Accounting salam

Fachrullah (14312437)
Hilman Lutfan
Iqro Asmi
Mohammad Jordy
Krisnawan P.
- Salam came from word As-Salaf which means
preliminary

- In terms of sharia , salam is a form of sale and

purchase with advance payment and
delivery of goods in the future (forward
buying / futures sale) with price, specification,
quantity, quality, date and place of delivery
are clear, as well as previously agreed upon in
the agreement.

- Salam can also be defined as a transaction or

Akad of sale where the goods that will be sold has
not exist yet when the transaction occurs and the
buyers paid at the time, while the goods will be
delivered a later date
Statement of Financial Accounting Standards (SFAS/PSAK)
NO. 103

-Salam is purchase contract of muslam fiih (order goods) with

delivery at a later date by muslam illaihi (seller) and the repayment
made by the buyer at the time of the contract agreed upon in
accordance with certain conditions.

Hello , i need Sure, but you

some money have to return
to plant my it, ill give you
rice field , some time,
would you how about 5
lend me some months?
money for it?
 Goods
(Muslam Fiih)
Seller
Buyer (Muslam Ilaihi
(muslam)
Characteristic

- Islamic financial institutions (Lembaga Keuangan Syariah) can act

as buyer or seller in a salam transaction. If the Islamic financial
institution acting as the seller then order the other party to provide
goods orders by way of Salam, then it is called SALAM PARALLEL

- Comitment : If the goods are not in accordance with the previous

agreement, the buyer can do khiar, which is the buyer can
determine whether the transaction will be cancelled or not

- Benefits of salam transaction for buyers is a guarantee of

obtaining goods in a certain quantity and quality at the time when
he needs it with the same price when he agreed the aggrement.
While the benefit for the seller is to obtain funding to carry out
production activities and to meet most needs the seller
- Agreement : Price, Specification, characteristic, quality, quantity, and
the time must be decided or determined already when the transaction
occurs

- Commitment : In akad salam, the price of goods that is ordered cannot

be changed as long as the time of transactions. If the goods is not
match with the previously aggrement, then the buyer can do khiar
which is the buyer can determine if the transaction is cancelled or not

- If the seller made a mistake, or its defective goods, then the seller
have to responsible for his mistakes

- Satisfaction : The tool of payment must be known, the sum and the
shape , either in the form of cash, goods or benefits. satisfaction must
be made at the time the contract was agreed ,and it must not in the
form of debt relief or delivery seller buyer receivable from other parties.
 Salam Scheme

LK Syariah Costumer
(Seller) (Buyer)

Salam Parallel Scheme

Buyer
Third Seller
Parties 1 1
a
2 2
b
3 3
c

Supplier
 Salam Scheme

LK Syariah Costumer
(Seller) (Buyer)

Goods not yet exist when the transaction. But the

seller will deliver it later after the buyer make a
payment in advance

Information :
1. Buyer and Seller made an akad salam
agreement
2. Buyer paid to the seller
3. Seller give the goods
 Salam Parallel Scheme

Buyer
Seller
Third 1 1
Parties a
2 2
b
3 3
c
Supplier

Requirements :
A. Salam Parallel occurs because the seller doesnt have the goods ,
so the buyer must buy from the supplier
B. The first akad salam (a) must be separated or must not rely with
the first akad salam

Information :
1. Buyer and Seller made an akad salam agreement
2. Buyer paid to the seller
3. Seller give the goods
 Basic Sharia Al Quran

hai orang- orang yang beriman, apabila kamu bermuamalah tidak

secara tunai
untuk waktu yang ditentukan, hendaknya kamu menuliskannya dengan
benar
.... (QS:al- Baqarah:282).

Haiorang orang yang beriman penuhilah akad akad itu...
(QS5:1)
Basic Sharia As Sunnah

Tiga hal yang didalamnya terdapat keberkahan: jual beli secara tangguh
muqaradhah (mudharabah), dan mencampur gandum dengan tepung untuk
keperluan rumah, bukan untuk dijual. (HR. Ibnu Majah)

Barang siapa melakukan salam, hendaknya ia melakukannya dengan

takaran yang jelas dan timbangan yang jelas pula, untuk jangka waktu yang
diketahui. (HR.Bukhari Muslim)
- Rukun Salam

1. The person : Buyer and Seller

2. Akad Object :The goods that will be give and salam capital in the
shape of price

3. Ijab Kabul
- Salam
Provision

1. The Person 2. Akad Object

a. Buyer and Seller A. Capital
b. Competent law, a. the type and amount of
rational, can capital must be known
distinguish b. In cash. The scholars have a
different opinions about the
payment form trade assets.
Some scholars regard it
should
c. Salam Capital should be
delivered when the contract
3. Ijab Kabul took place, should not be a
a. Ijab kabul can be debt or a debt settlement.
done orally or in This is to prevent the practice
writing of riba through the
b. Can comunicate in mechanism of salam
modern way B. Goods (Continued to the
next slide)
 - Goods must be distinguished / identified have clear
specifications and characteristics, such as; quality, type,
size etc., so
no gharar

- Goods can be quantified / are measured / weighed

- Time delivery of the goods must be clear, must not in

the certain dates, may also in the period certain. This is
necessary to prevent gharar (uncertainty) that there
should be at a given time.
 - Goods should not be there in the
hands of seller but there must be at
the proper time.

- If the goods ordered are not there at the appointed

time, contract be fasakh / damaged and the buyer can
choose whether to wait until the ordered goods
available or cancel the contract so the seller must
return the funds that have been received

-If the goods are defective or not in accordance with that agreed in the
contract, then the buyer should undertake Khiar or choose to accept or reject.
If his choice is refused then the seller has
debt that can be resolved with a refund or submit the product in accordance
with the contract
 - if the goods have better quality,
then the seller may not ask
additional payments and this is considered as a service customer
satisfaction.

- If lower quality goods, the buyer may choose to reject or

accept. If the buyer accepts the buyer shall not hold back
some of the money or (discount).

- Goods may be sent before the due date provided that

is approved by both parties and the terms of quality
and quantity of goods in accordance with the
agreement, and should not require the addition of price
- Resale of goods before the goods are received is not permitted by syari'ah

- Replacement of goods with other goods. The scholars prohibit

replacement of goods with other goods. When the goods are
replaced with items that have the same specification and the
quality , although different sources, the scholars allow it

If the point of delivery of the goods is not specified,

the contract remains valid. However, this should be
stated in the contract, if not stated then be sent to a
place that becomes a habit
THINGS THAT CAN CANCEL CONTRACT
1. Goods not there at the time specified,
2. Goods are defective or not in accordance with agreed upon in the
contract,
3. The quality of goods is lower and buyers cancel
- Accounting Journal in Salam Accounting

Accounting for Buyer

- Salam receivables are recognized when Venture Capital Greetings(modal

usaha salam) is paid or transferred to the seller.

Venture Capital Greetings, may include cash and non-cash assets. Venture
capital greetings in the form of cash are measured at the amount paid,
whereas venture capital greetings in the form of non-cash assets are
measured at fair value. The difference between the fair value and the
carrying value of non-cash working capital transferred is recognized as a gain
or loss upon the transfer of the business capital.

Salam Receivable XXX

Cash / Account Sales /
Non-Cash Assets XXX
Fair value is the amount that can be used to measure an asset could be
exchanged through an arm's length (arm's length transaction) involving
parties who wish and have sufficient knowledge.

The carrying value is recognized in the balance sheet value.

Acceptance of the ordered goods are recognized and measured as follows:

a. if the goods in accordance with the contract valued according the

agreed value;
supplies-aset salam XXX
salam receivable XXX

b. if the ordered goods are different in quality, then:

1. goods measured in accordance with the value of the contract, if the
market value (fair value if the market value is not available) of the
goods is equal to or higher than the value of order items listed in the
contract
2. measured goods market value (fair value if the market value is not
available) upon receipt and the difference is recognized as a loss, if the
Supplies
market asset
value of salam
the goods is lowerXXX
than the value of the goods
Salaminloss
specified the contract; XXX
salam receivable XXX
(C) if the buyer does not receive some or all items on the maturity date of
delivery, then:

1. if the delivery date is extended, the carrying value of salam receivable, for
parts that have not met fixed in accordance with the values listed in the
supplies-aset salam
contract;
XXX
salam receivable XXX

2. if the contract is canceled in part or in full, then the greeting turn into
Salam Inventories
accounts tomust
receivable that the be
seller
paid byXXXthe seller of a part that can not be
met; andsalam receivable XXX

3. If the contract is cancelled in part of in ful and the buyer has a guarantee
to the ordered goods and the guarantee of sales is less than the value of
salam receivable, then the difference between the carrying value of salam
receivable and guarante of sales should be recognized as a receivable to the
buyer that is on the maturity date of delivery. Vice versa if the guarante of
Guarantee of sales < Salam receivable
Salam inventories to the seller XXX
Salam Receivable XXX

Guarantee of sales > Salam Receivable

Cash XXX
Seller Account (supplier) XXX
Receivable XXX
Buyers can impose a fine to the seller, penalties can only be imposed on
the seller is able to complete its obligations, but deliberately did not do it.
This does not apply to sellers who are not able to fulfill its obligations due
to force majeure. Fines imposed if the seller fails in performing its
obligations under the contract, and fines is recognized as part of the
Cash
charity fund. XXX
Wadiah Account
Charity fund XXX

Goods recognized as inventory. At the end of the financial reporting period,

inventories through greeting transactions are measured at the lower of cost
or net realizable value. If the net realizable value is lower than acquisition
cost, the difference is recognized as a loss.
The impairment loss of Salam Inventory XXX

Allowance for impairment of Salam Inventory XXX

 Accounting for Sellers

Salam obligations are recognized when the seller receives greetings

venture capital, venture capital for greetings
Cash/ Non-Cash Assets XXX
Salam Payable XXX
Venture capital greetings, can be in the form of cash and non-cash assets.
Venture capital greetings in the form of cash are measured at the amount
received, while venture capital greetings in the form of non-cash assets are
measured at fair value.

Salam Liabilities , derecognized (derecognation) upon delivery of the goods

to the buyer. If the seller parallel salam transaction, the difference between
the amount paid by the final buyer and the acquisition cost of the ordered
goods is recognized as a gain or loss upon delivery of the items ordered by
the seller to the buyer end.
-Bank ordered goods and pay
Salam receivable XXX
cash XXX
-Bank receives order goods from suppliers
Salam Inventory XXX
salam receivable XXX
-Bank receives> Cost of goods ordered
Salam payable XXX
Inventories of goods XXX
salam profit XXX
Bank receives <Cost of goods ordered
Salam payable XXX
Salam loss XXX
goods inventory XXX
Ex :
Mr. Karim ordered the apples to the Bank with a cash payment of 1000 kg
with a price of Rp. 5000 promised delivery two weeks later. Based on orders
from Mr. Karim, the Bank booked anyway to farmers Apples same amount of
1,000 kg at a price of Rp. 4000 promised delivery two weeks later.

After two weeks Farmer sent to the Bank. Bank sent Apple to Mr. karim.
Journals are required in the transaction are as follows:

Cash Rp. 5.000.000

Salam Payable Rp. 5.000.000

Salam Receivable Rp. 4.000.000

Cash Rp. 4.000.000
Salam Inventory Rp. 4.000.000
Salam Receivable Rp. 4.000.000

Salam Payable Rp. 5.000.000

Inventory Rp. 4.000.000
Revenue of Salam Sales Rp. 1.000.000