PQ Ltd. invited applications for issuing $\displaystyle 6,000$, $\displaystyle 11$% debentures of $\displaystyle 100$ $\displaystyle 3$ each at a premium of $\displaystyle 2$ $\displaystyle 10$ per debenture. The amount was payable as follows : On Application _ $\displaystyle 3$ $\displaystyle 30$ per debenture On Allotment - $\displaystyle 3$ $\displaystyle 80$ 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 PQ Ltd.

Books of PQ Ltd. JOURNAL Date Particulars L.F. Dr. Cr. (`) (`) Amount Amount Bank A/c Dr. $\displaystyle 1,80,000$ To Debenture Application A/c $\displaystyle 1,80,000$ (Application amount received on $\displaystyle 6,000$ debentures) Debenture Application A/c Dr. $\displaystyle 1,80,000$ To $\displaystyle 11$% Debentures A/c $\displaystyle 1,80,000$ (Application amount transferred to debentures a/c) Debenture Allotment A/c Dr. $\displaystyle 4,80,000$ To $\displaystyle 11$% Debentures A/c $\displaystyle 4,20,000$ To Securities Premium A/c $\displaystyle 60,000$ (Allotment amount due on $\displaystyle 6,000$ debentures including premium) Bank A/c Dr. $\displaystyle 4,80,000$ To Debenture Allotment A/c $\displaystyle 4,80,000$ (Allotment amount received)