Accounting Treatment of Premium & Discount on Issue of Debentures in India

Yes, you can issue them like that. 

By Bank a/c

To share capital a/c

To securities premium reserve a/c

and

By Bank a/c

By discount a/c

To share capital a/c

Yes , one can issue debentures at premium and at discount .

Accounting treatment

Bank A/c Dr
To premium on Debentures A/c Cr
To Debentures A/c Cr
( Being debentures issued at premium )

Bank A/c Dr
Discount on Debentures A/c Dr
To Debentures. A/c Cr
( Being debentures issued at discount )

LOL sry, its debenture account, maybe I did not red the question long enough