I am stuck. It’s childish maths but I am unable to get a clear satisfying answer

[Oasis]

I signed an endowment saving plan with a total sum of first year premium = 10000

No money paid at this point

then I gave 1000 to my cousin (Jon)
He paid 1000 from his pocket and paid 2000 on my behalf to the endowment plan company as holding deposit

I owed Jon 1000 at this point

the balance of the endowment plan left at this point was 8000

then I gave him 8500
then I gave him another 1000

now he says that I owe him 500. How??? I think he owes me. Please help.

 

[lev888]

I signed an endowment saving plan with a total sum of first year premium = 10000

No money paid at this point

then I gave 1000 to my cousin (Jon)
He paid 1000 from his pocket and paid 2000 on my behalf to the endowment plan company as holding deposit

I owed Jon 1000 at this point

the balance of the endowment plan left at this point was 8000

then I gave him 8500
then I gave him another 1000

now he says that I owe him 500. How??? I think he owes me. Please help.

Can you explain what this plan is and how it works?

 

[blamocur]

The way I read it you gave Jon 10500, and he paid 2000 on your behalf to your savings account -- what other transactions took place?
If Jon paid the premium balance of 8000 then you overpaid him 500. Does this make sense?

 

[Oasis]

The other transactions also took place for the company on my behalf. So the company received total 10000. He is saying that I paid in total 10500 and when he deducts his 1000 that leaves me with 9500 towards the premium payment so I owe him another 500. That’s exactly what I am saying that for a premium payment of 10000 I have paid 10500 and if I still owe 500 then I have paid 11000 towards a premium of 10000. ?

 

[Oasis]

Can you explain what this plan is and how it works?

It’s a 20 year endowment plan with a premium of 10000 per year with monthly, quarterly, half yearly OR annual payment. At the end of maturity i will receive 1000000. I paid the first year premium through him as it’s paid by going to the branch. His office is right next to the establishment.

 

[Otis]

The other transactions also took place for the company

Hi. I think you meant to say that those other transactions (plural) took place to the company, not for it -- with "other" meaning payments made after the initial $1,000 payment

But, you have not stated any additional payment amounts for us. Do they add up to $8,000? If so, then Jon owes you $500.

There are many ways to explain this to Jon. Here's one.

There was a bucket at Jon's house. You gave Jon $1,000, and he put it in the bucket. Jon then put $1,000 of his own money into the bucket. The bucket contains $2,000. The next monies that went into the bucket were yours: $8,500 and $1,000. The bucket contains $11,500. From the bucket, Jon pays the company $10,000. There is $1,500 left in the bucket. Jon removes his $1,000 from the bucket and puts it in his pocket; therefore, you no longer owe him $1,000. There is $500 remaining in the bucket. That money is yours.

?