Using the definition of assets, liability, and equity, explain in your words the logic of the accounting
Question:
Using the definition of assets, liability, and equity, explain in your words the logic of the accounting entries under AAOIFI for a simple murabaha transaction with deposit but without early redemption, from beginning to end.
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Deposit received by a bank is a liability therefor credited while the asset cash and ...View the full answer
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Related Book For 
Principles Of Islamic Accounting
ISBN: 9781119023296
1st Edition
Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim
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