When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit
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Correct Answer: Option 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 returnedÂ
You will debit application and allotment account and credit cash because monies that have been collected from the public wil have to be returnedÂ