Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Basic For Beginners

Authors: Kavishankar Panchtilak

1st Edition

979-8860644588

More Books

Students also viewed these Accounting questions