Question

10. The following balances have been extracted from the books of Bharat
Insurance Co. Ltd. for the year ended 31st December 2006:
Amount of Life Assurance Fund at the beginning of the year Rs. 15 70,562, Claus
by death Rs 1.16.980, Claims by matunty Rs. 96.420, Premiums Rs. 2.10.572
Expenses of Management Rs. 20 890 Commission Rs 36.541. Consideration for
annuities granted Rs. 10.620. Interest, Dividends and Rents Rs 52.461. Income tax
paid on profits Rs 3,060; Surrenders Rs 21,768, Annuities Rs. 29 420. Bonus pald
in cash Rs 0.450, Bonus paid in reduction of premium Rs. 3.500 Preliminary
Expenses Rs. 600 Claims admitted but not paid at the end of the year Rs 80034
Anulles due but not paid Rs. 22 380 Capital - Pald-up Rs. 6,00,000, Government
Securities Rs. 16.90 890 Sundry Assots Rs. 5,68,110, Investment Reserve Rs.
60,000
Prepare the Revenue Account and the Balance Sheet after taking into account
the following
(a) Claims covered under reinsurance Rs 10,000
(b) Further Claims intimated Rs. 8 000
(c) Further bonus utilised in reduction of premium Rs 1.500
(d) interest Accrued Rs. 15,400​

Answer 1

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