Question: urgent answer is required It is not additional information, it is resulting answer from the question and so i didnt post it Rs. 8,000 13,000

 urgent answer is required It is not additional information, it is

urgent answer is required

It is not additional information, it is resulting answer from the question and so i didnt post it

Rs. 8,000 13,000 36,000 63,000 2,10,000 2,40,000 additional reserve in absence of directions not given. (Basic Level-2): Following are the balances of United Insurance Co. Ltd as on 31-12-2004. Particulars Rs. Particulars Claims paid: Loss on sale of investment Fire 1,00,000 Audit Fee Marine 87,000 Directors remuneration Premium less reinsurance Int. & Dividends on investments received Res. for u/r on 1.1.2004 Fire 3,74,000 Fire Marine 2,97,000 Commission on reinsurance Additional reserve on 1.1.2004 ceded 60,000 Fire 13,000 10,000 Marine Claims o/s as on 1.1.2004 Commission paid: Fire 24,000 Fire Marine 11,000 Marine 54.000 Premium o/s 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 Adc for the year ended 31-12-2004 from the below information: a. Premium Ols 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. Pe 28 000: profit after tax: Rs. 1,49,300)

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