JAMB Principles of Accounts 2014 Question 47

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of ₦1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment.

1. A.₦224,950.
2. B.₦225,000.
3. C.₦324,950.
4. D.₦325,000.