Pass necessary journal entries in the books of Z Ltd. for the following transactions:

(a) Z Ltd. invited applications for issuing 10,000, 9% debentures of ₹100 each at a premium of ₹10 per debenture. The full amount was payable on application. Applications were received for 15,000 debentures. Applications for 3,000 debentures were rejected and the applications money was refunded. Debentures were allotted to the remaining applicants on a pro-rata basis.

(b) The company has a balance of ₹60,000 in securities premium reserve account. Loss on issue of debentures ₹1,00,000 was written off as per the provisions of the Companies Act 2013.

Marks-3, CBSE:2021-22/Term-2/Zone-3/Set-1/Q-6*