Suraya wants to Buy a building. He went toapply financing with standard chartered. Afterproper assessment, standard chartered bankprovides a financing facility under Murabahah tothe Purchase Orderer principle.Financing amount: RM800,000Rate of return: 8.2%Financing tenure: 10 yearsAt the end of the contract, Suraya still has anoutstanding amount of RM40,000. As part ofcondition of the Murabahah contract, Surayawill be charged an annual penalty fee of 4% forany outstanding amount due and the amountwill be donated to charitable organisation.Question: (a) Record journal entries to record allof the above transactions in standard charteredbank's books (Please show yourworkings/calculations).

Journal- Journalizing is the process by which businesses record their transactions in a systematic…

Suraya wants to Buy a building. He went to apply financing with standard chartered. After proper assessment, standard chartered bank provides a financing facility under Murabahah to the Purchase Orderer principle. Financing amount: RM800,000 Rate of return: 8.2% Financing tonuro: 10 years

Suraya wants to Buy a building. He went to apply financing with standard chartered. After proper assessment, standard chartered bank provides a financing facility under Murabahah to the Purchase Orderer principle. Financing amount: RM800,000 Rate of return: 8.2% Financing tonuro: 10 years

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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please help thanks