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