Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Shares

Question:
Share Application Account is which type of account?
Options:
Personal A/c
Real A/c
Nominal A/c
None of the above
Correct Answer:
Personal A/c
Explanation:
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".