Based on following, answer question.

XYZ Ltd. has been operating in the field of FMCG products in South Indian market. However to expand its operation in northen part of India, it needs additional capital ₹20,00,000 which is raised by issuing 10% Debenture of ₹12,00,000 of ₹100 issued at a discount of 10% to be repayable after 6 years. The rest of the funds is raised by issuing 5% debenture of ₹8,00,000 of ₹100 issued at 15% premium. These debentures are perpetual in nature. After six years of successful operation in northern India, company took a loan of ₹5,00,000 from PNB against 5% debenture of ₹8,00,000 of ₹100 each as a collateral security. The company successfully ran its operation and managed to pay off its loan within two years.

If 5% debenture of ₹8,00,000 of ₹100 were issued at 15% premium. Amount is payable as ₹25 on applications, ₹50 on the allotment and ₹40 on 1st and final call. How much amount should be credited to "Security Premium Reserve A/c".

₹1,20,000

Total debentures issued = Amount of debentures/ Face value
                                       = 800000/100
                                       = 8000
8000 debentures are issued at premium that is 15% of face value
Premium = 100 x 15/100
               = 15
Total amount of premium = 8000 debentures x 15
                                         = 120000