Trial Balance of Integrity Insurance Company Limited as at 31st December, 2017

Debit

Credit

Gross premium

130,111,229

Premium returned

15,000,000

Reinsurance premium paid

50,404,698

Claims paid

13,251,433

Commissions paid

213,875

Interest paid

1,965,323

Directors emoluments

785,491

Staff cost

42,794,259

Audit fees

196,150

Other income- Interest on investment

5,500,000

Reinsurance claims recovered

5,200,000

Stated capital

45,800,000

Capital surplus

29,382491

Income surplus

5,879,340

Contingency reserve

24,662,451

Building

19,374,971

Motor vehicle

7,998,382

Equipment and furniture

13,564,477

Acc. Dep: Building

3,431,036

Acc. Dep: Motor vehicle

5,046,606

Acc. Dep: Equipment and furniture

1,653,706

Intangible assets

3,798,391

Investment properties

51,442,575

Short term investment

49,898,190

Receivables

18,181,968

Prepayment

1,057,595

Unexpired risk reserve

14,726,165

Bank Overdraft

4,956,423

Outstanding claims payable

11,317,898

Taxation

2,260,433

289,927,778

289,927,778

Notes:

1. Unexpired reserve risk is calculated at 25%

2. Depreciation is to be accounted for on the following basis:

Buildings 5%Straight line method

Motor vehicles 20%Reducing balance method

Equipment and furniture10%Straight line method

3. Accrued claims payable as at 31st December, 2017 is GH3,996,286

4. Outstanding Interest payable as at 31st December, 2017 is GH1,033,184

5. In compliance with the Insurance Act (Act 724) 20% of net profit after tax is to be transferred to contingency reserve.

6. Assume corporate tax is 25%

Prepare the following financial statements of Integrity Insurance Limited for publication in accordance with relevant legislations and international reporting standards (IFRS):

(a) Prepare the Statement of Comprehensive Income for the year ended 31st December, 2017

(b) Prepare the Statement of Changes in Equity for the ended 31st December, 2017

(c) Prepare the Statement of Financial Position as at 31st December, 2017.

Debit Trial Balance of Integrity Insurance Company Limited as at 31 December, 2017 Credit Gross premium 130.111.229 Premium med 15.000.000 Reinsurance premium paid 504040 Claims paid 13.251.433 Commissions paid 213875 Interest paid 1,965,323 Directors emoluments 785.491 Staff cost 42.794259 Audit fees 196.150 Other income Interest on investment S.500,000 Reinsurance claims recovered 5200,000 Suated capital 45 800,000 Capital surplus 2012491 Income surplus 5.879 340 Contingency reserve 24,662,451 Building 19.374.971 Motor vehicle 799332 Equipment and furniture 13.564,477 Ace. Dep: Building 3.431 036 Acc. Dep: Motor vehicle 5.046.606 Acc. Dep: Equipment and furniture 1.653,706 Intangible assets 3.798391 Investment properties 51.442.575 Short term investment 49,898,190 Receivables 18.IRI. Propayment 1.057 595 Unexpired risk reserve 14,726,165 Bank Overdraft 4956,423 Outstanding claims payable 11,317,898 Taxation 2.260.433 289.927,778 289.927.778 Notes: 1. Unexpired reserve risk is calculated at 25% 2. Depreciation is to be accounted for on the following basis: Buildings 5% Straight line method Motor vehicles 20% Reducing balance method Equipment and furniture 10% Straight line method 3. Accrued claims payable as at 31" December, 2017 is GHC3,996,286 4. Outstanding Interest payable as at 31" December, 2017 is GHC1,033,184 5. In compliance with the Insurance Act (Act 724) 20% of net profit after tax is to be transferred to contingency reserve. 6. Assume corporate tax is 25% Prepare the following financial statements of Integrity Insurance Limited for publication in accordance with relevant legislations and international reporting standards (IFRS): (a) Prepare the Statement of Comprehensive Income for the Debit Trial Balance of Integrity Insurance Company Limited as at 31 December, 2017 Credit Gross premium 130.111.229 Premium med 15.000.000 Reinsurance premium paid 504040 Claims paid 13.251.433 Commissions paid 213875 Interest paid 1,965,323 Directors emoluments 785.491 Staff cost 42.794259 Audit fees 196.150 Other income Interest on investment S.500,000 Reinsurance claims recovered 5200,000 Suated capital 45 800,000 Capital surplus 2012491 Income surplus 5.879 340 Contingency reserve 24,662,451 Building 19.374.971 Motor vehicle 799332 Equipment and furniture 13.564,477 Ace. Dep: Building 3.431 036 Acc. Dep: Motor vehicle 5.046.606 Acc. Dep: Equipment and furniture 1.653,706 Intangible assets 3.798391 Investment properties 51.442.575 Short term investment 49,898,190 Receivables 18.IRI. Propayment 1.057 595 Unexpired risk reserve 14,726,165 Bank Overdraft 4956,423 Outstanding claims payable 11,317,898 Taxation 2.260.433 289.927,778 289.927.778 Notes: 1. Unexpired reserve risk is calculated at 25% 2. Depreciation is to be accounted for on the following basis: Buildings 5% Straight line method Motor vehicles 20% Reducing balance method Equipment and furniture 10% Straight line method 3. Accrued claims payable as at 31" December, 2017 is GHC3,996,286 4. Outstanding Interest payable as at 31" December, 2017 is GHC1,033,184 5. In compliance with the Insurance Act (Act 724) 20% of net profit after tax is to be transferred to contingency reserve. 6. Assume corporate tax is 25% Prepare the following financial statements of Integrity Insurance Limited for publication in accordance with relevant legislations and international reporting standards (IFRS): (a) Prepare the Statement of Comprehensive Income for the