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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