Question : A company can accept calls in advance, if authorised by:
Option 1: Shareholders
Option 2: Board of Directors
Option 3: Articles of Association
Option 4: Memorandum of Association
Answer (1)
25th Jan, 2024
Correct Answer: Articles of Association
Solution : Calls in advance are excess funds that the corporation has received and has been called up. A company may take calls in advance from its shareholders if permitted by its articles of association. When a business receives cash like this, it has to credit the calls-in-advance account.
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