Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
As an expense and an asset
This approach tries to resolve the differences between the two methods by ensuring that we show an asset that may materialize or crystallize and at the same time we charge an expense in the profit and loss for the premium.A new account called life policy fund is normally set up to facilitate the process.Relevant entries are:
DR. Life policy asset account CR. Cash book DR. Profit and loss CR. Life policy fund account (With the premium paid for both of the two journal entries)At the end of the financial period, the life policy asset account and fund account are normally adjusted to reflect the surrender value. The asset and fund account must be equal but directly opposite and incase the surrender value is higher than the premiums (total) paid to date are:- DR. Life Policy asset account CR. Life Policy fund account (With the difference)When the insurance company pays the sum assured or surrendered value, then we: DR. Cash book CR. Life Policy asset accountThe life policy fund account should be closed off to the partner’s capital accounts according to their profit sharing ratio.
How to determine the depreciation To determine depreciation in straight-line method, take cost of the asset, less the trade-in value, and divide by the estimated years of usefu
Part I: Wal-Mart Stores Inc.'s income statement and balance sheet are attached. Gather relevant information from the financial statements to calculate the financial ratios, and co
1.discuss how the vat system works 2.list and explain the vat supply categories, provide examples in each category write as an essay of 500 words
How do I treat with Expenses Outstanding, for example, Marketing Expenses outstanding at year end is $1250. How do I adjust?. It is a note under the trial balance.
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
i have some homework that need help
Company A subsequently sells 60% of the voting interest in Company S for $900,000. The fair value of Company A's retained interest of 10% in the voting stock in Company S is $120,0
Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement
Instructions: The case should be done in your assigned groups. Hand in a brief write-up not exceeding two pages explaining what was done. In April 198
I want you guys to make my assignment of 2500 words please let me know the price and I din''t have time I want it by tomorrow
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd