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please could you answer me the correct way Question 2. Part I Bank purchased a machine from the seller RM200,000 by cash and the bank
please could you answer me the correct way
Question 2. Part I Bank purchased a machine from the seller RM200,000 by cash and the bank leased to Mahmood the machine for 5 years using Ijarah Muntahia Bittamleek contract. Mahmood paid RM50,000 per year as Ijarah payment, At the end of year 5, the bank agreed to give the machine as a gift to Mahmood, thereby enabling the transfer of the ownership of the property to Mahmood. 2 marks Required: Prepare journal entries to record the following transaction: a) At the inception of a machine (at the time of contract). b) When the installment is received in 1st year. c) Transfer of ownership at the end of year 5. Part II. The bank and client executed a Murabahah contract at an agreed price of RM240,000 (RM200,000 cost and RM40,000 profit for a machine. The bank would receive payment by installment of RM48,000 per year for 5 years. 2 marks Required: Prepare journal entries to record the following transaction: a) At the inception of a machine (at the time of contract). b) When the installment is received in 1st yearStep by Step Solution
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