Explanation:

- A Debenture Application Account represents the amount received from applicants for debentures.

- Personal accounts are related to persons, firms, or companies and include parties from whom amounts are to be received or to whom they are to be paid.

- A real account pertains to assets, while a nominal account pertains to expenses and incomes.

- Since the Debenture Application Account deals with transactions related to the debenture applicants, it represents a personal liability to the applicants.

Correct Answer: Option 2 - Personal Account