Question
Prepare a classified balance sheet for Quick Profit Insurance using the balances below (all balances are in JDs). Paid in capital ??? Allowance for doubtful
Prepare a classified balance sheet for Quick Profit Insurance using the balances below (all balances are in JDs).
Paid in capital | ??? | Allowance for doubtful debts | 500 000 |
Unearned premium reserve reserves | 19 421 000 | Financial assets at fair value through profit or loss | 267 000 |
Accounts payable | 2 891 000 | Reinsurance payable | 11 200 000 |
Paid claims | 56 460 000 | Intangible assets | 72 000 |
Unallocated employees expenses | 1 000 000 | Net change in claims reserve | 1 680 000 |
Impairment of financial assets | 300 000 | Other provisions | 667 000 |
Statutory reserves | 2 790 000 | Outstanding claims reserve | 9 717 000 |
Cheques under collection | 5 280 000 | Financial assets at amortized costs | 1 370 000 |
Interest income | 1 100 000 | Insurance policies issuance fees | 5 055 000 |
Bank deposits | 24 369 000 | Written premiums | 77 585 000 |
Retained earnings | 4 069 000 | Accrued expenses | 150 000 |
Deferred income tax (debit balance) | 1 300 000 | Accounts receivable | 26 300 000 |
Commission income | 7 200 000 | Recoveries | 2 900 000 |
Step by Step Solution
3.30 Rating (147 Votes )
There are 3 Steps involved in it
Step: 1
QUICK PROFIT INSURANCE SHEET AS AL 1d JANDARY 202 BALANCE LIABILITIES Guient Liebilities Accu...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started