The following are the assets and liabilities of the Al-Qassas Trading Corporation on December 30, 1441 AH. Current assets 100,000 cash, 80,000 debtors, 100,000 merchandise, total 280,000 fixed assets, 70,000 cars, 50,000 furniture, 300,000 real estate, total 420,000, total assets 700,000, and current liabilities 30,000 notes. Payment, 50,000 creditors, 10,000 other dues, total 90,000, equity 450,000, capital, 160,000 profit for the year, total 610,000, total liabilities and equity 700,000
Required :
1- Determining the zakat base by the direct method (the method of using funds) and determining the amount of zakat due on the institution
2- Determining the zakat base by the indirect method (the method of sources of funds) and determining the amount of zakat due on the institution

Answer rating: 100% (QA)

Step 1 Zakat base means the net worth of the business Step 2 1 The direct method of ... View the full answer