Nav Lakshmi Ltd . Invited application for 3,000, 125 Debentures of ₹ 100 each at a premium of ₹ 50 per debenture. Full amount was payable o n application. Applications were received for 4,000 debentures,. Applications for 1,000 debentures were rejected and application money wes refunded. Debentures were allotted to the remaining applications.
Pass necessary Journal enteries for the above transactions in the books of Nav Lakshmi Ltd.