What is the required entry for unpaid Zakah by the IFI? a. Dr. Zakah expense Cr. Zakah

Question:

What is the required entry for unpaid Zakah by the IFI?

a. Dr. Zakah expense Cr. Zakah payable

b. Dr. Zakah payable Cr. Zakah expense

c. Dr. Zakah expense Cr. Cash/Bank

d. None of the above

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

ISBN: 9781032464022

1st Edition

Authors: Abdul Rauf Mahar, Ayesha Bhatti, Muhammad Junaid Ashraf, Asfand Zubair Malik

See More Books

Question Posted: Mar 11, 2024 03:31 AM

See More Questions

Your professor co-owns a business with some other partners. The partners have agreed on how profits will be distributed among themselves. The company itself is not taxed separately, but each member...
The development of a business with products that have marketing or technical synergies with the firm's existing products is called: a. Conglomerate diversification b. Concentric diversification c....
For an agent to have apparent authority there must be... Select one: A representation that the agent has authority A person with actual authority making the representation A third party that relies...
Evaluate the integral (4e* + 2 In (2))dx.
Use the Internet to locate the website for Treasury Direct (www.treasurydirect.gov). Then prepare a report that summarizes the information provided on Treasury bills, Treasury notes, Treasury bonds,...
Products $A$ and $B$ are joint products. The joint manufacturing costs of $A$ and $B$ were $\$ 10,000$. The production and unit selling price of A and B are as follows: Product Production...
5. Pop uses the equity method of accounting for its investment in Son. REQuIRED 1. Prepare a schedule showing Pops income from Son for the years 2016, 2017, and 2018. 2. Compute Pops net income for...
Recording manufacturing overhead costs in T-accounts Gill Corporation manufactures model airplanes. The company purchased for $170,000 automated production equipment that can make the model parts....
Problem 1 5 - 5 ( Algo ) Lessee; operating lease; advance payment; leasehold improvement [ L 0 1 5 - 4 ] On January 1 , 2 0 2 4 , Winn Heat Transfer leased office space under a three - year operating...
What is the entry for Zakah payment made by the IFI on behalf of the shareholders? a. Dr. Zakah expense Cr. Cash/Bank b. Dr. Dividends payable Cr. Cash/Bank c. Dr. Cash/Bank Cr. Dividends payable d....
What will be the entry for the Zakah payment made by the IFI? a. Dr. Cash/Bank Cr. Zakah payable b. Dr. Zakah payable Cr. Cash/Bank c. Dr. Zakah expense Cr. Cash/Bank d. Dr. Cash/Bank Cr. Zakah...
What is the subject matter of each of the following TAM? a. TAM 200703019 b. TAM 201734007 c. TAM 9853001
Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) . What impact do policy interventions have on the supply and demand equilibrium for a...
The best consultant to fix issue number one is Frederick Taylor who is credited with creating the scientific management movement (Lumen, n.d.). Since Taylor's work focused on how a process could be...
1. Which Pepsico products are growing faster than soft drinks (why) and by what percentage? 2. Why do the fastest growing products experience a more complex supply chain? Explain. 3. What are some of...
Use BLUF (Bottom Line UP Front) or Brief for answering the following questions: 1) There are a number of InfoSec frameworks / models available in industry. A. What is an InfoSec framework / model? B....
An introduction to organizational structure. Topics such as alternative organizational structures, the reciprocal relationship between multinational strategy and structure, and how recourses affect...
(a) If market price is above equilibrium price, explain what happens and why? (b) If market price is below equilibrium price, explain what happens and why?
Match each of the key terms with the definition that best fits it. _______________ A record of the sequence of data entries and the date of those entries. Here are the key terms from the chapter. The...
Empirical research cited in the text indicates that firms with an operating cash flow to current liabilities ratio exceeding 0.40 portray low short-term liquidity risk. Similarly, firms with an...
Altmans bankruptcy prediction model places a coefficient of 3.3 on the earnings before interest and taxes divided by total assets variable but a coefficient of only 1.0 on the sales to total assets...
Market equity beta measures the covariability of a firms returns with all shares traded on the market (in excess of the risk-free interest rate). We refer to the degree of covariability as systematic...
On April 1, year 1, Mary borrowed $200,000 to refinance the original mortgage on her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a...
Give a numerical example of: A) Current liabilities. B) Long-term liabilities?
Question Wonder Works Pte Ltd ( ' WW ' ) produces ceramic hair curlers to sell to department stores. The production equipment costs WW $ 7 0 , 0 0 0 four years ago. Currently, the net book value...

What is the required entry for unpaid Zakah by the IFI? a. Dr. Zakah expense Cr. Zakah

Question:

Step by Step Answer:

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

Students also viewed these Business questions