Statement of Financial Position as at 31 December 2008RM 000Current Liabilities:(15,000)CreditorsProposed DividendsNet AssetsFixed Assets:17,30070,5005,000(2,000)Fixtures and Fittings (NBV)EquipmentMotor Vehicles156,80020,500Intangible AssetsFinanced by:CapitalReserve100,00050,8006,000Current Assets:28,000Long Term LoanCash at BankStockDebtors9,00023,500156.800At the end of the year, you have been informed of the following additional information:Palestinian Islamic bank has borrowed through short term financing facilities from a localbank on the 1st April 2008 to buy machinery equipment amounting to RM12,000,000. Thisamount has already been included as part of the debtors in the Statement of FinancialPosition.Part of the stocks in the above Statement is stock of goods for sales (Finish foods) valuedat RM500,000• One of the debtors in the above Statement is a non-trade debtor and the amount due isRM1,000,000.Required: Determine the zakatable amount and zakat payable by Palestinian Islamicbank for the year ended 31st. December 2008 using Net Growing Capital method.

Fixed Asset RM(000) Fixtures and fittings 17300…

Answered: Required: Determine the zakatable…

Required: Determine the zakatable amount and zakat payable by Palestinian Islamic bank for the year ended 31st. December 2008 using Net Growing Capital method.

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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Question

Statement of Financial Position as at 31 December 2008
RM 000
Current Liabilities:
(15,000)
Creditors
Proposed Dividends
Net Assets
Fixed Assets:
17,300
70,500
5,000
(2,000)
Fixtures and Fittings (NBV)
Equipment
Motor Vehicles
156,800
20,500
Intangible Assets
Financed by:
Capital
Reserve
100,000
50,800
6,000
Current Assets:
28,000
Long Term Loan
Cash at Bank
Stock
Debtors
9,000
23,500
156.800
At the end of the year, you have been informed of the following additional information:
Palestinian Islamic bank has borrowed through short term financing facilities from a local
bank on the 1st April 2008 to buy machinery equipment amounting to RM12,000,000. This
amount has already been included as part of the debtors in the Statement of Financial
Position.
Part of the stocks in the above Statement is stock of goods for sales (Finish foods) valued
at RM500,000
• One of the debtors in the above Statement is a non-trade debtor and the amount due is
RM1,000,000.
Required: Determine the zakatable amount and zakat payable by Palestinian Islamic
bank for the year ended 31st. December 2008 using Net Growing Capital method.

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