Meldrum Pty Limited (a private company) had the following transactions in relation to its franking account: DateDetailsAmount1 July 2018Opening balance$2,0006 Sept 2018Received a fully franked dividend from BHP Limited$49,0007 Sept 2018Paid Goods and Service Tax$25,0009 Sept 2018Paid a dividend franked to 50%$56,0002 Oct 2018Paid income tax instalment$6,00011 Nov 2018Received a refund of income tax$49,0007 Feb 2019Paid income tax instalment$5,00014 Mar 2019Paid a dividend fully franked$56,0008 April 2019Paid income tax instalment$6,0003 May 2019Paid fringe benefits tax$50,00015 June 2019Paid a dividend 30% franked$42,000Required: (a)What is the closing balance of the franking account on 30 June 2019? (b)What are the consequences of the closing balance of the franking account? (c)What other tax consequences are there for Meldrum Pty Ltd?

On 30 June 2017, P Co pays £50,000 cash to acquire 70% of the ordinary shares of S Co. The draft statements of financial position of these two companies as at 30 June 2018 are below: Assets P Co £ S Co £         Property, plant and equipment 400,000 55,000   Investment in S 50,000     Total Non-current Assets 450,000 55,000   Receivables 50,000 5,000   Inventories 50,000 5,000   Bank and Cash 250,000 15,000   Current Assets 350,000 25,000   Total Assets 800,000 80,000   Equity       Ordinary Share Capital (£1 shares) 500,000 50,000   Retained Earnings 200,000 10,000   Liabilities 700,000 60,000         Trade Payables 100,000 20,000   Total Equity and Liabilities 800,000 80,000     The following information is also available: The fair value of the property, plant and equipment of S Co on 30 June 2018is £60,000 as…

The statement of financial position of Weatherly Unlimited (Pty) Ltd is presented below: Statement of FinancialPosition as at 28 February 2022 R Non - current assets 1 850 000 Property, plant and equipment 1.850 000Current assets 1 250 000 Inventory 480 000 Trade receivables 350 000 Cash and cash equivalents 420 000TOTAL ASSETS 3 100 000 EQUITY 1 850 000 Ordinary share capital 1 000 000 Distributable reserves 850 000Non - current liabilities 650 000 Long-term loan 650 000 Current liabilities 600 000 Trade payables 545 000Short-term portion of long-term loan 55 000 TOTAL LIABILITIES 1 250 000 TOTAL EQUITY AND LIABILITIES3 100 000 Additional information: The company plans to increase its sales by 10% in the following year. Current annual sales total R2 500 000. After tax profit margin is 5% and half of the profits is retained within the company. All sales are currently made on credit and in future, sales will remain on credit. What is the additional working capital required to support…