When a company issues shares with partial payment required on application and the remainder on allotment, the journal entry to record cash received on allotment of shares is:

Name: When a company issues shares with partial payment required on application and the remainder on allotment, the journal entry to record cash received on allotment of shares is:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cash received on the allotment of shares is recorded by a debit to Cash and a credit to the Allotment account.

When a Company Issues Shares with Partial Payment Required on Application