Following was the balance sheet of Brite Ltd., as on 31^st December 1996.

On this date, the company redeemed, at a premium of 5%, all of its preference shares and debentures. For this purpose, it sold all the investments for ₹90,000 and allotted to its equity shareholders, 1,500 equity shares of ₹100 each at par, the entire amount being received immediately. After redemption of preference shares and debentures, the company issued one fully-paid bonus share of ₹100 for every three shares held. Show journal entries for the above and prepare the balance sheet thereafter. 

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Liabilities 7,500 Ordinary Shares of 100 each 2,000, 15% Preference Shares of 100 each General Reserve Profit & Loss A/c Debenture Redemption Fund 12% Debentures Sundry Creditors 7,50,000 2,00,000 6,30,000 50,000 88,480 1,00,000 2,11,520 20,30,000 Assets Fixed Assets Debenture Redemption Fund Investment Stock Debtors Cash at Bank 7,80,000 88,500 6,00,000 2,60,700 3,00,000 20,30,000