Prepare the franking account, Cost Accounting

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.







1 July 2010

Opening balance





21 July 2011

Received fully franked dividend $21,000





31 July 2010

Paid FBT $18,000





10 August 2010

Received $12,000 dividend franked to 70%





15 Sept 2010

Received income tax refund of $4,600





5 Oct 2010

Paid PAYG instalment of $12,000





1 Dec 2010

Paid $14,000 dividend fully franked





4 April 2011

Paid PAYG instalment of $11,000





Posted Date: 2/27/2013 12:29:42 AM | Location : United States

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