Khaleeji Commercial Bank provides a Musharakah Mutanaqisah financing to Huda Property Group of companies for housing development project amounting to US$ 20,000,000. This amount represents 50% of the total cost of the project. The term of financing is for 5 years and the partner is required to pay back the banks equity according to the principles of Musharakah mutanaqisah financing in 5 equal equity payments. The profit and sharing ratio is agreed at 30:70 (Partner:Bank) respectively and assumed to be constant for the first 2 years of the project. For the next three years, the profit sharing ratio is revised and agreed to be 20:80 (Partner:Bank) respectively. Apparently, the partner faced with financial constraint and thus could not settle the final year equity due. The equity repayment remains unpaid at the end of year 5 is 25% of total amount supposedly paid by Huda property. After 2 years, the Bank is of the opinion that the recovery of the capital is doubtful. The profit or losses from the project as disclosed by the partner are as follows: Year Profit/ (Loss) 1 1,500,000 2 1,000,000 3 3,500,000 4 (1,500,000) 5 (2,000,000) You are required to: (a) Prepare the equity payment schedule to show the standing capital balance between Huda Group and Khaleeji Commercial Bank. (7 marks) (b) Prepare the profit and Loss sharing schedule between Huda Group and Khaleeji commercial bank. (7 marks) (c) Prepare relevant journal entries based on accrual basis to record the recognition of assets and income for the whole contract period in the book of Khaleeji Commercial Bank including the doubtful recovery of equity. (11 Marks)