When Debentures are issued at discount for consideration other than cash then correct journal entry will be:

Vendor A/c Dr.
Discount on issue of Debenture A/c Dr.
   To Debentures A/c

1) On purchase of assets- Sundry Assets A/c Dr.
                                                      To Vendor’s A/c

2) On issue of debentures-
(a) At par-
Vendors Dr.
     To Debentures A/c

(b) At premium-
Vendors Dr.
     To Debentures A/c
     To Securities Premium Reserve A/c

(c) At a discount-
Vendors Dr.
Discount on Issue of Debenture A/c Dr.
     To Debentures A/c