Accounts - Principles of Accounts
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?
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A.
N1,000
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B.
N1,200
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C.
N4,800
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D.
N6,000
Correct Answer: Option A
Explanation
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