4.Zakat on Plants & Fruits• Exercise (14-5) page 342A Muslim leased agricultural land for 70,000 riyals forcultivating wheat with the following detailsWheat crop during the season was 5000 kg1.2. Agricultural costs 6000 riyalDue debts for the lessee on 8000 (collectable)3.Due debts for the leaser 9000 (collectable) and 4000(uncollectable). Due debts on him 12,000 riyalsLiving expenditures of the leaser during the year were20,000 riyalsLand is irrigated at costNisab for this year evaluated at 1959 riyalsRequired: calculate zakat using quantity method4.5.6.7.

Zakat is a thing which is given by the Muslims. It is an obligatory thing which all muslims have to…

Answered: Required: calculate zakat using…

Business

Accounting

Required: calculate zakat using quantity 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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Problem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 An entity purchased a livestock for P100,000. Transportation costs would be 15,000. 1. How much is the fair value of the livestock? 2. If there is no quoted price in an active market, the entity shall estimate the market price based on the following
Problem 1. At the beginning of the year, government agency purchases seven 1-year old pigs for P5,000 each. The following occurred during the period: • On June 30, 2021, twelve piglets were born. The FVLCS on this date is P1,500 each. • On July 1, 2021, three half-year old pigs were purchased for P3,500 each. • On December 31, 2021, fourteen piglets were born. FVLCS of which is P1,800 each. The FVLCS on December 31, 2021 are as follows: AGE FVLCS New born P1,800 0.5 year old P2,500 1 year old P4,500 2 years old P6,500 a. Compute for the change in FVLCS due to price change b. Compute for the change in FVLCS due to physical change c. Journal entry relating to the purchase on January 1, 2021. d. Journal entry relating to June 30, 2021 e. Journal entry relating to July 1, 2021 f. Journal entry relating to December 31, 2021 g. Total carrying amount of the pigs on December 31, 2021. Problem 2. An entity purchased a livestock for P100,000. Transportation…
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