After signing an Istisnaa contract, how would the pre-contract cost be recorded in the books of the

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After signing an Istisna’a contract, how would the pre-contract cost be recorded in the books of the bank?

a. Debit deferred (pre-contract) cost, Credit Istisna’a WIP

b. Debit Istisna’a WIP, Credit deferred (pre-contract) cost

c. Debit deferred (pre-contract) cost, Credit cash/payable/bank

d. Debit cash/receivable, Credit deferred (pre-contract) cost

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Related Book For answer-question

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

ISBN: 9781032464022

1st Edition

Authors: Abdul Rauf Mahar, Ayesha Bhatti, Muhammad Junaid Ashraf, Asfand Zubair Malik

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Question Posted: Mar 11, 2024 03:33 AM

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After signing an Istisnaa contract, how would the pre-contract cost be recorded in the books of the

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Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

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