Prepare an extract of the Statement of Financial Position

Reference no: EM132795304

Question - Fatihah wanted to buy a set of sewing machines and asked BIMB to purchase for her the sewing machines. The cost price of the sewing machines was RM 250,000. The shipping cost for the machines was RM 30,000, the insurance cost was RM 2,500 and the port handling expenses was RM 15,000. The profit margin for the bank is 6% and the financing was for 8 years. She paid 12% of the cost price as Hamish Jiddiah and concluded the purchase. However, Fatihah had not paid the second year installment. The bank charged 3% for late payment fee.

Required - Prepare an extract of the Statement of Financial Position and the Income Statement of Am Islamic Bank from the beginning till the end of year 3 to show the amount of net receivable and Murabahah income.

Reference no: EM132795304

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