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Bank Cimb Islamic Berhad has offered Bai Bithaman Ajil financing to Mr. Hafizi with the...

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Accounting

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Bank Cimb Islamic Berhad has offered Bai Bithaman Ajil financing to Mr. Hafizi with the intention of purchasing the company building on 1 January 2016. The contract offered includes financing amounting to RM700,000 with a fixed rate of return of 10% for a period of 4 years. At the end of the contract period, Mr. Hafizi owed Bank CIMB Islamic Berhad amounting to RM350,000. It is the bank's policy to charge the customer a penalty fee of 5% per month for any outstanding amount due at the end of the contract and this amount will be recorded as charity by the bank. be required: a) Prepare journal entries to record all transactions related to Bank Cimb Islamic Berhad (including entries related to penalty payments) b) Prepare a statement of financial position and profit or loss statement of bank cimb islamic berhad for the period of 4 years

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