The entry for recording the contribution to PER reserves from the profit earned by investment accounts by
Question:
The entry for recording the contribution to PER reserves from the profit earned by investment accounts by the IFI is as follows:
a. Debit profit on investment accounts (income), Credit cash
b. Debit profit on investment accounts (income), Credit PER
(quasi-equity)
c. Debit PER (quasi-equity), Credit cash
d. Debit PER (quasi-equity), Credit profit on investment accounts (income)
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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
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