Most people who invest in stocks are closely watching their course, growth opportunities. But we must not forget that the shareholder's profit can also be expressed in the form of dividends.

Their shareholders are paid by the company that issued the securities. Together, foreign exchange gains on shares of companies and share dividends constitute the total profit of the shareholder.

Dividends on shares: how to figure it out?

Dividends represent a portion of a JSC's income that it pays out on issued shares. The decision on payment is made by the constituent assembly of the company. It itself determines how much income from the shares its shareholders will receive.

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When the joint stock company has paid all taxes and made all the necessary deductions, it can use the remaining profit two ways:

1. to increase its influence on the market, increase its level, expand production (in other words, profits will be reinvested);
2. to pay dividends on shares.

How these accruals will be paid depends, firstly, on the company's dividend policy, and secondly, on the size of its income in each period of time. As a rule, companies prefer to divide funds between reinvestments and dividends in a 50:50 ratio. But there are also special cases. For example, in rapidly growing companies, most of the funds go to support development, and only a small share is allocated to dividend payments. If the stocks become cheaper, then the amount of dividends on the shares is increased in order to whip up their price.

Formation of a dividend

So, the dividend represents the net profit of the joint-stock company for the year attributable to one share. This profit is distributed to shareholders in accordance with how many and what shares they have. The amount of dividends on shares differs depending on their types and categories.

The JSC Law emphasizes that maximum size Dividend payments can only be set by the supervisory board of the company. It is either a fixed amount of money, or a percentage of a certain face value.

What are dividends made of?

During the year, the company works, carries out operations in the market and receives profit from them. After analyzing the situation on the market towards the end of the year, the shareholders' meeting decides what part of the profit will go to pay dividends and be divided among the shareholders.

The company is not required to make payments every year. Therefore, in some companies, dividends can be paid once a year, and in others once every 3 years.

If the meeting concludes that investing profits in the development of the enterprise and the future increase in income will be more profitable, then the company can do without dividend payments.

Only preferred stock dividends must always be paid until the company ceases to exist.

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The main types of dividends on shares

There are several reasons for classifying dividends that JSCs pay. Depending on the basis, there are different characteristics dividends:

1. By frequency of payments:

• annual;
• semi-annual;
• quarterly;
• monthly (very rare).

2. By type of shares for which dividends are accrued:

• ordinary;
• privileged.

Depending on the type of securities, dividends on them have certain features.

For example, ordinary shares:

• are confirmation that the person participates in the joint-stock company and has the right to vote at the meeting of shareholders;
• give the holder the right to receive dividends on shares and some of the property of the company if it is liquidated after all its debts have been paid.

In its turn, preference shares superior to conventional ones in a number of ways:

• payments on them are made in the first place;
• if the company is liquidated, then the shareholders holding preferred shares have more rights to its property than the holders of ordinary shares. Their property share corresponds to the share, which is expressed in the share price.

3. By part of the full size:

• full;
• partial (if the payment of dividends on shares was made only partially).

4. By the form of payment and the method of calculation:

• in the form of money;
• in the form of property (including shares).

Stocks that pay dividends in the form of money give the investor more weight in the stock meeting. This makes them more preferable.

If the shareholder receives less or does not receive any dividends in cash, then the company is obliged to reimburse him the interest for the overdue payment. If the terms of payment of dividends on shares in kind are violated, then no interest is paid.

5. By frequency and level of expectation.

This criterion determines how often and within the schedule dividends are paid out:

• main (dividends that the holder of the security receives regularly, in accordance with the agreement and by the decision of the meeting of the JSC);
• additional, or special (issued out of the ordinary, if it was decided to make an additional payment of dividends on shares).

You can also focus on whether the company pays dividends regularly. Some joint-stock companies decide not to make such payments at all, while others have extremely rare dividends. This is also the basis for classification.

Finally, another good criterion for classification is the ratio of dividends to inflation or interest rates on deposits for the year.

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Dividends on shares: for what and how to pay?

The holder of securities can count on dividends only on those shares that he fully redeemed from the company and paid in full.

As already mentioned, the shareholder has two ways to receive income from them:

1. Trading on stock exchanges. To make a profit, a shareholder can buy shares, then sell them for a higher price when the price rises; or borrow expensive stocks from a brokerage, sell at a high price, wait for them to fall in price, buy again for less and return to the broker.
2. Dividends. This path involves keeping the shares at home, regardless of inflation. Share ownership pays dividends, which are the net income of the holder. As the stock price goes up, so do the payouts.

How to get dividends on shares if you live in Russia is a big question. Not all securities will bring this stable type of income.

First, the so-called "preferred shares", or, in other words, preferred shares, can become a source of dividends. In theory, the very definition of a preferred share implies that it pays dividends to its holder. In practice, the situation is somewhat different.

Each new meeting of shareholders of any joint-stock company makes a decision on dividends anew. As a result, they become a much less stable form of income.

There are several companies that make even small but constant dividend payments on sold shares. Such payments are received by preferred shareholders of Surgutneftegaz and Tatneft. They often encourage the holders of their shares in Lukoil and Severstal.

There are types of securities for which you should not expect dividends, because they are not calculated and paid in principle.

These promotions include:

1. Those that were not released into circulation.
2. Those that the JSC itself bought and left on its balance sheet in accordance with the decision of the founding council.
3. Those that the joint-stock company redeemed for itself at the decision or request of the shareholders.
4. Those that ended up in the hands of the JSC because the buyer did not fulfill his purchase obligations.

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Decision of the JSC meeting on dividends on shares

The law requires a JSC to decide whether it will pay dividends, and how much it will pay, at the time of filing its annual accounts.

There are a number of statutory conditions under which JSCs are prohibited from paying such accruals to holders of securities.

The Board of Shareholders cannot decide on the payment of dividends on shares if the company:

• has not yet fully paid its share capital;
• does not comply with the requirements on the amount of net assets;
• did not redeem all shares at the request of shareholders;
• is already or will be on the verge of bankruptcy or bankruptcy after the payment of dividends.

To receive a dividend payout, the holder of shares does not have to own them all year. The shares must be with him at the time when the register of persons to whom dividends will be transferred is compiled (this moment is called the cut-off). The cut-off is made within 10-20 days from the announcement of dividends.

Exchange trading is carried out in the T + 2 mode: the holder must buy a share no later than 2 days before the cutoff. For example, if a registry fix is ​​scheduled for November 14th, then the holder can purchase it on the 12th and sell it on the 13th. He will not lose his right to a dividend payment.

The investor has the opportunity to buy securities shortly before closing, which is announced in advance by the company. But he must keep in mind that after the dividend is paid on the stock, it will fall in value because the company will lose some capital.

When working without intermediaries, the shareholder receives dividends by one of four ways:

1. to a bank account;
2. on bank card;
3. mail transfer;
4. in cash through the cash desk of the issuing company.

For example, if the holder deals with Gazprom shares, then all transfers will be made through Gazprombank.

How to choose companies that will bring good stock dividends

Data on dividend payments made by the company are usually given in the contract for the purchase of shares. It mentions what percentage of a company's income goes towards its dividend policy.

Council number 1. The potential shareholder should clarify in what format dividend payments will be made, whether they will be fixed or will change depending on the profit of the organization.

The contract may contain clauses that additionally stipulate the procedure for dividend accruals. For example, dividend payments on shares will be canceled if the company showed a loss on Russian system accounting, even if international standards profit is noted. Or certain amounts may be deducted from payments in connection with the translation of the company's assets.

The closing date of the securities register is set by the company that produces them. They can be tracked either through her website or through brokers.

Once the board of the joint-stock company has made a decision, dividends should theoretically be accrued within 60 days. But in practice, the time of their payment can be longer. Taxes on dividend payments are deducted before they reach the holder at a rate of 9%.

Council number 2. It is worth studying how the company has developed and what its history is.

Each of the companies has its own history, its own development conditions that need to be taken into account.

An organization that has never paid dividends to anyone is unlikely to at some point start rewarding its shareholders with shares of the profits. The winning option is the organization that for many years has consistently accrued dividend payments, keeps share prices and dividends at high level and remains profitable even during the economic crisis.

Usually these two facts are closely related. If the company does not incur large losses, then it can afford to give away part of the profits to shareholders. Such consistently profitable companies are, for example, enterprises that produce and sell energy.

Council number 3. It is necessary to plan to receive dividends according to the yield of shares.

If Bank deposit is a fairly predictable investment, with returns that can be predicted for the long term, the dividends are much less constant. Shares often change in price. There is a formula by which you can calculate the income from dividend accruals: (amount of remuneration per share) / (share purchase price) x 100%.

For example, the holder of Gazprom shares paid 80 rubles for the purchase of each of them at the beginning of 2010. He has 100 shares in total. He received annual dividends equal to 3.85 rubles. for each of them. Then the income of this holder will be 3.85 x 100 = 385 rubles, or 3.85/80 x 100% = 4.8% per annum.

And another holder, who preferred to buy 100 shares of MTS, at the beginning of the year paid 250 rubles for each of them. At the end of the year, he rejoiced at high dividends: MTS paid shareholders 14.54 rubles for each of the shares. This holder received 14.54 x 100 = 1454 rubles or 14.54/250 x 100% = 5.8% per annum.

Calculating dividends on shares based on this formula is quite simple.

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Expert opinion

I like firms that generate profits. Their shares are worth buying

Georgy Gens,

President of the LANIT group of companies, Moscow; PhD in Economics

The question of what to buy on the stock market only seems simple. Answer: "Buy stocks that are rising in price" helps in the choice, but only to some extent. No one can make a 100% prediction of how long a stock will rise. For example, some time ago, analysts around the world indicated that the shares of power unit companies were going up. Everyone listened to them, invested in RAO "UES" and got very burned out on this.

Current forecasts indicate that oil and gas companies are on the rise. This means that oil, gas, and the shares of those who deal with them will rise in price. In addition, the one who bets on food always wins. Information Technology and tourism are actively developing, their shares have good potential for growth.

I don't understand investing in internet companies. Dividends on their shares are not paid, they practically do not bring profit. But they have their own investors. As for me, I prefer companies with real profits from understandable sources. These are mastodons like Apple, Hewlett-Packard, IBM, Microsoft. They produce high-quality products that the consumer needs and guarantees them a profit. in Russian stock market deserve the support of "Gazprom", "Lukoil", "Rosneft", "Surgutneftegaz", companies from the metallurgical sector. Their shares will rise in price, if forecasts are to be believed. And companies with expensive stocks pay dividends more willingly.

Dynamics and profitability of dividends on shares

When buying securities of Russian companies, an investor can count on an average dividend yield of approximately 5% per annum.

This figure is much higher for foreign companies. In Russia, it is much more profitable not to count on dividends, but to earn on the growth in prices for acquired shares.

However, it is worth paying attention to the preferred shares of a number of Russian organizations. They are rather the exception to the rule, and yet this is an area where dividends on Russian stocks are quite high. The payouts of such companies are stable and reliable, and it is the preferred sector of securities that can be profitable. Companies from the telecommunications industry are especially different.

For now Russian economy prevents companies from spending a lot of money from their profits on shareholders.

The average global share dividend payout ratio is 14.6%. The highest dividends are observed in Brazil - 43.3%. In Turkey, the average value of dividends reaches 25.4% per annum, in India it is 23.3%.

The dividend yield of the MICEX index fluctuates by Russian market on average from 1 to 5%. This is slightly below the values ​​set for foreign companies.

The law obliges companies supported by the state to allocate at least a quarter of their profits according to the Russian accounting system for dividend payments. Projected transition to the international system financial reporting will make this percentage more significant. A number of companies, which include, for example, Rosneft, pay out 25% of their profits under IFRS to shareholders right now.

The profit of the company, from which the amount of dividends is calculated, changes every year. Accordingly, in different years, shareholders receive different dividend accruals.

Over the past 10 years, stock earnings and dividends of some companies have increased significantly. “Sberbank” increased its dividend ten times, “Lukoil” - three times, “Gazprom” - 6 times.

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Expert opinion

I don't see a bright future for equity earnings

Andrey Mansky,

Chairman of the Board of Directors, Deka, Veliky Novgorod

Gone are the days of investing in precious metals and stocks. Those who did not have time to buy, for example, gold at the beginning of the year, do not need to worry anymore: it has risen in price by more than one and a half times over recent months, and it is absolutely pointless to buy it now. The situation on the securities market is also sad. Personally, I do not see anything in which I would like to invest. Some papers will bring income, but you can’t count on big profits.

How to Calculate Stock Dividend Yield

The value of shares and dividends on them are quantities that are not always directly related. The amount of the dividend payment can be fixed at a certain level, or it can be calculated as a percentage of the par value of the share. Specific provisions on dividends are always written into the company's articles of association.

∑(d) = (G – PA) / Qa,

∑(d) is the amount of dividend on ordinary shares;

G - profit to be distributed;

PA – dividends for holders of prefs;

Qa is the number of ordinary shares.

Below are some examples of how you can determine the amount of dividends on shares.

1. The company has an authorized capital of 1 billion rubles. It is divided into two parts: a quarter of the capital is issued in the form of preferred shares, the rest - in the form of ordinary shares. They have the same denomination of 1000 rubles. Thus, a total of 1 million shares have been issued. Dividend payout on prefs is 14% of the face value. What can be dividends on ordinary shares if the total amount for dividend payments, according to the decision of the constituent assembly, should not exceed 110 million rubles?

First you need to determine how much dividends on preferred shares will cost the company. 1000 (nominal) x 14% = 140 rubles will fall on one, therefore, 140 x 250,000 = 35 million rubles. will be spent on dividends on all preferred shares.

Then 110 - 35 = 75 million rubles remain to be transferred to holders of ordinary securities.

We calculate dividends from this amount: 75,000,000 rubles. / 750,000 shares = 100 rubles, or 10% of the face value.

2. The company received for reporting period profit in the amount of 100,000 rubles. Its authorized capital is divided into 20 preference shares and 500 ordinary shares. Each of them has a face value of 1000 rubles. The shares were sold to holders: Ivanov has 390 ordinary shares, Petrov has 10 ordinary shares and 5 preferred shares, Kuznetsov has 15 preferred shares, Vasiliev has 100 ordinary shares.

Dividends on preferred shares are equal to 10% of their face value. This means that 1 such share brings the holder 100 rubles, and the company's total costs for them for the reporting period are 20 x 100 = 2000 rubles.

Each ordinary share, in this case, is subject to dividends in the amount of (100,000-2000)/500 = 196 rubles.

How much does each of the holders receive (we will not take into account the tax in the calculations)?

1. Ivanov receives 390 x 16 = 746440 rubles.
2. Petrov has 10 x 196 + (5 x 100) = 2460 rubles.
3. Kuznetsov is paid 15 x 100 = 1500 rubles.
4. Finally, Vasiliev receives 100 x 196 = 19,600 rubles.

How to calculate stock dividends (earnings capitalization)

The easiest way to explain the calculation process is with an example. Let's say on May 10, 2004, the holder purchased 20 shares of the company. On February 20, 2005, the company made a decision on the property payment of dividends: 4 shares were given for every 10 acquired if the holder owned them for a full year. The holder bought the shares only 9 months prior to the adoption of this rule, so he receives 20 (shares) / 10 x 4 x 9 (months) / 12 (months) = 6 shares.

Procedure and term for payment of dividends on shares in a joint-stock company

The federal legislation of Russia prescribes JSCs and LLCs to decide how dividends will be paid: exclusively by way of a general vote at a general meeting of founders or shareholders. At such a meeting, with entry into the minutes, they decide:

1. How much of the company's profits will go to dividends.
2. In what form they will be paid (if part of the payments will be property, their order is also decided).
3. On what dates certain holders will receive dividend payments.

There are circumstances in which a company is deprived of the right to make and comply with the decision to use some of its profits for dividends:

1. Non-compliance with the requirements for the total value of the company's net assets.
2. Incomplete payment of the authorized capital.
3. Part of the securities has not been redeemed by the date of the meeting.
4. Financial insolvency (the company is subject to bankruptcy proceedings).

When the meeting of founders decides on what dividends on shares the company will pay during the next reporting period, the following documents must be executed:

1. Minutes of the meeting or a record of the decision taken.
2. Accounting reports with transactions performed, including interim balance sheet and financial results of the company.
3. An order for the payment of dividends on shares, which can be drawn up in free form.

Interim dividend payments on shares in 2016 are made in accordance with the priority of shares, as reflected in the minutes. The order of payments takes the following form:

• 1st priority: preferred shares;
• 2nd turn: full or partial payment of cumulative securities;
• 3rd stage: shares with a statutory profit margin;
• 4th turn: shares without a statutory profit margin;
• 5th turn: ordinary shares.

When are dividends paid?

Articles 29 of the Federal Law on LLC and 42 of the Law on JSC oblige companies to pay dividends once for a certain period of time. It could be:

1. Annually.
2. Semiannually.
3. Quarterly.

Same legislative act provides that the payment of dividends on shares must be made within 25 days after the decision on it was made, if we are talking about passive shares. Actively traded shares must be paid within 10-20 days from the signing of the protocol.

Shares held by nominal and trust holders are paid for within 10 days. These restrictions apply to all companies paying dividends, regardless of their form of organization.

Public companies face even stricter time limits. For example, the terms for paying dividends on shares in 2016 for Gazprom are 10 days and no more.

If the company violates the specified terms for the payment of dividends on shares, then it is obliged to pay a fine. A company may be sanctioned in the amount of 500-700 thousand rubles, its founder is obliged to pay 20-30 thousand, and the employees of the company responsible for the accrual - 2-3 thousand.

What are the taxes on stock dividends?

The company itself is responsible for ensuring that tax levies on the dividends it pays are transferred to the state budget. The dividend payment operation is tax deductible because the company is required to tax any actions related to collections and transfers of money.

In Russian companies, the personal income tax rate, which is deducted from any dividend payment, is 13%. For foreign companies it is 15%. When completed annual accounts the company submits to tax service certificate 2-NDFL, which indicates the amount of tax withheld. Usually, the deadline for submitting this report is until 1.04 of the current year.

Company information

"LANIT". Field of activity: system integration, distribution of high-tech equipment and software solutions, IT outsourcing, consulting services. Form of organization: group of companies. Territory: head office - in Moscow; 39 subsidiaries and branches - in the regions of Russia, as well as in Belarus, Kazakhstan and Ukraine. Number of employees: more than 4000. Annual turnover: 40.9 billion rubles. (with VAT; in 2010).

"Deca". Business profile: production of kvass (trademarks Bolshoi Kvass, Dobrynya Nikitich, Nikola), beer (trademarks Bolshoe Pivo, Zhigulevskoye, MegaBier) and mineral water (trademark Silver Spring). Form of organization: JSC. Territory: head office - in St. Petersburg; plant - in Veliky Novgorod. Number of personnel: 700. Financial indicators: revenue - 2.685 billion rubles. (in 2010), EBITDA - 717.153 million rubles. (in 2010 year).

The buyer of shares or, must understand that only certain types of securities will allow him to receive preferred dividends.

What it is

This is that part of the profit of the company, which is distributed exclusively among the owners of all preferred shares. holding this type of shares have some advantages over the owners of ordinary securities only. The right to receive preferred dividends implies:

• Payments in the first place, before the rest of the shareholders.
• The possibility (if it is enshrined in) to receive a fixed income that does not depend on profit.
• Fixed payment dates, quarterly or yearly. In accordance with the statute.
• Cumulative (cumulative) accrual system. That is, if the payment was not made within the established period, then it is transferred to the next date, and is added to the dividends of the next period.
• With its preferred shareholders should receive dividends before other categories.

But in the event of force majeure circumstances, the board of directors may suspend or cancel the payment of preferred dividends.

The owners of such shares have one more minus - they do not have the right to vote.

Preferred dividend payouts are different from regular dividends. Therefore, they are calculated separately. This is due to the fact that preference dividend payments are accrued even in the absence of the required profit, and this procedure can be suspended only due to exceptional circumstances.

Formulas

When calculating the amount of payment of dividends on preferred types of shares, the following are important:

• The rate of return on one security, expressed interest rate i.
• Number of shares submitted for payment (issued) Nprev.
• The amount of dividends on the 1st share I.

The calculation is carried out according to the formulas:

• The amount of payments for the 1st preferred share: I=i×Pnom.
• The total amount of payments for this type of shares: ΣI=I×Nadv.

Example

Initial data for calculations:

• The rate of return on one security i is 7%.
• The nominal value of Pnom is 75 rubles.
• Total number of preferred shares Npriv - 80,000 pcs.

Payments for one share = i × Pnom = 0.07 × 25 = 5.25 rubles. For all shares, the company will pay: I × Npriv = 1.75 × 80,000 = 420,000 rubles.

The types of preferred shares are described in this video:

How is the payout

The owner of this type of securities has a guaranteed right to receive income from the company's activities. He receives this right in return for his refusal to participate in the management of the JSC. Such a provision is enshrined in law. The 32nd Federal Law on JSCs requires that the amount of the dividend be reflected in the charter of the company. To do this, choose one of the following methods:

• In the form of a specific specific amount in rubles.
• As a percentage of the declared par value of the share.
• in the manner prescribed by the statute.

Unlike ordinary shares, the payment order for preferred securities is not determined by

Dividends entitle shareholders to receive a portion of the company's profits. Depending on the rules prescribed in the status of the company, it has the right to:

• make full payment of dividends;
• make a partial payment of dividends;
• do not pay dividends.

Each joint-stock company or corporation plans its strategy for a financial year, or for several financial years at once. Depending on this strategy, the profit received can either be fully distributed among shareholders (in proportion to the number of shares available), or only a part of it is subject to distribution, or all profit is reinvested in the further development of the company.

The latter option implies that there will be no dividend payments, or they will begin after a specified number of years. In this case, the owners of shares have securities in their portfolio, the value of which is constantly growing. They can either be sold at a better price or expect dividends to be paid in the future.

Partial payment implies that the company will invest part of the profit in development, and pay the rest to shareholders in the form of dividends. The Coca-Cola Company works according to this scheme. According to open data Income statement for 2013, the company's net operating income amounted to 8.584 billion dollars. At the same time, the company spent $4.969 billion to pay dividends, which is 58% of profit.

Calculation of dividend yield

• Dividend per share (Dividend per share - DPS)- this is the amount of dividends per one ordinary or preferred share of the company in monetary units.
• DPR (Dividend payout ratio)– share net profit of a company directed to the payment of dividends on ordinary or preferred shares.
• Dividend Yield (DY)- dividend yield, this is the income (as a percentage for the holding period - from the date of calculation of the yield to the date of the actual payment of dividends) attributable to each monetary unit investment in an ordinary or preferred share from the payment of dividends by the issuer of such share.

Investors seeking to receive a small but constant income from their securities appeal to such a concept as dividend yield. This coefficient is determined by the size relative to the official stock price of the company. In the absence of profit growth dynamics, the dividend yield of the stock becomes the return on investment for securities.

This ratio is used to estimate the size cash flow received by the investor for every dollar invested in the capital of the joint-stock company.

The dividend yield of a share is calculated by the formula: the ratio of the annual dividend per share to the share price multiplied by one hundred percent.

A striking example of the difference in this coefficient can be companies Washington Post And Phillip Morris(new name of Altria Group).

	annual dividend ($)	share price ($)	dividend income
Washington Post	7	910	0,77%
Phillip Morris	2,72	49,75	5,47%

At the same time, shareholders have stable dividend payments.

Distribution of dividends

Dividend payments are distributed in proportion to the number of shares held. But at the same time, there are differences between payments on ordinary and preferred shares.

• Preference shares. A fixed amount of payments, less often a certain percentage of net operating income;
• Ordinary shares. The balance of profit after payments on the first type of shares.

An example of such a distribution is an enterprise " Johnson&Johnson”, whose profit for 2014 amounted to 298.89 billion dollars. The ratio of preferred and common shares is 1:10. The share price is $93.1, the dividend per one common share is $2.76, per preference share is $67.31. Accordingly, the company initially pays dividends on the first type of shares, and distributes the remainder of the profit among shareholders who have the second type of shares. Since 2003, the value of ordinary shares of Johnson & Johnson has grown from $0.79 to $2.76 (as of April 23, 2015).

In a simple example, this calculation looks like this:

• Total shares of the company - 100 pcs.
• Total privileged - 10 pcs.
• Total ordinary - 90 pcs.
• The dividend per 1 preferred share is $5.
• Payments to shareholders on preferred shares - $50.
• The total profit of the company is $100.
• The remaining profit for ordinary shareholders is $50.
• The dividend per 1 ordinary share is $0.55.

Significant dates

You can be entitled to a dividend yield on acquired shares as early as one day after their acquisition. To do this, you only need to know a few important dates:

• declaration date– The day on which the date and amount of dividend payments will be announced;
• date of record– Four days before the payment, the company draws up lists of shareholders who will receive dividends. Dividends will be received only by those investors who are included in the register of shareholders on that date. If you bought shares on that day or the day before, then you most likely will not have time to get into the register, as it usually takes 3 days.
• payment date– Announcement of the date of payment of dividends on shares.

In addition, by decision of the Board of Directors, dividends can be paid not only in cash, but also in additional shares.

No action is required from the shareholder to receive dividends, all dividends will be transferred to the investor's brokerage account.

If you find an error, please highlight a piece of text and click Ctrl+Enter.

When calculating the amount of dividends, it is worth relying on the rules prescribed in the legislation Russian Federation, as well as on the standards established by the enterprise itself.

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Let's figure out what to consider when making calculations in 2020. Each society systematically shares a part of the profits received from the conduct of activities.

Although the company may decide not to pay such funds, but to direct them to business development.

If, nevertheless, the amount and timing of the transfer of dividends are established, it is necessary to understand by what rules the calculations of the funds due are carried out.

After all, it is known that dividend payments can be different. So, it is worth paying attention to all the nuances of the calculations.

Required Information

Russian legislation establishes the procedure for paying dividends. There is also a definition of the concept itself. Let's take a closer look at the information provided in the regulatory documents.

Basic definitions

Dividends are part of the income of joint-stock companies or other entities conducting economic activities, which is distributed among the participants (shareholders) in accordance with their share in the authorized capital.

The size and rules for the transfer of dividends are determined at a meeting of shareholders, founders, and are also fixed in the charter of the enterprise.

Dividends may be paid in cash or issued in shares or other property.

What are the payment terms?

The amount of established dividends can be transferred several times a year. But it may not be paid at all.

With the payment of such funds, capitalization decreases and this requires savings that were not allowed for reinvestment or are withdrawn from it.

Those dividends that are paid during the financial year are interim or preliminary. At the end of the billing period, final dividend payments are made.

As a result of the activities of the organization, they form financial statements, the components of which are:

The reporting period for the preparation of such documents is a quarter, 6, 9 and 12 months.

In accordance with the law, the amount of dividends cannot be transferred more often than once a quarter after the financial statements are approved.

But it is worth considering that financial results for the year may differ from the interim quarterly result. And in such situations, overpayment of dividends is possible.

The LLC Law states that the payment of dividends must be made within 60 days from the date of the decision at the meeting.

Otherwise, the company has the right to independently decide when and how to pay the due part of the profit to the founders. But such rules must be written in the local documentation.

There are situations when internal documents say nothing about the payment of dividends. Then you should be guided general rules established by regulatory documents of the Russian Federation.

Dividends are not allowed:

• if the entire required amount has not been contributed to the authorized capital;
• if the share is not paid to the participant;
• if the firm is on the verge of bankruptcy or on the payment date
• dividend will become insolvent;
• if the amount of net assets is less than the authorized and reserve capital.
• shares were not redeemed in accordance with Article 76 of the Federal Law of the Russian Federation "On OJSC".

Legal grounds

The rules for the distribution of income in the form of dividends between the founders of the enterprise are established by a regulatory document approved by the legislators of Russia.

The timing of dividend payments is set in accordance with.

How to calculate the level of dividends in the company?

In addition, there are a number of features that you need to remember when preparing a depositary receipt. But knowledge in this area will also not be enough. Therefore, we will analyze how the calculations are carried out, what should be taken into account.

For ordinary shares

The calculation of dividends for ordinary shares depends on whether the dividend yield is determined. And this indicator is determined using the following formula:

You can also use another method for calculating dividends:

1. It is worth starting to calculate dividends by checking whether the conditions of regulatory documentation are met.
2. Determine if there are restrictions on enumerations.
3. Calculate the value of the company's net assets, which is equal to the difference between the asset and liability that are accepted for calculation.

Calculation of the balance of net assets of the firm's income is carried out at the end of the financial year. They are subtracted from the net income of mandatory contributions to reserves and the amount of advance application of income in the reporting period.

Advance application is acceptable in the absence of past income, free depreciation balances or funds to finance investment programs.

The amount of dividends is determined by multiplying the balance of net income by the adjustment factor K1, K2.K1 establishes the board of directors. Usually it is 1. K2 can be 1, 0.85, 0.5.

When calculating dividends from ordinary shares, it is worth predicting the average dividend for recent periods and setting their size at the present time.

When analyzing the amount of income, it should be borne in mind that the transfer of funds to participants is not included in the development of the enterprise. Analyze the percentage of the company's net income that will be paid to shareholders.

Large dividends worth amortizing large enterprise which is developed. Young companies pay dividends reluctantly.

Conservative investors need to buy stocks that pay higher dividends. Such stocks will grow slowly, which means that there will be higher dividend yields.

By privileged

Preference stocks lend themselves better to forecasting. Companies have to pay often 10% of the company's income. Such an indicator must be paid without fail.

It is worth dividing 10% of the income into all preferred shares. So you can get the minimum amount enumerations. But firms rarely pay more than that.

If with one founder

All transfers of dividends are made by decision of the meeting of founders. But if there is only one founder, then he has the right to independently make such a decision and draw it up in writing (Article 39 normative document Russian Federation No. 14-FZ).

Those funds that will be received by such a person are subject to income tax individual at a rate of 9%, and from 2020 - 13%.

When accruing dividends, it is worth fulfilling a number of conditions prescribed in Art. 29 of act No. 14-FZ.

The right of the sole founder to make decisions on payment is referred to in paragraph 2 of Art. 7 legislative document Russian Federation No. 14-FZ.

There are no regulated documents that would formalize the decision on the transfer of dividends. However, such decisions must be made in writing.

So the protocol should indicate:

• the amount of payments;
• the form in which the dividends will be paid;
• receipt period.

This means that line 2400 should contain retained earnings, which will be revealed in the reporting period.

Net profit is reflected in line 2400 of the Statement of Financial Results, which may coincide with the indicators of retained income in line 1370 of the Balance Sheet.

But it is possible if:

• at the beginning of the reporting periods, the company will not have retained earnings of previous periods;
• no interim dividends were distributed during the reporting period;
• if in the reporting period the revalued objects of fixed assets were not retired.

Otherwise, the amount of interim dividends will reduce the income of the reporting period, and the values ​​in the lines indicated above will not match.

To earn income from stocks, it is not necessary to constantly trade them on stock exchange. You can bet on dividends.

What is a share dividend?

Dividends are the income of the shareholder. In fact, this is a part of the profit of a joint-stock company distributed among the owners of shares. The amount of dividends depends on:

financial position and profit of the company;

expenses tax base;

order of distribution of net profit.

Let's say the company earned 100 million rubles in 2015. Of these, 20 million were spent on taxes and various fees.

There are 80 left - the amount to be distributed between the shareholders and the company itself. At the general meeting of shareholders, it was decided to use 50% (that is, 40 million) for development - to purchase new equipment, expand staff, open a new branch. 40 million remained to be distributed among the shareholders.

In total, the company issued one million shares. That is, each accounted for 40 rubles. If you own 100 shares, you will receive 4,000 rubles as dividends. If you bought 1,000 shares, you will already have 40,000 rubles.

When and how are dividends paid on shares?

The joint-stock company makes payments once a year, half a year or a quarter. The key day is considered the date of closing the register of shareholders. Even if you bought shares the day before, a few days before closing, you will receive dividends for the entire reporting period. You do not need to hold shares for a year. It is for this reason that the value of securities increases towards the end of the year and decreases at the beginning of the new one. Dividends are always paid for the previous reporting period.

Please note that it is pointless to buy shares the day before the register closes: this way you will not be included in the register and you will not receive dividends for the year. To receive dividends, you need to clarify the trading mode. In Russia, this regime is referred to as “T + 2”. This means that if the register closes on December 20, you need to buy shares before December 18, that is, 2 days before closing. The US has a T+3: on the same closing date, you must buy shares at least 3 days in advance, i.e. until December 17th.

Now about how the payment of dividends on shares.

It all depends on how you bought them:

If you work through a broker (or an online stock store), the money goes to your internal account. You can withdraw them or invest in securities.

If you bought shares directly (for example, in Gazprombank), you can receive the amount different ways: to a bank account or card, at the bank's cash desk or by postal order.

You don't have to pay taxes on dividends. The broker (or issuer) acts as your tax agent, that is, transfers the amount to you minus income tax (13%).

Which stocks pay the highest dividends?

Not all companies pay dividends to their shareholders. Much depends on the current state of the joint-stock company, its profits and policies.

Young organizations often invest all profits in development (new projects, equipment, etc.). Accordingly, the shareholders receive nothing. On the other hand, such a company may be interested in investments, so it attracts shareholders with high dividends at the first or additional issue.

Stocks of large companies (blue chips) can earn a steady income for many years.

They always send part of the profits to dividends to shareholders. If you plan to make money on dividends, blue chips are the best option.

Typical examples of blue chips are stocks Gazprom , Lukoil , nornikel , MTS and other large Russian organizations. International companies also pay good dividends: Chevron , Verizon , AT&T .

Doing business is associated not only with risks in the process economic activity, but also with the achievement of the main goal - the financial result. However, it is not so easy to receive dividends from the financial results of the organization. It is especially difficult for those organizations that have switched to a simplified taxation system.

"Slippery" category

Whether an organization is at least an LLC, at least a joint-stock company, according to the decision of its participants, it must pay dividends to the latter. In accordance with paragraph 1 of article 42 of the Federal Law "On Joint Stock Companies" (hereinafter referred to as the Law on Joint Stock Companies), a joint stock company has the right to make decisions (announce) on the payment of dividends on outstanding shares based on the results of the first quarter, six months, nine months of the financial year and ( or) according to the results of the latter.

According to paragraph 1 of Article 28 of the Federal Law of 08.02.1998 N 14-FZ "On Limited Liability Companies" (hereinafter referred to as the Law on LLC), a limited liability company has the right to make a decision on the distribution of its net profit among the participants of the company on a quarterly basis, once a six months or once a year.

The first thing that should be noted after reading the provisions of these two laws is that its founders can count on income from the activities of their own organization not only according to the results of the financial year, but much more often. By the way, the legislator tried to limit the founders in the possibility of making a decision on the payment of interim dividends (see clause 1, article 42 of the JSC Law as amended by N 120-FZ of 07.08.2001), providing for the right of a joint-stock company to make a decision (announce) on the payment of dividends once a year. As time passed, the legislator was forced to correct himself by "returning" interim dividends to the law.

As you can see, by virtue of the current civil legislation, participants in both LLCs and JSCs are free to choose the frequency of payment of income from participation in organizations of this type.

The second thing that seems especially important to us is that the source of payment of the income of a member of a joint-stock company or LLC from participation in these organizations is legally defined - this is net profit. In the case of a joint-stock company, the law calls such income a dividend, while the LLC Law refers to the distribution of net profit.

In fact, the difference in wording does not play any role, since both laws deal with the "sharing" of the organization's net profit. Thus, according to paragraph 2 of Article 42 of the JSC Law of December 26, 1995 N 208-FZ, dividends are paid out of the company's net profit.

That is why the tax legislation of the Russian Federation, for the purpose of calculating and paying taxes, includes dividends on shares in JSCs and the income received by a participant in an LLC from an organization when distributing net profit, into one general concept of "dividends" (clause 1, article 43 of the Tax Code of the Russian Federation).

Attempts tax authorities to interpret the concept of "dividend" in the narrow sense, only as a payment of income to shareholders on shares, did not bring the desired result. The courts refused to accept this point of view, pointing out that, by virtue of Article 43 of the Tax Code of the Russian Federation, any income received by both a shareholder and a participant from an organization in the distribution of profit remaining after taxation is recognized as dividends (see, for example, Decree of the FAS SZO dated 25.12. 2002 in case N A05-6486/02-360/20).

To the above, we add that the rule on net profit as a source of payment of income to a member of the organization applies to all LLCs and JSCs, regardless of the taxation system they apply.

Since the legislator indicates net profit as a source of income from participation in LLCs and JSCs, this category should be used in the future. But, coming to such a conclusion, we inevitably come across the fact that the current civil legislation does not contain a definition of the concept of "net profit".

In search of such a definition, we are forced to turn to the norms of other branches of legislation, primarily the legislation on taxation and accounting.

Instructions for the application of the Chart of Accounts for the financial and economic activities of an organization approved by Order of the Ministry of Finance of Russia dated October 31, 2000 N 94n (hereinafter referred to as the Instruction), in explanations of the procedure for reflecting double entries accounting using account 99 "Profit and Loss" established the following.

Net profit, along with net loss, is the final financial result and is made up of the financial result from common species activities, as well as other income and expenses, including extraordinary ones.

Attention! According to the accounting rules, net profit (as well as net loss) is determined once a year - in the preparation of annual financial statements.

The final entry in December, the amount of net profit (loss) of the reporting year is written off from account 99 "Profits and losses" to the credit (debit) of account 84 "Retained earnings (uncovered loss)".

From the foregoing, we can conclude that the concept of "net profit" is contained only in the regulations on accounting and reporting.

Her score as the final financial results activity of the company is determined in accordance with the rules of accounting based on the data of the latter.

At the same time, based on the provisions of the legislation on accounting, the final financial result, which may be in the form of net profit or net loss, is determined once a year. The legislation on accounting does not provide for the possibility of determining intermediate indicators of the financial result.

In connection with the rule established by the current civil legislation for determining the source of payment of income from participation in other organizations as net profit and the existence of only an "accounting" definition of this concept, two problems arise at once. One of them potentially concerns all LLCs and JSCs without exception, the other affects the interests of those companies that apply the simplified taxation system.

"Interim dividend"

In order to distribute dividends, they must first be calculated and reported on their size to the body of the company authorized to make decisions on their payment. This is where we have to deal with the "slippery" category. We are preparing to share net profit, and it, as an indicator, is formed according to accounting rules only by the end of the reporting year. But the problem is that reporting year, in which the participants in the companies want to receive dividends, has not yet ended, and the final financial result, therefore, has not been determined.

Thus, there is a discrepancy between the rules of the two branches of legislation: civil and accounting legislation. The first provides the right to distribute net profit before the end of the reporting year, and the second does not contain a mechanism for determining net profit for the purpose of paying interim dividends.

The instruction establishes that this document provides only a typical scheme for the correspondence of each synthetic account with other synthetic accounting accounts. Own correspondence schemes of accounts in order to determine intermediate indicators of the company's net profit are used in practice.

Only any such scheme can be criticized by the tax authorities. As a result, "dividend" payments to individuals or legal entities may not be recognized as such, which will entail a change in the tax burden of both the recipient of such income and the person making payments.

System and accounting

The use of a simplified taxation system by organizations in accordance with clause 2 of Article 346.11 of the Tax Code of the Russian Federation provides for the replacement of a number of taxes, including income tax, by a single tax.

Subjects of the simplified taxation system are required to keep tax records of their performance indicators necessary for calculating the tax base and the amount of tax, based on the book of income and expenses.

As for accounting, on the basis of paragraph 3 of Article of the Federal Law "On Accounting" dated November 21, 1996 N 129-FZ, organizations that have switched to a simplified taxation system are exempted from the obligation to maintain accounting records.

They should only keep records of income and expenses in the manner prescribed by Chapter 26.2 of the Tax Code of the Russian Federation.

The obligation to maintain accounting records remains with them only in terms of accounting for fixed assets and intangible assets in the manner prescribed by the legislation of the Russian Federation on accounting.

Of course, in this way the legislator made life easier for small businesses, but left them with the difficult task of determining the amount of dividends to be paid to participants in organizations.

If an organization is not a payer of income tax and is not obliged to keep accounting records, with the exception of accounting for fixed assets and intangible assets, then it does not generate taxable profit, and, therefore, such an indicator as net profit is not calculated by it.

From this we can conclude that an organization on a "simplified" basis cannot accrue and pay dividends to its participants at all, since such an indicator of its financial activities, as a net profit, it does not have.

However, LLCs and JSCs are vested with the right to pay dividends to their participants by civil law.

Organizations applying the simplified taxation system may indeed lack accounting in full. But does this mean that the economic category of net profit as an indicator of the financial performance of such organizations disappears altogether? No, it doesn't.

The absence of a number of accounting registers makes it impossible to determine this indicator, but that's all.

At the same time, we consider unreasonable the opinion that such business entities may have their own dividend calculation schemes, for example, a scheme in which, under the definition of profit remaining after taxation, in relation to the simplified taxation system, one should speak about the organization's income for the corresponding period of time minus all taxes paid by the organization.

This point of view does not legislative framework and contradicts Article 42 of the JSC Law and Article 28 of the LLC Law.

The point of view of the Ministry of Finance

The Letter of the Ministry of Finance of Russia dated March 11, 2004 N 04-02-05 / 3/19 "On the Procedure for Calculating Net Profit by Organizations Using the Simplified Taxation System" states that organizations using the simplified taxation system and paying income in the form of dividends to other organizations determine net profit in accordance with the Chart of Accounts for Accounting for the Financial and Economic Activities of Organizations and the Instructions for the Application of the Chart of Accounts for Accounting for the Financial and Economic Activities of Organizations, approved by Order of the Ministry of Finance of Russia dated October 31, 2000 N 94n.

Hence the conclusion: if you are going to pay dividends to your participants, keep accounting records regardless of what taxation system you use, since without it it is impossible to determine the amount of net profit and, consequently, the amount of dividends.

The following example also serves as an argument for the need for "simplifiers" to maintain accounting records in full in order to calculate and pay dividends. Paragraph 1 of Article 43 of the JSC Law establishes as one of the restrictions on the payment of dividends the case when, on the day such a decision is made, the value of the company's net assets is less than its authorized capital and reserve fund, and the liquidation value of the placed preferred shares exceeds the nominal value determined by the charter or become less than their size as a result of such a decision.

A similar restriction is contained in Article 29 of the LLC Law. However, if the JSC Law provides that the value of the net assets of a joint-stock company is estimated according to accounting data in the manner established by the Ministry of Finance of Russia and federal body executive power on the securities market, the Law on LLC in Article 20 says that the value of the company's net assets is determined in the manner prescribed by federal law and regulations issued in accordance with it.

The procedure for determining the value of net assets for joint-stock companies is established by the joint Order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia of January 29, 2003 N 10n / 03-6 / pz (before that, a similar Order of December 24, 1996 was in force), in accordance with which the valuation of property, funds in settlements and other assets and liabilities of the JSC is carried out taking into account the requirements of the provisions on accounting and other regulatory legal acts on accounting and to assess the value of its net assets, a calculation is made according to the financial statements.

Unfortunately, federal law, which would determine the procedure for calculating the net assets of an LLC, is currently not available.

There are no other regulations on this issue.

It is important to clarify that in practice a way out of this situation has been found. Since the calculation of the value of net assets is necessary, including in cases of determining the actual value of the share upon exit of a participant in an LLC, reducing and increasing the authorized capital of a company, in real life, accountants of an LLC use the same joint Order of the Ministry of Finance of Russia and the Federal Securities Commission of Russia, by analogy with joint-stock companies .

However, strictly speaking, there is no own procedure for determining the net assets of an LLC today.

Again, the issue related to the calculation of net assets in order to comply with the procedure for paying dividends cannot but affect organizations on a "simplified" basis: they do not have their own way of determining the net assets indicator. At the same time, they are subject to the rule on limiting the payment of dividends established by the JSC Law and the LLC Law. How to be?

The only thing that can be advised in this case: sadly, to keep accounting records.

Despite the fact that the legislation grants the "simplifier" the right not to keep accounting records in full, it is virtually impossible for those wishing to pay dividends to their participants to use this right.

O. Vilesova

LLC Bureau of Legal Expertise

A.Kazakova

LLC Bureau of Legal Expertise

Definition in simple words what dividends are: this is the name of that part of the profit that is distributed among the founders or shareholders in proportion to their shares in the authorized capital or the number of shares. This type of profit in an LLC can be defined as in sum of money, and as a percentage in relation to the nominal value of the share.

Amount, accrual and payment to LLC

How are dividends paid in an LLC? To start calculating, you need to find out from balance sheet the size of the authorized capital and the value of net assets. Participants may distribute profits or part of it only if the net asset value is higher than the amount of the initial investment. How to calculate dividends in an LLC? The total amount is determined by subtracting the authorized capital from the amount indicated in the line of the balance sheet "Capital and reserves".

The next step is to organize a meeting of founders, at which it is necessary to approve the financial statements and make decisions regarding the distribution of profits, and decide on the date of payment. All results must be recorded in the protocol. How to calculate dividends if there is only one founder? In this case, a decision on payment is required. How to withdraw dividends in an LLC if there is only one founder? Issue an order.

How to calculate the percentage of profits if there are several founders in the LLC? To determine the share of each, it is necessary to divide the total amount by the share in the authorized capital, expressed as a percentage. Personal income tax is charged on income from the activities of the enterprise in the amount of 13% (for residents) and 15% (for non-residents).

Insurance premiums do not need to be deducted. How to pay dividends to the founder of an LLC? Transfer them to the accounts of the founders no later than 60 days after general meeting(or making a decision by the sole founder).

Accrual and payment in joint stock company

The owners of JSC shares are also entitled to dividends: how they are accrued and paid is determined by the charter and the general meeting of shareholders. The accountant accrues profit only to those shareholders who have paid their shares in full, and to nominal shareholders. The accrued amount may be paid in cash, own shares or securities subsidiaries. Taxes are withheld when charged. How to receive dividends on shares? There are several ways: at the box office, at plastic card, to a bank account of an individual or to a current account.

PAYMENTS OF DIVIDENDS ON SHARES OF JOINT STOCK COMPANIES

1. A dividend is a part of the net profit of a joint-stock company, subject to distribution among shareholders, attributable to one ordinary or preference share.

Net profit directed to the payment of dividends is distributed among the shareholders in proportion to the number and type of shares they own.

2. The dividend can be paid quarterly, every six months or once a year.

An interim dividend is declared by the Board of Directors of the company per one ordinary share based on the results of the past quarter (half year).

The amount of the final dividend per one ordinary share is declared by the general meeting of shareholders based on the results of the year, taking into account the payment of interim dividends at the suggestion of the Board of Directors of the company.

The amount of the final dividend cannot be more than recommended by the Board of Directors, but can be reduced by the general meeting of shareholders.

3. A fixed dividend (or its minimum amount) on preferred shares is established by the company upon their issue.

When paying dividends, dividends on preferred shares are paid first, then dividends on ordinary shares.

If there is sufficient profit to pay fixed dividends on preferred shares, the company is not entitled to refuse to pay dividends to the holders of these shares. In case of refusal of the company, shareholders may demand payment of dividends through the court.

Payment of dividends on preferred shares by a company in the event of insufficient profit or loss of the company is possible only at the expense and within the limits of special funds of the company created for this purpose.

Spending of the company's reserve fund for these purposes is not allowed.

4. The payment of dividends on ordinary shares is not a specific obligation of the company to shareholders. The General Meeting of Shareholders and the Board of Directors of the company have the right to decide on the inappropriateness of paying dividends on ordinary shares based on the results of a particular period and year as a whole.

5. Payment of dividends declared by the general meeting is mandatory for the company.

Shareholders have the right to demand payment of declared dividends from the company through the court. In case of refusal, the company must be declared insolvent and subject to liquidation in accordance with the procedure established by law.

6. In case of payment of excessive dividends to shareholders, the company may set off the excess payment against future payments or offer shareholders to return it on the basis of a decision of the general meeting.

At the same time, the company is not entitled to force shareholders to return the overpayment of dividends.

7. The Board of Directors and the General Meeting of Shareholders are prohibited from declaring and paying dividends if the company is insolvent or may become so after paying dividends.

8. If there are losses in the annual balance sheet of the company, then the Board of Directors or the general meeting of shareholders is not entitled to declare and pay dividends on shares until the losses are covered or reduced Authorized capital(fund) society.

9. Dividends are not paid on shares that have not been issued into circulation or are on the company's balance sheet.

10. In case of payment of shares not in full, dividends are paid to the shareholder in proportion to the paid part of the cost of shares, unless otherwise specified by the charter of the company.

11. Shares acquired not later than 30 days before the officially announced date of its payment are entitled to the dividend.

12. By decision of the Board of Directors or the general meeting of shareholders, a dividend may be paid in shares (profit capitalization), bonds and commodities.

13. Dividends are taxed regardless of the form of their payment in accordance with the current tax legislation. In the case of payment of dividends in goods, the amount of the dividend calculated for tax purposes is determined based on the actual purchase prices of the goods.

14. The company announces the amount of the dividend, excluding taxes on them.

15. An open joint stock company publishes data on the amount of dividends paid out in the mass media.

16. The dividend is paid by the company or the agent bank by check, money order, postal or telegraphic transfer.

17. If, on behalf of the client, the management of shares is carried out by an investment firm, then dividends are paid to the holder of the shares minus the remuneration to the investment firm, the amount of which is determined in the agreement with the client.

18. A joint-stock company that pays dividends on its own or a paying agent bank acts as agents of the state in collecting taxes from sources and pays dividends to shareholders minus the relevant taxes.

19. No interest is accrued on unpaid and unreceived dividends. The shareholder has the right to demand the payment of unreceived dividends, regardless of the period of formation of the debt.

20. Dividend not claimed by the owner or his legal successor or heir within the specified period of expiration limitation period terms, is transferred to the income of the republican budget of the RSFSR.

21. The accrual of dividends from participation in the company is reflected in the debit entry of account 81 “Use of profits” and the credit of account 75 “Settlements with participants”.

22. The accrual of dividends from participation in a joint-stock company to employees of this company who are its shareholders is carried out on the debit of account 81 “Use of profits” and the credit of account 70 “Payments on wages”.

In case of insufficient profit at the disposal of the company, the accrual of interest on preferred shares at the expense of a special fund is reflected in the debit of account 88 “Special Purpose Funds” and the credit of account 75 “Settlements with participants”.