XYZ Pvt Ltd is a private company incorporated in Australia, and manufactures handbags. The opening balance of XYZ Pvt Ltd's franking account on 1 July 2010 was $nil. During the 2010/11 income year the events listed in the franking account table below occurred:
Prepare the franking account for XYZ Pvt Ltd for the income year ended 30 June 2011.
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Date
|
Activity
|
Provision
|
DR
|
CR
|
Balance
|
|
1 July 2010
|
Opening balance
|
|
|
|
$0
|
|
21 July 2011
|
Received fully franked dividend $21,000
|
|
|
|
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31 July 2010
|
Paid FBT $18,000
|
|
|
|
|
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10 August 2010
|
Received $12,000 dividend franked to 70%
|
|
|
|
|
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15 Sept 2010
|
Received income tax refund of $4,600
|
|
|
|
|
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5 Oct 2010
|
Paid PAYG instalment of $12,000
|
|
|
|
|
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1 Dec 2010
|
Paid $14,000 dividend fully franked
|
|
|
|
|
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4 April 2011
|
Paid PAYG instalment of $11,000
|
|
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