1 Normal 1 No Spac... Heading 1 Adbuce AdBA Heading 2 Title Font is Paragraph GOLD Styles b) Balance Sheet with necessary notes as on 31st March 2018 (5 Marks) Case 3: (10 Marks ) Himayati Life Insurance is underwritten by AXA Insurance Gulf B.S.C., which is one of the largest insurance companies in the world. Himayati Life Insurance is offered to all customers. The scheme offers two plans - Basic and Premium; both insurance plans offer comprehensive protection, 24 hours a day, 365 days a year, the world over. You are appointed as an accountant in AXA Insurance Company and required to prepare the final accounts for the company. The following balances were extracted from the books of the AXA Life Insurance as of 31 March 2019. Amount OMR Amount OMR Particulars Loans to other insurance companies Bad debts Share Capital 7.500 15.000 150,000 Particulars Commission on reinsurance ceded Statutory Reserve Furniture and fixtures 100.000 59.000 75,000 71 Page Spa. Heading 1 Heading 2 Title Subtitle Font Paragraph Styles Life assurance fund Investments Bonus to policy holders Surrender Value Agents balances Consideration for annuities Depreciation Dividends 186,000 84,000 15,000 24,000 30,000 75,000 21,000 28,500 Maintenance Cash Deposit Premises Salaries to employees General expenses Premiums less re-insurance 6,000 96,000 67.500 91.500 21,000 180,000 150,000 18,000 Claims less re-insurance Repairs The following information is also available about the Outstanding claims at the end of the period ending 31st March 2019 is OMR 16,000: Commission received in advance OMR 6.000. Likewise general expenses paid in advance were OMR 3,000. Also the outstanding premium yet to be collected is OMR 6,000 and an additional depreciation on furniture and fixtures is to be provided for OMR 3,000. You are required to prepare: a) Revenue account for AXA Life Assurance company and determine the closing Life Assurance balance at the end of the year. (5 Marks) b) Prepare Balance Sheet as on 31stMarch 2019 (3 Marks) glish (United States) W