Is zakat obligatory for the owner of a school supplies store who bought his shop with a loan that has not yet been repaid, and if it is obligatory, how is it calculated given that he has owned the shop for two years?

Zakat is not obligatory on the value of the shop itself, as it is a fixed asset not intended for sale. As for the goods within the shop, Zakat is obligatory upon them as trade goods. The goods are valued at the end of the year (upon the completion of the hawl), and profits are added to them. Then, one-quarter of one-tenth (2.5%) is given out. The value of an immediate debt is deducted during the valuation if there are no other non-Zakat-eligible funds to cover it. However, if such funds exist, the debt is not deducted from the Zakat on trade goods.