Identify the correct sequence for the following at the time of Issue of Shares.

(A) Allotment of shares
(B) Calls in arrears
(C) Application money received
(D) Forfeiture of shares
(E) Reissue of shares 

Choose the correct answer from the options given below.

(C), (A), (B), (D), (E)

The correct answer is Option (4) → (C), (A), (B), (D), (E)

* Application money received (C): This is the first step where the company receives application money from individuals who have applied for shares but the shares haven't been allotted yet.

* Allotment of shares (A): After receiving applications, the company decides to allot shares to the applicants. This involves allocating specific shares to each individual who applied.

* Calls in arrears (B): Sometimes, shareholders fail to pay the full amount for the shares they've been allotted. Calls in arrears refer to the unpaid portion of the share's value.

* Forfeiture of shares (D): If shareholders don't pay the calls in arrears, the company may decide to forfeit their shares. Forfeiture involves canceling the shares and treating them as if they were never issued.

* Reissue of shares (E): After forfeiting shares, the company may choose to reissue them to new shareholders. This completes the cycle, allowing the company to bring in new investors for the forfeited shares.