question archive Xylophone Pty Ltd is a private company with a number of shareholderswho are all founders of the entity
Xylophone Pty Ltd is a private company with a number of shareholderswho are all founders of the entity
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Xylophone Pty Ltd is a private company with a number of shareholderswho 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 - Prepare franking credit account in the space provided. (5 marks)
