ABC Pty Ltd is a resident private company. It is not a small business entity 01/07/20 Received unfranked dividend from D Ltd 3,000 01/09/20 Paid PAYG Instalment 3,000 Received 30% franked dividend from Q Ltd 10,000 11/03/21 Paid interim dividend fully franked 20,000 15/03/21 Paid balance of company tax 6,000 01/04/21 Paid fringe benefits tax of 7,000 11/06/21 Received fully franked dividend from C Ltd 7,000 15/06/21 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $1000 credit The entity was not granted any variations to its benchmark franking percentage Prepare the franking account for the year ended 30 June 2021.

ABC Pty Ltd is a resident private company. It is not a small business entity 01/07/20 Received unfranked dividend from D Ltd 3,000 01/09/20 Paid PAYG Instalment 3,000 Received 30% franked dividend from Q Ltd 10,000 11/03/21 Paid interim dividend fully franked 20,000 15/03/21 Paid balance of company tax 6,000 01/04/21 Paid fringe benefits tax of 7,000 11/06/21 Received fully franked dividend from C Ltd 7,000 15/06/21 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $1000 credit The entity was not granted any variations to its benchmark franking percentage Prepare the franking account for the year ended 30 June 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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