Question

calls in advance shows a) debit balance b) credit balance c) both debit and credit balance d) none of these​

Answer 1

Explanation:

option C

both are important

Answer 2

The company treats calls-in-advance as a debt of until it makes the calls. The amount already paid is adjusted. ... The company can retain only such amount as is required to make the allotted shares fully paid. After transferring the amount to the relevant call accounts, the company closes the calls-in-advance account.The meaning of calls in advance is that the excess amount received by the company than what has been called up. ... The company retains such amount to make the shares fully paid. Once this amount is transferred to the relevant accounts the calls in advance account is closed.

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