please help me Bank Shari'ah provides Musharaka mutanaqisah financing to Moonway Corporation for a house development projectamounting to $10,000,000. This amount represents 60% of the total cost of the project. The term of financing is for 5 yearsand the partner is required to pay back the bank in 5 equal installments yearly. The profit-sharing ratio is agreed at 70:30(Bank: Partner) and assumed to be constant for the first 2 years of the project. For the next three years, the profit-sharingratio is 20: 80. The profits or losses from the project as disclosed by the partner are as follows:YearProfit/(Loss)(1, 200,000)12(1, 200,000)32,600,0001,500,00051,300,000How much is the total profit/loss allocated to the partner?Ⓒ (40,200)O (24,000)24,000O (20,400)20,400O (42,000)4

(24,000) is the correct solution

Bank Shari'ah provides Musharaka mutanaqisah financing to Moonway Corporation for a house development: amounting to $10,000,000. This amount represents 60% of the total cost of the project. The term of financing is for and the partner is required to pay back the bank in 5 equal installments yearly. The profit-sharing ratio is agreed (Bank: Partner) and assumed to be constant for the first 2 years of the project. For the next three years, the profit ratio is 20: 80. The profits or losses from the project as disclosed by the partner are as follows: Year Profit/(Loss) 1 (1,200,000) (1,200,000) 2,600,000 1,500,000 2 3 4 5 1,300,000 How much is the total profit/loss allocated to the partner?

Bank Shari'ah provides Musharaka mutanaqisah financing to Moonway Corporation for a house development: amounting to $10,000,000. This amount represents 60% of the total cost of the project. The term of financing is for and the partner is required to pay back the bank in 5 equal installments yearly. The profit-sharing ratio is agreed (Bank: Partner) and assumed to be constant for the first 2 years of the project. For the next three years, the profit ratio is 20: 80. The profits or losses from the project as disclosed by the partner are as follows: Year Profit/(Loss) 1 (1,200,000) (1,200,000) 2,600,000 1,500,000 2 3 4 5 1,300,000 How much is the total profit/loss allocated to the partner?

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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