The following is the summarized balance sheet of Sri Sai Ltd. as on 31 December

The following is the summarized balance sheet of Sri Sai Ltd. as on 31 December 2010:LiabilitiesAssetsShare Capital:Sundry Assets4960000Authorized1200009%1200000Bank1680000RedeemablePreferenceShares of Rs. 10 each400000 Equity4000000Shares of Rs. 10EachPaid-Up Capital:880009%880000RedeemablePreferenceShares of Rs. 10Each240000 Equity2400000Shares of Rs. 10Each Fully PaidProfit & Loss A/c1600000Reserve Fund1600000Sundry Creditors16000066400006640000On 7 January 2011 the preference shares were redeemed at a premium of Rs.4 per share. The Company could not trace the holders of 9600 preference shares. On 10 January 2011 a bonus issue of one fully paid equity share for four shares held was made. Show the journal entries to record the above transactions and also prepare balance sheet after redemption.