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.

Date

Activity

Provision

DR

CR

Balance

1 July 2010

Opening balance

 

 

 

$0

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







Related Discussions:- Prepare the franking account, Assignment Help, Ask Question on Prepare the franking account, Get Answer, Expert's Help, Prepare the franking account Discussions

Write discussion on Prepare the franking account
Your posts are moderated
Related Questions
Important Points Regarding to the Variance Analysis Variance reporting concentrates on both with favourable and unfavourable variances. Normally unfavourable variances are pun

can you guys do a project which is due in 2 weeks

Match the items below by entering the appropriate code letter A. Controller B. Deficit C. Payout Ratio D. Stock Dividend E. Declaration Date F. Preemptive right G. Par Value H. L

1.    Provide at least three characteristics of a corporation (in your own words).   2.   The date on which a cash dividend becomes a binding legal obligation is known



Accounts are prepared according to accounting concepts, principles and conventions. As final accounts are prepared on accrual basis, this becomes essential to subtract all those ex

Determine Equivalent Units of the Product Let assume there are 4,000 units of a product in ending inventory out of that 60 percent are fully complete whereas the remaining are

Q. What is the amount of compensation expense recognized for stock options for each year of the vesting period, given the following information?  A firm awards stock options at-

Labour Costs and Overhead costs Labour Costs Labour costs can be indirect or direct labour costs. Direct labour cost refers to wages paid to workers who such are directly