Question:
Money received in advance from shareholders before it is actually called up by the directors is:
Money received in advance from shareholders before it is actually called up by the directors is:
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Calls in advance are recorded as a liability since the company owes the shareholders until the call is made.
Updated On: Jan 20, 2025
- Debited to calls in advance account
- Credited to calls in advance account
- Debited to share capital account \
- Credited to share capital account
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The Correct Option is B
Solution and Explanation
Calls in advance refer to the amount received from shareholders before the call is made.
This amount is not yet due and is treated as a liability until the call is made.
Therefore, it is credited to the Calls in Advance Account.
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