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

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Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.