Taurus Ltd was incorporated with the legal right to issue...
Use the following information to answer the question
Taurus Ltd was incorporated with the legal right to issue five million ordinary shares. The company has issued three million of the shares at GH⊄ 0.60 per share. To date, the company has made calls of GH⊄ 0.40 per share. All calls have been paid by shareholders except for GH⊄ 100,000 owing from one shareholder.
The authorized number of shares is
3,000,000
8,000,000
5,000,000
100,000
Correct answer is C
The authorized number of shares refers to the maximum number of shares a company is legally allowed to issue.
According to the information provided, Taurus Ltd was incorporated with the legal right to issue five million ordinary shares.
Therefore, the authorized number of shares for Taurus Ltd is 5,000,000.
Hence, the correct answer is 5,000,000.
Public sector accounting is practiced in ...
Which of the following is a source of the local government Revenue? ...
Which of the following affects the accuracy and authenticity of the trial balance? ...
Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit ...
Goodwill is determined using? ...
When shares are issued above their nominal value, the excess above the nominal value is ...