Give me answer within an hour I will give you positive rating immediately ... Q5.(Franking Account)Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year:DateTransaction$30/06/17Balance15/10/17PAYG Instalment Paid15/12/172016/17 Tax Refund Received12/03/18Fully Franked Dividend Received08/05/18Fully Franked Dividend PaidNote - the benchmark franking percentage is 100%.Required: Prepare the franking account for the 2017/18 tax year.DateTransactionDebit1/7/17Opening Balance15/10/17PAYG Instalment Paid15/12/172016/17 Tax Refund ReceivedFully Franked Dividend Received12/03/1835,000 x 30/70Fully Franked Dividend Paid7,000 x 30/709,5003,000Credit14,00015,000Nil14,0009,5003,5007,000Balance(State If DrOr Cr)14,000 CR4,500 CR6,000 CR3,000 CR

Franking Account: It is a rolling balance account, in other words "The Franking Account Balance is…

(Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received Fully Franked Dividend Paid 08/05/18 Nil 14,000 9,500 3,500 7,000

(Franking Account) Rudimentary Pty Ltd, a corporate tax entity, has the following transactions for the 2017/18 tax year: Date Transaction $ 30/06/17 Balance 15/10/17 PAYG Instalment Paid 15/12/17 2016/17 Tax Refund Received 12/03/18 Fully Franked Dividend Received Fully Franked Dividend Paid 08/05/18 Nil 14,000 9,500 3,500 7,000

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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