MCQ: The KFH has the following accounts. Vault cash KD 500,000; Cash due from banks KD 200,000; Held for trading securities KD 1,500,000; Murabahah account KD 700,000; Musharakah account KD 400,000; bills receivable KD 200,000 Fixed assets KD300,000; deposits from customers KD 480,000; bills payable KD 260,000; common stocks KD 740,000; retained earnings 830,000; surplus KD 360,000. It is estimated that: 70% of the bills receivable are uncollectible; 60% of Murabahah account are classified as current asset; 20% of Musharaka are classified as long terms assets; 80% of the held for trading securities are long-term investment; 40% of bills payable are long-term liabilities: Fixed assets are long term assets. Based on the above information, the zakat amount payable by KFH is A. 45,200 B. 29,100 C. 45,400 D. Another amount QUESTION 2: The following is the balance sheet of KFH for the year ended. 2015. Assets Llabilities & Stockholder's equity Llabilities Vault cash 300,000 Cash due from banks 800,000 Deposits from customers 480,000 Held for trading securities 400,000 Deposits from banks 190,000 Murabahah financing 600,000 Bills payable 260,000 Bills receivable 500,000 Long term liabilities 320,000 Fixed assets 220,000 Stockholders' equity Stocks 740,000 Retained earnings 830,000 Total assets 2.820,000 Total liabilities & equity 2.820.000 Additional information: It is estimated that 40% of the bills receivable are collectable. It is estimated that 60% of Murabahah account are classified as long term asset It is estimated that 70% of the held for trading securities are current investment. It is estimated that 80% of bills payable are current liabilities Fixed assets are long term assets Required Determine the amount of Zakat payable by the KFH for the financial year ended June 2015 based on the net asset method