Prepare a balance sheet for East & West Insurance on 31/12/2017Following are balances from the books of East & West Insurance on 31/12/2017 (in JDs);Reinsurance receivable 9 000, Gross written premiums 25 000, Ceded premiums 7000 Reinsurance share in payingclaims 2000, Deferred income tax 1800, Unearned premium reserve, net 4000, Accrued expenses1250, Income taxprovision 350O, Reinsurance share of written premiums 10 000, Net change in unearned premiums reserve 1000,Recoveries 1000, Statutory reserve 7000, Outstanding claims reserve, net 2500, Checks under collection 5000, Paidclaims12 000, Allocated employees' expenses 3000, Policies acquisition costs 250, Paid in capital ???, Reinsurancepayable 5500, Accrued expenses 2500, Property and equipment, net 30 00O, Cash in hands and at banks 12000,Accounts Receivable 7000, Bank deposits, 50 000, Financial assets at fair value through profit or loss 12000, Allowancefor doubtful debts 1000, Commissions revenue 1 200, Interest revenue 500, Allocated administrative & generalexpenses 2000, Unallocated employees expenses 500, Depreciation 53 787, unallocated administrative & generalexpenses 300, Insurance policies issuance fees.

Income Statement For financial year 2017 Particulars Amount Gross written premium…

Prepare a balance sheet for East & Wes Following are balances from the books o Reinsurance receivable 9 000, Gross writ claims 2000, Deferred income tax 1800, provision 350O, Reinsurance share of wri Recoveries 1000, Statutory reserve 7000 claims12 000, Allocated employees' expe. payable 5500, Accrued expenses 2500 Pr

Prepare a balance sheet for East & Wes Following are balances from the books o Reinsurance receivable 9 000, Gross writ claims 2000, Deferred income tax 1800, provision 350O, Reinsurance share of wri Recoveries 1000, Statutory reserve 7000 claims12 000, Allocated employees' expe. payable 5500, Accrued expenses 2500 Pr

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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