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Bank Al-Riyad has provided working capital of $400,000 to Almarai based on the principle of Musyarakah Mutanaqisah on January 1, 2014. Profit and loss sharing ratio will be based on capital contribution which is 50:50 (Bank: Customer) at the beginning of the contract. The customer will repay bank's capital in equal installments throughout the contract period of four years. However, Nadec had financial difficulties during year 2 (2016) and thus only managed to pay 50% of the agreed repayment amount. Half of the amount outstanding in year 2 has been paid in year 3 and another half was paid in year 4.
Question 1: Pass the journal entries of the venture on behalf of the bank (consider yourself as the accountant of the bank) on accrual basis.
The profit and loss for the above project is as follows:
2014
Profit
SAR 180,000
2015
Loss
SAR 150,000
2016
SAR 220,000
2017
SAR 80,000
Prepare the journal entry to record the bond issue on January 1, 2020 along with the interest payment made on December 31, 2020
Contribution margin to sales ratio is 84% for the ABC Co. and the breakeven point in sales is Rs. 150,000. The company desires a target net income of Rs. 42,000.
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