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     EduGorilla 
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    X Co. Ltd., issued 10000, 10%. debentures of Rs.100 each at a premium of Rs. 5 payable as follows On application Rs. 40, on Allotment Rs. 65 (including premium) All the debentures were subscribed and money was received, What will be the first journal entry?

    Options :-

    1. 10% Deb Allotment a/c       Dr.  400000
            To 10% Debenture a/c  400000

    2. 10% Deb Application a/c       Dr.  65000
             To 10% Debenture a/c  65000

    3. 10% Deb Application a/c         Dr.  400000
       To 10% Debenture Application a/c  400000

    4. Bank A/c             Dr.  400000                           To 10% Debenture Application a/c  400000

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