Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Liabilities Barakah Company Balance Sheet as at 31st December 2019 100,000 245,500 30,000 Additional Information: i) ii) iv) 600,000 155,500 75,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Prepayments Cash at Bank Cash in Hand Work-in-Progress is one-sixth of the total Inventory. Prepayments are related to the rental of buildings. Bad debt is 5% for the year. Non-Muslim ownership is at 20%. 350,500 200,500 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. 150,000 50,000 751,000 125,000 215,000 10,000 110,000 20,000 1,231,000

Financed by: Paid-up: Share Capital Retained Earnings Reserves Long Term Liabilities Current Other payables Trade creditors Accrued expense Liabilities Barakah Company Balance Sheet as at 31st December 2019 100,000 245,500 30,000 Additional Information: i) ii) iv) 600,000 155,500 75,000 830,500 25,000 375,500 1,231,000 Fixed Assets (net after depreciation) Land & Buildings Equipment Vehicles Fixtures & Fittings Current Assets Inventory Accounts Receivable Prepayments Cash at Bank Cash in Hand Work-in-Progress is one-sixth of the total Inventory. Prepayments are related to the rental of buildings. Bad debt is 5% for the year. Non-Muslim ownership is at 20%. 350,500 200,500 Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method. 150,000 50,000 751,000 125,000 215,000 10,000 110,000 20,000 1,231,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barakah Company Balance Sheet as at 31st December 2019 Financed by: Fixed Assets (net after depreciation) 2$ $ Paid-up: Share Capital Retained Earnings Reserves 350,500 200,500 150,000 50,000 Land & Buildings 600,000 155,500 75,000 830,500 Equipment Vehicles Fixtures & Fittings Long Term Liabilities 25,000 751,000 Current Assets 125,000 Accounts Receivable 215,000 10,000 110,000 20,000 1,231,000 Inventory Current Other payables Trade creditors Liabilities 100,000 245,500 Prepayments Cash at Bank Cash in Hand Accrued expense 30.000 375,500 1,231.000 Additional Information: i) Work-in-Progress is one sixth of the total Inventory. Prepayments is related to rental of buildings. ii) ii) Bad Debts is 5% for the year. iv) Non Muslim ownership is at 20%. Required: Determine the zakat base and due for the company using: (a) Net Current Assets method; and (b) Net Invested Fund Method.
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