Below is the Statement of Financial Position for Rafah Islamic Bank: RAFAH ISLAMIC BANK STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2020 Assets RM Non current Asset 5,670,000 Long Term Investment 654,000,000 Financing (Net) 1,244,000,000 Corporate Bond Investment 919,094,000 Commercial Securities Investment 389,543,000 Deposits in other financial institutions 487,043,700 Other current assets 1,567,000 Cash 48,343,000 3,749,260,700 Liabilities and Equities Deposit Al-Wadiah 265,000,000 Deposit Mudharaah (current) 1,150,000,000 Deposit Mudharaah (long term) 987,000,000 Other liabilities 11,755,000 Retained Earning 45,000,000 Government Fund (manage by Bank) 932,000,000 Advances – Islamic Bank Fund 283,005,000 Retained Earning 75,500,700 3,749,260,700 Additional notes: Returns from investment in the month of December 2020 amounting to RM200,000 is reinvest in long term investment. Current investment Value for the month of December 2020: Commercial Securities RM2,525,000 Corporate Bond: RM 321,000 Assume 9.82 percent bank’s fund ownership structure. Adjustment of Other Liabilities in Zakat assessment is at 40 percent. Required: Calculate the Zakatable asset under the Adjusted Working Capital Method. Calculate the amount of Zakat payable for Rafah Islamic Bank.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 1PEA

See similar textbooks

Related questions

Question

Below is the Statement of Financial Position for Rafah Islamic Bank: RAFAH ISLAMIC BANK STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2020 Assets RM Non current Asset 5,670,000 Long Term Investment 654,000,000 Financing (Net) 1,244,000,000 Corporate Bond Investment 919,094,000 Commercial Securities Investment 389,543,000 Deposits in other financial institutions 487,043,700 Other current assets 1,567,000 Cash 48,343,000 3,749,260,700 Liabilities and Equities Deposit Al-Wadiah 265,000,000 Deposit Mudharaah (current) 1,150,000,000 Deposit Mudharaah (long term) 987,000,000 Other liabilities 11,755,000 Retained Earning 45,000,000 Government Fund (manage by Bank) 932,000,000 Advances – Islamic Bank Fund 283,005,000 Retained Earning 75,500,700 3,749,260,700 Additional notes: Returns from investment in the month of December 2020 amounting to RM200,000 is reinvest in long term investment. Current investment Value for the month of December 2020: Commercial Securities RM2,525,000 Corporate Bond: RM 321,000 Assume 9.82 percent bank’s fund ownership structure. Adjustment of Other Liabilities in Zakat assessment is at 40 percent. Required: Calculate the Zakatable asset under the Adjusted Working Capital Method. Calculate the amount of Zakat payable for Rafah Islamic Bank.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions