the premiur to be revenue account. Particulars Direct Re- Insurance Insurance Premium received 45,000 18,000 Outstanding on 6,000 1.1.20 Outstanding on 12,000 31.12.20 Premium Paid 15,000 Outstanding on 3,000 31.12.20

the premiur to be revenue account. Particulars Direct Re- Insurance Insurance Premium received 45,000 18,000 Outstanding on 6,000 1.1.20 Outstanding on 12,000 31.12.20 Premium Paid 15,000 Outstanding on 3,000 31.12.20

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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Question

Q12

Calculate the net premium to be entered in the
revenue account.
Particulars
Direct
Re-
Insurance
Insurance
Premium received
45,000
18,000
Outstanding on
6,000
1.1.20
Outstanding on
12,000
31.12.20
Premium Paid
15,000
Outstanding on
3,000
31.12.20
Net Premium

Net Premium
OMR 84,000
OMR 69,000
OMR 87,000
OMR 51,000

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