Arrnge the following in proper order:

(A) Issued Capital

(B) Subscribed and fully paid

(C) Subscribed and not fully paid

(D) Authorised capital

Choose the correct answer from the options given below:

The proper hierarchical arrangement of share capital follows this structure:

Authorised Capital is the maximum capital a company can issue as per its Memorandum of Association. It represents the ceiling limit.

Issued Capital is the portion of authorised capital that the company has actually offered to the public for subscription.

Relationship: Issued Capital ≤ Authorised Capital

Subscribed Capital is the part of issued capital that shareholders have actually applied for and been allotted.

Relationship: Subscribed Capital ≤ Issued Capital

Within subscribed capital, there are two components that are shown in standard presentation order:

Subscribed and Fully Paid - where shareholders have paid the entire amount called on shares

Subscribed and Not Fully Paid - where some amount called remains unpaid (calls in arrear)

---

The complete hierarchy flows as:

Authorised Capital → Issued Capital → Subscribed and Fully Paid → Subscribed and Not Fully Paid

Therefore: (D), (A), (B), (C)

This sequence represents the logical flow from the maximum permissible capital down to the actual capital received by the company, with the standard balance sheet presentation showing fully paid shares before partly paid shares.