Neco 2019 Islamic Religious Studies Question 24
Practice objective / multiple choice question 24 from the 2019 Neco Islamic Religious Studies examination.
A Muslim businessman has the following assets at the end of the lunar year: cash \(₦150,000\), gold equivalent valued at \(₦30,000\), and inventory worth \(₦80,000\). He also has liabilities amounting to a short‑term debt of \(₦40,000\) and a long‑term debt of \(₦20,000\). The nisab threshold for zakat this year is set at \(₦100,000\). Determine whether zakat is obligatory and, if so, calculate the amount of zakat due (at the rate of \(2.5\%\)). Express the zakat amount in whole Naira.
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About This Question
This is Neco 2019 Islamic Religious Studies Question 24. It is one of the objective questions from the 2019 Neco Islamic Religious Studies examination.
Difficulty level: Medium .
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