Tuticorin Co. Ltd. has resolved to use Rs. 5,00,000 out of reserve fund in declaration of Bonus to its shareholders. The bonus, however, is to be applied to the extent of Rs. 2,00,000 in payment of final call of Rs. 40 per share on 5.000 equity shares of Rs. 100 each and to the extent of Rs. 3,00,000 in the issue of 30,000 fully paid bonus equity shares of Rs. 100 each to the existing shareholders. Give the journal entries necessary to give effect to the above resolution

Tuticorin Co. Ltd. has resolved to use Rs. 5,00,000 out of reserve fun

1.	Tuticorin Co. Ltd. has resolved to use Rs. 5,00,000 out of reserve fund in declaration of Bonus to its shareholders. The bonus, however, is to be applied to the extent of Rs. 2,00,000 in payment of final call of Rs. 40 per share on 5.000 equity shares of Rs. 100 each and to the extent of Rs. 3,00,000 in the issue of 30,000 fully paid bonus equity shares of Rs. 100 each to the existing shareholders. Give the journal entries necessary to give effect to the above resolution
Answer» Tuticorin Co. Ltd. has resolved to use Rs. 5,00,000 out of reserve fund in DECLARATION of Bonus to its shareholders. The bonus, however, is to be applied to the extent of Rs. 2,00,000 in payment of final call of Rs. 40 per share on 5.000 equity shares of Rs. 100 each and to the extent of Rs. 3,00,000 in the issue of 30,000 fully paid bonus equity shares of Rs. 100 each to the existing shareholders. GIVE the journal entries necessary to give EFFECT to the above RESOLUTION

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