JAMB Principles of Accounts 2003 Question 50

Mamsa Nigeria Limited issued 20 000 ordinary shares of ₦1.50 per share on 2nd July 2002. 1 500 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
The last and final call was yet to be made.
What is the balance of the ordinary share capital account after the first call was received?

1. A.₦300
2. B.₦1 050
3. C.₦1 200
4. D.₦1 950