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