Resolve Oracle weblogic Error BEA-040123 JMSException Ignoring 2PC record for sequence=11 queue=3 because the element cannot be found

If you are getting something similar to following error during managed server startup, here is a solution.

BEA-040123Failed to start JMS Server "JMSServer_1" due to weblogic.jms.common.JMSException: weblogic.messaging.kernel.KernelException: Ignoring 2PC record for sequence=11 queue=3 because the element cannot be found

<Apr 24, 2013 3:16:57 PM PDT> <Warning> <Deployer> <BEA-149078> <Stack trace for message 149004
weblogic.application.ModuleException: The proposed  JNDI name jms/aia/AIA_B2B_OUT_QUEUE for destination AIAJMSModule!AIA_B2B_OUT_QUEUE is already bound by another object of type weblogic.jms.common.DistributedDestinationImpl
        at weblogic.jms.dd.UniformDistributedDestination.prepare(UniformDistributedDestination.java:286)
        at weblogic.jms.backend.udd.UDDEntity.prepare(UDDEntity.java:461)
        at weblogic.jms.module.JMSModule$EntityState.setState(JMSModule.java:1704)
        at weblogic.jms.module.JMSModule$EntityState.setState(JMSModule.java:1668)
        at weblogic.jms.module.JMSModule$EntityState.access$100(JMSModule.java:1608)
        Truncated. see log file for complete stacktrace
>
<Apr 24, 2013 3:16:57 PM PDT> <BEA-240003> <Console encountered the following error weblogic.application.ModuleException: The proposed  JNDI name jms/aia/AIA_B2B_OUT_QUEUE for destination AIAJMSModule!AIA_B2B_OUT_QUEUE is already bound by another object of type weblogic.jms.common.DistributedDestinationImpl
        at weblogic.jms.dd.UniformDistributedDestination.prepare(UniformDistributedDestination.java:286)
        at weblogic.jms.backend.udd.UDDEntity.prepare(UDDEntity.java:461)
        at weblogic.jms.module.JMSModule$EntityState.setState(JMSModule.java:1704)
        at weblogic.jms.module.JMSModule$EntityState.setState(JMSModule.java:1668)
        at weblogic.jms.module.JMSModule$EntityState.access$100(JMSModule.java:1608)
        at weblogic.jms.module.JMSModule.prepare(JMSModule.java:277)
        at weblogic.jms.module.ModuleCoordinator.prepare(ModuleCoordinator.java:186)
        at weblogic.application.internal.flow.ModuleListenerInvoker.prepare(ModuleListenerInvoker.java:199)
        at weblogic.application.internal.flow.DeploymentCallbackFlow$1.next(DeploymentCallbackFlow.java:518)
        at weblogic.application.utils.StateMachineDriver.nextState(StateMachineDriver.java:52)
        at weblogic.application.internal.flow.DeploymentCallbackFlow.prepare(DeploymentCallbackFlow.java:159)
        at weblogic.application.internal.flow.DeploymentCallbackFlow.prepare(DeploymentCallbackFlow.java:47)
        at weblogic.application.internal.BaseDeployment$1.next(BaseDeployment.java:614)
        at weblogic.application.utils.StateMachineDriver.nextState(StateMachineDriver.java:52)
        at weblogic.application.internal.BaseDeployment.prepare(BaseDeployment.java:184)
        at weblogic.application.internal.SingleModuleDeployment.prepare(SingleModuleDeployment.java:43)
        at weblogic.application.internal.DeploymentStateChecker.prepare(DeploymentStateChecker.java:154)
        at weblogic.deploy.internal.targetserver.AppContainerInvoker.prepare(AppContainerInvoker.java:60)
        at weblogic.deploy.internal.targetserver.operations.RedeployOperation.createAndPrepareContainer(RedeployOperation.java:105)
        at weblogic.deploy.internal.targetserver.operations.RedeployOperation.doPrepare(RedeployOperation.java:128)
        at weblogic.deploy.internal.targetserver.operations.AbstractOperation.prepare(AbstractOperation.java:217)
        at weblogic.deploy.internal.targetserver.DeploymentManager.handleDeploymentPrepare(DeploymentManager.java:749)
        at weblogic.deploy.internal.targetserver.DeploymentManager.prepareDeploymentList(DeploymentManager.java:1216)
        at weblogic.deploy.internal.targetserver.DeploymentManager.handlePrepare(DeploymentManager.java:250)
        at weblogic.deploy.internal.targetserver.DeploymentServiceDispatcher.prepare(DeploymentServiceDispatcher.java:160)
        at weblogic.deploy.service.internal.targetserver.DeploymentReceiverCallbackDeliverer.doPrepareCallback(DeploymentReceiverCallbackDeliverer.java:171)
        at weblogic.deploy.service.internal.targetserver.DeploymentReceiverCallbackDeliverer.access$000(DeploymentReceiverCallbackDeliverer.java:13)
        at weblogic.deploy.service.internal.targetserver.DeploymentReceiverCallbackDeliverer$1.run(DeploymentReceiverCallbackDeliverer.java:47)
        at weblogic.work.SelfTuningWorkManagerImpl$WorkAdapterImpl.run(SelfTuningWorkManagerImpl.java:528)
        at weblogic.work.ExecuteThread.execute(ExecuteThread.java:209)
        at weblogic.work.ExecuteThread.run(ExecuteThread.java:178)