The Following trial balance was extracted from the books of Protection Insurance Company Limited as at 31 December, 2018:

	GHS	GHS
Ghana Government Treasury bills Provision for claims (1/1/18) Land and Buildings Motor Vehicle and Equipment Stated Capital Ghana Government Stocks Contingency Reserves Investment in Listed Companies Provision for unearned premium (1/1/18) Premium received (gross) Management expenses Exchange gain Retained Earnings (1/1/18) Bank and cash balances Commission paid Amount due to creditors(Payables) Amount due to agents Taxation (1/1/18) Deferred Acquisition cost Provision for depreciation:          Motor vehicle and equipment          Land and buildings Claims paid Amount de for Re-insurance Dividends paid Interest on Mortgage loans Amount due from Agents Mortgage Loans Sundry Receivables Interest on Treasury bills Amount due on Re-insurance	6,162,385 1,352,030 1,267,170 292,500 663,550 1,068,580 838,155 151,275 615 359,590 2,013,055 1,268,935 521,815 835,915 147,645 16,943,215	3,081,195 650,000 318,590 1,466,460 4,868,720 18,220 453,120 97,960 1,996,850 336,225 43,985 1,907,890 562,500 440,250 701,250 16,943,215

The following information is also available:

1. An amount of GHS121,000 was due to Ghana Re-insurance Company Limited for being an amount payable on reinsurance ceded.
2. Deferred acquisition cost of GHS41,000 was incurred on premium collected during the year.
3. Provision for unearned premium at the end of the year was GHS1,512,500.
4. The provision for claims at the beginning of January 1, 2018 was made up as follows:

   GHS

                        Provision for outstanding claims                                1,339,000

                        Provision for claims incurred but not reported           1,742,195       

                       

5. The outstanding claims provision as at 31 December 2018 was GHS2,436,075.
6. A Claim of GHS160,000 as reinsurance recoveries is receivable from Ghana Reinsurance Company Limited.
7. Divided proposed for the year was GHS422,500
8. Commission receivable from other insurance companies for reinsurance with Ghana Reinsurance Company Limited was GHS37,500
9. Company tax provision of GHS2,227,540 is to be made.

Required:

Prepare draft financial statements for the year ended 31 December, 2018 in accordance with the Companies code, 1963, Act 179 and the Insurance Law, 1989.