Prepare the Revenue Account and Balance sheet for the year ended 31-3-2020 after taking in consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Debit Credit Premiums less re- 200,000 insurance Claims less re-insurance 100,000 Share Capital 200,000 Salaries to employees 50,000 Bonus to policy holders 50,000 Audit fees 10,000 Repairs and Rent 5,000 Depreciation 5,000 Commission income 50,000 Furniture 30,000 Agents balances 50,000 Investments 100,000 Premises 45,000 Loans to other insurance 5,000 companies Total 450,000 450,000

Prepare the Revenue Account and Balance sheet for the year ended 31-3-2020 after taking in consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Debit Credit Premiums less re- 200,000 insurance Claims less re-insurance 100,000 Share Capital 200,000 Salaries to employees 50,000 Bonus to policy holders 50,000 Audit fees 10,000 Repairs and Rent 5,000 Depreciation 5,000 Commission income 50,000 Furniture 30,000 Agents balances 50,000 Investments 100,000 Premises 45,000 Loans to other insurance 5,000 companies Total 450,000 450,000

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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