The number of shares to be issued to a vendor for consideration other than cash is calculated as follows:

1. A
   $\text{Amount Payable}/\text{Application money}$
2. B
   $\text{Amount Receivable}/\text{Allotment price}$
3. C
   $\text{Amount Payable}/\text{Issue Price}$
4. D
   $\text{Amount Receivable}/\text{Issue Price}$