Banking
Ijara Muntahia Bittamleek — Title Transfer at End
Transferring ownership of the leased asset to the customer at the end of the Ijara term.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accumulated Depreciation (Ijara Asset) | Contra-Asset (-) | 30,000.00 | - |
| Ijara Asset (Cost) | Asset (-) | - | 30,000.00 |
💡 Accountant's Note
At term end, the fully depreciated asset is gifted or sold for a nominal amount to the customer. The bank removes both the asset and its accumulated depreciation. No gain or loss arises if the asset is fully depreciated.
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