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Can you explain the answer of this question below:
Share Application A/c and Share Allotment A/c is:
A:Real Account
B:Nominal Account
C:Fictitious Account
D:Personal Account
The answer is D.
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Can you explain the answer of this question below:Share Application A/...
Share Application Account and Share Allotment Account is personal account.
This question is part of UPSC exam. View all Commerce courses
Most Upvoted Answer
Can you explain the answer of this question below:Share Application A/...
Explanation:

Share Application A/c and Share Allotment A/c are both personal accounts in accounting.

Personal Accounts: Personal accounts are accounts that represent individuals, companies, organizations, or any other entities that have a separate identity from the owner. Personal accounts can be further classified as natural, artificial, and representative.

Share Application A/c: Share application account is a personal account that records the money received from the shareholders who have applied for the shares of the company. It is a liability account.

Share Allotment A/c: Share allotment account is a personal account that records the amount of money received from the shareholders who have been allotted shares of the company. It is a capital account.

Conclusion:

Both Share Application A/c and Share Allotment A/c are personal accounts that represent the shareholders of a company. Share Application A/c is a liability account that records the money received from the shareholders who have applied for the shares of the company. Share Allotment A/c is a capital account that records the amount of money received from the shareholders who have been allotted shares of the company.
Community Answer
Can you explain the answer of this question below:Share Application A/...
We know answer is D but how so let's startwe know capital ac is a personal ac and we also know that share capital is a part of capital and application and allotment both are the part of share capital ac
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Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.How much allotment amount is already received during application?

Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.The above case shows which of the following cases of subscription?

Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.What amount is received at the time of first and final call?

Based on the information below you are required to answer the following questions:Sangita Limited invited applications for issuing 60,000 shares of ₹10 each at par. The amount was payable as follows : On Application ₹ 2 per share On Allotment ₹ 3 per share One First and Final Call ₹ 5 per share Applications were received for 92,000 shares. Allotment was made on the following basis :(i) To applicants for 40,000 shares — Full(ii) To applicants for 50,000 shares — 40%(iii) To applicants for 2,000 shares — Nil₹1,08,000 was released on account of allotment (excluding the amount carried from application money) and ₹2,50,000 on account of call.The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.How many shares will be issued for the applicants of 50,000 shares?

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Can you explain the answer of this question below:Share Application A/c and Share Allotment A/c is:A:Real AccountB:Nominal AccountC:Fictitious AccountD:Personal AccountThe answer is D.
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