The following balances appeared in the books of New Mutual Life Assurance Society Ltd on 31 March 2017

Sh

Claims paid during the year (Less re-assurance): by death2,200,000

: by maturity1,500,000

Annuities6,000

Furniture and office equipment at cost (including Sh40,000 bought during the year250,000

Printed Stationery77,000

Bank Current Account1,350,000

Cash and stamps in hand30,000

Surrenders less reassurances40,000

Commissions250,000

Expenses of management3,100,000

Sundry deposits with electricity companies, etc.500

Advance payment of income tax (year end)50,000

Sundry debtors50,000

Agents' balances100,000

Income tax paid450,000

Tax on interest, dividends and rents500,000

Loans on mortgages150,000

Loans on policies3,250,000

Investments (including Sh250,000 deposited with CBK)52,000,000

House property at cost (including Sh85,000 added during the year)5,400,000

70,754,000

Life Assurance Fund B/F50,000,000

Premiums less reassurances15,000,000

Claims less reassurances at beginning of year: Death900,000

: Maturity600,000

Credit balances pending adjustment60,000

Consideration for annuities granted2,000

Interest dividends and rents1,800,000

Registration and other fees2,000

Sundry deposits100,000

Taxation provision (at beginning of year)300,000

Premium deposits1,150,000

Sundry Creditors350,000

Contingency reserve150,000

Furniture/Equipment depreciation A/C40,000

Building depreciation A/C300,000

70,754,000

From the foregoing balances and the following information, prepare the society's revenue A/C for the year ended on 31 March 1999.

a)Claims less reassurances outstanding at year end: By death 600,000

: By maturity 400,000

b)Management expenses outstanding - Sh60,000; prepaid - Sh15,000

c)Provide Sh45,000 for depreciation of buildings, Sh15,000 for depreciation of furniture and equipment, and Sh110,000 for taxation.

d)Premium outstanding Sh2,028,000; commission thereon Sh65,000.

e)Interest, dividends and rent accrued and outstanding 380,000.

f)The society holds sh120,000 government securities (not included in the above balances) deposited by chief agents as security.

g)Interim bonus paid during the year was Sh15,000.