On 23 March, 2023, Somer Islamic Bank transferred cash of USD 400,000 and an apartment to a
Question:
On 23 March, 2023, Somer Islamic Bank transferred cash of USD 400,000 and an apartment to a client as contribution to a Mudaraba arrangement. The bank acquired the apartment for USD 300,000, and the current book value of the apartment is equal to USD 250,000. Partners in Mudaraba agreed that the apartment was worth USD 300,000. What would Somer recognise as gain/loss?
a. USD 50,000
b. USD 100,000
c. USD 150,000
d. USD 200,000
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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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