operating exp

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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Question
Q23
Calculate the net premium , net claims and the
operating expenses from the given information.
Particulars
OMR
Particulars
OMR
Premium less
Outstanding
5,000
reinsurance
58,250
premium
Claim paid
61,500 Claims received 35,000
Bonus in
Claim o/s
12,500
reduction of
1.1.2020
3,500
premium(not yet
adjusted)
Legal expenses 1,000
Claim o/s
11,500
on claim
31.2.2020
Claims on
8,500 Rates and taxes 1,500
reinsurance
accepted
Expenses of
7,500 Printing and
7,500
management
stationery
Net premium
Net claims
Operating expenses
Transcribed Image Text:Calculate the net premium , net claims and the operating expenses from the given information. Particulars OMR Particulars OMR Premium less Outstanding 5,000 reinsurance 58,250 premium Claim paid 61,500 Claims received 35,000 Bonus in Claim o/s 12,500 reduction of 1.1.2020 3,500 premium(not yet adjusted) Legal expenses 1,000 Claim o/s 11,500 on claim 31.2.2020 Claims on 8,500 Rates and taxes 1,500 reinsurance accepted Expenses of 7,500 Printing and 7,500 management stationery Net premium Net claims Operating expenses
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