Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Revenues -Dates : - Sold ..Dates - Gifts ..Dates - Personal use - Storage -Barley: - Sold - Stores - Personal use -Corn: - Total

image text in transcribed
image text in transcribed
image text in transcribed
Revenues -Dates : - Sold ..Dates - Gifts ..Dates - Personal use - Storage -Barley: - Sold - Stores - Personal use -Corn: - Total Output - Spoiled - Sold - Storage 10,000Kg500Kg100Kg 800Kg 5000Kg1,000Kg150Kg Selling Price - Dates SR 50/Kg - Corn SR 10/Kg Barley SR 5/Kg Required -Prepare the statement of zakat for agriculture wealth - Khalid plants various crops. -He rented the land from the landlord by paying: - Deposit SR15,000 - Rent for I year SR 30,000 -Built a wood fence@ SR 900. -Planted the land with three types of crops namely: -Dates-Barley-Com40%30%70% - Harvests his crops once a year. -He bought a seed for: - Dates SR7,000 - Barley SR2,500 - Corn SR3,000 - Took a bank loan of to buy a car for himself 60,000 -The current amount due of loan repayment is SR10,000 Expenses -Wages for workers to plant his crops SR5, 000: Module 3 Extra Exercise Crop Quantity \begin{tabular}{c|r|r} \hline Dates & Barlev & \multicolumn{1}{c}{ Corn } \\ \hline 10.000 & 5000 & 4.500 \end{tabular} Total quantity in KG The total crop value in SAR Deductions: Rent expenses SAR 30,000 Seed expenses Wages for workers SAR 5,000 Total expenses 1/3 of crop value Allowed deductions The net value of the crop (total crop value - allowed deductions) Zakat Base Nisab Zakat due in SAR Zakat due in KG

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

The Price Of Football Understanding Football Club Finance

Authors: Kieran Maguire

3rd Edition

1788216830, 978-1788216838

More Books

Students also viewed these Accounting questions