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Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below. Congee Pty Ltd is a

Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below.

Congee Pty Ltd is a resident company, which has recorded the following transactions:

$
12/08/2022 70% franked dividend received 32,000
28/09/2022 Partly franked dividend paid (85% franked) 52,290
20/10/2022 PAYG instalment paid 16,000
1/02/2023 Income Tax refund received 22,500
15/02/2023 PAYG instalment paid 16,000
16/03/2023 Foreign dividend received (no tax was withheld) 7,650
21/04/2023 PAYG instalment paid 10,000
9/06/2023 Partly franked dividend paid (45% franked) 43,155
21/06/2023 Fully franked dividend received 24,045

  • Congee is not a small business entity.
  • The entity had an opening franking account deficit of $16,400. The relevant franking account deficit tax was duly paid on 19 July 2022.
  • The entity was not granted any variations to its benchmark franking percentage.

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