Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
A. N45,000
B. N30,000
C. 7,500
D. N5,000
Correct Answer:
Option B – N30,000
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