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Required: Determine the amount of zakat payable by Jims Shams Company for the financial year...

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Accounting

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Required: Determine the amount of zakat payable by Jims Shams Company for the financial year ended June 30, 2020, based on the two recommended methods in AAOIFI's FAS 9. The following table shows the statement of financial position for Jims Shams Company as a June 30, 2020. Assets $ Cash and balances with banks and agents 155,000 Deposits and placements with financial institutions 2,010,500 Investments: Held for trading (Note 1) 1.420,500 1 Investment: Held to maturity 490,200 Investments: Available for sale 250,500 Stocks 3,800,300 9,200 Tax recoverable 127,300 Bills receivable (Note 2) 350,000 Fixed assets 8,613,500 Liabilities Accounts payable Accruals Bills payable 7,350,000 50.500 65.500 Shareholders' funds Share capital 500,000 Reserves 647,500 8,613,500 1. Additional Information at the end of the year: 1. A total of $400,000 value of held-for-trading securities of M Berhad has been treated as a long-term investment where the company has no intention to liquidate and the company intends to become the major shareholder of M Berhad. 2. Ten percent (10%) of the bills receivable is nonrecoverable and must be written off. This provision has not been provided in the preceding statement of financial position

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