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Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd ...


Question

Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002.

1500 ordinary shares were fully subscribed for and their monies received as below:

On application₦0.40
On allotment₦0.20
First call (including premium of ₦0.50)₦0.70

What is the balance of the ordinary share capital account after the first call was received?

Options

A)
₦300
B)
₦1050
C)
₦1200
D)
1950

The correct answer is C.


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