The authorised capital of a company is ₹12,00,000 divided into 12,000 Equity Shares of ₹100 each. Out of which 8,000 shares have been subscribed. The company has the following undisposed off balances :
(a) ₹2,30,000 (Cr.) in the Profit and Loss Account;
(b) ₹2,85,000 in the General Reserve. The company has decided in general meeting to capitalise the necessary parts of the above balance by issuing 1,000 fully paid Equity Shares at par as bonus at the rate of one fully paid share for eight shares held. The balance of the Profit and Loss Account is first to be exhausted and then the General Reserve is to be drawn upon. Give Journal Entries to give effect to the above transaction.