Question: I have a question regarding Islamic financing ijarah as per the ruling assets provided on ijarah shall remain in the lessor book till the lease

  • I have a question regarding Islamic financing ijarah as per the ruling assets provided on ijarah shall remain in the lessor book till the lease term and at the end, a new sell agreement is made for the transfer of ownership as a gift so my question is how to recognize asset after such transfer as a gift in lessee F/s Debit and credit both?

Step by Step Solution

★★★★★

3.23 Rating (144 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Assets provided on ijarah shall remain in lessor boo... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

How will the COVID-19 pandemic alter business and society relationships? Identify and discuss some of the major effects and impacts.

Q:

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Q:

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Q:

Small, White & Marani, Gus H. Small, Jr., Atlanta, for appellant. Victoria J. Hoffman, Atlanta, for appellee. Tokai Financial Services, Inc. brought suit against Randy P. Carter for monies owed under...

Q:

Here is a accounting writing assignment, do you want to help? www.pwc.com Leases 2016 This publication has been prepared for general informational purposes, and does not constitute professional...

Q:

Here is a accounting writing assignment, do you want to help? www.pwc.com Leases 2016 This publication has been prepared for general informational purposes, and does not constitute professional...

Q:

Synthesis: Significance and Implications of Alternative Accounting Principles Learning Objectives Web Refer to Figure 1. Circle A indicates the universe of possible accounting principles. The dashed...

Q:

Argonaut has to account for the acquisition of 100% of the shares of Moe's Lawn Care Limited (MLC) in Argonaut's June 30, 20X9, financial statements, even though MLC's numbers might be subject to...

Q:

I have a question on Liquidity ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS SOC...

Q:

I have a question on Solvency ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS SOC...

Q:

Rule 4.3A Appendix 4E Preliminary Final Report Name of entity FARM PRIDE FOODS LTD ABN or equivalent company reference: 1. 42 080 590 030 Reporting period Report for the financial year ended 30 June...

Q:

Balance sheet data for Otter Creek Company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2012 and 2011, stating each asset as a percent of total...

Q:

For each table, identify a superkey and a secondary key.

Q:

Describe the guidance that the PCAOB provides within the General Auditing Standards about the responsibilities and functions of the independent auditor.

Q:

Quality Brick Company produces bricks in two processing departmentsMolding and Firing. Information relating to the companys operations in March follows: a. Raw materials were issued for use in...

Q:

Inventoriable Costs George Solti, the controller for Garrison Lumber Company, has recently hired you as assistant controller. He wishes to determine your expertise in the area of inventory accounting...

Q:

Widgits-R-Us specializes in building gears that go into large windmills and clocks. The company has had the following sales and production costs for the last four years. Required: 1. Compute...

Q:

Watersports, Inc., sells high-performance water skis. Because its sales are seasonal, Watersports calculates and uses different reorder points for summer and winter months. The following information...

Q:

In November 2011, after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided not to pursue the offer to supply cookies to Biscuits. Instead, she will focus on...

Q:

Correct answer (1 mark) 6) How you insult me ! ( dare , there , dire , dear). (1 mark) 7) My younger sister will help me _ some plantain ( pill , peal , peel , pearl). (1 mark) 8) The speaker _ a...

Q:

As an alternative to the capital structure shown in the previous problem for Tyler Oil Company, an outside consultant has suggested the following modifications. Debt. ................. ....

Q:

Manpower Electric Company has 7 percent convertible bonds outstanding. Each bond has a $1,000 par value. The conversion ratio is 25, the stock price is $38, and the bonds mature in 16 years. a. What...

Q:

Sleepy Ltd. expects its present $1.25 dividend (just paid) to grow by 20 percent over the next three years, after which it will remain the same with no growth, forever. If an investor requires a...

Q:

For each of the problems listed below, determine the following values for each activity: the earliest start time, earliest finish time, latest finish time, latest start time, and activity stack time....

Q:

The following information pertains to a project that is about to commence. Which activities would you be concerned with in terms of timely project completion? Explain.

Q:

A company builds custom equipment, [t has landed a contract with a major customer. Relevant data are shown below. The complication is that the delivery has been promised in 32 weeks and the company...