Accounting For Musharakah
Authored by NOOR AFIZAH ATAN
Education
1st - 2nd Grade
Used 7+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many types of musharakah journal entries?
1
2
3
4
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
BBA Bank has provide capital to Upin Company based on Musyarakah Mutanaqisah with amount RM 100 000.
What is the journal entries for financing on the 1st year.
Dr MF 100 000
Cr Cash 100 000
Dr Cash 100 000
Cr MF 100 000
Dr Cash 100 000
Cr Profit & loss 100 000
Dr Profit & loss 100 000
Cr Cash 100 000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The term of Musharakah Financing (MF) is for 5 years and the partner is required to pay back to the bank RM 10 000 equal installments yearly.
What is the journal entries for repayment.
Dr. Cash 10 000
Cr. MF 10 000
Dr. MF 10 000
Cr. Cash 10 000
Dr. Cash 10 000
Cr. Profit & loss 10 000
Dr. Profit & loss 10 000
Cr. Cash 10 000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
BBA Bank gain profit RM 20 000 for year 1 from the Musharakah Financing (MF) contract.
Select the correct journal entries to record the profit.
Dr. Cash 2 000
Cr. Profit & loss 2 000
Dr. Cash 20 000
Cr. Profit & loss 20 000
Dr. Profit & loss 2 000
Cr. Cash 2 000
Dr. Profit & loss 20 000
Cr. Cash 20 000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
BBA Bank incurred loss RM 3000 for the 2nd year in Musharakah Financiang.
What is journal entries for the above transaction.
Dr. Profit & loss 3000
Cr. MF 3000
Dr. MF 3000
Cr. Profit & loss 3000
Dr. Cash 3000
Cr. Profit & loss 3000
Dr. Profit & loss 3000
Cr. Cash 3000
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