on 1 april 2011 the directors decided to issue 24 000 6 preference shares of rs 100 617000

Vijay Ltd. had issued 8,00,000 equity shares of Rs.10 each fully paid and 48,000 redeemable preference shares of Rs.100 each fully paid. On 31 March 2011, the profit and loss account showed an undistributed profit of Rs.8,00,000 and the general reserve account stood at Rs.22,40,000. On 1 April 2011, the directors decided to issue 24,000 6% preference shares of Rs.100 each and to redeem the existing preference shares at Rs.110 each utilizing as less profits as possible for the purpose. You are required to pass necessary journal entries in the books of Vijay Ltd.