Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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,

image text in transcribed

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) 90,000 10,000 5,000 15,000 10,00,000 1,00,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foreign Corrupt Practices Act Compliance Guidebook Protecting Your Organization From Bribery And Corruption

Authors: Martin T. Biegelman, Daniel R. Biegelman

1st Edition

0470527935, 978-0470527931

More Books

Students also viewed these Accounting questions

Question

At what two times should the petty cash fund be replenished?

Answered: 1 week ago

Question

In Exercise 40 what is the

Answered: 1 week ago