Baba
Pak Islamic Bank enters into Modaraba transaction with four Modarib on the below given terms . Workout the transactions on prescribe format: * Ali Associates Rs.300,000 MF@10%, Profit 40:60 proceeds Rs.410,000 * Scan Group Rs.500,000 MF@7% Profit 35:65 Expected Proceeds 612,000 * Karachi Electric Rs.800,000 MF @9% profit 50:50 Proceeds Rs.978,000 * Sailor Services Rs.300,000 @5% Profit 60:40 Proceed 255,000. | -------------------------------------------------
Scan Pakistan issued LPO of Rs.30,000,000 for the purchase of 15,000 tons of sugar at a purchase price of Rs.20,000 per tons and offered 15% Arboon. -------------------------------------------------
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Bank Islami allowed at Cost Plus with Transportation Rs.130 per tons, Insurance Rs.90 per ton, Storage Rs 55 per ton, Macadam Rs.50 per tons, and Selling Expenses Rs.30 per tons.-------------------------------------------------
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Sale reported as 1,000 tons sugar sold at 20% and 500 tons sold at 17% over to the cost price. Net Realizing Profit was agreed at a Ratio of 45:55. | Services International net worth is Rs.100 million divided into shares at a base price of Rs.100 each. The company invited an investor M/s Globe Inc who purchases 40% holding at base rate under Musharka mode for 5 years buy back terms. During the period company reported result Profit & Loss of (Rs.550,000), (610,000), Rs.855,000, Rs.1,350,000 & 2,510,000. In the fifth year the company buyout the entire shares from the Bank Muslim at prevailing share price of the term. | General trader imported 3000 Metric Tons of White Sugar through Muslim Bank at 25% Arboon Participation on International Trade Price of Rs.45,000. The bank enter into Morabaha agreement on the Cost Plus basis with the condition of profit sharing at 45:65 by deducting Cost of Product uncured as Transport 4%, Insurance 3%, Warehousing 3%, Macadam 1%,
Scan Pakistan issued LPO of Rs.30,000,000 for the purchase of 15,000 tons of sugar at a purchase price of Rs.20,000 per tons and offered 15% Arboon. -------------------------------------------------
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Bank Islami allowed at Cost Plus with Transportation Rs.130 per tons, Insurance Rs.90 per ton, Storage Rs 55 per ton, Macadam Rs.50 per tons, and Selling Expenses Rs.30 per tons.-------------------------------------------------
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Sale reported as 1,000 tons sugar sold at 20% and 500 tons sold at 17% over to the cost price. Net Realizing Profit was agreed at a Ratio of 45:55. | Services International net worth is Rs.100 million divided into shares at a base price of Rs.100 each. The company invited an investor M/s Globe Inc who purchases 40% holding at base rate under Musharka mode for 5 years buy back terms. During the period company reported result Profit & Loss of (Rs.550,000), (610,000), Rs.855,000, Rs.1,350,000 & 2,510,000. In the fifth year the company buyout the entire shares from the Bank Muslim at prevailing share price of the term. | General trader imported 3000 Metric Tons of White Sugar through Muslim Bank at 25% Arboon Participation on International Trade Price of Rs.45,000. The bank enter into Morabaha agreement on the Cost Plus basis with the condition of profit sharing at 45:65 by deducting Cost of Product uncured as Transport 4%, Insurance 3%, Warehousing 3%, Macadam 1%,