on 1 4 2019 X Limited issued 40000 7% debentures of hundred each at a discount of 6% redeemable at a premium of 2% after 4 years the amount was payable as follows: on application 40 per debenture, balance on allotment. company has a balance of 120000 in security premium reserve and 150000 and Capital Reserve profit of the year was 200000 .pass general entries