Question

When drafting a company’s balance sheet under Schedule III Part I, under which heading and sub-heading will calls in arrear and calls in advance appear?

Answer 1

		Heading	Sub-heading
(i)	Calls in Arrears	Shareholder’s Funds	This will be deducted from subscribed but not fully paid capital Other Current Liabilities.
(ii)	Calls in Advance	Current Liabilities