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
The correct answer is: B
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