Problem 1: Following is the information of MH insurance company engaged in General insurance as on 31 December 2016, find out the following Particulars Direct Insurance RO Re-insurance RO 1. Premium Received Receivable - 04 Jan 2016 -31 Dec 2016 20,00,000 1,00,000 3,20,000 20.000 30.000 1.50,000 2. Premium Paid Payable - 01 Jan 2016 31 Dec 2016 2,00.000 10,000 30.000 12.50,000 1,05,000 1.50,000 1,00.000 10,000 3. Claims Paid Payable-01 Jan 2016 31 Dec 2016 20.000 Page 1624 120,000 4. Claims Received Receivable - 01 Jan 2016 31 Dec 2016 19.000 15.000 1.80,000 21.000 24.000 5. Commission on insurance accepted on insurance ceded Other expenses and income Salaries RO 160,000, Rent rates & taxes RO 15,000, Printing & stationery RD 20000, Interest, dividend & rent received (net) RO 120,000, Legal expenses (including RO 10,000 in connection with the settlement of claims) RO.50,000, Income tax RO 10,000, Bad debts RO 25,000 You are required to calculate: Net premium received. Claims incurred, commission paid, income from investments, operating expenses and the amount of operating profit or loss related to insurance business