Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.
1500 ordinary shares were fully subscribed for and their monies received as below:
On application …………………….N0.40
On allotment ………………………N0.20
First call (including premium ofN0.50)..N0.70
What is the balance of the ordinary share capital account after the first call was received?
A N300
B N1050
C N1200
D 1950
Answer is C
