A company with an issued and subscribed capital of 10,00.000 in 1,00,000 shares with a face value of 10 each of which per share paid up has accumulated reserve of 3,00,000 Out of this 2,00,000 is intended to be utilized for converting partly paid shares into fully paid shares by issue of bonus. Show necessary Journal Entries.
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When a business transaction requires a journal entry, we must follow these rules: The entry must have at least 2 accounts with 1 DEBIT amount and at least 1 CREDIT amount. The DEBITS are listed first and then the CREDITS. The DEBIT amounts will always equal the CREDIT amounts.
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