(a) According to the Motor insurance LLC the details of premium for the year ended 31/12/2015 as given below. Calculate the amount of premium to be entered in the revenue account and give the respective journal entries also.

Particulars	OMR
Premium received during the year	85,000
Commission received	87,000
Outstanding premium on 31/12/15	25,000
Reinsurance premium received	28,000
Premium received in advance 31/12/15	12,000
Re-insurance premium paid for 2015	16,000
Bonus in reduction of premium	7,000

(b) From the following information prepare profit and loss account of Bushra bank llc, for the year ended 31/12/2018

Particulars	OMR
Profit on sale of investments	42,000
Interest on fixed deposits	550,000
Interest on loans	518,000
Commission	16,000
Salary to employees	8,000
Discount on bills	292,000
Interest on cash credit	446,000
Interest paid on current accounts	84,000
Rent taxes and lighting	36,000
Interest on overdraft	308,000
Directors fees	6,000
Auditors fees	4,000
Interest on saving deposits	136,000
Postage and telegram	3,000
Printing and stationery	6,000
Sundry charges	3,000
Interest on investments	16,000
Loss on sale of investments	22,000
Rebate on bills discounted at the year end	98,000

Debts to be written off amount to OMR 60,000 and provision for tax to be made to 50%