Exchange Limited has an issued Share Capital of 650 7% Redeemable Preference Shares of ~ 100 each and 4,500 Equity Shares of ~ 50 each. The Preference Shares are redeemable at a premium of 10% on April 1, 2017. The Company’s Balance Sheet as on March 31, 2017 was as follows:

You are required to prepare :
(i) the necessary Journal Entries to record the above transactions (including cash) and
(ii) the Balance Sheet as on completion.

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I. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (b) Reserves and Surplus-Profit and Loss (c) Money Received against Share Warrants (2) Share Application Money Pending Allotment: (3) Non-current Liabilities: (4) Current Liabilities: (a) Short-term Borrowings (b) Trade Payables TOTAL II. ASSETS (1) Non-current Assets: (a) Fixed Assets Balance Sheet of Exchange Limited as at 31st March, 2017 Particulars (1) (2) Current Assets: (i) Tangible Assets (a) Current Investments TOTAL (b) Inventories (c) Trade Receivables (d) Cash and Cash Equivalents Note No. (2) (1) Amount (₹) (3) 2,90,000 48,000 - 56,500 3,94,500 3,45,000 18,500 -- 31,000 3,94,500