Question 4.Annwar is a manufacturer of plastic containers. The statement of financial position as of December 31st, 2019, is shown in Table 1 below. RM RMCurrent assets Current liabilities Cash in hand30,000Trade creditors5,000Bank15,000Accrued expenses20,000Trade debtors50,000 Closing stock45,000 Work in progress42,000 Fixed assets Capital267,000Property, plant, and equipment100,000Reserves120,000Real estate investments100,000Profit30,000 442,000 442,000 The following have not been adjusted:The personal drawings of Annwar for the year amounted to RM200,000.Annwar also donated RM20,000 to his favorite charity in November.There is obsolete stock amounting to RM5,000.Required:Determine the zakat payable by Annwar.

Financial Position - The documented assets, liabilities, and equity balances of a company are…

Answered: manufacturer of plastic containers. The…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter1: Introduction To Accounting And Business

Section: Chapter Questions

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Question 4.

Annwar is a manufacturer of plastic containers. The statement of financial position as of December 31^st, 2019, is shown in Table 1 below.

	RM		RM
Current assets		Current liabilities
Cash in hand	30,000	Trade creditors	5,000
Bank	15,000	Accrued expenses	20,000
Trade debtors	50,000
Closing stock	45,000
Work in progress	42,000

Fixed assets		Capital	267,000
Property, plant, and equipment	100,000	Reserves	120,000
Real estate investments	100,000	Profit	30,000
	442,000		442,000

The following have not been adjusted:

The personal drawings of Annwar for the year amounted to RM200,000.
Annwar also donated RM20,000 to his favorite charity in November.
There is obsolete stock amounting to RM5,000.

Required:

Determine the zakat payable by Annwar.

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.

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