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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
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