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Question - Islamic Bank Perlis has a contract with a housing company based on musharakah mutanaqisah (MM). The capital contribution by a bank is RM800,000 and the profit and loss sharing ratio is 40:60 according to their capital contribution. The duration is 4 years and the repayment of capital is RM200,000 per year. The profit and loss for this project is as follows:
Year 1 Profit RM400,000
Year 2 Loss RM20,000
Year 3 Profit RM500,000
Year 4 Profit RM600,000
Required - Based on the information given above, you are required to:
1. Prepare the relevant journal entries.
2. Prepare extract of Statement of Comprehensive Income (Income Statement) for the 5 years period.
3. Prepare extract of Statement of Financial Position (Balance Sheet) for the 5 years period.
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