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AXA Insurance Corporation provides you with some of the data related to its life insurance policies: Premium received during the year = OMR 70,000 Reinsurance

AXA Insurance Corporation provides you with some of the data related to its life insurance policies:

Premium received during the year = OMR 70,000

Reinsurance premium paid = 10% of the total premium received this year

Bonus in reduction of premium = 5% of the total premium received this year

Outstanding premium at the year-end = OMR 2,500

Premium received in advance at the start = OMR 1,290

Required: You have been asked to calculate the amount of premium to be credited to revenue account this year.

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