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A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at...


Question

A total of 400,000 shares of ₦1 each are to be issued by Sariki company Ltd at a price of ₦1.20 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?

Options

A) ₦1,000

B) ₦1,200

C) ₦4,800

D) ₦6,000

The correct answer is A.


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