Sometimes Shareholders pay a part or the whole of the amount of calls not yet made. The amount so received
from shareholders is
This question was previously asked in
Shift 12/06/2023 12:00 PM - 2:00 PM
A
Credited to Share Allotment Account
B
Credited to first call Account
C
Debited to calls in Advance Account
D
Credited to calls in Advance Account
Correct Answer
Credited to calls in Advance Account
Detailed Explanation
When shareholders make calls in advance, it typically refers to a situation where a company, as specified in its articles of association, requests shareholders to contribute additional funds beyond the initial investment in the form of a "call." This is a common practice in companies where the articles of association grant the board of directors the authority to issue calls on shareholders.
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