Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023using the information provided below.Congee Pty Ltd is a resident company, which has recorded the followingtransactions:Table 6 - Transactions$12/08/202270% franked dividend received32,00028/09/2022Partly franked dividend paid (85% franked)52,29020/10/2022PAYG instalment paid16,0001/02/2023Income Tax refund received22,50015/02/2023PAYG instalment paid16,00016/03/2023Foreign dividend received (no tax was withheld) 7,65021/04/2023PAYG instalment paid10,0009/06/202321/06/2023Partly franked dividend paid (45% franked)Fully franked dividend received43,15524,045••Congee is not a small business entity.The entity had an opening franking account deficit of $16,400. The relevantfranking account deficit tax was duly paid on 19 July 2022.The entity was not granted any variations to its benchmark frankingpercentage.

The franking account is a record of the company's franking credits and debits, which are used to…

Answered: Prepare the franking account for Congee…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data are taken from the ledger of EVA Co. Retained Earnings Date Particulars Debit Credit 01/01/2017 06/30/2017 Dividends paid 12/31/2017 02/07/2018 04/30/2018 09/30/2018 Dividends paid 12/31/2018 12/31/2018 07/01/2019 12/31/2019 Balance P80,600 P25,000 Net income for 2017 Premium on share capital Loss on sale of land 42,500 10,000 5,000 20,000 Net income for 2018 Revaluation surplus Gain on sale of treasury stock 5,800 40,000 1,600 33,700 Net income 2019 Unrealized loss on FV OCI securities 3,400 What is the correct balance of Retained earnings on December 31, 20197
The accumulated profit account of One San Miguel Co, follows: Date Item Debit Credit 07/01/2020 Balance 48,500.00 08/31/2020 Dividends paid 12/31/2020 Net income for the year 20,000.00 32,400.00 04/01/2021 Premium on capital share 06/30/2021 Gain on treasury share 15,000.00 10,000.00 09/30/2021 Dividends declared 30,000.00 12/31/2021 Net Income for the year 45,100.00 Appraisal increase of land 30,000.00 Balance 131,000.00 181,000.00 181,000.00 What is the correct balance of Accumulated Profits on December 31, 2021?
The following trial balance relates to Selt.plc for the year ended 31 December 2021: Equity shares of £1 each Share Premium Retained earnings at 1 January 2021 Property at cost Depreciation on property at 1 January 2021 Plant and equipment at cost Depreciation on plant and equipment at 1 January 2021 Inventory at 1 January 2021 Trade receivables Cash and cash equivalents Trade payables 5% Loan repayable 2026 Revenue Purchases Distribution costs Administrative expenses Research and development expenditure Loan Interest paid Dividend paid Further notes: £'000 34,800 22,800 Required: A Statement of Profit or Loss for the year ended 31 December 2021. A Statement of Financial Position as at 31 December 2021 4,900 4,000 6,840 155,000 22,050 12,750 19,600 300 4,000 287,040 £'000 56,000 2,000 7,780 3,200 4,500 1,560 12,000 200,000 287,040 2) 1) Inventory was valued at £3,800,000 on 31 December 2021. (This valuation is before note (4) below is considered). Property includes land valued at…
The following information pertains to BT21 Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
The following trial balance was extracted from the book of Adiwarna Bhd on 31 December 2020: Item 7.2% preference shares Ordinary shares General reserve Retained profit Sales Inventory Purchases Salesman salaries Advertising Office salaries Office expenses Directors emolument Audit fees 10% Debenture Interim dividend - Preference dividend - Ordinary dividend Debenture interest Trade payables Tax paid Plant and machinery (Cost) Accumulated depreciation on plant and machinery Trade receivables Bank RM 100,000 300,000 100,000 45,000 100,000 55,000 25,000 5,000 7,200 25,200 10,000 35,000 1,540,000 90,000 102,600 2.540,000 RM 200,000 740,000 100,000 123,600 890,000 200,000 40,000 246,400 2,540,000
The following financial information relates to Cams Limited. Statement of Financial Position as at 31 December 2020 and 2021 2021 Ordinary share capital Retained earnings Property, plant and equipment Investments Debentures 12.5% Inventory Trade debtors Prepaid expenses Trade creditors Bank overdraft SARS (income tax) Shareholders for dividends R 400 000 000 Profit before interest and tax Depreciation on equipment Dividends received on investments Interest on dividends Income tax 55 230 000 165 000 20 000 124 000 37 000 25 21 000 000 5 000 30 000 Statement of comprehensive income for the year 31 December 2021 REGENT BUSINESS SCHOOL (RBS) ACADEMIC AND ASSESSMENT CALENDAR-JANUARY 2022 Note no. 1 for the year ended 31 December 2020 and 2021 Property, plant and equipment Land and building at cost Equipment at carrying value R 295 000 5000 195 000 2021 (R) 200 000 30.000 230 000 110 000 60 000 R 2020 120 000 28 500 1500 42 500 25 000 7 500 20 000 BACHELOR OF COMMERCE IN HUMAN RESOURCE…
The following information pertains to BTS Co. for the year.· Net assets, Jan.1, 2021- P1,008,480· Net assets, Dec. 31. 2021- P2,112,960· Share capital issued in 2021- P335,520· Dividends declared in 2021- P195,120How much is the profit (loss)?
The following financial information was extracted from the accounting records of Eytan Ltd for the year end 30 June 2021: Issued share capital Authorised share capital Sales (Turnover) Gross margin on sales percentage Total asset turnover Return on total assets after interest and tax Net working capital Current ratio Acid test ratio Current liabilities (including Dividends payable) Debt to equity ratio (using interest bearing debt) Retained earnings at the beginning of the year Dividends proposed and paid Notes 500 Class A (Ordinary shares of R1 each) 500 000 Class A (Ordinary shares of R1 each) R100 000 15% 1.60 : 1 11.52 % R30 000 2.5:1 1.3:1 R20 000 0.55 : 1 (55%) R22 000 R4.40 per Class A share 1. Taxation is calculated at 28 % of Net Profit before Taxation. 2. Interest expense is 27.78 % of Net Profit after Taxation. REQUIRED: Prepare the Statement of Comprehensive Income and the Statement of Financial Position as at 30 June 2021. You are required to provide only the details which…
The following are extracts from the Statement of Financial Position dated 30/09/2023: Equity £1 share capital Retained Profit Non-Current Liabilities Debentures Bounce-back Loan 30/09/2023 2 14,605 189,874 59,727 30/09/2022 2 18,389 154,037 80,601 Total dividends of 53,714 were paid to shareholders in the year. How much in total should be shown on the Statement of Cashflows for Financing Activities for the year ended 2023? [NOTE: If negative enter number with a "-" first.]
The following information for Neptune Ltd has been provided for the year ended 31 March 2022. Balances as at 31 March 2022. R Gross Profit 12 500 000 Trade payables 900 000 Land and Buildings 11 500 000 Mortgage loan (repayable in full on 31 August 2022) 2 750 000 Trading inventory 8 750 000 Ordinary share capital (R30 per share) 15 000 000 Earnings attributable to ordinary shareholders 5 000 000 Trade receivables 3 250 000 Fixed deposit (Maturing 28 February 2026) 1 450 000 Interest on loan 915 000 Bank (debit balance) 180 000 Additional information: The mark up percentage has been correctly calculated as 25% for the year ended 31 March 2022. Trading inventory was calculated at R7 125 000 at 31 March 2021. The shares are currently trading at R50 per share and total dividends paid at 31 March 2022 amounted to R2 000 000. REQUIRED: Calculate the following ratios for the year ended 31 March…
The following data was taken from the accounting records of Pina Colada Corporation: Total assets Total liabilities Preferred shares Common shares Retained earnings Additional data: Net income Interest expense Sales revenue 2024 O 20.1% 21.1% 19.1% 18.1% 2023 $962000 $883000 271000 250000 81300 81300 303000 303000 The return on assets for 2024 is 306700 248700 167000 35500 981000
From the following particulars pertaining to Assets and Liabilities of a company calculate and interpret: a. Current Ratio; b. Liquidity Ratio; c. Proprietary Ratio; d. Debt-Equity Ratio; e.Capital Gearing Ratio. Balance Sheet as on 31st December 2020 Liabilities Amount (Rs) Assets Amount (Rs) 5,000 Equity Shares of Rs 10 each 5,00,000.00 Land & Building 5,00,000.00 8%, 2000 Preference Shares of Rs 100 each 2,00,000.00 Plant & Machinery 6,00,000.00 9 % Debentures of Rs 100 each 4,00,000.00 Sundry Debtors 2,00,000.00 Reserves & Surplus 3,00,000.00 Stock 2,40,000.00 Sundry Creditors 1,50,000.00 Cash in hand 55,000.00 Bank Overdraft 50,000.00 Prepaid Expenses 5,000.00 TOTAL 16,00,000.00 TOTAL 16,00,000.00 don't give hand written answers

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