Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors...

 

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Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Barakah Company Balance Sheet as at 31st December 2022 Liabilities 100,000 245,500 30,000 Additional Information: i) ii) iii) $ 600,000 150,500 80,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Cash at Bank Cash in Hand Work-in-Progress is a quarter of the total Inventory. Bad Debt is $15,000 for the year. Non-Muslim ownership is at 20%. 300,500 250,500 150,000 50,000 751,000 125,000 215,000 120,000 20,000 1,231,000 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.

Answer rating: 100% (QA)

a Net Current Assets Method The Net Current Assets Method calculates the zakat base based on the com... View the full answer