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(Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received Fully Franked Dividend Paid 08/05/18 Nil 14,000 9,500 3,500 7,000

(Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received Fully Franked Dividend Paid 08/05/18 Nil 14,000 9,500 3,500 7,000

FINANCIAL ACCOUNTING
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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Q5. (Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received 08/05/18 Fully Franked Dividend Paid Note - the benchmark franking percentage is 100%. Required: Prepare the franking account for the 2017/18 tax year. Date Transaction Debit 1/7/17 Opening Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received Fully Franked Dividend Received 12/03/18 35,000 x 30/70 Fully Franked Dividend Paid 7,000 x 30/70 9,500 3,000 Credit 14,000 15,000 Nil 14,000 9,500 3,500 7,000 Balance (State If Dr Or Cr) 14,000 CR 4,500 CR 6,000 CR 3,000 CR
Transcribed Image Text:Q5. (Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received 08/05/18 Fully Franked Dividend Paid Note - the benchmark franking percentage is 100%. Required: Prepare the franking account for the 2017/18 tax year. Date Transaction Debit 1/7/17 Opening Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received Fully Franked Dividend Received 12/03/18 35,000 x 30/70 Fully Franked Dividend Paid 7,000 x 30/70 9,500 3,000 Credit 14,000 15,000 Nil 14,000 9,500 3,500 7,000 Balance (State If Dr Or Cr) 14,000 CR 4,500 CR 6,000 CR 3,000 CR
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