Nav Lakshmi Ltd. invited applications for issuing 3,000, 12% Debentures of ₹ 100 each at a premium of ₹ 50 per debenture. The full amount was payable on application

Nav Lakshmi Ltd. invited applications for issuing 3,000, 12% Debentures of ₹ 100 each at a premium of ₹ 50 per debenture. The full amount was payable on application.

Applications were received for 4,000 debentures. Applications for 1,000 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applicants.

Pass necessary journal entries for the above transactions in the books of Nav Lakshmi Ltd.