Cooper pty ltd a resident company has benchmark franking percentage of 60%, cooper ltd has a credit balance of $8000 in its franking account on 30 june 2019. a. on 1 feb 2020 cooper pty ltd paid a 60% franked distribution of $21000 b.on1 april 2020 cooper pty ltd paid a fully franked distribution of $21000 c. on 1 march 2020 cooper ltd paid a further unfranked distribution of $21000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cooper pty ltd a resident company has benchmark franking percentage of 60%, cooper ltd has a credit balance of $8000 in its franking account on 30 june 2019.

a. on 1 feb 2020 cooper pty ltd paid a 60% franked distribution of $21000

b.on1 april 2020 cooper pty ltd paid a fully franked distribution of $21000

c. on 1 march 2020 cooper ltd paid a further unfranked distribution of $21000

d.on 1 june 2020 cooper pty ltd declared 60% franked distribution of $21000

required;

1.for each of the above transactions state the amount of any entry franking account and

2.advise any additional tax or penalty to be paid by cooper pty ltd. do not make franking account

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