I guess no, premium collected on issue of debentures is a capital gain for the company and that is why securities premium reserve account which is a capital reserve account is credited ; but if in case we want to write off the income with surplus in statement of profit and loss, then we credit statement of profit and loss account... But(yes,, there's a but.) I'm still not sure.

Introduction:
When a company issues debentures, it collects a certain amount of money from the investors as a premium. This premium represents the excess amount paid by the subscribers over the face value of the debentures. The accounting treatment of this premium collected on the issue of debentures is important to ensure proper recording and reporting of financial transactions.

Accounting Treatment of Premium:
The premium collected on the issue of debentures is generally credited to the securities premium reserve account. This is done to comply with the legal requirements and accounting principles. However, in certain circumstances, it may be possible to credit the premium to other accounts as well.

Securities Premium Reserve Account:
The securities premium reserve account is a special reserve created to record the premium received on the issue of debentures, shares, or other securities. It is classified as a part of shareholders' equity on the balance sheet. The securities premium reserve is not distributable as dividends and can only be utilized for specific purposes, such as the issue of bonus shares or writing off the expenses of the company.

Other Possible Accounts:
While the default option is to credit the premium to the securities premium reserve account, there may be situations where it can be credited to other accounts as well. Some possible alternatives include:

Capital Reserve Account:
If the premium collected on the issue of debentures is substantial and the company wants to treat it as a capital receipt, it can be credited to the capital reserve account. This account is used to record non-operating or non-recurring gains, such as profits from the sale of fixed assets or investments.

Debenture Redemption Reserve Account:
In certain cases, the premium collected on the issue of debentures can be credited to the debenture redemption reserve account. This account is created to accumulate funds for the redemption of debentures at maturity. The Companies Act, 2013 mandates the creation of a debenture redemption reserve for the redemption of debentures issued after April 1, 2014.

Conclusion:
While the default practice is to credit the premium collected on the issue of debentures to the securities premium reserve account, there are instances where it can be credited to other accounts as well. The choice of the account depends on various factors, including legal requirements, accounting principles, and management decisions. It is important for companies to carefully consider the appropriate accounting treatment to ensure accurate financial reporting and compliance with regulations.