When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:

The correct option is (B), (C) and (D) only.

To understand why this is correct, we need to analyze the accounting treatment when debentures are issued at a premium and are also redeemable at a premium. Let us look at the standard journal entry recorded at the time of issue of these debentures.

When debentures are issued at a premium, the company receives an amount greater than the face value of the debentures. This excess amount received is credited to the Securities Premium Account.

Additionally, when debentures are to be redeemed at a premium, it means the company is obligated to pay an amount greater than the face value at the time of redemption. According to the conservatism concept (or prudence principle) of accounting, this future loss must be anticipated and recorded at the time of issue itself. This is done by:
1. Debiting the Loss on Issue of Debentures Account to recognize the future liability as an expense/loss today.
2. Crediting the Premium on Redemption of Debentures Account to create a liability representing the future premium payable.

Since the debentures are issued at a premium (not at a discount), the Discount on Issue of Debentures Account is not debited. Therefore, statement (A) is incorrect.

The consolidated journal entry for the issue of debentures in this scenario is:

Journal Entry:
Debenture Application & Allotment A/c ... Dr.
Loss on Issue of Debentures A/c ... Dr. (with the amount of redemption premium)
    To Debentures A/c (with the nominal/face value)
    To Securities Premium A/c (with the premium received on issue)
    To Premium on Redemption of Debentures A/c (with the premium payable on redemption)

Thus, the combination contains:
• Statement (B): Loss on issue of debentures account is debited (Correct)
• Statement (C): Securities premium account is credited (Correct)
• Statement (D): Premium on redemption of debentures account is credited (Correct)