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Question 2 (5 marks) Xylophone Pty Ltd is a private company with a...

Question 2 (5 marks)

Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of the entity. The opening balance of the company's franking credit account had a credit balance of $34,000.

It also the following transactions in the 30 June 2020 year:

1)          On 29 August 2019, it paid a $70,000 cash dividend franked to 80%.

2)          On 3 September 2019, it received a $56,000 cash dividend franked to 90%.

3)          On 21 September 2019, it paid a $14,000 cash dividend with franking credits of $3,600 attached.

Required - produce a franking credit account in the space provided. 

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Franking credit account as at 30 June 2020.jpg

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Franking credit account as at 30 June 2020.jpg
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