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The Balance Sheet of Ultra-Modern Ltd. as at 31st March, 2011 is as follows: Liabilities * Assets 2,00,000 60,000 9,000 Share Capital Fixed Assets: Issued and Subscribed Capital: Land and Building 1,000, 9% Redeemable Plant and Machinery Preference Shares of Furniture and Fixtures * 100 each 1,00,000 Current Assets: 18,000 Equity Shares of Stock * 10 each 1,80,000 Debtors Reserves and Surplus: Investments Securities Premium Account 20,000 Bank General Reserve Account 60,000 Profit and Loss Account 40,000 60,000 25,000 54,000 42,000 Current Liabilities: Sundry Creditors 50,000 4,50,000 4,50,000 The Company decided to redeem its preference shares at a premium of 5% on 1st April, 2011. A fresh issue of 3,000 equity shares of 10 each was made at 9 per share, payable in full on 1st April, 2011. These were fully subscribed and all moneys were duly collected. All the investments were sold for 350,000 to provide cash for redemption of preference shares. The directors wish that only a minimum reduction should be made in the revenue reserves. You are required to give the journal entries, including those relating to cash to record the above transactions and to draw up the balance sheet as it would appear after redemption of preference shares