On May 12, 2023, TRS Islamic Bank transferred cash of SAR 300,000 and an apartment to a
Question:
On May 12, 2023, TRS Islamic Bank transferred cash of SAR 300,000 and an apartment to a client. The bank had acquired the apartment for SAR 200,000, and the current book value of the apartment is equal to SAR 150,000. Partners in Musharakah agreed that the apartment was worth SAR 300,000. What would TRS recognise as gain/loss?
a. 150,000
b. 200,000
c. 100,000
d. 300,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
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
Question Posted: