a business has the following assets and liabilities: Assets: ▸ 800,000 fixed assets - 120,000 goods - 91,000 debtors - 60,000 cash ▸ 100,000 bank account - 70,000 notes receivables - 20,000 trading stocks - 5,000 accrued revenues Liabilities: ▸ 150,000 Trade Payables 18,000 notes payables 20,000 short term loans ,5,000 interest - 30,000 unearned revenues - 25,000 accrued expenses ▸ Non- Current Labilities 40,000 - Market value of goods and stocks is 150,000 and 30,000 respectively - There are 6000 riyals bad debts and 15,000 riyals doubtful debts 10,000 riyals trust for others VAT 5,000 riyals The market value of gold is 100 riyals Required: Calculate the zakat base and the Zakat due amount.

a business has the following assets and liabilities: Assets: ▸ 800,000 fixed assets - 120,000 goods - 91,000 debtors - 60,000 cash ▸ 100,000 bank account - 70,000 notes receivables - 20,000 trading stocks - 5,000 accrued revenues Liabilities: ▸ 150,000 Trade Payables 18,000 notes payables 20,000 short term loans ,5,000 interest - 30,000 unearned revenues - 25,000 accrued expenses ▸ Non- Current Labilities 40,000 - Market value of goods and stocks is 150,000 and 30,000 respectively - There are 6000 riyals bad debts and 15,000 riyals doubtful debts 10,000 riyals trust for others VAT 5,000 riyals The market value of gold is 100 riyals Required: Calculate the zakat base and the Zakat due amount.

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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