Items 4 and 5 are based on the following information: Elizabeth De Leon Insurance Company have...
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Items 4 and 5 are based on the following information: Elizabeth De Leon Insurance Company have one-year vehicle insurance policy with a premium of P37,500 is written on October 1, 20x4 and the risk covered is up to September 30, 20x5, then for an insurer with a financial year that ends on December 31, the unexpired risk period of this policy at the year-end is from January 1, 20x5 to September 30, 20x5. If the insurer has another similar (second) policy (premium of P50,000) that is written on December 1, 20x4. For the Second Policy, the increased in the unearned premium on December 31, 20x4 (with an insurance rate of 35%). 4. On December 31, 20x4, the unearned premium for the first policy: a. Nil C. P28,048 b. P18,750 d. P37,500 5. The increased in unearned premium reserved amounted to: C. d. a. Nil b. P 4,110 P45,890 P50,000 Items 4 and 5 are based on the following information: Elizabeth De Leon Insurance Company have one-year vehicle insurance policy with a premium of P37,500 is written on October 1, 20x4 and the risk covered is up to September 30, 20x5, then for an insurer with a financial year that ends on December 31, the unexpired risk period of this policy at the year-end is from January 1, 20x5 to September 30, 20x5. If the insurer has another similar (second) policy (premium of P50,000) that is written on December 1, 20x4. For the Second Policy, the increased in the unearned premium on December 31, 20x4 (with an insurance rate of 35%). 4. On December 31, 20x4, the unearned premium for the first policy: a. Nil C. P28,048 b. P18,750 d. P37,500 5. The increased in unearned premium reserved amounted to: C. d. a. Nil b. P 4,110 P45,890 P50,000
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The detailed answer for the above question is provided below The answer to item 4 is C P28048 On Dec... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
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