The following table shows the statement of financial position for Jims Shams Company as a June 30, 2020. (All figures in million US$)

Assets

Amount

Cash and balances with banks and agents

155,000

Placements with financial institutions

2,010,500

Investments: Held for trading (Note 1)

1,420,500

Investment: Held to maturity

490,200

Investments: Available for sale

250,500

Stocks

3,800,300

Tax recoverable

9,200

Bills receivable (Note 2)

127,300

Fixed assets

350,000

8,613,500

Liabilities

Accounts payable

7,350,000

Accruals

50,500

Bills payable

65,500

Shareholders funds

Share capital

500,000

Reserves

647,500

8,613,500

Additional information at the end of the year

1. A total of $400,000 value of held-for-trading securities of Moola Company has been treated as a long-term investment where the company has no intention to liquidate and the company intends to become the major shareholder of Moola Company.

2.Ten percent (10%) of the bills receivable in non-recoverable and must be written off. This provision has not been provided in the preceding statement of the financial position.

Required: Calculate the zakat payable by Jims Shams Company which mentioned in AAOIFIs FAS No. 9 by company using the:

- Net assets method

- Net invested funds method

Assets Amount Cash and balances with banks and agents 155,000 Placements with financial institutions 2,010,500 Investments: Held for trading (Note 1) 1,420,500 Investment: Held to maturity 490,200 Investments: Available for sale 250,500 Stocks 3,800,300 Tax recoverable 9,200 Bills receivable (Note 2) 127,300 Fixed assets 350,000 8,613,500 Liabilities Accounts payable 7,350,000 Accruals 50,500 Bills payable 65,500 Shareholders' funds Share capital 500,000 Reserves 647,500 8,613,500