Use the information below to answer the question that follows:
Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 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 subscriptions were dishonored and refunds made?
The refund due to an application for ₦25,000 shares is
Options
A) ₦45,000
B) ₦30,000 >>>>>>>>>
C) ₦7,500
D) ₦5,000
The correct answer is B.
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