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From the following information of ABC Insurance co Ltd., a General Insurance Company , for the year ending 31st March 2021, Draw the Revenue statement

From the following information of ABC Insurance co Ltd., a General Insurance Company , for the year ending 31st March 2021, Draw the Revenue statement clearly segregating into:

a) Premium (Sch.1)

b) Claims ( Sch.2)

c) Commission (Sch.3)

d) Operations (Sch.4) and the Net Operating Profit /Loss from the Insurance Business

Particulars

Direct Business Rs.

Re Insurance Rs.

Premium Received

9325000

1125000

Premium Paid

.

965000

Claims paid during the year

5900000

675000

DIRECT BUSINESS Rs.

RE INSURANCE Rs.

Claims payable 1st April 2020

833000

94,000

Do do 31st March 2021

646000

65,000

Claims Recd.

..

320000

Claims payable 1st April 2020

...

74,000

Claims payable 31st March 2021

.

120000

Expenses

239400

.

Commission:

On Insurance accepted

520000

75,000

On Insurance ceded:

119,200

The following additional information is also given :

1. Management expenses includes Rs.229000 surveyors fees & Rs.162000 legal expenses for settlement of claims

2. Reserve for unexpired risk is to be maintained at 50% . The balance of reserve for Unexpired risk as on 1.4.2020 was Rs.4900000

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