Answered: Assuming that the Separate Investment…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following are relevant information pertaining to the results of the business operations for Maisarah Islamic Window for the year 2020:

Income from Operations
2600000
Expenses from Operations
1180000
Indirect Income (Fee Based)
300000
Indirect Expenses
260000
The above profit from operation is prior to the distribution of profit to mudharabah depositors. The agreed profit sharing ratio between the Bank and mudharabah depositors is 60:40 respectively.
Required:
Assuming that the Separate Investment Account Method SIAM is used, calculate the net profit/loss to the Islamic Bank (Before Tax and Zakat)

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