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
A. N300
B. N1050
C. N1200
D. 1950
Correct Answer:
Option C – N1200
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