that all shares issued by
company are also subscribed by public. There are three situation of
subscription by public
1. Full subscription- In this situation number of shares offered for subscription and the number of shares actually subscribed by public are same.
2. Under subscription - In this situation number of shares offered for subscriptions is more than number of shares subscribed by public.
3. over subscription- In this situation number of shares offered for subscription is less than number of shares subscribed by public.
Shares issued at Discount(Section 53):- As per new section 53 of the co. act 2013, no shares can be issued at discount( except ESOP and Sweat equity shares)
Shares Issued at Premium( section 52):- It is that situation where company issue share more than its have clue nominal value / face value. This extra amount is called share premium. Example, where face value of company is Rs. 100 and company issue it at Rs. 200, here Rs 100 is share premium.
Treatment of security Premium:- Amount of security premium is credited to separate account called security premium account. It is not part of capital. It is shown on liabilities side of balance sheet under the sub-head reserve and surplus( Heading shareholder’fund). According to section 52 of company Act 2013, security premium may be used by company for the following purpose
a) For issuing Bonus shares
b) To write off preliminary expenses of company
c) To write off expenses, commission, and discount allowed on any securities and debenture of company.
d) To pay premium on redemption of preface share or debenture of company
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