Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors...
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Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
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a Net Current Assets Method The Net Current Assets Method calculates the zakat base based on the com... View the full answer
Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
Posted Date:
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