Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Financial Statements of a Company

Question:
Under which of the following head ‘Calls in Advance’ is shown in the company’s Balance Sheet?
Options:
Non-Current Asset
Shareholder’s Funds
Current Liabilities
Non-current Liabilities
Correct Answer:
Current Liabilities
Explanation:
We show the Calls-In-Advance in the Equity and Liabilities part of the Balance Sheet under the head Current Liabilities and sub-head Other Current Liabilities.