Lawrence Ltd. has 20,000 equity shares of 100 each, 80 per share called up and paid up.
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Lawrence Ltd. has 20,000 equity shares of ₹100 each, ₹80 per share called up and paid up. The company decided to pay off ₹30 per share of the paid-up capital and to reduce the ₹100 shares to ₹50 shares fully paid-up by cancelling the unpaid amount. Pass journal entries for the above transaction.
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