Accounting assignment

Assignment

Q1. Ahmed is a Saudi national has submitted his zakat return including the following information for 1441H (amounts in SR) (2 Marks)

a) Owns an investment building at a book value of 600,000 and with market value of 900,000, the investment building produced a monthly rental value of 30,000, actual total expenses incurred of getting the income is of 60,000.

b) Owns an investment car at a book value of 300,000 and with market value of 450,000, the car produced annual revenues of 300,000, actual total expenses incurred of getting the income is of 45,000.

Required: Calculate the receptacle of the zakat for each kind of zakat 1441 H.

Q2. Yasser is a zakat payer has agriculture and fruits production farms. The land with market value SR 450,000. Assuming zakat receptacle exceeds Nisab. (2 Marks)

Required:

a) Calculate alms on agriculture assuming watering is without cost

b) Calculate alms on agriculture assuming watering is with cost

Q3. In your words, discuss why some fixed assets require alms to be paid while others do not. (1Mark).

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