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Which entries correctly records the transfer of application

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Question 1: Jia Ltd issued a prospectus offering 250,000 ordinary shares at an issue price of $10 each, payable $6 per share on application and the balance on allotment. The company received applications for 300,000 shares and on the closing date allotted 250,000 shares. The extra application money was refunded back to the unsuccessful applicants. Which of the following entries correctly records the transfer of the application money to Cash at Bank account?

Option a. DR Cash at Bank 1,800,000 CR Application 1,800,000

Option b. DR Cash at Bank 1,500,000 CR Application 1,500,000

Option c. DR Cash at Bank 1,500,000 CR Cash Trust 1,500,000

Option d. DR Cash at bank 2,500,000 CR Application 2,500,000

Reference no: EM132552142

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