AFSO

Q.4) The following figures are extracted from the books of Modern Fire Insurance Company Ltd. at the end of financial year ended 31.3.23. You are required to prepare Balance Sheet giving schedules as per IRDA regulations. (20Mks) The additional information is as follows i. Authorized capital of the insurance company is 5,00,000 shares of 10 each ii. An amount of 2,00,000 transfer to general reserve. iii. Maintain the reserve for unexpired risk to the extent of 17,26,004. iv. Claims outstanding at the end of the year amounts to 1,21,600. v. Income tax provision is required of 5,00,000 vi. Directors declare dividend of 1,44,000 on share capital of company