B. 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 application money was refunded. Debentures were allotted to the remaining applicants on a pro-rata basis.
