A total of 400,000 shares of N1 each are to be issued by Sariki company
FINANCIAL
JAMB 1995
A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
- A. N1,000
- B. N1,200
- C. N4,800
- D. N6,000
Correct Answer: A. N1,000
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