In July 2023, JFI Islamic Bank booked receivables of USD 5,000 from Paragon Parks Limited which were to be received in five equal instalments. The first payment was due on Dec 15, 2023. By the end of Dec 2023, JFI Islamic Bank had not received the payment from Paragon Parks. JFI Islamic Bank categorised the receivables as stage-1 receivables and determined the ECL to be 15% of the first payment. What will be the amount of ECL to be recorded and the accounting treatment?

a. Debit Credit Loss (Expense) 1,000, Credit Allowance for ECL (Liability) 1,000

b. Debit Credit Loss (Expense) 150, Credit Allowance for ECL (Liability) 150

c. Debit Allowance for ECL (Liability) 150, Credit Loss

(Expense) 150

d. Debit Allowance for ECL (Liability) 150, Credit Loss

(Expense) 150