Pass necessary journal entries for issue of debentures for the following transactions : (i) Kajal Ltd. issued $\displaystyle 30,000$, $\displaystyle 11$% Debentures of ₹ $\displaystyle 100$ each at a discount of $\displaystyle 10$%, redeemable at a premium of $\displaystyle 5$%. (ii) Ninja Ltd. issued $\displaystyle 32,000$, $\displaystyle 8$% Debentures of ₹ $\displaystyle 100$ each at a premium ₹ $\displaystyle 20$ per debenture, redeemable at a premium of ₹ $\displaystyle 10$ per debenture. (iii) Him Ltd. issued $\displaystyle 40,000$, $\displaystyle 13$% Debentures of ₹ $\displaystyle 100$ each at par, redeemable at a premium of $\displaystyle 10$%.

Books of Kajal Ltd. Journal Date Particulars L.F Dr. Amount Cr. Amount ₹ ₹ Bank A/c Dr. $\displaystyle 27,00,000$ To Debenture Application and Allotment A/c (Receipt of application money on $\displaystyle 30,000$, $\displaystyle 11$% $\displaystyle 27,00,000$ Debentures of ₹$\displaystyle 100$ each at a discount of $\displaystyle 10$%) Debenture Application and Allotment A/c Dr. $\displaystyle 27,00,000$ Loss on issue of Debentures A/c Dr. $\displaystyle 4,50,000$ To $\displaystyle 11$% Debentures A/c $\displaystyle 30,00,000$ To Premium on redemption of Debentures A/c $\displaystyle 1,50,000$ (Transfer of Debenture application money and provision for premium on redemption of Debentures made) Alternatively, Debenture Application and Allotment A/c Dr. $\displaystyle 27,00,000$ Discount on issue of Debentures A/c Dr. $\displaystyle 3,00,000$ Loss on issue of Debentures A/c Dr. $\displaystyle 1,50,000$ To $\displaystyle 11$% Debentures A/c $\displaystyle 30,00,000$ To Premium on redemption of Debentures A/c $\displaystyle 1,50,000$ (Transfer of debenture application money and provision for premium on redemption of Debentures made) Books of Ninja Ltd. Journal Date Particulars L.F Dr. Amount Cr. Amount ₹ ₹ Bank A/c Dr. $\displaystyle 38,40,000$ To Debenture Application and Allotment A/c $\displaystyle 38,40,000$ (Receipt of application money on $\displaystyle 32,000$, $\displaystyle 8$% Debentures of ₹$\displaystyle 100$ each at a premium of ₹$\displaystyle 20$ per Debenture) Debenture Application and allotment A/c Dr. $\displaystyle 38,40,000$ Loss on issue of Debentures A/c Dr. $\displaystyle 3,20,000$ To $\displaystyle 8$% Debentures A/c $\displaystyle 32,00,000$ To Securities Premium A/c $\displaystyle 6,40,000$ To Premium on redemption of Debentures A/c $\displaystyle 3,20,000$ (Transfer of Debenture application money and provision for premium on redemption of Debentures made) Books of Him Ltd. Journal Date Particulars L.F Dr. Amount Cr. Amount ₹ ₹ Bank A/c Dr. $\displaystyle 40,00,000$ To Debenture Application and Allotment A/c $\displaystyle 40,00,000$ (Receipt of application money on $\displaystyle 40,000$, $\displaystyle 13$% Debentures of ₹$\displaystyle 100$ each) Debenture Application and Allotment A/c Dr. $\displaystyle 40,00,000$ Loss on issue of Debentures A/c Dr. $\displaystyle 4,00,000$ To $\displaystyle 13$% Debentures A/c $\displaystyle 40,00,000$ To Premium on redemption of Debentures A/c $\displaystyle 4,00,000$ (Transfer of debenture application money and provision for premium on redemption of Debentures made)