Question : Share application and allotment account is a-
Option 1: Personal Account
Option 2: Real Account
Option 3: Nominal Account
Option 4: None of the Above
Answer (1)
19th Jan, 2024
Correct Answer: Personal Account
Solution : Share Applications, Share Allotments, and Share Capital Accounts are all personal accounts because they hold money belonging to the shareholders. When payments are due, these accounts must be debited in accordance with the "Debit the Receiver, Credit is the Giver" rule.
Hence the correct answer is option 1.
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