(a) The following balances appeared in the Books of Mac Ltd. as on 31st December, 2023: Particulars Amount (₹) 80,000, 10% Preference shares of ₹ 100 each, ₹75 paid up 60,00,000 2,00,000 Equity share of ₹ 100 each fully paid up 2,00,00,000 Securities Premium 6,50,000 Capital Redemption Reserve 42,00,000 General Reserve 85,00,000 Under the terms of their issue, the preference shares are redeemable on 31st March, 2024 at a premium of 5%. In order to finance the redemption, the company makes a right issue of 60,000 equity shares of ₹ 100 each at a premium of 10%, ₹ 25 being payable on application, ₹45 (including premium) on allotment and the balance on 1st August, 2024. The issue was fully subscribed and the allotment made on 1st March, 2024. The amount due on allotment was duly received by 25th March, 2024. The preference shares were redeemed after fulfilling the necessary conditions of section 55 of the Companies Act, 2023. You are required to pass the necessary Journal Entries (including narrations) to give effect to the above arrangement. Also prepare the Notes to accounts on Share Capital Reserves and Surplus relevant to the Balance Sheet immediately after the redemption of preference shares as on 31st March, 2024. Ignore date column in Journal.

(b) What are the advantages of Subsidiary Books?