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KFH entered into a 4 year mudarabah muqayyadah contract with a mudarib with a profit...

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Accounting

KFH entered into a 4 year mudarabah muqayyadah contract with a mudarib with a profit sharing ratio of 3:1. The amount of capital involved was BD 3,000,000. The profit or loss details during the four years of the business is as follows:

1st Year : Loss of BD 250,000

2nd Year : Profit of BD 400,000

3rd Year : Loss of BD 250,000

4th Year : Profit of BD 500,000

a. Prepare the journal entries if the each period method is used

b. Prepare the journal entries if the end of period method is used

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