LIFE IN ANTEBELLUM AMERICA 1807 1861
SLAVERY IN AMERICA COTTON SLAVE TRADE AND THE SOUTHERN RESPONSE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Native Americans
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African Americans
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Both
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None of the above
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Detailed explanation-1: -The company may call upon the shareholder to pay the price in instalments. The instalment payments are called call money. The call money is due from the shareholders.
Detailed explanation-2: -When any shareholder does not pay his call money to company on his due date. This is known as calls in arrears. A shareholder, who was allotted 500 shares did not pay 1st Call and 2nd Call money. His shares have been forfeited.
Detailed explanation-3: -If some amount, called in respect of a share, is not paid before or on the specific date fixed for payment, such amount which is not paid, is called “Calls-in-arrears”. Such amount may be called up by the Company either as Allotment Money or Call Money.
Detailed explanation-4: -When any shareholder fails to pay the amount due on allotment or on any of the calls, such amount is known as ‘Calls-in-Arrears’/’Unpaid Calls’. Calls-in-Arrears represent the debit balance of all the calls account and are shown as a deduction from the paid-up capital on liabilities side of the balance sheet.