What is the nature of share application account?

 I think IndAS 1 presents all the Allotment, application, first and final call classifications into Equity. This is a capital account. Then recording transactions for application, Allotment first and final call can be concise to this:

Bank 

To Share Capital a/c

when payment is made, reverse the entry. Meantime, any dividend paid, retained earnings will be debited.