In case of default in payment by shareholders, then account needs to be debited for the default amount.

calls in advance

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calls in arrears

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bank

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share allotment

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Solution

The correct option is B calls in arrears
In case of default in payment by shareholders, then calls in arrears account needs to be debited for the default amount.

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In case of default in payment by shareholders, then _________ account needs to be debited for the default amount?

In case of default in the payment of allotment money, the bank account is debited with which amount?

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