Total 1. Following are the details of Mr. X's business income for the year ended 2014 Cash at Bank Cash in Safe Goods Accounting Zakat Statements on Trading and Industrial Wealth for trading in the business Commercial Properties Commercial Land Residential Properties Commercial Cars Personal Cars Mr. A have the following Liabilities: Account Receivable Loans Maintenance Expenses The answer: Item Zakatable Wealth for trading: Cash at Bank Cash in Safe Goods for trading in the business Commercial Properties Commercial Land Commercial Cars SR 30,000 SR 25,000 SR 50,000 SR 100,000 Required: Prepare the Zakat Statement on Trading and Industrial Wealth. The Rate of Gold per gram is SR 200 Debts: Maintenance Expenses Loans SR 100,000 SR 200,000 SR 50,000 SR 100,000 SR 50,000 SR 100,000 SR 20,000 Sub-total SR 30,000 SR 25,000 SR 50,000 SR 100,000 SR 100,000 SR 50,000 SR 20,000 SR 100,000 Total 355000
Total 1. Following are the details of Mr. X's business income for the year ended 2014 Cash at Bank Cash in Safe Goods Accounting Zakat Statements on Trading and Industrial Wealth for trading in the business Commercial Properties Commercial Land Residential Properties Commercial Cars Personal Cars Mr. A have the following Liabilities: Account Receivable Loans Maintenance Expenses The answer: Item Zakatable Wealth for trading: Cash at Bank Cash in Safe Goods for trading in the business Commercial Properties Commercial Land Commercial Cars SR 30,000 SR 25,000 SR 50,000 SR 100,000 Required: Prepare the Zakat Statement on Trading and Industrial Wealth. The Rate of Gold per gram is SR 200 Debts: Maintenance Expenses Loans SR 100,000 SR 200,000 SR 50,000 SR 100,000 SR 50,000 SR 100,000 SR 20,000 Sub-total SR 30,000 SR 25,000 SR 50,000 SR 100,000 SR 100,000 SR 50,000 SR 20,000 SR 100,000 Total 355000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me to solve this problem
![Accounting Zakat
Statements on Trading and industrial Wealth
1. Following are the details of Mr. X's business income for the year ended
2014
Cash at Bank
SR 30,000
SR 25,000
Cash in Safe
Goods for trading in the business
Commercial Properties
Commercial Land
Residential Properties
Commercial Cars
Personal Cars
SR 50,000
SR 100,000
SR 100,000
SR 200,000
SR 50,000
SR 100,000
Mr. A have the following Liabilities:
Account Receivable
Loans
Maintenance Expenses
SR S0,000
SR 100,000
SR 20,000
Required:
Prepare the Zakat Statement on Trading and Industrial Wealth.
The Rate of Gold per gram is SR 200
The answer:
Item
Sub-total
Total
Zakatable Wealth for trading:
Cash at Bank
Cash in Safe
Goods for trading in the business
Commercial Properties
Commercial Land
Commercial Cars
SR 30,000
SR 25,000
SR 50,000
SR 100,000
SR 100,000
SR 50,000
Total
355000
Debts:
Maintenance Expenses
SR 20,000
Loans
SR 100,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ddfa9f1-b4fa-48f8-b7dd-1ce228998892%2F580f41d5-31d7-41be-b174-546a46f16cbf%2Fevr3tg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounting Zakat
Statements on Trading and industrial Wealth
1. Following are the details of Mr. X's business income for the year ended
2014
Cash at Bank
SR 30,000
SR 25,000
Cash in Safe
Goods for trading in the business
Commercial Properties
Commercial Land
Residential Properties
Commercial Cars
Personal Cars
SR 50,000
SR 100,000
SR 100,000
SR 200,000
SR 50,000
SR 100,000
Mr. A have the following Liabilities:
Account Receivable
Loans
Maintenance Expenses
SR S0,000
SR 100,000
SR 20,000
Required:
Prepare the Zakat Statement on Trading and Industrial Wealth.
The Rate of Gold per gram is SR 200
The answer:
Item
Sub-total
Total
Zakatable Wealth for trading:
Cash at Bank
Cash in Safe
Goods for trading in the business
Commercial Properties
Commercial Land
Commercial Cars
SR 30,000
SR 25,000
SR 50,000
SR 100,000
SR 100,000
SR 50,000
Total
355000
Debts:
Maintenance Expenses
SR 20,000
Loans
SR 100,000
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education