A resident company has an opening credit balance of $12,000 in its franking account. It has...
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A resident company has an opening credit balance of $12,000 in its franking account. It has the following transactions in the year: • On 1 July 2020, the Company received an unfranked dividend of $10,000 • On 5 August 2020, it paid a dividend of $15,000, franked to 70% • On 15 September 2020, it received a dividend of $25,000 fully franked It had a $40,000 PAYG instalment due on 28 February, and the Company made the payment before the due date • On 25 March 2021, it paid a dividend of $15,000, franked to 60% • On 15 May 2021, the Company made a loan to a shareholder deemed to be a dividend. The amount was $23,000 It had a $40,000 PAYG instalment due 30 June 2021 and paid the instalment on 10 July 2021 REQUIRED: Prepare the Company's franking account for the 2021 income year. Justify your calculations using legislation and case law." 11- A resident company has an opening credit balance of $12,000 in its franking account. It has the following transactions in the year: • On 1 July 2020, the Company received an unfranked dividend of $10,000 • On 5 August 2020, it paid a dividend of $15,000, franked to 70% • On 15 September 2020, it received a dividend of $25,000 fully franked It had a $40,000 PAYG instalment due on 28 February, and the Company made the payment before the due date • On 25 March 2021, it paid a dividend of $15,000, franked to 60% • On 15 May 2021, the Company made a loan to a shareholder deemed to be a dividend. The amount was $23,000 It had a $40,000 PAYG instalment due 30 June 2021 and paid the instalment on 10 July 2021 REQUIRED: Prepare the Company's franking account for the 2021 income year. Justify your calculations using legislation and case law." 11-
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QUERTANUM Limited Franking Account for 2021 Income Year Opening Balance 12000 Transactions Date Desc... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
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