Question

48ooo
Final account
Trial balance Insurance pecoemium
Adjustment Insurance pocomium includes a 42000 paid
towards proprietaris life insurance
the
palicy and the balance al
charge
cover the period Jorom olou 2017
insurance
30.06. 2018​

Answer 1

Answer:

Mark as brainiest

Explanation:

hope you will understand

Answer 2

Explanation:

ANSWER

The life insurance premium should be classified as unearned revenue because against this amount still the company has to render service. Actually the insurance company will treat each year pro-rata amount of premium received as income.

For example insurance company receives Rs.10000 as premium for 10 years. First it shoud be treated as unearned revenue and then each year Rs.1000 should be shifted from this account to income account.