Share application account is a personal ...

Share application account is a personal account.

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NCERT-ACCOUNTING FOR SHARE CAPITAL-Test your Understanding - I

A company is an artificial person.
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Shareholders of a company are liable for the acts of the company.
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Every member of a company is entitled to take part in its management.
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Company's shares are generally transferable.
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Share application account is a personal account.
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The director of a company must be a shareholder.
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Paid up capital can exceed called up capital.
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Capital reserves are created from capital profits.
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At the time of issue of shares, the maximum rate of securities premium...
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The part of capital which is called up only on winding up is called re...
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The shares originally issued at discount may be re-issued at a premium...
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