R Ltd has accumulated large profits in the Reserve Account and the directors decide to capitalize part of the reserves by converting partly paid shares into fully paid up shares and issuing Bonus shares. The paid up share capital of the company is Rs.10,00,000 consisting of 90,000 Class A Equity shares of Rs.10 each fully paid and 20,000 Class BEquity shares (FVRs.10 each) Rs.5 per share paid up. The directors decide to issue two bonus shares at par of Rs.10 for every fully paid share held and to make the partly paid shares fully paid in respect of Class B Equity Shares. At the date of the allotment of bonus shares the market value of the class B Equity Share stands at Rs.33.The amount of reserves to be capitalized = ?
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