Below is the case study for the understanding of suggested Ijarah accounting: The ijarah rent is received on monthly basis. Example Amount in SAR/% Asset Price 6000 Riyals Monthly rentals 180 Riyals Tenure 2 years Security Deposit 150 Delivery time 1 month Purchase date of the asset 1-1-2013 Useful life of the asset 24 months Residual value of the asset 300 Riyals Requirements: 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 2000 Riyals after its useful life