According to conservation of matter, there should be equal amounts of all elements on both the reactant and product side. 
 
Reactant: 
 
1 Ca 
 
1 C 
 
1 O 
 
Product: 
 
1 Ca 
 
1 C 
 
3 O 
 
Therefore, your friend is right because the law of conservation of matter is not followed in this chemical equation.