Question: the question has no missing data... plz provide me absolute answer balances of United Insurance Co. Ltd as on 31-12-2004. (Basic Level-2): Following are the

 the question has no missing data... plz provide me absolute answer

the question has no missing data... plz provide me absolute answer

balances of United Insurance Co. Ltd as on 31-12-2004. (Basic Level-2): Following are the Particulars Particulars Rs. Claims paid: Loss on sale of investment Rs. Fire 1,00,000 Audit Fee 8,000 Marine 87,000 Directors remuneration 13,000 Premium less reinsurance Int. & Dividends on investments 36,000 received Res. for u/r on 1.1.2004 63,000 Fire 3,74,000 Fire Marine 2,10,000 2,97,000 2,40,000 Commission on reinsurance Additional reserve on 1.1.2004 ceded 60,000 Fire 13,000 Marine 10,000 Marine Claims o/s as on 1.1.2004 Commission paid: Fire 24,000 Fire 62.000 Marine 11,000 Marine 57.000 Premium ols as on 1.1.2004 Expenses of management: Fire 26.000 Fire 86,000 Marine 17,000 Marine 68,000 Depreciation on assets 36,000 Prepare Revenue A/c & P&L A/c for the year ended 31-12-2004 from the below information: a. Premium O/s as on 31-12-2004; Fire: Rs.33,000, Marine: Rs. 15,000. Claims outstanding as on 31-12-2004: Fire Rs.46,000; Marine Rs. 17.000; Out of the above a fire claim amounting to Rs.11,000 was covered by reinsurance. b. Reserve for u/r to be maintained at 50% of premium less reinsurance for fire & 100% - marine. Additional Reserve for fire is to be maintained at 20% of net premium. c. Interest accrued on investments Rs.13,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!