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

The correct answer is option 4- Credited to Securities Premium Reserve A/c.

Journal entry for the 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)

Thus, the amount of premium received at the time of issue will be Credited to Securities Premium Reserve A/c.