SJ Ltd. has part of their share capital in 3,000 8% redeemable preference shares of ₹100 each. The company decided to redeem the preference shares at premium of 10%. The general reserve of the company shows a balance of ₹4,00,000. The directors decided to utilise 70% of the reserve in redeeming the preference share and the balance is to be met from the proceeds of fresh issue of sufficient number of shares of ₹10 each. The premium is to be met from the profit and loss. Pass journal entries to record the above transactions.