JITB Islamic Bank purchased a motor vehicle which it intends to sell under a Murabaha contract. The

Question:

JITB Islamic Bank purchased a motor vehicle which it intends to sell under a Murabaha contract. The cost of the car was USD 1,000,000. Other costs related to the acquisition were: image text in transcribed

At what value will JITB Islamic Bank record the purchase of the vehicle?

a. USD 1,052,000

b. USD 1,077,000

c. USD 1,072,000

d. USD 1,047,000

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Related Book For book-img-for-question

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

ISBN: 9781032464022

1st Edition

Authors: Abdul Rauf Mahar, Ayesha Bhatti, Muhammad Junaid Ashraf, Asfand Zubair Malik

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Question Posted: Mar 11, 2024 03:33 AM

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JITB Islamic Bank purchased a motor vehicle which it intends to sell under a Murabaha contract. The

Question:

Transportation to the bank's premises USD 30,000 Administrative overheads attributable to the car USD 20,000 Takaful-in-transit USD 15,000 Storage at bank premises USD 5,000 Commission paid to the agent USD 7,000

Step by Step Answer:

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

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