Agra co. Ltd. did not receive ₹ 20,000 from its shareholders on the calls made. The accountant of the company is of the opinion that the amount of ‘calls-in-arrear’ should be shown as ‘Current Assets’ because the amount has been accrued by the company. Is accountant correct in his approach.

Answer rating: 100% (QA)

Solution No the accountant is incorrect in his appro... View the full answer