1,00,000 3 For proposed dividends 4 For dividend distribution tax 5 Others to be specified) TOTAL 1,00,000 132 Students are required to go through the formats of Revenue Account, Profit and Loss Account, Balance Sheet and its Schedules as prescribed in Part V of Schedule B for General Insurance business given in Annexure Il for better understanding of illustrations given here under Illustration 2 Prepare Revenue Account in proper form for the year ended 31st March, 2012, from the following particulars related to Goma General Insurance Co. for the year 2011 - 2012: Related to Direct Related to business Reinsurance business Premiums: Amount received 30,00.000 2,40,000 Receivable at the beginning 1,80,000 24,000 Receivable at the end 2.40.000 36,000 Amount paid 3,60,000 Payable at the beginning 30,000 Payable at the end 42.000 Claims: Amount paid 18,00,000 1,80,000 Payable at the beginning 60,000 12.000 Payable at the end 1,20,000 18,000 Amount recovered 1,20,000 Receivable at the beginning 18,000 Receivable at the end 12.000 Commission: Amount paid 72,000 10.800 Amount received 14,400 Additional information: 0 Interest, dividend and rent received 30,000 Income tax in respect of above 6,000 (i) Management expenses including 12,000 related to legal expenses regarding claims 1,32,000 Provision for income tax existing at the beginning of the year was 7 1,95,000, the income-tax actually paid during the year 1,68,000 and the provision necessary at the year end 2,07,000 The net premium income of the company during the year 2010-2011 was 724,00,000 on which reserve for unexpired risk @ 50% and additional reserve @ 7% % was created. This year, the balance to be carried forward is 50% of net premium on reserve for unexpired risk and 5% on additional reserve