XYZ Pty Ltd has the following transactions for the year ended 30 June 2019.

Date	Transactions
30/06/2018	Credit Balance in Franking Account of $30,000
15/07/2018	PAYG instalment of $4,500
15/10/2018	PAYG instalment of $4,500
11/11/2018	Refund of $5,500 for 2017/2018 company income tax
18/01/2019	Receives a fully franked dividend of $14,000
15/02/2019	PAYG instalment of $3,000
23/03/2019	Pays a 50% franked dividend of $5,000
15/04/2019	PAYG instalment of $3,000

Prepare the franking account for the 2018/2019 tax year. The company tax rate is 30%.

Answer rating: 100% (QA)

SOLUTION GIVEN THAT Dr Date FRANKING Ac for the Financial year 20182019 Particulars 11112... View the full answer