Beyond Pty Ltd is a resident company. The company has an opening credit balance of $5000 in its franking account in this income year. It has the following transactions in the year: ➢On 3 July, it paid a $15,000 cash dividend franked to 60%; ➢On 30 July, it paid a PAYG instalment of $3000; ➢On 20 August, it received a $20,000 cash dividend franked to 80%; it had a $4000 PAYG instalment due on 15 June, but did not pay it until 25 July in the following income year; and ➢On 28 June, it received an income tax refund of $25,000 from the ATO. Requirement: (a) Prepare the company’s franking account for this income year
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Beyond Pty Ltd is a resident company. The company has an opening credit balance
of $5000 in its franking account in this income year. It has the following transactions
in the year:
➢On 3 July, it paid a $15,000 cash dividend franked to 60%;
➢On 30 July, it paid a PAYG instalment of $3000;
➢On 20 August, it received a $20,000 cash dividend franked to 80%;
it had a $4000 PAYG instalment due on 15 June, but did not pay it
until 25 July in the following income year; and
➢On 28 June, it received an income tax refund of $25,000 from the ATO.
Requirement:
(a) Prepare the company’s franking account for this income year.
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