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Which of the entries correctly records allotment of shares

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Question 1: Jia Ltd issued a prospectus offering 200,000 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 250,000 shares and on the closing date allotted 200,000 shares. The extra application money was refunded back to the unsuccessful applicants. Which of the following entries correctly records the allotment of shares?

a. DR Application 1,200,000 DR Allotment 800,000 CR Share Capital 2,000,000

b. DR Application 2,000,000 CR Allotment 800,000 CR Share Capital 1,200,000

c. DR Application 2,000,000 CR Share Capital 2,000,000

d. DR Application 1,500,000 DR Allotment 1,000,000 CR Share Capital 2,500,000

Reference no: EM132552144

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