EF Ltd. invited applications for issuing $\displaystyle 4000$, $\displaystyle 10$% debentures of $\displaystyle 100$ $\displaystyle 2$ each at a premium of $\displaystyle 10$ per debenture. The amount was payable as $\displaystyle 2$ follows : On application - $\displaystyle 2$ $\displaystyle 40$ per debenture On allotment - $\displaystyle 2$ $\displaystyle 70$ per debenture (including premium) The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the above transactions in the books of EF Ltd.

Books of EF Ltd. JOURNAL Date Particulars L.F. Dr. Cr. (`) (`) Amount Amount Bank A/c Dr. $\displaystyle 1,60,000$ To Debenture Application A/c $\displaystyle 1,60,000$ (Application amount received on $\displaystyle 4,000$ debentures.) Debenture Application A/c Dr. $\displaystyle 1,60,000$ To $\displaystyle 10$% Debentures A/c $\displaystyle 1,60,000$ (Application amount transferred to debentures a/c.) Debenture Allotment A/c Dr. $\displaystyle 2,80,000$ To $\displaystyle 10$% Debentures A/c $\displaystyle 2,40,000$ To Securities Premium A/c $\displaystyle 40,000$ (Allotment amount due on $\displaystyle 4,000$ debentures including premium.) Bank A/c Dr. $\displaystyle 2,80,000$ To Debenture Allotment A/c $\displaystyle 2,80,000$ (Allotment amount received.)