Residual call amount is debited to the account
Debited to call in advance account
Residual call amount is credited to the account
Credited to call in advance account
Answer is Right!
Answer is Wrong!
The correct answer is: D. Credited to call in advance account
The advance money received from the shareholders before the calls are made is credited to the call in advance account. This account is used to track the amount of money that has been received from shareholders in advance of calls. The money in this account is used to pay for the costs of issuing the shares, such as
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