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please please help Bank Muamalat entered into Ijarah muntahiya bittamleek with Ali & Co. to finance the purchase of factory machinery of RM400,000. Ali &

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Bank Muamalat entered into Ijarah muntahiya bittamleek with Ali & Co. to finance the purchase of factory machinery of RM400,000. Ali & Co to pay deposit of 10% from the cost of the machine. 10% x400k = 40,000 Rental payment is 50k every 6 months or one-year RM100k. The bank will transfer the ownership to Ali for RM20,000. Salvage value of the machine is RM50,000 Every year expenses: RM10,000 for gas fuel. Takaful is RM3,000, RM3,000, RM4,000, RM6,000 and RM3,000 for year 1,2,3,4,5 respectively. In the early part of year 5, the machine broke down for 6 month, and had to be repaired at RM25,000 Bank Muamalat had to pay legal expense of RM10,000. Required: 1. Prepare the journal entries for the above transaction in Bank Muamalat records. 2. Show the extract balance sheet and profit and loss account at the end of every year

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