Question { KPSC Karnataka Public Service Corporation, 37296 }

what type of acounts is share application account

Answer

Look Guys, First of all Bank A/C is a personal as banking company is an artificial person created by law and share application account is also a personal as it indicates the money received from natural persons i.e. Shareholders.Thus following entry is based on above discussion:-

Bank A/C. Dr.
To share application A/C
Note:- One of my less knowledgeable Friend posted That Share application account is represents Income which is absolutely Wrong.

Thanks
Mohit Giri(7678170406)