plz solve this question !!! Problem 3. From the following particulars of Baldwin Insurance Company, prepareIncome Statement and Balance SheetParticularsDebitCreditPremiums less re-insurance200,000Claims less re-insurance100,000Share Capital200,000Salaries to employees50,000Bonus to policy holders50,000Audit fees10,000Repairs and Rent5,000Depreciation5,000|Commission incomeFurnitureAgents balances50,00030,00050,000Investments100,000Premises45,000Loans to other insurancecompanies5,000Total450,000450,000Adjustments(a) an outstanding claim to be paid RO 5,000(b) an outstanding premium of RO 4,000 to be collected for the current period(c) an additional depreciation of RO 2,000 to be provided on furniture(d) audit fees paid in advance RO 2,000(e) commission income received in advance RO 5,000

Income statement helps the entity/firm in finding the amount of profit or income which it gets…

Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Premiums less re- Debit Credit 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 companies 5,000 Total 450,000 450,000 Adjustments (a) an outstanding claim to be paid RO 5,000 (b) an outstanding premium of RO 4,000 to be collected for the current period (c) an additional depreciation of RO 2,000 to be provided on furniture (d) audit fees paid in advance RO 2,000 (e) commission income received in advance RO 5,000

Problem 3. From the following particulars of Baldwin Insurance Company, prepare Income Statement and Balance Sheet Particulars Premiums less re- Debit Credit 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 companies 5,000 Total 450,000 450,000 Adjustments (a) an outstanding claim to be paid RO 5,000 (b) an outstanding premium of RO 4,000 to be collected for the current period (c) an additional depreciation of RO 2,000 to be provided on furniture (d) audit fees paid in advance RO 2,000 (e) commission income received in advance RO 5,000

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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