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hanif has entered into a mudharabah agreement with RHB Islamic Bank and the bank has...

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Accounting

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hanif has entered into a mudharabah agreement with RHB Islamic Bank and the bank has agreed to offer financing of rm 500,000. the profit sharing ratio agreed between hanif and RHB islamic bank is 4: 6. gains and losses during the 4 years of the agreement are as follows: Year 1 loss RM150,0000 Year 2 Profit RM250,000 Year 3 Profit RM200,000 Year 4 Loss RM70,000 Be required: a) Prepare journal entries for RHB Islamic bank for the period Year 1 to Year 4 b) Prepare a statement of financial position and profit or loss statement of RHB Islamic Berhad for the period of 4 years

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