JAMB - Accounts Principles Of Accounts (2012 - No. 35)
When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit
application and allotment account and credit unsubscribed shares
application and allotment account and credit cash
oversubscribed shares and credit allotment account
oversubscribed shares and credit allotment account
Explanation
You will debit application and allotment account and credit cash because monies that have been collected from the public wil have to be returned
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