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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

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:

  1. Inventory includes work in progress and raw materials valued at RM10,000 and RM5,000, respectively.
  2. Prepayment is related to insurance and road tax.
  3. Included in the bank is fixed deposit used to secure financing facility from Bank A amounting to RM10,000.
  4. Within the term loan, RM25,000 is loan payable during the next year. This has not been reclassified.
  5. 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.

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