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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Problem 3. From the following particulars of Baldwin Insurance Company, prepare
Income Statement and Balance Sheet
Particulars
Debit
Credit
Premiums less re-
insurance
200,000
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
Furniture
Agents balances
50,000
30,000
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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