Illustration 6 From the following information prepare the Revenue Account of Anmol Fire Insurance Company Ltd. for the year ended 31 March 2012: 1. Premium, Claims and Commission: Particulars On Direct On Re-Insurance On Re-insurance Business ceded accepted 2 (a) Total Premium 30,00,000 10,00,000 20,00,000 134 In India (b) Total Claims B0% 6,00,000 20% 3,00,000 80% 2,00,000 20% 1,00,000 80% 4.00,000 20% 2.00,000 Outside India (c) Commission 2 Expenses: 1. Employees' remuneration and welfare benefits 2. Managerial Remuneration 3. Travel, conveyance and vehice running expenses 4. Rents, rates and taxes Repairs 6. Printing and Stationery 7. Communication expenses 8. Legal and Professional charges 9. Medical fees 10. Auditor's fees, expenses etc. 11. Advertisement and publicity 12 Interest and Bank Charges 13. Policy Stamps Others: 2,31,000 3,00,000 59,000 30.000 20.000 10.000 5,000 6,000 7,000 8.000 6,000 5,000 3,000 3. 58,000 Furniture and fixture (cost 1,00,000) Rate of Depreciation on furniture -10% an original cost Interest, Dividend and Rent Received Income Tax deducted at source thereon Profit and Sale of Motor Car Double Income Tax Refund Provision of Unexpired Risks (as on 1.4.2011) Additional Provision for Risks (as on 1.4.2011) Accounting Policy Regarding Additional Provision in Fire- 5% of net premium of the year 90,000 10,000 5,000 15,000 10,00,000 1,00,000