EF Ltd. invited applications for issuing 4,000, 10% debentures of ₹100 each at a premium of  ₹10 per debenture. The amount was payable as follows :   

On application ₹40 per debenture  

On allotment ₹70 per debenture (including premium)  

The debentures were fully subscribed and all money was duly received. 

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

Marks-4, CBSE: 2024-25/Zone-4/Set-1/Q-21