Janki Marbal Ltd. of Palanpur issued 50,000, 11% Debenture of ₹ 100 each at a premium of ₹ 20 per debenture. The full amount was payable on application. Applications were received by company for 60,000 debentures. Application for 10,000 debentures were rejected and the amount thereon was refunded to the applicants. Debentures were allotted to the remaining applications. Pass necessary journal entries for the above transactions in the books of Janki Marbal Ltd.
