When debentures are issued at a premium with the term of redeeming them at par. The amount of premium received at the time of issue will be:

Credited to Securities Premium Reserve A/c

Issue at premium and redemption at par:
(a) Bank A/c Dr.
        To Debenture Application & Allotment A/c
(Receipt of application money)
(b) Debenture Application & Allotment A/c Dr.
           To Debentures A/c
           To Securities Premium Reserve A/c
(Allotment of debentures at a premium)