On March 31, 2010 2,000 ₹100 redeemable preference were outstanding. These are due for redemption at premium of 5%. The company issued necessary equity shares at par to provide for the redemption of preference shares. The balance sheet of the company discloses that it has general reserve of ₹1,25,000. The redemption premium is to be provided out of it. Show necessary journal entries regarding redemption of preference shares.