{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:50:20-04:00", "answer_date": "2024-06-28 03:50:20", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4235549", "url": "\/study-help\/questions\/question-1-discuss-five-differences-between-zakat-and-tax-question-4235549", "question_creation_date_js": "2024-06-28T03:50:20-04:00", "question_creation_date": "Jun 28, 2024 03:50 AM", "meta_title": "[Solved] Question 1. Discuss five differences betw | SolutionInn", "meta_description": "Answer of - Question 1. Discuss five differences between Zakat and tax. Question 2. Part I Bank purchased a machine from the selle | SolutionInn", "meta_keywords": "question,1,discuss,five,differences,zakat,tax,2,part,bank,purchased,machine", "question_title_h1": "Question 1. Discuss five differences between Zakat and tax. Question 2. Part I Bank purchased a machine from the seller RM200,000 by cash and the", "question_title": "Question 1. Discuss five differences between Zakat and tax. Question 2. Part", "question_title_for_js_snippet": "Question 1 Discuss five differences between Zakat and tax Question 2 Part I Bank purchased a machine from the seller RM200,000 by cash and the bank leased to Mahmood the machine for 5 years using Ijarah Thumma Bai (AITAB) contract Mahmood paid RM50,000 per year as Ijarah payment, At the end of year 5, the bank agreed to give the machine as a gift to Mahmood, thereby enabling the transfer of the ownership of the property to Mahmood Required Prepare journal entries to record the following transaction a)At the inception of a machine (at the time of contract) b)When the installment is received in 1st year c)Transfer of ownership at the end of year 5 Part II The bank and client executed a Murabahah contract at an agreed price of RM240,000 (RM200,000 cost and RM40,000 profit for a machine The bank would receive payment by installment of RM48,000 per year for 5 years Required Prepare journal entries to record the following transaction a)At the inception of a machine (at the time of contract) b)When the installment is received in 1st year Question 3 Asma needs financing to buy a house for RM100,000 The Islamic bank sells her a house at a markup of 10 per annum constant rate of return with a financing period of 5 years Instalments are paid yearly Required a)Calculate the markup, Murabahah selling price, the yearly instalment, and the profit recognized per year b)The journal entries in the bank records for initiation and recording of the receipt of the first instalment and recognition of profit if profit is recognized when the instalments are received and all instalments are received on schedule c)Show the extract of the balance sheet at the beginning and end of the first year and profit and loss account at the end of the same year Question 4 Annwar is a manufacturer of plastic containers The statement of financial position as of December 31 st , 2019, is shown in Table 1 below RM RM Current assets Current liabilities Cash in hand 30,000 Trade creditors 5,000 Bank 15,000 Accrued expenses 20,000 Trade debtors 50,000 Closing stock 45,000 Work in progress 42,000 Fixed assets Capital 267,000 Property, plant, and equipment 100,000 Reserves 120,000 Real estate investments 100,000 Profit 30,000 442,000 442,000 The following have not been adjusted a)The personal drawings of Annwar for the year amounted to RM200,000 b)Annwar also donated RM20,000 to his favorite charity in November c)There is obsolete stock amounting to RM5,000 Required Determine the zakat payable by Annwar Question 5 Table 2 shows the statement of financial position of AAM Company as of December 31, 2019 RM RM Current assets Current liabilities Accounts receivable 100,000 Accounts payable 60,000 Inventory 70,000 Overdraft 5,000 Prepayments 10,000 Dividend payable 2,000 Cash bank 54,000 Tax payable 5,000 Dividends receivable 1,000 Long term loan Term loan 200,000 Fixed assets Share capital 100,000 Property, plant, and equipment 110,000 Reserves 60,000 Real estate investments 100,000 Profit 13,000 455,000 445,000 The following have not been adjusted a)Inventory includes work in progress and raw materials valued at RM10,000 and RM5,000, respectively b)Prepayment is related to insurance and road tax c)Included in the bank is fixed deposit used to secure financing facility from Bank A amounting to RM10,000 d)Within the term loan, RM25,000 is loan payable during the next year This has not been reclassified e)One customer was declared bankrupt He owed RM5,000 Required Calculate zakat payable using 1 The net assets method 2 The net invested funds method ", "question_description": "

Question 1.<\/strong><\/p>

Discuss five differences between Zakat and tax.<\/p>

<\/strong><\/p>

Question 2.<\/strong><\/p>

Part I<\/strong><\/p>

Bank purchased a machine from the seller RM200,000 by cash and the bank leased to Mahmood the machine for 5 years using Ijarah Thumma Bai (AITAB) contract. Mahmood paid RM50,000 per year as Ijarah payment, At the end of year 5, the bank agreed to give the machine as a gift to Mahmood, thereby enabling the transfer of the ownership of the property to Mahmood.<\/p>

Required:<\/strong><\/p>

Prepare journal entries to record the following transaction:<\/p>

a)At the inception of a machine (at the time of contract).<\/p>

b)When the installment is received in 1st year.<\/p>

c)Transfer of ownership at the end of year 5.<\/p>

<\/p>

<\/p>

Part II.<\/strong><\/p>

The bank and client executed a Murabahah contract at an agreed price of RM240,000 (RM200,000 cost and RM40,000 profit for a machine. The bank would receive payment by installment of RM48,000 per year for 5 years.<\/p>

Required:<\/strong><\/p>

Prepare journal entries to record the following transaction:<\/p>

a)At the inception of a machine (at the time of contract).<\/p>

b)When the installment is received in 1st year.<\/p>

<\/strong><\/p>

<\/strong><\/p>

Question 3.<\/strong><\/p>

Asma needs financing to buy a house for RM100,000. The Islamic bank sells her a house at a markup of 10% per annum constant rate of return with a financing period of 5 years. Instalments are paid yearly.<\/p>

Required:<\/strong><\/p>

a)Calculate the markup, Murabahah selling price, the yearly instalment, and the profit recognized per year.<\/p>

b)The journal entries in the bank records for initiation and recording of the receipt of the first instalment and recognition of profit if profit is recognized when the instalments are received and all instalments are received on schedule.<\/p>

c)Show the extract of the balance sheet at the beginning and end of the first year and profit and loss account at the end of the same year.<\/p>

<\/p>

<\/p>

Question 4.<\/strong><\/p>

Annwar is a manufacturer of plastic containers. The statement of financial position as of December 31st<\/sup>, 2019, is shown in Table 1 below.<\/p>

<\/p>

<\/p>

RM<\/strong><\/p>

<\/p>

RM<\/strong><\/p>

Current assets<\/strong><\/p>

<\/p>

Current liabilities<\/strong><\/p>

<\/p>

Cash in hand <\/p>

30,000<\/p>

Trade creditors<\/p>

5,000<\/p>

Bank<\/p>

15,000<\/p>

Accrued expenses<\/p>

20,000<\/p>

Trade debtors<\/p>

50,000<\/p>

<\/p>

<\/p>

Closing stock <\/p>

45,000<\/p>

<\/p>

<\/p>

Work in progress <\/p>

42,000<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

Fixed assets<\/strong><\/p>

<\/strong><\/p>

Capital <\/p>

267,000<\/p>

Property, plant, and equipment<\/p>

100,000<\/p>

Reserves<\/p>

120,000<\/p>

Real estate investments<\/p>

100,000<\/p>

Profit<\/p>

30,000<\/p>

<\/p>

442,000<\/strong><\/p>

<\/p>

442,000<\/strong><\/p>

<\/p>

The following have not been adjusted:<\/p>

a)The personal drawings of Annwar for the year amounted to RM200,000.<\/p>

b)Annwar also donated RM20,000 to his favorite charity in November.<\/p>

c)There is obsolete stock amounting to RM5,000.<\/p>

Required:<\/strong><\/p>

Determine the zakat payable by Annwar.<\/p>

<\/strong><\/p>

<\/strong><\/p>

Question 5.<\/strong><\/p>

Table 2 shows the statement of financial position of AAM Company as of December 31, 2019.<\/p>

<\/p>

<\/p>

RM<\/strong><\/p>

<\/p>

RM<\/strong><\/p>

Current assets<\/strong><\/p>

<\/p>

Current liabilities<\/strong><\/p>

<\/p>

Accounts receivable<\/p>

100,000<\/p>

Accounts payable<\/p>

60,000<\/p>

Inventory<\/p>

70,000<\/p>

Overdraft<\/p>

5,000<\/p>

Prepayments<\/p>

10,000<\/p>

Dividend payable<\/p>

2,000<\/p>

Cash & bank<\/p>

54,000<\/p>

Tax payable<\/p>

5,000<\/p>

Dividends receivable<\/p>

1,000<\/p>

<\/strong><\/p>

Long-term loan<\/strong><\/p>

<\/p>

<\/p>

<\/p>

Term loan<\/p>

200,000<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

<\/p>

Fixed assets<\/strong><\/p>

<\/strong><\/p>

Share capital <\/p>

100,000<\/p>

Property, plant, and equipment<\/p>

110,000<\/p>

Reserves<\/p>

60,000<\/p>

Real estate investments<\/p>

100,000<\/p>

Profit<\/p>

13,000<\/p>

<\/p>

455,000<\/strong><\/p>

<\/p>

445,000<\/strong><\/p>

The following have not been adjusted:<\/p>

a)Inventory includes work in progress and raw materials valued at RM10,000 and RM5,000, respectively.<\/p>

b)Prepayment is related to insurance and road tax.<\/p>

c)Included in the bank is fixed deposit used to secure financing facility from Bank A amounting to RM10,000.<\/p>

d)Within the term loan, RM25,000 is loan payable during the next year. This has not been reclassified.<\/p>

e)One customer was declared bankrupt. He owed RM5,000.<\/p>

<\/p>

Required:<\/strong><\/p>

Calculate zakat payable using:<\/p>

1.The net assets method.<\/p>

2.The net invested funds method.<\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>

<\/strong><\/p>", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "1544923252", "uri": "\/textbooks\/money-management-and-budgeting-hacks-15-simple-practical-hacks-to-manage-budget-and-save-money-1st-edition-978-1544923253-259166", "name": "Money Management And Budgeting Hacks 15 Simple Practical Hacks To Manage Budget And Save Money", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:50:20", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-are-the-most-important-characteristics-of-colleges-and-universities", "description": "What are the most important characteristics of colleges and universities? This question was asked of a sample of college-bound high school seniors. The responses included: 1. Location 2. Majors 3....", "stars": 3 }, { "url": "\/study-help\/psychology\/1-using-one-of-the-resources-noted-in-the-chapter-1980816", "description": "1. Using one of the resources noted in the chapter, identify two programs in your area of interest. Develop an Excel or SPSS file based on the variables listed in Box 7.2 and fill in the spreadsheet...", "stars": 3 }, { "url": "\/refer-to-the-data-for-lavage-rapide-in-exercises-108", "description": "Refer to the data for Lavage Rapide in Exercises 108 and 10-40. Required: Prepare a report showing the companys revenue and spending variances for August.", "stars": 3 }, { "url": "\/study-help\/questions\/8-8-develop-debug-and-test-your-own-python-9842978", "description": "8 . 8 Develop, debug, and test your own Python function called rowperm to switch the rows of a matrix using a permutation matrix. The first lines of the function should be as follows: import numpy as...", "stars": 3 }, { "url": "\/study-help\/questions\/after-being-thrown-from-the-top-of-a-tall-building-3088138", "description": "After being thrown from the top of a tall building, a projectile follows the path (x, y) = (60t, 784 - 16t ^ 2) where x and y are in feet and t is in seconds. Notice that x and y are both defined as...", "stars": 3 }, { "url": "\/study-help\/questions\/income-statement-for-the-ear-ended-3-0-net-saies-1001853", "description": "Income Statement for the ear Ended 3 0 Net Saies ( All on Credit ) . 7 4 1 8 COGS. 5 2 7 1 Depreciation. 7 4 5 EBIT 1 4 0 2 Interest. 3 0 5 . Taxes 3 8 4 Net Incorne. 7 1 3 Dividends paid 2 5 0...", "stars": 3 }, { "url": "\/study-help\/questions\/when-prioritizing-risk-what-are-the-two-primary-criteria-that-1005196", "description": "When prioritizing risk, what are the two primary criteria that need to be determined for analyzing the level of risk for a particular event? Using these two criteria, how would you describe the risk...", "stars": 3 }, { "url": "\/study-help\/questions\/tanya-born-1-0-3-1-9-1002134", "description": "Tanya ( born 1 0 - 3 1 - 9 0 ) is single, has no dependents and will not itemize deductions. She cannot be claimed as a dependent by anyone else. Tanya can claim adjustments of $ 8 0 0 for her...", "stars": 3 }, { "url": "\/study-help\/questions\/bugs-nomore-company-manufactures-a-product-effective-in-controlling-beetles-1002176", "description": "Bugs NoMore Company manufactures a product effective in controlling beetles. The company uses a standard cost system and a flexible budget. Standard cost of a gallon is as follows: Direct material: 2...", "stars": 3 }, { "url": "\/study-help\/questions\/your-director-at-the-department-of-home-affairs-has-appointed-1004794", "description": "Your director at the department of Home Affairs has appointed you as the lead project manager for a project to rollout the new card type identification to all South African citizens, replacing the...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/what-does-the-y-mean-in-this-9-based-on-4235548", "next": "\/study-help\/questions\/answer-with-solution-give-the-derivatives-of-the-following-1-4235550" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Question 1. Discuss five differences between Zakat and tax. Question 2. Part", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/question-1-discuss-five-differences-between-zakat-and-tax-question-4235549" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }