Qno: 03 The Islamic bank sells him a machinery at a mark-up of 10% per annum constant rate of return with a financing period of 5 years. Instalments are paid yearly Item The cost of machinery from china Shipping charges Insurance cost transportation cost customs fees Total Amount 425,000 57000 27500 16500 129000 6,55,000 A. Calculate the mark-up, murabaha selling price, the yearly instalment, and the profit recognised per year. B. The journal entries in the bank records for initiation and recording of the receipt of the instalments and recognition of profit if profit is recognised when the instalments are received and all instalments are received on schedule. Qno: 03 The Islamic bank sells him a machinery at a mark-up of 10% per annum constant rate of return with a financing period of 5 years. Instalments are paid yearly Item The cost of machinery from china Shipping charges Insurance cost transportation cost customs fees Total Amount 425,000 57000 27500 16500 129000 6,55,000 A. Calculate the mark-up, murabaha selling price, the yearly instalment, and the profit recognised per year. B. The journal entries in the bank records for initiation and recording of the receipt of the instalments and recognition of profit if profit is recognised when the instalments are received and all instalments are received on schedule