Below is the case study for the understanding of suggested Ijarah accounting: The ijarah rent is received on monthly basis. Example Amount in Rs./% Asset Price 2000 Riyals Monthly rentals 60 Riyals Tenure Security Deposit 100 Delivery time I month Purchase date of the weet 1-1-2016 Useful life of the asset 12 months Residual value of the asset 100 Riyals Pass the necessary journal entries on the date of purchase, delivery to the lessee, and for the receipt of the rent income for the first three months. Also pass the journal entry at the end of the useful life of the asset, considering that the asset is sold at 1000 Riyals after its useful life