JAMB Principles of Accounts 2000 Question 28

Use the information below to answer questions 28 and 29.
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 dishonoured and refunds made.
The refund due to an application for 25,000 shares is

1. A.₦45,000
2. B.₦30,000
3. C.₦7,500
4. D.₦5,000.