Accounting-AW-Q307

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Exercise 1
 
Jade Tower Ltd (JTL) imports and distributes Chinese medicinal ingredients. It is not a qualifying company and has a 31 March balance date. For the 2012 income tax year, (i.e. year ended 31 March 2012) the company had a closing credit balance for its imputation credit account of $8,699.48. During the 2013 income tax year, (i.e. year ending 31 March 2013), JTL receives and pays the following amounts
 
 5th June 2012: paid a net dividend to its shareholders of $49,998 with imputation credits attached at a ratio of 28/72 and RWT was deducted at the appropriate rate;
 
 30 June 2012 received a Gross dividend of $21,000 with 28% imputation;
 30 July 2011: paid $2,840.89 in GST;
 
 28 August 2012: paid $25,336 in provisional tax;
 31 March 2013: received gross interest of 1,073.75 on the maturity or a term deposit with RWT of $300.65 deducted at source;
 
 5 August 2012 paid $303.99 in late payment penalties and use of money interest;
 7 April 2012: paid $75,080 of 2011 terminal tax;
 
 15 January 2013: paid $25,336 in provisional tax; and
 5 March 2013: paid $32,000 in provisional tax.
 
There have been no shareholding changes over the period. Prepare the imputation credit account balance as at 31 March 2013 using the ‘T’ format.
 
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Date Debit Credit
Apr 01  2012   Opening Balalnce-8699.48 √
5th June 2012 Dividend Paid-49998 this is not included  
√ Imp. Credit Attached-19443.67  
30th June 2012   Dividend received-12833.33 why is this amount here?
    Imp. Credit Attached-8166.67 where is this amount coming from?
30th July 2012   GST paid-2840.89 again, this has nothing to with imputation
28th Aug 2012   Provisional Tax Paid-25336 √
31st march 2013   RWT paid on interest Received-300.65 √
05th Aug 2012 Late Payment Penalties-303.99 why?  
07th April 2012   Terminal Tax paid-75080 √
15th jan 2013   Provisional Tax Paid-25336 √
5th mar 2013   Provisional Tax Paid-32000 √
  Closing Bal-120847.4  
This account will come into a credit balance when completed correctly

 
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