The following balances appeared in the Books of Mac Ltd. as on 31st December, 2023: 80,000, 10% Preferences shares of 100 each, 75 paid-up 60,00,000 2,00,000 Equity share of 100 each fully paid-up 2,00,00,000 Securities Premium 6,50,000 Capital Redemption Reserve 42,00,000 General Reserve 85,00,000 Under the terms of their issue, the preference shares are redeemable on 31st March, 2024 at a premium of 5%. In order to finance the redemption, the company makes a right issue of 60,000 equity shares of 100 each at a premium of 10%, 25 being payable on application, ₹ 45 (including premi- um) on allotment and the balance on 1st August, 2024. The issue was fully subscribed and the allotment made on 1st March, 2024. The amount due on allotment was duly received by 25th March, 2024. The preference shares were redeemed after fulfilling the necessary conditions of section 55 of the Companies Act, 2013. You are required to pass the necessary Journal Entries (including narrations) to give effect to the above arrangement. Also prepare the Notes to accounts on Share Capital, Reserves and Surplus relevant to the Balance Sheet im- mediately after the redemption of preference share as on 31st March, 2024. Ignore date column in Journal. [June 2024, 15 Marks]