The following is the summarized balance sheet ofAZ Ltd.LiabilitiesAssetsPaid-Up

The following is the summarized balance sheet ofAZ Ltd.LiabilitiesAssetsPaid-Up Capital:Sundry assets128000030009% Pref.300000Cash at bank142500Shares of Rs. 100Each Fully Paid1500 7% Pref.112500Shares of Rs. 100EachRs.75 PaidUp7500 Equity750000Shares of 100EachCapital Reserve50000SecuritiesPremium30000Current Liabilities18000014225001422500It was decided to redeem both the classes of preference shares at a premium of 5%. The company issued equity shares of Rs.100 each at a premium of 10% as were necessary to provide cash for redemption. The issue was fully subscribed and all the moneys were received. You are required to give journal entries and prepare the balance sheet.