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Case 11 (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a

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Case 11 (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from AM Best Co, A. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength operating performance and business profile Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company The following ledger balances were extracted from the books of the National Life & General Insurance Company SADG as on 31 December 2014 Particulars Amount Amount OMR Particulars OMR Rona te policyholders 37.500 Premises 16 Sum V 600D Salates to play Apres balances 75.000 Miscellaneous expenses 52.00 Consideration for annuities 187.500 Premiums less re-insurance 450.000 Depreciation Claims by death 475 Dividends 26,750 As 145 DOO Loans to the inne companies Interest and divided 250.00 Advertime 17.500 Statutory Reserve Share Capital 375.000 Machines and whicles 15.000 Bests 210.000 Dupacita bank 240.000 41 Pate You are provided with additional information about the company which has not been adjusted by the previous accountant Claims have been recorded in lediger accounts but outstanding dalms at the end of the period December 2019 have not been included which amounts to OMR 40,000, and outstanding premium expenses were OMR 15.000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paldin advance were OMR 7.500 You are required to prepare a) Revene account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (Marks) b) Prepare Balance Sheet as on 31 December 2019 after making all the year-end adjustments (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyet where we have received 1800 policies for house insurance. It is expected that on average, 10% of the houses may meet with an accident in a year. The economie value of the loss suffered by the owner of each house is taken to be RO 50.000 Calculate the premium to be charged for insurance to the house owner (2 Marks Case 1: (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from A.M Best Co., A.M Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry. You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company. The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Particulars Amount Amount Particulars OMR OMR Bonus to policy holders 37,500 Premises 168,750 Surrender Value 60,000 Salaries to employees 71,250 Agents balances 75,000 Miscellaneous expenses 52,500 Consideration for annuities 187,500 Premiums less re-insurance 450,000 Depreciation 52,500 Claims by death 475,000 Dividends 28,750 Annuities 145,000 Loans to other insurance 18,750 companies Interest and dividend 250,000 Advertisement 37,500 Statutory Reserve 147,500 Share Capital 375,000 Machinery and vehicles 187,500 Life assurance fund 465,000 Bonus in reduction of premium 15,000 Investments 210,000 Deposit at bank 240,000 You are provided with additional information about the company which has not been adjusted by the previous accountant. Claims have been recorded in ledger accounts but outstanding claims at the end of the period 31st December 2019 have not been included which amounts to OMR 40,000; and outstanding premium expenses were OMR 15,000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paid in advance were OMR 7,500. You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31st December 2019 after making all the year-end adjustments. (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyat where we have received 1800 policies for house insurance. It is expected that, on average, 10% of the houses may meet with an accident in a year. The economic value of the loss suffered by the owner of each house is taken to be RO. 50,000. Calculate the premium to be charged for insurance to the house owner. (2 Marks) Case 1: (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from A.M Best Co., A.M Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry. You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company. The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Amount Amount The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Particulars Particulars Amount OMR 37,500 60,000 75,000 187,500 52,500 28,750 Premises Salaries to employees Miscellaneous expenses Premiums less re-insurance Claims by death Annuities Amount OMR 168,750 71,250 52,500 450,000 475,000 145,000 Bonus to policy holders Surrender Value Agents balances Consideration for annuities Depreciation Dividends Loans to other insurance companies Advertisement Share Capital Life assurance fund Investments 18,750 Interest and dividend 250,000 37,500 Statutory Reserve 375,000 Machinery and vehicles 465,000 Bonus in reduction of premium 210,000 Deposit at bank 147,500 187,500 15,000 240,000 4 Page You are provided with additional information about the company which has not been adjusted by the previous accountant. Claims have been recorded in ledger accounts but outstanding claims at the end of the period 31st December 2019 have not been included which amounts to OMR 40,000; and outstanding premium expenses were OMR 15,000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paid in advance were OMR 7,500. You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31 December 2019 after making all the year-end (3 Marks) You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31st December 2019 after making all the year-end adjustments. (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyat where we have received 1800 policies for house insurance. It is expected that, on average, 10% of the houses may meet with an accident in a year. The economic value of the loss suffered by the owner of each house is taken to be RO. 50,000. Calculate the premium to be charged for insurance to the house owner. (2 Marks) Case 11 (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from AM Best Co, A. Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength operating performance and business profile Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company The following ledger balances were extracted from the books of the National Life & General Insurance Company SADG as on 31 December 2014 Particulars Amount Amount OMR Particulars OMR Rona te policyholders 37.500 Premises 16 Sum V 600D Salates to play Apres balances 75.000 Miscellaneous expenses 52.00 Consideration for annuities 187.500 Premiums less re-insurance 450.000 Depreciation Claims by death 475 Dividends 26,750 As 145 DOO Loans to the inne companies Interest and divided 250.00 Advertime 17.500 Statutory Reserve Share Capital 375.000 Machines and whicles 15.000 Bests 210.000 Dupacita bank 240.000 41 Pate You are provided with additional information about the company which has not been adjusted by the previous accountant Claims have been recorded in lediger accounts but outstanding dalms at the end of the period December 2019 have not been included which amounts to OMR 40,000, and outstanding premium expenses were OMR 15.000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paldin advance were OMR 7.500 You are required to prepare a) Revene account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (Marks) b) Prepare Balance Sheet as on 31 December 2019 after making all the year-end adjustments (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyet where we have received 1800 policies for house insurance. It is expected that on average, 10% of the houses may meet with an accident in a year. The economie value of the loss suffered by the owner of each house is taken to be RO 50.000 Calculate the premium to be charged for insurance to the house owner (2 Marks Case 1: (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from A.M Best Co., A.M Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry. You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company. The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Particulars Amount Amount Particulars OMR OMR Bonus to policy holders 37,500 Premises 168,750 Surrender Value 60,000 Salaries to employees 71,250 Agents balances 75,000 Miscellaneous expenses 52,500 Consideration for annuities 187,500 Premiums less re-insurance 450,000 Depreciation 52,500 Claims by death 475,000 Dividends 28,750 Annuities 145,000 Loans to other insurance 18,750 companies Interest and dividend 250,000 Advertisement 37,500 Statutory Reserve 147,500 Share Capital 375,000 Machinery and vehicles 187,500 Life assurance fund 465,000 Bonus in reduction of premium 15,000 Investments 210,000 Deposit at bank 240,000 You are provided with additional information about the company which has not been adjusted by the previous accountant. Claims have been recorded in ledger accounts but outstanding claims at the end of the period 31st December 2019 have not been included which amounts to OMR 40,000; and outstanding premium expenses were OMR 15,000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paid in advance were OMR 7,500. You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31st December 2019 after making all the year-end adjustments. (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyat where we have received 1800 policies for house insurance. It is expected that, on average, 10% of the houses may meet with an accident in a year. The economic value of the loss suffered by the owner of each house is taken to be RO. 50,000. Calculate the premium to be charged for insurance to the house owner. (2 Marks) Case 1: (10 Marks) National Life & General Insurance Company has been providing financial security and peace of mind to its satisfied customers with a comprehensive range of Life & General Insurance Products. With a Good (B++) financial strength rating from A.M Best Co., A.M Best's Financial Strength Rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. The rating is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile. Its ability to focus on local needs and deliver solutions appropriate to this need has today made NLGIC the Sultanate's market leader in the Life Insurance Industry and is also setting its standards in General Insurance Industry. You are appointed as an accountant in National Life & General Insurance Company and required to prepare the final accounts for the company. The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Amount Amount The following ledger balances were extracted from the books of the National Life & General Insurance Company SAOG as on 31 December 2019. Particulars Particulars Amount OMR 37,500 60,000 75,000 187,500 52,500 28,750 Premises Salaries to employees Miscellaneous expenses Premiums less re-insurance Claims by death Annuities Amount OMR 168,750 71,250 52,500 450,000 475,000 145,000 Bonus to policy holders Surrender Value Agents balances Consideration for annuities Depreciation Dividends Loans to other insurance companies Advertisement Share Capital Life assurance fund Investments 18,750 Interest and dividend 250,000 37,500 Statutory Reserve 375,000 Machinery and vehicles 465,000 Bonus in reduction of premium 210,000 Deposit at bank 147,500 187,500 15,000 240,000 4 Page You are provided with additional information about the company which has not been adjusted by the previous accountant. Claims have been recorded in ledger accounts but outstanding claims at the end of the period 31st December 2019 have not been included which amounts to OMR 40,000; and outstanding premium expenses were OMR 15,000. The company provided additional depreciation on machinery and vehicles amounting to OMR 7,500. Interest received in advance is OMR 15,000. Lastly, it was observed that miscellaneous expenses paid in advance were OMR 7,500. You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31 December 2019 after making all the year-end (3 Marks) You are required to prepare: a) Revenue account for National Life & General Insurance company and determine the closing Life Assurance balance at the end of the year (5 Marks) b) Prepare Balance Sheet as on 31st December 2019 after making all the year-end adjustments. (3 Marks) c) National Life & General Insurance Company wants to offer house insurance services in Quriyat where we have received 1800 policies for house insurance. It is expected that, on average, 10% of the houses may meet with an accident in a year. The economic value of the loss suffered by the owner of each house is taken to be RO. 50,000. Calculate the premium to be charged for insurance to the house owner. (2 Marks)

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