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ABC Ltd. provides you the following information as on 31st March, 2021: Share capital: 50,000 Equity shares of 7 10 each fully paid 3 5,00,000; 1,500 10% Redeemable preference shares of 100 each fully paid 31,50,000 Reserve & Surplus: Capital reserve - 3 1,00,000: General reserve - 80,000; Profit and Loss Account - 595,000. On 1st April 2021, the Board of Directors decided to redeem the preference shares at premium of 10% by utilization of reserves. You are required to prepare necessary Journal Entries including cash transactions in the books of the company