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Share allotment account is a :
- a)Real account
- b)Nominal account
- c)Personal account
- d)Company account
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Share allotment account is a :a)Real accountb)Nominal accountc)Persona...
Explanation:
Personal account is a type of account that is used to keep the record of individuals, firms, and companies with whom we have some business transactions. Share allotment account is also a personal account as it maintains the record of the individuals or companies to whom shares are allotted.
Reasons why Share allotment account is a personal account:
1. Records transactions with individuals and companies: Share allotment account is used to record the transactions related to the allotment of shares to individuals and companies. Hence, it is a personal account.
2. Represents a person or entity: Share allotment account represents the person or entity to whom shares are allotted. Therefore, it is a personal account.
3. Maintains balance of transactions: Share allotment account maintains the balance of transactions related to the allotment of shares. This balance represents the amount of shares allotted to individuals and companies. Hence, it is a personal account.
Conclusion:
From the above discussion, it is clear that Share allotment account is a personal account. Therefore, it falls under the category of personal accounts in accounting.
Personal account is a type of account that is used to keep the record of individuals, firms, and companies with whom we have some business transactions. Share allotment account is also a personal account as it maintains the record of the individuals or companies to whom shares are allotted.
Reasons why Share allotment account is a personal account:
1. Records transactions with individuals and companies: Share allotment account is used to record the transactions related to the allotment of shares to individuals and companies. Hence, it is a personal account.
2. Represents a person or entity: Share allotment account represents the person or entity to whom shares are allotted. Therefore, it is a personal account.
3. Maintains balance of transactions: Share allotment account maintains the balance of transactions related to the allotment of shares. This balance represents the amount of shares allotted to individuals and companies. Hence, it is a personal account.
Conclusion:
From the above discussion, it is clear that Share allotment account is a personal account. Therefore, it falls under the category of personal accounts in accounting.
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Community Answer
Share allotment account is a :a)Real accountb)Nominal accountc)Persona...
Share Application or share allotment or Share capital A/c all are personal accounts as they represent money from the shareholders and when money is due, these are to be debited because of the rule "Debit the receiver".
Hence, the correct answer is Option C
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Share allotment account is a :a)Real accountb)Nominal accountc)Personal accountd)Company accountCorrect answer is option 'C'. Can you explain this answer?
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