Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of theentity. The opening balance of the company's franking credit account had a credit balance ofS34,000. It also the following transactions in the 30 June 2021 year: 1) On 29 August 2020, it paid a$70,000 cash dividend franked to 80%. 2) On 3 September 2020, it received a $56,000 cashdividend franked to 90%. 3) On 21 September 2020, it paid a $14,000 cash dividend with frankingcredits of $2,600 attached. Required - Prepare a franking credit account in the space provided. Showfull workings.

Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of the entity. The opening balance of the company's franking credit account had a credit balance of S34,000. It also the following transactions in the 30 June 2021 year: 1) On 29 August 2020, it paid a S70,000 cash dividend franked to 80%. 2) On 3 September 2020, it received a $56,000 cash dividend franked to 90%. 3) On 21 September 2020, it paid a $14,000 cash dividend with franking credits of $2,600 attached. Required - Prepare a franking credit account in the space provided. Show full workings.

Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of the entity. The opening balance of the company's franking credit account had a credit balance of S34,000. It also the following transactions in the 30 June 2021 year: 1) On 29 August 2020, it paid a S70,000 cash dividend franked to 80%. 2) On 3 September 2020, it received a $56,000 cash dividend franked to 90%. 3) On 21 September 2020, it paid a $14,000 cash dividend with franking credits of $2,600 attached. Required - Prepare a franking credit account in the space provided. Show full workings.

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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