Prepare the franking account, Cost Accounting

Assignment Help:

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

 

 

 

 


Related Discussions:- Prepare the franking account

Paramecium, Place a prepared slide of Paratuecium under the microscope and...

Place a prepared slide of Paratuecium under the microscope and focus it under low power (5x x 5x) and observe the following: i) It has a cigar-shaped or slipper-shaped body

Illustration of overhead variance analysis, Illustration of Overhead Varian...

Illustration of Overhead Variance Analysis Again for intentions of our demonstrations in overhead variance analysis, we will suppose the given basic data for company in the pr

Overhead analysis, allocate the overheads to the three departments and do t...

allocate the overheads to the three departments and do the secondary allocation of service departments

QUESTION AND ANSWER, question and answer: XYZ trading purchased 6,850 killo...

question and answer: XYZ trading purchased 6,850 killos of material at a total cost of 21,920.00. The material price variance was 1,370.00 favorable. The standard price per killo w

What is the cost of goods manufactured, information for the year ended Dece...

information for the year ended December 31, 2010: Direct labor $16,840 Direct material used 16,300 General and administrative expenses 14,240 Indirect production costs 16,780 Selli

Limitations of cost accounting, LIMITATIONS OF COST ACCOUNTING Cost Acc...

LIMITATIONS OF COST ACCOUNTING Cost Accounting similar to additional branches of accountancy is not an precise science although is an art which was developed throughout theorie

Costs and revenues over a range of activity levels, 1. Single product or si...

1. Single product or single mix of products 2. Variable cost, fixed cost and selling price are constant 3. The level of production will equal the level of sales Example:

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd