ACCOUNTING

JAMB 2000 - Question 29

Account 2000 JAMB Past Questions - Question 29: Maco Merchant Bank Plc is to issue 500,000 ordinary shares of 50k reach at N3.00 per share. Applications were received for 1,550,000 shares fully paid, 1,250,000 shares are to be issued on a pro rata basis and excess subscription were dishonored and refunds made. What will be the number of shares to be issued to a subscriber who applied for 30,000 shares?

use the information below to answer the questions 28 and 29
Maco Merchant Bank Plc is to issue 500,000 ordinary shares of 50k reach at N3.00 per share. Applications were received for 1,550,000 shares fully paid, 1,250,000 shares are to be issued on a pro rata basis and excess subscription were dishonored and refunds made.
What will be the number of shares to be issued to a subscriber who applied for 30,000 shares?
A:
B:
C:
D:
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Correct Answer

A

Explanation

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