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 A. Change from par to no par

The shareholders' equity of XYZ Co. before recapitalization is as follows:
Share capita, P 100 par, 10,000 shares  1,000,000
Share Premium 200,000
Retained Earnings 300,000
P 1,500,000
 

Case 1.
XYZ recalls and cancels the 10,000 shares and replaces them with 20,000 no-par shares with stated value of P 5 per share.
Date Share capital 1,000,000
Share Premium 200,000
       Share Capital (20,000 x 5) 100,000
        Share Premium-recapitalization 1,100,000
 

Case 2.
XYZ recalls and cancels the 10,000 shares and replaces them with 20,000 no-par shares with stated value of P 65 per share.
Date Share capital 1,000,000
Share Premium 200,000
Retained Earnings 100,000

        Share Premium-recapitalization
1,300,000
                   (2,000 x P 65)

B. Reduction of par value

Consider the shareholders'  equity of XYZ Co. before recapitalization above and XYZ Co. reduces the par value to P 80 per share. 
Date Share capital 1,000,000
Share Premium 200,000
        Share Capital (10,000 x P 80) 800,000

        Share Premium-recapitalization            400,000

C. Split up
Consider the shareholders'  equity of XYZ Co. before recapitalization above and XYZ Co. declares a 2 for 1 share split.

The memo entry to record the split up is :

" Issued 20,000 shares with par value of P 50 as a result of a 2 for 1 split of 10,000 old shares with par value of P 100".
Note: Par value decreased into half
Number of shares issued and outstanding doubled. 

C. Split down
Consider the shareholders'  equity of XYZ Co. before recapitalization above and XYZ Co. declares a 1 for 2 reverse share split.
The memo entry to record the split up is :
" Issued 5,000 shares with par value of P 200 as a result of a 1 for 2 reverse share split of 10,000 old shares with par value of P 100".
Note: Par value increased by 100% (doubled the price)
Number of shares issued and outstanding decreased to half. 

Before Share Split  After Split Up After Split Down

No. of shares outstanding 10,000 20,000 5,000

Par value P 100 P 50 P 200

Total par value P 1,000,000 P 1,000,000 P 1,000,000

Note: Total par value remains the same for both split up and split down.