EXE Company purchased ijarah sukuk with a face value of $1,000 amounting to RM1 million on March
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Question:
EXE Company purchased ijarah sukuk with a face value of $1,000 amounting to RM1 million on March 1, 2019, and classified it as ‘$1 million held for trading’. On December 31, 2019, the sukuk was quoted at $950. The rental income was 10% per year.
On the basis of AAOIFI FAS 17, you are required to:
Journalize all relevant transactions.
Show the extract of income statement for the year ended December 31, 2019.
Show the extract of the statement of financial position as at December 31, 2019.
Assume that EXE now regards the sukuk as ‘available for sale’. How would the accounting entries differ?
Expert Answer:
a Assuming that journal entries have already been made for all other transactions the journal entry ... View the full answer
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