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

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?

₦300

₦1050

₦1200

1950

The correct answer is C.

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