Narain Laxmi Ltd. invited applications for issuing 7,500; 12% Debentures of Rs.100 each at a premium of Rs.35 per debenture. The full amount was payable on application. Applications were received for 10,000 Debentures. Applications for 2,500 debentures were rejected and the application money was refunded. Debentures were allotted to the remaining applicants. Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
