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 rec...

Assessment: JAMB UTME - Principles of Accounts - 2003 Subject: Financial Accounting

Question 1 Report

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)..₦0.70What is the balance of the ordinary share capital account after the first call was received?

₦300

₦1050

₦1200

1950

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