ABC Limited issued 9,500, 12% debentures of ₹100 each payable ₹30 on application and the remaining amount on the allotment. The public applied for 9,000 debentures which were fully allotted, and all the relevant allotment money was duly received. Give journal entry for the receiving of allotment money.

Bank A/c   Dr.                                 र6,30,000
    To 12% Debenture Allotment A/c                  र6,30,000
(Allotment money received)

The correct answer is option 1-
Bank A/c   Dr.                                 र6,30,000
    To 12% Debenture Allotment A/c                  र6,30,000
(Allotment money received)

Face value of debenture = ₹100
Application amount per debenture = ₹30
Allotment money per debenture = 100-30
                                                   = ₹70

Application received for Debentures = 9000
Allotment money = 9000 X 70
                           = र6,30,000