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11. Surya Ltd. is engaged in the manufacture of consumer goods and has...

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Accounting

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11. Surya Ltd. is engaged in the manufacture of consumer goods and has got a good brand value. Over the years, it has built a good reputation and its Balance Sheet as at March 31, 2019 shows the following position: Authorized Share Capital (25,00,000 equity shares of face value of 10/- each) *2,50,00,000 Issued, subscribed and paid-up capital (10,00,000 equity shares of face value of 10/- each, fully paid-up) * 1,00,00,000 Free Reserves 3,00,00,000 The Board of Directors are proposing to declare a bonus issue of 1 share for every 2 shares held by the existing shareholders. The Board wants to know the conditions and the manner of issuing bonus shares under the provisions of the Companies Act, 2013. Discuss

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