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Question
Under which of the following heading at liabilities side of the company's balance sheet, the balance in 'Calls-in-Advance' account is shown?
Options
Share Capital
Reserve and Surplus
Money received against share warrants
None of the above
MCQ
Solution
Share Capital
Explanation:
The sum in the 'Calls-in-Advance' account is presented separately on the liabilities side of the balance sheet under the heading 'Share Capital,' but it is not added to the amount of paid-up capital. Calls-in-Advance is a company liability.
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Nature and Types of Share and Share Capital
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