Question 1: Following is Trail Balance of Long life Assurance Company as on 31" March 2019 Debit Credit Amount RO in Amount RO in"000 3000 Income tax paid on interest, dividends, and Life Assurance Fund opening balance 350,000 Income tax paid 2500 200,000 18 500 Claims 10,000 Premium less reinsurance Outstanding claims at the beginning Consideration for Annuities Registration fees Interest, dividends and rents General reserves By death By maturity Property cost Furniture and Equipment Soo 25,000 17.000 57,000 4.000 25,000 20.000 Annuities 15.000 Provision for laxation Share Capital 5.000 3000 Stationery 8000 Cash at bank 39.600 Cash in hand 400 Surrender value Commission Expenses of management 40000 Other assets 1200 Loans on policies 35000 Investments 580.000 Government securities 3000 832.000 Prepare Revenue Account and Balance Sheet after taking into account the following: (a) Claims less reinsurance outstanding at the end of year are 5,000 by death and RO 3,000 by maturity (b) Depreciation to be provided RO 1,000 on property and RO 160 on Furniture and equipment (c) Outstanding tax payable RO 2,000 (d) Expenses RO 3,000 are prepaid and annuities outstanding is RO 1,000 (e) Premiums outstanding RO 25,000 (1) Accrued interest, dividend and rent are RO 2500 Question 1: Following is Trail Balance of Long life Assurance Company as on 31" March 2019 Debit Credit Amount RO in Amount RO in"000 3000 550,000 Life Assurance Fund opening balance Income tax paid on interest, dividends, and rents Income tax paid Claims 2500 Premium less reinsurance Outstanding claims at the 200,000 18.500 Consideration for Annuities Registration fees Interest, dividends and rents General reserves 10,000 300 25,000 20,000 Provision for taxation Share Capital 5,000 3000 800 By death 25,000 By maturity 17.000 Property al cost 57,000 Furniture and Equipment 4.000 at cost Annuities 15.000 Stationery Cash at bank 39,600 Cash in hand 400 Surrender value SOO Commission 8000 Expenses of management 40000 Other assets 1200 Loans on policies 35000 Investments 580,000 Government securities 3000 832.000 Prepare Revenue Account and Balance Sheet after taking into account the following: (a) Claims less reinsurance outstanding at the end of year are 5,000 by death and RO 3,000 by maturity (b) Depreciation to be provided RO 1,000 on property and RO 160 on Furniture and equipment (c) Outstanding tax payable RO 2,000 (d) Expenses RO 3,000 are prepaid and annuities outstanding is RO 1,000 (e) Premiums outstanding RO 25,000 (1) Accrued interest , dividend and rent are RO 2500 Question 1: Following is Trail Balance of Long life Assurance Company as on 31" March 2019 Debit Credit Amount RO in Amount RO in"000 3000 Income tax paid on interest, dividends, and Life Assurance Fund opening balance 350,000 Income tax paid 2500 200,000 18 500 Claims 10,000 Premium less reinsurance Outstanding claims at the beginning Consideration for Annuities Registration fees Interest, dividends and rents General reserves By death By maturity Property cost Furniture and Equipment Soo 25,000 17.000 57,000 4.000 25,000 20.000 Annuities 15.000 Provision for laxation Share Capital 5.000 3000 Stationery 8000 Cash at bank 39.600 Cash in hand 400 Surrender value Commission Expenses of management 40000 Other assets 1200 Loans on policies 35000 Investments 580.000 Government securities 3000 832.000 Prepare Revenue Account and Balance Sheet after taking into account the following: (a) Claims less reinsurance outstanding at the end of year are 5,000 by death and RO 3,000 by maturity (b) Depreciation to be provided RO 1,000 on property and RO 160 on Furniture and equipment (c) Outstanding tax payable RO 2,000 (d) Expenses RO 3,000 are prepaid and annuities outstanding is RO 1,000 (e) Premiums outstanding RO 25,000 (1) Accrued interest, dividend and rent are RO 2500 Question 1: Following is Trail Balance of Long life Assurance Company as on 31" March 2019 Debit Credit Amount RO in Amount RO in"000 3000 550,000 Life Assurance Fund opening balance Income tax paid on interest, dividends, and rents Income tax paid Claims 2500 Premium less reinsurance Outstanding claims at the 200,000 18.500 Consideration for Annuities Registration fees Interest, dividends and rents General reserves 10,000 300 25,000 20,000 Provision for taxation Share Capital 5,000 3000 800 By death 25,000 By maturity 17.000 Property al cost 57,000 Furniture and Equipment 4.000 at cost Annuities 15.000 Stationery Cash at bank 39,600 Cash in hand 400 Surrender value SOO Commission 8000 Expenses of management 40000 Other assets 1200 Loans on policies 35000 Investments 580,000 Government securities 3000 832.000 Prepare Revenue Account and Balance Sheet after taking into account the following: (a) Claims less reinsurance outstanding at the end of year are 5,000 by death and RO 3,000 by maturity (b) Depreciation to be provided RO 1,000 on property and RO 160 on Furniture and equipment (c) Outstanding tax payable RO 2,000 (d) Expenses RO 3,000 are prepaid and annuities outstanding is RO 1,000 (e) Premiums outstanding RO 25,000 (1) Accrued interest , dividend and rent are RO 2500
