A contract is issued with a period of insurance coverage 1 July 202130 June 2022. The contractually agreed premium is BD1,500. Insurance acquisition cash flows of BD250 are paid on 1 July 2021.

The premium is paid at different timing in the three scenarios:

(a) Scenario 1Premium paid up front.

(b) Scenario 2Premium paid at the end of the coverage period; and

(c) Scenario 3Premium paid on a monthly basis.

Required:

Record these transaction according to IFRS 17 ( Insurance contracts IFRS)