Question

Under which of the following headings/sub-headings, Calls-in-advance will be presented in the balance sheet of a company as per Schedule III Part I of the Companies Act, 2013?

विकल्प

• Current Liabilities

• Share Capital

• Share Application Money Pending Allotment

• Reserves and Surplus

Answer 1

Current Liabilities

Explanation:

Calls in advance are amounts paid in excess by shareholders for calls that are not yet due. Calls in advance are shown separately in the Balance Sheet under the heading ‘Current Liabilities’ until the calls are made and the amount becomes payable by the shareholder.