Question 1

Chan is a financial executive at XB Sdn Bhd. His manager asked him to calculate the zakat amount for the company at the end of the year using the zakat rate of 2.5%. The nisab rate for zakat is RM 10,000 and the list of assets and liabilities of XB Sdn Bhd as at 31 December 2019 is as follows:

RM

Cash in Bank 250,000

Cash in Hand 5,000

Stock 20,000

Account Receivables 85,000

Building 120,000

Equipment 34,000

Vehicles 75,000

Account payables 110,000

Bank overdraft 45,000

Short term loan 78,000

Note:

1. Tax payable of RM 10,000 has been paid before end of accounting period.
2. The charity gift to spastic fund research and orphanage center cost RM 20,000 has been paid in October 2019.
3. The company has donated RM 30,000 to Syria fund last November 2019.
4. Zakat for employee funds (EPF) have been paid annually by the authority.
5. Zakat is usually paid in January of the following year.
6. the nnisab rate is 2.5 %

a) Show the calculation for zakat amount to be paid by XB Sdn Bhd.

(13 marks)

(You may use syaryyah method)

b) Explain four (4) benefits of zakat payment. (8 marks)

c) Choose (1) example of zakat collection and distribution data in one of the states in Malaysia for year 2019 and 2018. Explain how much zakat was collected in the year 2019 and 2018 from the selected state and give your comment on the distribution of zakat for both years.

(12 marks)

this beased on malaysia rule

please answer this as soon as possible