Exercise 1: The following trail balance was extracted from the books of the Safe Life Assurance...

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Exercise 1: The following trail balance was extracted from the books of the Safe Life Assurance Company as on 31.3.2019 10,000 shares of OMR 10 each Life Insurance Fund balances as on 1.4.2018 Dividends paid Bonus in reduction of premium Premium less reinsurance Claims paid Outstanding claims (1.4.2018) commission Management expenses Mortgages Interest dividends and rents Agent balances Freehold premises Investments Loan on policies Cash Deposit Cash on current account. Surrenders Other assets Consideration for annuities granted Annuity Total Debit 15,000 31,500 197,000 9,300 32,300 492,200 9,300 40,000 2,305,000 173,600 27,000 7,300 7,000 7,000 Credit 100000 2,972,300 161,500 7000 112700 10,000 10,000 3363500 3363500 Prepare the Revenue Account and Balance sheet for the year ended 31-3-2019 after takingin consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000 Exercise 1: The following trail balance was extracted from the books of the Safe Life Assurance Company as on 31.3.2019 10,000 shares of OMR 10 each Life Insurance Fund balances as on 1.4.2018 Dividends paid Bonus in reduction of premium Premium less reinsurance Claims paid Outstanding claims (1.4.2018) commission Management expenses Mortgages Interest dividends and rents Agent balances Freehold premises Investments Loan on policies Cash Deposit Cash on current account. Surrenders Other assets Consideration for annuities granted Annuity Total Debit 15,000 31,500 197,000 9,300 32,300 492,200 9,300 40,000 2,305,000 173,600 27,000 7,300 7,000 7,000 Credit 100000 2,972,300 161,500 7000 112700 10,000 10,000 3363500 3363500 Prepare the Revenue Account and Balance sheet for the year ended 31-3-2019 after takingin consideration the following detail Other Information: (a) Claims outstanding OMR 10,000 (b) Further bonus in reduction of premium OMR 5,000 (c) Premium outstanding OMR 5,000 (d) Claims covered under reinsurance OMR 80,000 (e) Management expenses due OMR 30,000

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Answer Revenue Account Particulars Amount OMR Life Insurance Premiums 113000 Less Premiums Outstandi... View the full answer