Following is the balance sheet of Raja Ltd., as on 31^st December 1998.

On the above date, preference shares are redeemed to the extent possible at a premium of 5%. Journalise and give the amended balance sheet.

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Liabilities Share Capital: 5,000 Equity Shares of ₹100 each, fully paid. 2,000 6% Preference Shares of 100 each, fully called-up 2,00,000 Less: Calls-in-Arrears on 100 shares 2,000 1,000 7% Preference Shares of 100 each, 60 paid Profit & Loss A/c Creditors 5,00,000 1,98,000 60,000 2,40,000 52,000 10,50,000 Assets Sundry Assets Cash 6,10,000 4,40,000 10,50,000