Money received in advance from shareholders before it is actually called-up by the directors is:

Credited to calls in advance account

The correct answer is option 2- Credited to calls in advance account.

Sometimes shareholders pay a part or the whole of the amount of the calls not yet made. The amount so received from the shareholders is known as “Calls in Advance”. The amount received in advance is a liability of the company and should be credited to ‘Call in Advance Account.” The amount received will be adjusted towards the payment of calls as and when they becomes due. Table F of the Companies Act provides for the payment of interest on calls in advance at a rate not exceeding 12% per annum. The following journal entry is recorded for the amount of calls received in advance.
Bank A/c Dr.
  To Calls in Advance A/c
(Amount received on call in advance)