(a)According to the Al ahlia insurance LLC the details of premium for the year ended 31/12/2018 as given below. Calculate the amount of premium to be entered in the revenue account and give the respective journal entries also.(2marks) Particulars OMR Premium received during the year 1,133,000 Outstanding premium on 1/1/18 87,000 Outstanding premium on 31/12/18 109,000 Premium received in advance 1/1/18 28,000 Premium received in advance 31/12/18 22,000 Re-insurance premium paid for 2018 160,000 Bonus in reduction of premium 7,000

(b) Prepare the profit and loss account of Amjaad bank for the year ended 31/12/2017 from the following information. (8 marks) Particulars OMR Interest on loans 259,000 Interest on cash credits 195,000 Interest on Fixed deposits 275,000 Interest on current accounts 42,000 Interest on government securities 54,000 Interest on inter-bank borrowing 68,000 Discount on bills discounted 195,000 Commission and exchange 8,000 Miscellaneous receipts 7,000 Rebate on bills discounted (1/1/2017) 49,000 Establishment expenses 54,000 Rent and taxes 18,000 Directors and auditors fees 6,000 Postage and telegrams 4,000 Printing and advertisement 3,000 General expenses 2,000 Bad debts 12,000 Profit and loss account (cr) (1/1/2017) 30,000 Insurance 8,000 Salaries 32,000 Contribution to provident fund 20,000 Provide OMR 8,000 for depreciation, OMR 20,000 for bad debts reserve and OMR 15,000 for taxation. An interim dividend of OMR 12,000 was paid. Rebate on bills discounted at the year end was OMR 10,000.