JAMB Accounting 2008 Objective — Question 43

Question 43 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.

Cash received from the subscribed shares is recorded by debiting

A. application, allotment and crediting cash
B. cash and crediting sub-scribed shares
C. cash and crediting application
D. cash, crediting application and allotment accountCorrect

Explanation

Treatment of cash received for subscribed shares: Dr Cash A/c; Cr Application and allotment A/c.

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