Mr. A was insured under an endowment policy with a value of P500,000. Total premiums paid by him during the term of premiums payments on the policy was P490,000, from which there was a return of P40,000. At the maturity of the policy, Mr. A received P500,000. The income of Mr. A under the policy is:

Mr. A was insured under an endowment policy with a value of P500,000. Total premiums paid by him during the term of premiums payments on the policy was P490,000, from which there was a return of P40,000. At the maturity of the policy, Mr. A received P500,000. The income of Mr. A under the policy is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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