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Fatin wanted to buy a set of furniture and asked Am Islamic Bank to purchase for her the furniture. The cost price of the furniture was $250,000. The shipping cost for the machine was $30,000, the Takaful cost was $2,500 and the port handling expenses was $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 Jiddiyyah and concluded the purchase. However, Fatin had not paid the second year installment. She only paid the amount in the third year. The bank charged 3% for late payment fee and channels it to charity.
Required:
Question 1: Prepare journal entries for Am Islamic Bank from year 1 to year 4.
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