Accounting, Auditing and Governance for Takaful Operations by Sheila Nu Nu Htay & Mohamed Arif & Younes Soualhi & Hanna Rabittah Zaharin & Ibrahim Shaugee

Author:Sheila Nu Nu Htay & Mohamed Arif & Younes Soualhi & Hanna Rabittah Zaharin & Ibrahim Shaugee
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-08-31T16:00:00+00:00

4. 1 January 2010, when Norma’s son is 10 years old, she decides to contribute RM100 monthly for her son’s education takaful plan. The maturity date is when her son is 20 years old—31 December 2019. Related assumptions are as follows:

Tabarru contribution rate is 15 percent of the total contribution made by the participant. Compounded investment rate of return of 3 percent will be credited to the PA account.

There will be no surplus distribution until maturity. You are required to prepare the accounting entries based on the following situations:

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