QUESTION 2

Bank Islam Bersatu Berhad has entered into mudharabah contract with the Interior Designer company, Halaluna Corporation. The bank contributed RM4,000,000 for five year project. Both parties agreed to profit sharing ratio of 2:1 for Bank and Halaluna Corporation).

(Assume the following are results of from the partnership:)

(Year)	(Profit/(Loss)
1	(RM240,000)
2	RM750,000
3	RM900,000
4	(RM 440,00)
5	RM500,000

Required:

1. Prepare the necessary journal entries for Bank Islam Bersatu Berhad for year 1 to 5
2. Prepare the extract Income Statement and Statement of Financial Position for

Bank Islam Bersatu Berhad for year 1 to 5. )