a limited company has an authorized capital of rs 20 crore in shares of rs 10 each o 618225

A limited company has an authorized capital of Rs.20 crore in shares of Rs.10 each of which 120 lakh shares have been issued and are fully paid. A summary of its balance sheet on 31 March 2010 is as follows:

Liabilities	Rs. in	Assets	Rs.in
	Lakhs		Lakhs
Share Capital	1,200	Fixed Assets	2,200
		(Net)
Debenture	960	Debenture	960
Redemption		Redemption
Fund		Fund
		Investments
		(Cost) Market
		Value 2816 lakh
P&L Plc	380
12% Debentures	10,000
Redeemable at
102%
Current	220	Current Assets	600
Liabilities
	3,760		3,760

Interest on debentures had been paid up to 31 March 2010. On 1 April 2010, the directors gave notice to redeem the 12% debenture holders on 1 July 2010, giving the holders the option to be Zepaid either wholly in cash or by issue of four shares of Rs.10 each (fully paid) for every Rs.L100 debentures. 60% of the holders exercised the option to take shares, and the cash of the remainder was obtained by realizing a sufficient amount of the investment at their market value on 31 March 2010. Draft journal entries to record these transactions and any consequent transfers which you consider necessary.