Question 3 Not yet answered Marked out of 10.0 P Flag question C2 (a) Ahmed insurance company requires you to calculate the amount of claim, to be entered in its profit and loss account and the journal entries relevant for the same. The details of which are stated below: Claims paid during the year 2015 OMR 3,750,000 Claims outstanding at the beginning OMR 640,000 Claims outstanding at the end OMR 380,000 Reinsurance claim during the year OMR 440,000 Claims outstanding at the end OMR 380,000 Reinsurance claim during the year OMR 440,000 Legal expenses on claims OMR 45,000 Claims intimated but not accepted at the year end OMR 325,000 (7 marks) (b) From the following relating to XYZ bank ascertain the profit balance carried over to the balance sheet. (3 marks) Particulars OMR 128,000 Net profit for the year Profit brought forward from previous year 120,000 25% Transfer to statutory reserve Transfer to other reserves 10% (b) From the following relating to XYZ bank ascertain the profit balance carried over to the balance sheet. (3 marks) Particulars OMR 128,000 120,000 Net profit for the year Profit brought forward from previous year Transfer to statutory reserve 25% Transfer to other reserves 10% 20,000 Transfer to proposed dividend