Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 1 . 1 5 Vision Eyewear Pty Ltd ( a private company for tax law purposes ) has an opening franking account surplus of

image text in transcribed
11.15 Vision Eyewear Pty Ltd (a private company for tax law purposes) has an opening franking account surplus of $30000 at 1 July
During the 2024 income year, the company entered into the following transactions.
On 17 July 2023, the company paid an unfranked dividend of $5000 to its shareholders.
On 28 July 2023, the company paid its fourth and final PAYG instalment of $7500 in respect of the 2023 income year.
On 11 August 2023, the company paid a dividend of $18000 franked to 80 per cent.
On 17 September 2023, the company received a fully franked dividend from Coles Ltd of $1500.
On 28 October 2023, the company paid its first PAYG instalment for the 2024 income year of $5000.
On 19 December 2023, the company paid a franked dividend of $12000 which was franked to 100 per cent.
On 28 February 2024, the company paid its second PAYG instalment for the 2024 income year of $5000.
On 23 March 2024, the company paid a franked dividend of $6000, franked to 60 per cent.
On 7 April 2024, the company received a fully franked dividend from Telstra Ltd of $1200.
On 28 April 2024, the company paid its third-quarter PAYG instalment for the 2024 income year of $5000.
On 6 June 2024, the company paid a franked dividend of $150000, franked to 80 per cent.
Assume a company tax rate of 25 per cent.
Required
Prepare a dividend franking account for Vision Eyewear Pty Ltd for the year ended 30 June 2024. Show all workings. Round all
transactions to the nearest whole dollar.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Practical Approach Chapters 1-25

Authors: Jeffrey Slater

13th Edition

0133791009, 978-0133791006

More Books

Students also viewed these Accounting questions

Question

Describe the effect of sales mix on operating income

Answered: 1 week ago