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mediumMCQCUET Accountancy 2025 30 May Shift 22026Accountancy
1 mark

A company maintains 'Calls in Arrears' Account. What entry will be passed on receiving first call money provided the whole amount due on it is not received?

  1. A
    Bank A/c Dr.Calls in Arrears A/c Dr.To Share First Call A/c
  2. B
    Bank A/c Dr.To Calls in Arrears A/c
  3. C
    Calls in Arrears A/c Dr.To Share First Call A/c
  4. D
    Share First Call A/c Dr.To Calls in Arrears A/c

Solution & Step-by-step Explanation

When a company maintains a dedicated 'Calls in Arrears' account, any shortfall in collection is segregated immediately during the collection entry. The amount actually received is debited to Bank A/c, the unpaid balance is debited to Calls in Arrears A/c, and the full amount due for that stage is credited to the Share First Call A/c.

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Try it yourself before checking the explanation above.

A company maintains 'Calls in Arrears' Account. What entry will be passed on receiving first call money provided the whole amount due on it is not received?
A
Bank A/c Dr.Calls in Arrears A/c Dr.To Share First Call A/c
B
Bank A/c Dr.To Calls in Arrears A/c
C
Calls in Arrears A/c Dr.To Share First Call A/c
D
Share First Call A/c Dr.To Calls in Arrears A/c

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Company AccountsShare CapitalCalls in Arrears

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