Maharashtra State BoardHSC Commerce 12th Board Exam
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Give One Word / Term / Phrase for the Following Statement : - Book Keeping and Accountancy

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One Word Answer

Give one word / Term / phrase for  the following statement :
Amount called on shares by the company but not received.

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Solution

Calls-in-arrears

Explanation:
 Sometimes, a shareholder might fail to pay allotment or call money on all the shares or some of the shares held by him/her. The amount that is called up by a company but not paid (received) by (from) a shareholder represents the amount due, i.e. the outstanding amount. Therefore, it is termed as calls-in-arrears. Calls-in-arrears are shown in a company’s Balance Sheet by way of deduction from the called-up capital.

Concept: Calls in Advance and Arrears
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 10 Company Accounts Part - 1 (Accounting for Shares)
Exercise | Q 10 | Page 350
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