The following is the statement of financial position for MNC Ltd as at December 31, 2018. Notes

Question:

The following is the statement of financial position for MNC Ltd as at December 31, 2018.

image text in transcribed

Notes to the account:

1. This includes raw materials of $71,000 and work-in-progress of $29,000.

2. This includes deposits for utilities as follows: Electricity $1,000 Telephone $1,800 Water $ 500 Miscellaneous $ 200 

3. This is only a proposed provision for dividends for the year.

Additional information: 

The percentage of Muslim shareholders is 58%. Required: Calculate zakat payable by MNC Ltd. using: 

i. the net assets method 

ii. the invested funds method.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Principles Of Islamic Accounting

ISBN: 9781119023296

1st Edition

Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim

Question Posted: