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Answer 1

Journal Entries in the books of Narain Luxmi Ltd.

Bank A/c Dr  1350000

To Debenture Application and Allotment A/c 1350000

( Money for 10000 12% Debentures received @ Rs 100 with a  Premium of Rs 35 per Debenture)  

Debenture Application and Allotment A/c Debit  1350000

To Debenture A/c           750000

To Security Premium A/c         262500

To Bank A/c   337500

(Debenture application money transferred to Debenture A/c and refunded excess Amount on 2500 Debentures)